Good NewsCommander Attracts a New Partner to the Olympic-Rob Property, Yukon Territory
VANCOUVER, BRITISH COLUMBIA, May 8, 2008 (Marketwire via COMTEX News Network) --
CommanderResources Ltd. (TSX VENTURE:CMD) reports that it has entered into aLetter Agreement with Global Resources Corporation Pty Ltd., aprivately held Australian company ("GRC") providing GRC the option toearn an initial 50% interest in Commander's wholly owned Olympic-RobIOCG (iron oxide copper-gold) project located in the Wernecke-OgilvieMountains region in the Yukon Territory, Canada ("Property"). Thetechnical driving force behind GRC is Frank Bunting, formerly BaseMetal and Operations Manager, North America and then Global NickelCommodity Specialist with BHP Billiton.
Under the Agreement,GRC shall have the right to earn an initial 50% participating interestin the Property by funding $4 million in exploration by December 31,2011 and paying to Commander $220,000 in cash or shares, of which$20,000 has been paid. As part of the initial option, GRC must complete2000 metres of diamond drilling by December 31, 2009.
Uponcompletion of the earn-in to 50%, GRC may then elect to acquire anadditional 10% in the Property by completing an additional $4 millionin exploration by December 31, 2013 and paying to Commander $600,000 incash or shares.
Should GRC vest at 60% as provided, GRC maythen elect to increase its interest to 70% by completing and deliveringa full feasibility study to Commander by December 31, 2016 and bypaying to Commander $1 million in cash or shares on the date GRC electsto proceed with this final option.
Once a 70:30 JV is formed, Commander may elect at any time to convert its interest to a 2% NSR.
"GRCbelieves that Olympic-Rob is an unarguable Olympic Dam look-alike, withabundant evidence of copper and uranium mineralization hosted byhematite breccias. The target is huge, vertically zoned and disruptedby faulting - perhaps tricky, but representing billion ton potential.Previous drilling has confirmed rather than tested the potential whichextends at depth. The Olympic Dam deposit can be described asfunnel-shaped with a shallow and large "anomalous barren core" withinthe funnel. This geometry could exist at Olympic-Rob. GRC aims to usedeep-seeing geophysics and prospect modeling tapping our IOCGexperience to deliver quality drill targets and test the potential fora world-class deposit," states GRC Technical Director, Frank Bunting.
Theterms of this agreement, except for the $20,000 initial cash payment,shall not be in effect until GRC has successfully completed a plannedInitial Public Offering ("IPO"). If GRC fails to complete the IPO byOctober 31, 2008, this agreement will terminate unless mutually agreedto by both parties.
As previously reported, the Olympic claimscontain a two-kilometre diameter continuous 'copper in-soil' anomalyenveloping numerous copper showings in a hematite breccia host rock.The breccia complex has similar age, geometry, structure and traceelement signatures to BHP Billiton Ltd.'s giant IOCG Olympic Damdeposit in Australia. A modest deeply-sourced magnetic anomaly, somefive kilometres in diameter and coincident with the breccia zone, alsoparallels the famous Australian analogue. A single hole in 2007 drilledinto a sequence of hematite-altered siltstone containing up to 1% Cu.Drilling did not reach the target depth of greater than 500 metres dueto bad ground conditions. Drilling of a second deep (greater than 500m) hole was recommended, but not drilled.
On the adjacent Robclaims, a previously reported 400-metre-long open-ended copper anduranium in-soil anomaly envelopes a number of copper anduranium-bearing float boulders and bedrock exposures ranging from 0.01%to 1.57% U3O8, along with copper values ranging from 0.3% to 10.8% Cufrom selected samples. The mineralization is closely related todistinct ground magnetic and radiometric anomalies. A two-hole drillprogram by Fjordland Exploration Inc. in 2007 encountered significantcopper +/- uranium mineralization including an interval of 5.6 metresgrading 1.12% copper within a wider, 19 metre envelope grading 0.44%Cu. A second 35.9-metre interval ran 0.21% Cu. The second hole cut twointervals of 10 and 18 metres width containing 0.21% Cu with 27 ppmU3O8 and 0.19% Cu with 30 ppm U3O8 respectively. These copper-uraniumintercepts are typical of the boundary zones at Olympic Dam in earlydrilling there.
Bernard Kahlert, P.Eng, is the Qualified Personunder NI 43-101 responsible for the technical information contained inthis release.
On behalf of the Board of Directors,
Kenneth E. Leigh, President & CEO
Shares Issued: 69,980,660
SOURCE: Commander Resources Ltd.
BMKCommunications Investor Relations Toll Free: 1-866-782-6032 Email:info@commanderresources.com Website: www.commanderresources.com
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