| ||November 03, 2005|
Increased Exposure To Uranium Belt Through Royalty Agreement
| ||Commander Resources Ltd. (CMD-TSX-Venture) reports that the Company will receive a finder's fee from Pathfinder Resources Ltd. in conjunction with the acquisition by Pathfinder of 1429 claims aggregating 35,725 hectares in southern Newfoundland. |
The finder's fee payable to Commander, upon receipt of regulatory approval, will consist of 150,000 common shares of Pathfinder and a 2% Royalty on all commodities produced from the claims staked by Pathfinder.
Commander recently staked an additional 400 square kilometers of land to cover the 50 kilometre long core area of the uranium belt between its Blue Hills and White Bear properties following the discovery on the White Bear Property of a new uranium prospect with grades up to 1.32% U3O8 (see the Company's news release dated November 1, 2005). This follows earlier results reported from the Blue Hills Property that included values in outcrop and boulders up to 2.06% U3O8 (see the Company's news releases dated July 12 and August 18, 2005).
Pathfinder's claims are located to the east and west of the boundary of Commander's expanded and 100% controlled property holding (see the map on the Company's website). The agreement provides Commander with exposure to a much larger land position in a developing uranium district.
As part of the finder's fee agreement, should Pathfinder elect to abandon any of its claims, the claims will first be offered to Commander, who, upon election, will be assigned a 100% interest in those claims. Pathfinder must transfer the claims to Commander with a minimum one year's assessment work filed.
About Commander Resources Ltd.
Commander Resources Ltd. is a Canadian junior exploration company with a diversified portfolio of gold, copper-gold, nickel and uranium projects across Canada with focus on a large, emerging new gold district on Baffin Island. Commander's mission is to generate or acquire quality opportunities at a low cost and add significant shareholder value through discovery of mineral deposits, leveraged partnerships, and/or sale of assets. The company has exposure to the diamond sector through an equity position in Diamonds North Resources Ltd.
On Behalf of the Board of Directors
Kenneth E. Leigh
For further information, please call:
Cathy DiVito, Corporate Communications
Commander Resources Ltd.
Telephone (604) 685-5254 Toll Free Canada/U.S.: 1-800-667-7866
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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