Commander Sells Remaining Green Bay Property Interest to Maritime
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that it has sold its remaining 50% interest in the Green Bay Property in Newfoundland to Maritime Resources Corp. (MAE-TSX.V), in exchange for 5 million shares of Maritime Resources, as provided in the agreement between the parties dated June 14, 2010. Under that agreement, Commander sold an initial 50% interest in the property to Maritime Resources for 12 million shares of MAE, certain work commitments and royalty provisions. Maritime had the option to acquire the remaining 50% interest in the properties after certain milestones were met and the issuance of 5 million additional shares.
After completing the transaction and transfer of the property to Maritime, Commander will hold 17 million shares of Maritime Resources and retain a 2% NSR royalty on any future production from the property, with the exception of production from the Orion deposit. These 17 million shares represent 64.15% of the 26.5 million common shares of Maritime Resources currently issued and outstanding. Accordingly, Commander will also be filing an updated Early Warning Report on SEDAR pursuant to National Instrument 62-103, disclosing its increased equity ownership in Maritime Resources.
The Green Bay property hosts two known deposits: The Hammerdown gold deposit and the Orion gold deposit. The property is also host to the Lochinvar base metals/silver zone and several gold and base metal prospects. Since going public in October 2010 Maritime has completed in excess of $750,000 of work on the property through geophysical surveys and drilling.
Dave Watkins, Chairman of Commander, states: "With the completion of this transaction, Commander has made another step in realizing the value from a non-core asset. This is in keeping with Commander's objective of remaining focused on exploration and early stage development. Commander and its shareholders stand to benefit in the future upside through their equity stake and the royalty."
COMMANDER RESOURCES LTD. is a diversified exploration company that employs project generation and leverage strategies to develop Canadian resources for option, sale or joint venture. By employing this strategic approach Commander plans 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 http://www.commanderresources.com.
On behalf of the Board of Directors,
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.