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| | December 07, 2009
Commander Earns 100% Interest in Bravo Property, Baffin Island, Nunavut
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| | Commander Resources Ltd. (CMD-TSX Venture) reports that it has completed the purchase from Xstrata Nickel ("Xstrata") of a 100 per cent interest in the Bravo Property, a part of the Baffin Gold Project, thereby eliminating all remaining earn-in expenditures and extinguishing Xstrata's back-in rights. AngloGold Ashanti ("AngloGold") provided Commander with the CDN$575,000 cash required to complete the purchase.
Commander had the right to accelerate purchasing a 100% interest in the Bravo Property under the terms of an agreement with Xstrata announced May 12, 2008. AngloGold elected to provide the funds necessary to exercise the purchase option under the Baffin Island Farm-in and JV agreement announced on September 3, 2009, between AngloGold and Commander.
The Bravo Property is part of Commander's wholly owned Baffin Island Gold Project, a district-scale gold project covering an entire greenstone belt approximately 140 kilometres in length that is subject to a $20 million farm-in agreement with AngloGold Ashanti. The Bravo Property hosts several gold and base metal prospects, including the Durette gold prospect where previous drilling intersected up to 17 metres of gold-bearing iron formation and previously reported samples from surface outcrops contained up to 59 grams per tonne gold in grab samples and up to 29.8 grams per tonne gold over 2 metres in channel samples.
The remainder of Commander's wholly-owned Baffin Island Gold project is host to a pipeline of gold zones, prospects and showings, including the Malrok (previously reported drill results include 9.15 g/t gold over 6.0 metres, 12.10 g/t gold over 3.0 metres), Ridge Lake (previously reported drill results include 21.4 g/t gold over 4.24 metres, 10.17 g/t gold over 4.45 metres), and a number of un-drilled surface gold discoveries, including the 3.5 kilometre long Hébert Prospect that includes Hébert Main (91.06 g/t over 1.6 metres in channel samples and 1,388 g/t gold in grabs), Hébert South (373.9 g/t gold over 0.25 metres, 241.30 g/t gold over 0.25 metres in channel samples), and Traciane (66.84 g/t gold over 0.38 metres, 31.49 g/t gold over 0.85 metres in channel samples).
Commander anticipates further assay results from the second batch of surface channel samples and prospecting from the 2009 Hébert program later this month, and a third and final batch early in January. In addition, planning is underway for an aggressive drilling and surface exploration program in 2010 that will be fully funded by AngloGold.
On Behalf of the Board of Directors,
Kenneth Leigh
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Telephone: (604) 484-7111 ~ Toll-free: 1-800-667-7866
www.commanderresources.com
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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| | You can view the Next News Releases item: Mon Dec 21, 2009, Commander Cuts More High-Grade Gold On Baffin Island
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