Commander Reports Progress on Storm Copper Property, Nunavut
January 18 2013 - 6:43PM
Marketwired Canada
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Commander Resources Ltd.
Cathy DiVito
Investor Relations
Toll Free: 1-800-667-7866
info@commanderresources.com
www.commanderresources.com
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