Commander Purchases Portfolio of Exploration Prospects from Bearing Resources
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") announces that it has signed a Letter of Intent with Bearing Resources Ltd. (BRZ-TSX.V, "Bearing") to purchase all of Bearing's exploration assets.
Bearing 's portfolio comprises 8 exploration stage properties; 5 in the Yukon, 2 in British Columbia and one in Durango Mexico totalling some 21,800 hectares in addition to 3 royalties including a production royalty on a portion of the Boundary Zone deposit at the currently idled Mt Polley Mine in British Columbia owned by Imperial Metals Corporation. All Canadian properties are in good standing for periods from 2016 to 2022 with no holding costs.
Highlights include the:
- Flume Property (gold) located 60 kilometres southwest of Dawson in the White Gold district of the Yukon and that was recently explored by Ryan Gold Corp. who spent close to $3,500,000 including the drilling of 9 holes with results including 2 metres of 5.76 gpt gold. (Bearing news release November 07, 2012). This large target, an in excess of 10 kilometres long gold soil anomaly, has been greatly advanced by Ryan Gold and only partially drill-tested in one area.
- October Dome Property (gold, copper) located in central British Columbia 7 kilometres east of the past producing QR Gold Mine owned by Barkerville Gold Mines ltd. Drilling in 2013 discovered a gold skarn system similar in geology to the QR deposit with results including 2m @ 5.2 gpt gold. (Bearing news release December 04, 2013). The target remains open in all directions and surface geochemistry and geophysics suggests a potential target length of close to 2 kilometres.
- Pedro Property (gold) located in northeastern Durango State, Mexico which represents a new epithermal gold discovery. The main HP breccia target is characterised by a 4000m by 500m gold/arsenic soil anomaly with exposed silicified conglomerate. A recent drill program by Newmont partially tested the target with one hole returning 10.5 metres grading 0.51 gpt gold. (Bearing news release July 03, 2014) The target here would be a near surface oxidised gold deposit with potential for higher grade feeder systems.
Under the terms of the agreement, Commander will issue 13,000,000 treasury shares and pay CA$15,000 in cash to Bearing at closing as full consideration for all the assets. The intent is that all Commander shares issued to Bearing will be distributed to Bearing shareholders by way of a dividend in specie or return of capital pursuant to available exemptions under applicable Securities legislation. The agreement is an "Expedited Acquisition" under TSX.V policy 5.3 for Commander and will be subject to approval by Bearing shareholders at a forthcoming shareholder's meeting.
Chairman, David Watkins stated that "the Bearing purchase augments Commander's position as a prospect generator with a focus on Canada. The combined portfolios fit together well, consisting of 2 active Joint Ventures, 15 additional properties available for option, and a growing royalty portfolio. Canada offers a safe jurisdiction with cost-effective exploration, access to flow through financing, tax rebates, low holding costs, and extensive public databases for project generation."
Bernard Kahlert P.Eng., is a qualified person within the context of National Instrument 43-101, and has reviewed and has relied on prior disclosures by Bearing's qualified persons. He has read and takes responsibility for the technical aspects of this release.
About Commander Resources:
Commander Resources 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,
Chairman & Director
For further information, please call:
Eric Norton, President and CEO
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.