Commander Provides Update on Storm Copper Property Deal
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that it has received a second cash payment of $100,000 from Aston Bay Ventures Ltd as part of the $15 Million Option Agreement on Commander's Storm Copper Property. Aston Bay has now fulfilled the requirements to commence the option on the property.
The initiating terms of the option, now completed, included the total payment of $150,000 by April 15 2012, issuance of two million shares of Aston Bay to Commander Resources, and the completion of a first round $1 million financing. Aston Bay may now earn an initial 50.1% interest in the property by issuing an additional 1 million shares to Commander, funding $6 million in exploration work before December 31, 2014 and obtaining a public listing on a recognized stock exchange by December 31, 2012. For full details of the Storm Property transaction with Aston Bay please see Commander's news release dated November 24, 2011 or visit the company's website at www.commanderresources.com.
Aston Bay has also reported to Commander that it is ahead of schedule in becoming publicly listed and in funding the $2 million exploration program that is required under the option agreement. In addition, the company recently appointed its executive and directors. The company will be headed by Mr. Dean Besserer, P.Geol., formerly of Apex Geoscience Ltd., as President and CEO.
The Storm Property is situated on northwest Somerset Island, Nunavut. It is host to high grade, stratabound copper mineralization with historic drill intercepts ranging up to 53 m at 5.05% copper and 96 m at 0.96% copper, in four known zones. The property also hosts the Seal zinc prospect, with historic assay intervals ranging up to 18 metres grading 8.0% Zn and 28 g/t silver.
Eric Norton, President of Commander Resources, states "We at Commander are very pleased to see the early completion by Aston Bay Ventures of the initial terms of the agreement and their rapid progress towards public listing. It certainly highlights their commitment to the joint development if this exciting property."
Steve Potts, P. Geo, VP of Exploration is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
COMMANDER RESOURCES LTD. Is a diversified exploration company that employs project generation and leverage strategies to develop Canadian resources for, either, sale or joint venture. By employing this strategic approach Commander is able to systematically enhance shareholder value while managing the risk associated in exploration and development.
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For additional information, please visit the Company's website at www.commanderresources.com.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
Jay J. Bedard, President
Envoy Strategic Partners
T: 416 977-7778
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.