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| | October 12, 2005
Agreement On Nepisiquit Property, New Brunswick
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| | Commander Resources Ltd. (CMD-TSX-Venture)has entered into an agreement with BHP Billiton World Exploration Inc. ("BHP Billiton") on Commander's 100% owned Nepisiquit zinc property, located in the Bathurst area of New Brunswick. Prior to this agreement, BHP Billiton retained the right to earn back a 55% interest in the property and retained a 2% Net Smelter Returns Royalty ("NSR") with no buy-down provision.
Under a new royalty agreement which replaces the existing agreement between the parties, Commander is providing BHP Billiton with a 2.75% NSR subject to a buy-down provision for Commander of 1.75% NSR for $1.5 million at any time. In exchange for the royalty, BHP Billiton has agreed to waive its 55% earn-back right and will therefore have no future right to earn a participating interest in the property.
The property is 2432 hectares in size and is located southwest of Bathurst, New Brunswick in a highly prospective area for zinc-lead-silver and copper deposits similar to the nearby Health Steele and Brunswick 6 & 12 mines owned by Falconbridge Ltd. The property is adjacent to Commander's 100% owned Stewart copper property.
The removal of the earn-back right and allowance of a buy-down provision of the NSR allows Commander greater flexibility in maximizing the value of a well-situated and prospective property holding.
Bernard Kahlert, P.Eng, V.P. Exploration is the Qualified Person under NI 43-101 who reviewed the reports containing the technical information reported in this release.
ON BEHALF OF THE BOARD:
Kenneth E. Leigh
President & CEO
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
Email: info@commanderresources.com
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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