Commander Acquires Exploration Assets from Bearing Resources
VANCOUVER, BC - Commander Resources Ltd. ("Commander") (CMD-TSX Venture is pleased to announce that has concluded an asset purchase agreement with Bearing Resources Ltd. (BRZ-TSX.V, "Bearing") wherein Commander will acquire four exploration stage properties; one in the Yukon, two in British Columbia and one in Durango, Mexico in addition to three royalties. One of these royalties includes a production-defined royalty on a portion of the Boundary Zone deposit at the Mt. Polley Mine in British Columbia owned by Imperial Metals Corporation. All Canadian properties are in good standing for periods from 2017 to 2022 with no holding costs.
• The Flume Property (gold) located in the White Gold district of the Yukon, 60 km southwest of Dawson and some 45 km northwest of the Coffee project of Kaminak Resources. The property was recently explored by Ryan Gold Corp. who spent close to $3,500,000 including the drilling of 9 holes with results including 2 m of 5.76 g/t gold. (Bearing news release November 07, 2012). This large target, defined by an in excess of 10 km long gold in soil anomaly, has been greatly advanced by Ryan Gold and only partially drill-tested in one area.
• The October Dome Property (gold, copper) located in central British Columbia 7 km 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 2 m @ 5.2 g/t 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 km.
• The 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 4000 m by 500 m gold/arsenic soil anomaly with exposed silicified conglomerate. A recent drill program by Newmont partially tested the target with one hole returning 10.5 m grading 0.51 g/t 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 12,000,000 treasury shares and pay CA$15,000 in cash to Bearing at closing as full consideration for all the assets. The Commander shares issued to Bearing will be subject to a 30 day right of first offer in favour of Commander and Bearing will vote the shares held as directed by Commander Management. Completion of the transaction remains subject to the satisfaction of certain condition precedents, including the approval of the TSX Venture Exchange.
Commander also announces that it has retained Catherine DiVito to assist the Company in increasing its investor outreach and communications efforts by helping to develop content for a wide variety of communications vehicles including website, corporate presentations and factsheets, annual reports, conference materials and more, from idea generation and copy writing through to production.
The agreement with DiVito will commence immediately for a period of six months. In consideration for her services, DiVito will be paid $2,500 per month and be granted 100,000 incentive stock options, exercisable at a price of $0.05 per share for a one-year period in accordance with Commander's stock option plan. The agreement with DiVito is subject to regulatory approval and all terms will be subject to and in accordance with the rules and regulations of the TSX Venture Exchange.
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,
For further information, please call:
Robert Cameron, 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.