Commander Closes Sale of Storm Property to Aston Bay Holdings
Vancouver, British Columbia – February 23, 2016 – Commander Resources Ltd. (TSX-V: CMD) ("Commander") is pleased to announce that the transaction with Aston Bay Holdings Ltd. (TSX-V: BAY) ("Aston Bay") with respect to the Storm Copper Property located on Somerset Island, Nunavut Territory ("Storm" or the "Storm Property") has closed.
On December 17, 2015 Commander and Aston Bay announced that the companies would consolidate ownership of the original core claims in the Storm Copper Property, including the Seal Zinc prospect, granting Aston Bay 100% title to the Storm Property in return for 11,000,000 Aston Bay shares. Commander retains a 0.875% Gross Overriding Royalty ("Royalty") on the original property with Aston Bay having an option to reduce the Royalty to 0.4% for a one-time payment of $4,000,000 CDN. Additional details are provided in the release dated December 17, 2015. Following the issuance of additional shares in Aston Bay to Commander the Company now holds 14,500,000 shares representing approximately 27.4% of the common shares outstanding in Aston Bay.
Bernard Kahlert P.Eng., is a qualified person within the context of National Instrument 43-101, and has reviewed 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,
President and CEO
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.