Commander Amends Option of Glenmorangie Property
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports an amendment to the terms of an option agreement dated June 8, 2011 (the "Agreement") on the Glenmorangie property, located in Yukon Territory, Canada. The package of 127 claims is owned by a prospector syndicate (the "Optionors") based out of Whitehorse. In addition, Commander Resources has added another 150 claims to the area, for a total package of 277 claims, covering approx. 5,800 ha over a 20 km strike extent.
Under the terms of the amendment agreement dated April 24, 2014, the Optionors have agreed to postpone a cash payment of $30,000 due on June 30, 2014 to June 30, 2015. The final cash payment due on June 30, 2015 will be a total of $90,000. Further, Commander has agreed to increase the shares to be issued by June 30, 2014, under the Agreement, from 180,000 common shares to 300,000 common shares, subject to the approval of the TSX Venture Exchange. Further, the work commitment expenditure due on the property by June 30, 2015 will be reduced from $125,000 to $100,000.
Commander is a Canadian focused exploration company that has leveraged its success in exploration through partnerships and sale of properties, while retaining equity and royalty interests. Commander has a portfolio of base and precious metal projects across Canada and significant equity positions in Maritime Resources Corp. (MAE-TSX.V) and Aston Bay Holdings (BAY-TSX.V) Commander also retains royalties from properties that have been partnered, optioned or sold.
On behalf of the Board of Directors,
Eric W. Norton
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.