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Commander Reports Progress on Storm Copper Property, Nunavut
By: Marketwired .
Jan. 18, 2013 07:43 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/19/13 -- Commander Resources Ltd. (TSX VENTURE:CMD) ("Commander") is pleased to report that Aston Bay Ventures Ltd. ("Aston Bay"), who optioned Commander's wholly-owned Storm Property in 2011, is making progress in obtaining a public listing, which is one of the requirements of the Option and Earn-in Agreement between Commander and Aston Bay dated November 17, 2011 ("Option Agreement").
Aston Bay recently announced concluding an Arrangement Agreement with Escudo Capital Corporation ("Escudo", a Capital Pool company listed as EDO.P on the TSX Venture Exchange) whereby each issued and outstanding share of Aston Bay will be acquired by Escudo in exchange for one common share of Escudo.
Commander received 3 million shares of Aston Bay under the terms of the Option Agreement (see CMD News dated October 11, 2011) and will therefore hold 3 million shares of Escudo if the Arrangement Agreement is approved by the Exchange.
Concurrent with the closing of the acquisition of Aston Bay, Escudo plans on completing a best-efforts private placement financing with the proceeds to be used for exploration on the Storm Property (which includes the Storm Copper area and the Seal Zinc area).
Additionally, Aston Bay executed an agreement with Teck Metals Ltd ("Teck") for a license to Teck's historical technical database on the Storm Property, which documents early exploration work, including drilling, conducted by Teck from 1996 to 2001. This database will significantly advance Aston Bay's technical knowledge of the property and will place Teck as a key shareholder in Aston Bay.
About the Commander - Aston Bay Option Agreement:
Commander and Aston Bay signed an Option Agreement in November, 2011 (amended in July, 2012), under which Aston Bay (a private company) has the option to earn an initial 50.1% interest in the Storm Property by spending $6 million over four years, including a minimum of $1-million expended in each of the first two years, and by completing a public listing on a recognized stock exchange by March 31, 2013. Aston Bay may earn a 70% interest in Commander's Storm Property by funding total exploration expenditures of $15 million. As part of the Option Agreement and subsequent amendment, Commander has received payments totaling $150,000 and 3 million shares of Aston Bay, and is to be issued an additional 500,000 shares by December 31, 2015.
In 2012, Aston Bay completed an exploration program which included staking of approximately 75,000 acres (30,000 Ha), rock sampling of the main copper showings, geological mapping and regional prospecting. Historical drill core was examined and selectively re-sampled over extensive, previously un-sampled intersections. A condition of the agreement is that work programs be conducted on the property in 2013 and 2014. Full details of the agreement are available on Commander's website.
About the Storm Property:
The Storm Property is situated within a thick Paleozoic sedimentary sequence on northwest Somerset Island, Nunavut. High grade stratabound copper mineralization is hosted by altered carbonate rocks as breccias and replacement bodies. Historic drill hole intercepts range up to 53 metres assaying 5.05% copper and 96 metres averaging 0.96% copper, in four known zones. The property also hosts the Seal zinc prospect, with assay intervals up to 18 metres grading 10.5% Zn and 28 g/t silver, and is located at tidewater. Commander Resources holds 100% of the 250,000 acre property with no outstanding royalties.
Bernard H. Kahlert, P.Eng., VP of Corporate Development, is the Qualified Person under NI 43-101 guidelines who has read and approved the technical content of this News Release.
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For additional information, please visit the Company's website at www.commanderresources.com.
On behalf of the Board of Directors,
Eric W. Norton, President & CEO
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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