Welcome!

News Feed Item

Commander Reports Progress on Storm Copper Property, Nunavut

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...