Commander Resources Ltd V.CMD

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Press Release Source: Commander Resources Ltd. Commander Increases Ownership to 100% in the Rob Uranium Property, Yukon Monday May 1, 2:33 pm ET VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2006) - COMMANDER RESOURCES LTD. (TSX VENTURE:CMD - News) reports that it has signed a Letter of Intent with Blackstone Ventures Inc. ("Blackstone") to acquire Blackstone's 50% interest in the Rob uranium Property, Yukon Territory. With the acquisition, Commander now owns 100% interest of the Property. ADVERTISEMENT Under the terms of the agreement, Commander may purchase the 50% interest from Blackstone by issuing to Blackstone 305,000 common shares of Commander and providing Blackstone with a 1% Net Smelter Returns Royalty ("NSR") on metal production from the Property. The NSR may be reduced to 0.5% at any time by Commander paying to Blackstone CDN$1,000,000. The Rob Property is comprised of 19 claim units that are contiguous with Commander's 100% owned Olympic Property which together covers a northeast trending iron-rich hematite-magnetite breccia complex that extends more than 10 kilometres in length and is up to 5 kilometres wide. Please refer to the Company's website for location and property geology maps (www.commanderresources.com). As previously reported, a review recently completed by Commander of its database on the Rob Property revealed significant uranium values from outcrop samples that were collected in 1977 and 1979 by Union Miniere Exploration and Mining Corporation Limited (UMEX). The data contains uranium values in soils greater than 1.5 ppm uranium over the central part of the grid coincident with a copper-in-soil anomaly. Within the core of the uranium soil anomaly, 21 of the rock samples collected assayed greater than 0.01 percent U308 and eight samples contained greater than 0.06 percent U308. The highest values recorded in that survey were 1.57 percent U308, 1.01 percent U308, 0.54 percent U308, 0.46 percent U308 and 0.32 percent U308. Chalcopyrite and pitchblende mineralization was reported from the prospecting program. The geological sequence on the combined Olympic-Rob Property has similar geology, age, geometry and trace element signatures to that which hosts the giant Australian Olympic Dam deposit which contains about 2 billion tonnes grading 1.6% copper, 0.6 grams per tonne gold and 0.06% U308. In addition to copper and gold, Olympic Dam is one of the world's largest uranium producers. The agreement is subject to TSX-venture Exchange approval. ON BEHALF OF THE BOARD: Kenneth E. Leigh, President & CEO Shares Issued: 39,891,981 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Contact: Cathy DiVito Commander Resources Ltd. Corporate Communications [phone] or Toll Free: 1-800-667-7866 [phone] (FAX) [e-mail] www.commanderresources.com