| ||November 13, 2008|
Commander and Bayswater Sell a Royalty on Cochrane Pond to Global Gold Uranium
| ||News Release: 08-25|
Commander Resources Ltd. (CMD-TSX Venture) and Bayswater Uranium Corp. (BAY-TSX Venture), collectively, the "Companies" report that Global Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of Global Gold Corporation ("Global Gold") has terminated the option to earn a participating interest in the Cochrane Pond Uranium Property, Newfoundland (the "Property"). The Companies retain a 100% interest in the Property. Global Gold Uranium filed sufficient deposits/work to maintain the Property in good standing for a period of one year from the termination date as required under the option agreement.
The Companies also report that they have entered into a new agreement with Global Gold Uranium in which the Companies have agreed to sell and Global Gold Uranium has agreed to purchase a royalty in the Property. Under the agreement, the Companies will provide Global Gold Uranium a 1% royalty on sales of uranium products extracted from the Property until the aggregate royalty payments to the Global Gold Uranium reach CDN $1,000,000 after which the royalty will be 0.5% of the sales of uranium products extracted from the Property.
In consideration for this royalty, Global Gold Uranium has agreed to pay US$50,000 in cash to the Companies and pay all legal costs of the agreement preparation.
Commander's share of the proceeds will be US$25,000, a management fee of US$2,500 recovered from Bayswater and the retained operatorship of the Joint Venture.
The Cochrane Pond Property is 50% owned each by Commander and Bayswater. Details of the original option agreement with Global Gold Uranium can be found in the news release dated April 13, 2007. Progress reports from work completed and reported by Global Gold Uranium can be found in news releases dated July 6, 2007 and September 10, 2007.
The Property is located adjacent to Commander's wholly owned Hermitage Uranium Property in southern Newfoundland. The royalty agreement only applies to the Cochrane Pond Property and does not include any of Commander's Hermitage Property holdings in the area.
On behalf of the Board of Directors of Commander Resources Ltd.,
Kenneth E. Leigh
President & CEO
For further information, please call:
Cathy Divito, Investor Relations
Telephone: (604) 484-7111 ~ Toll-free: 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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