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.

Contacts:
Commander Resources Ltd.
Cathy DiVito
Investor Relations
Toll Free: 1-800-667-7866
[email protected]
www.commanderresources.com

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
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...