NEWSCommander Earns 100% Interest in Bravo Property, Baffin Island, Nunavut12/7/2009 11:53:13 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Dec 07, 2009 (MARKETWIRE via COMTEX News Network) --
CommanderResources Ltd. (TSX VENTURE: CMD) reports that it has completed thepurchase from Xstrata Nickel ("Xstrata") of a 100 per cent interest inthe Bravo Property, a part of the Baffin Gold Project, therebyeliminating all remaining earn-in expenditures and extinguishingXstrata's back-in rights. AngloGold Ashanti ("AngloGold") providedCommander with the CDN$575,000 cash required to complete the purchase.
Commanderhad the right to accelerate purchasing a 100% interest in the BravoProperty under the terms of an agreement with Xstrata announced May 12,2008. AngloGold elected to provide the funds necessary to exercise thepurchase option under the Baffin Island Farm-in and JV agreementannounced on September 3, 2009, between AngloGold and Commander.
TheBravo Property is part of Commander's wholly owned Baffin Island GoldProject, a district-scale gold project covering an entire greenstonebelt approximately 140 kilometres in length that is subject to a $20million farm-in agreement with AngloGold Ashanti. The Bravo Propertyhosts several gold and base metal prospects, including the Durette goldprospect where previous drilling intersected up to 17 metres ofgold-bearing iron formation and previously reported samples fromsurface outcrops contained up to 59 grams per tonne gold in grabsamples and up to 29.8 grams per tonne gold over 2 metres in channelsamples.
The remainder of Commander's wholly-owned BaffinIsland Gold project is host to a pipeline of gold zones, prospects andshowings, including the Malrok (previously reported drill resultsinclude 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 goldover 4.24 metres, 10.17 g/t gold over 4.45 metres), and a number ofun-drilled surface gold discoveries, including the 3.5 kilometre longHebert Prospect that includes Hebert Main (91.06 g/t over 1.6 metres inchannel samples and 1,388 g/t gold in grabs), Hebert South (373.9 g/tgold over 0.25 metres, 241.30 g/t gold over 0.25 metres in channelsamples), and Traciane (66.84 g/t gold over 0.38 metres, 31.49 g/t goldover 0.85 metres in channel samples).
Commander anticipatesfurther assay results from the second batch of surface channel samplesand prospecting from the 2009 Hebert program later this month, and athird and final batch early in January. In addition, planning isunderway for an aggressive drilling and surface exploration program in2010 that will be fully funded by AngloGold.
On Behalf of the Board of Directors,
Kenneth Leigh, President & CEO
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