Commander Resources Ltd.

Published : May 13th, 2008

Commander Leverages Its Base Metal Rights On Baffin Island

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Commander Resources Ltd.



 Tuesday, May 13, 2008
Commander Leverages Its Base Metal Rights On Baffin Island

  Commander Resources Ltd. (CMD-TSX Venture) has entered into a Heads of Agreement with Global Resources Corporation Pty Ltd., a privately held Australian company ("GRC") regarding Commander's exploration and development rights on the Bravo and Qimmiq properties, Baffin Island, Nunvaut (the "Property"). The agreement provides GRC the right to earn a 100% interest in non-gold rights on Commander's Baffin Island properties as part of a planned Initial Public Offering ("IPO") contemplated by GRC ("Newco"). Gold, diamond and uranium-dominant resources are excluded from this agreement.

GRC plans to advance the exploration opportunity for zinc and nickel hosted by the sedimentary and volcanic rocks while Commander continues to focus its efforts on advancing the gold potential on the Property. The technical driving force behind GRC is Frank Bunting, formerly Base Metal and Operations Manager, North America and then Global Nickel Commodity Specialist with BHP Billiton.

A portion of the cash proceeds from this deal will be used by Commander to complete recently executed agreements between Commander and BHP Billiton announced January 14, 2008 and between Commander and Xstrata announced May 12, 2008, subject to successful completion of the Newco IPO.

"This deal represents exceptional leverage value for Commander. It provides us with the cash to gain 100% ownership of the large Baffin Island properties. It also gives us a significant equity position in a new public company with strong technical and financial backing to advance mineral properties in Mexico and Canada, including the base metal opportunity of our Baffin properties under this deal, as well as our wholly- owned Olympic-Rob IOCG property in the Yukon, through a deal we announced May 8," states Ken Leigh, President & CEO of Commander.

Under the Agreement, GRC shall have the right to earn a 100% interest in the base metal rights (non-gold rights) on the Qimmiq and Bravo properties for the following considerations to Commander:

- GRC will issue 10% of the total number of issued shares in Newco to Commander, calculated immediately following completion of the planned IPO;

- GRC will pay C$1,425,000 cash to Commander including $25,000 cash upon signing of this Agreement, $50,000 cash on or before July 15, 2008, $200,000 cash on or before October 15, 2008, and $1,150,000 cash within 10 days of successfully listing the IPO;

- Prior to the IPO of Newco, GRC shall offer Commander the opportunity to buy up to 10% of any pre-IPO seed stock, at the same price agreed between for all pre-IPO seed capital participants and GRC;

- GRC will also deliver to Commander, for no consideration, rights to 5% additional equity in Newco at the time of and as part of the IPO by means of an issue of un-listed warrants, at an exercise price and term to be determined by GRC immediately prior to the IPO of Newco;

- GRC agrees to complete a minimum $500,000 exploration program on the Baffin Project by December 31, 2009, and;

- GRC reserves one seat on the board of directors of Newco for Commander.

The terms and conditions as agreed are subject to the underlying agreements between Commander and BHP Billiton and between Commander and Xstrata such that GRC shall assume all obligations and considerations to Xstrata and BHPB under those agreements.

On behalf of the Board of Directors,

Kenneth E. Leigh
President & CEO

For further information, please call:
Investor Relations: BMK Communications
Toll Free: 1-866-782-6032

www.commanderresources.com

Email: info@commanderresources.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
 

©2006 Commander Resources Ltd. All Rights Reserved. | Disclaimer
Adnet Communications Inc.

Commander Resources Ltd.

DEVELOPMENT STAGE
CODE : CMD.V
ISIN : CA2005021027
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Commander Res. is a silver and gold exploration company based in Canada.

Commander Res. develops silver, gold, diamonds and uranium in Canada, and holds various exploration projects in Canada.

Its main assets in development are HERMITAGE and BAFFIN ISLAND in Canada and its main exploration properties are NEPISIGUIT-STEWART, OLYMPIC-ROB, LOCHINVAR, ORION GOLD, SABIN, STORM PROPERTY and DESPINASSY in Canada.

Commander Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 8.1 millions as of today (US$ 6.0 millions, € 5.4 millions).

Its stock quote reached its highest recent level on May 24, 1996 at CA$ 1.40, and its lowest recent point on December 18, 2015 at CA$ 0.01.

Commander Res. has 115 300 000 shares outstanding.

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In the News and Medias of Commander Resources Ltd.
3/30/2006Corporate profile
Annual reports of Commander Resources Ltd.
2007 Annual report
2006 Annual report
Financings of Commander Resources Ltd.
5/23/2011Closes Tranche 2 of Financing
4/12/2011Announces Private Placement Financing
Nominations of Commander Resources Ltd.
6/24/2008Announces Appointment of Director
Project news of Commander Resources Ltd.
12/2/2013Drilling Commences on Commander's Nepisiguit Property, New B...
7/9/2013Expands Sarah Lake Nickel Property, Labrador
5/17/2013to Acquire 100% Interest in Sarah Lake Nickel Property, Labr...
1/21/2013Reports Progress on Storm Copper Property, Nunavut
9/25/2012Completes 2012 Field Program & Receives Results from Omineca...
7/23/2012Optionee Commences Work at Storm Copper Property
3/29/2012Provides Update on Storm Copper Property Deal
3/27/2012Completes Initial Drill Program at Stump Lake Gold Property
3/23/2012(Baffin Island)Retains 100% of the Baffin Island Project
2/10/2012Identifies Anomalous Gold Zones on Yukon Gold Property
2/8/2012to Commence Initial Drill Program at Stump Lake Gold Propert...
1/31/2012Sells Remaining Green Bay Property Interest to Maritime
1/26/2012(Baffin Island)Outlines Large I.P. Anomaly at Baffin Island Gold Property
12/15/2011(Storm Property)Closes Storm Property Deal
11/24/2011Signs $15 Million Option Agreement on Storm Copper Property
10/13/2011Commences IP Survey on Stump Lake Gold Property, BC
7/22/2011Commences Work on Yukon Gold Property
7/6/2011(Baffin Island)Mobilizes for 2011 Baffin Island Gold Program
6/14/2011Acquires New Gold Property In BC
6/3/2011Options Gold Property in the Yukon
4/13/2011Partner Intersects High Grade Gold in Newfoundland
2/24/2011(Orion Gold)Reports That Drilling Has Commenced on Orion Gold Project
2/16/2011Partner Cuts High Grade Copper at Nepisiguit
9/24/2009(Baffin Island)Discovers New Gold Showings On The Baffin Gold Project, Nuna...
2/24/2009Files 43-101 Technical Report On The Storm Copper Project, N...
11/3/2008(Baffin Island)Awaits Assay Results From Baffin Gold Project
5/30/2008Commissions a 43-101 Technical Report on the Newly Acquired ...
5/9/2008(Rob) Attracts a New Partner to the Olympic-Rob Property, Yukon T...
4/8/2008Commander Acquires High Grade Base Metal Property with Histo...
3/26/2008(Hermitage) Samples 0.17% U3O8 Over 1.15 Metres At Hermitage
2/14/2008(Blue Hills (hermitage)) Earns 100% Interest In The Blue Hills And White Bear Uraniu...
2/4/2008(Hermitage) Extends Uranium Trend On Hermitage
1/21/2008(Strickland (hermitage)) Outlines Drill Targets at Troy's Pond
1/14/2008(Baffin Island) Reaches Agreement to Accelerate Acquisition of 100% of Qimm...
1/10/2008(Despinassy) Sells Despinassy Interest To JV Partner
11/26/2007Durette Drilling Returns High Grade Intersections And A New ...
10/15/2007(South Voisey Bay)Commander and Donner Commence EM Survey on the Sarah Lake Ni...
10/2/2007(Baffin Island)Baffin Project Update - New Mineralized Trend Discovered
9/19/2007(Olympic-rob)'s Partner In The Yukon Reports 1.12% Cu over 5.6 metres fro...
7/4/2007(Olympic-rob)Drilling Commences On Commander'S Olympic-Rob Cu-Au-U Proper...
6/5/2007(Hermitage)Reports Drill Results From Newly Discovered Uranium Minerali...
5/7/2007(Hermitage)Completion of Phase 1 Drill Program: Radiometric Zones Disco...
4/26/2007(Hermitage)Drilling on White Bear Confirms Bedrock Uranium Mineralizati...
4/9/2007(Hermitage)CMD's Hermitage Uranium Exploration Update
Corporate news of Commander Resources Ltd.
6/23/2016Commander Acquires Exploration Assets from Bearing Resources
6/9/2016Commander Elects Five Directors and Appoints Stephen Wetheru...
5/2/2016Commander Raises $1 million through Sale of Aston Bay Shares
4/7/2016Commander Amends Option Agreement with Maritime for Purchase...
10/8/2015Commander Announces Executive Appointment
10/1/2015Commander Resources Announces Executive Appointment
7/21/2015Commander Grants Incentive Stock Options
7/11/2015Commander Amends Option of Glenmorangie Property
7/9/2015Commander Appoints Robert Cameron to the Board
7/8/2015Commander Appoints Robert Cameron to the Board
3/2/2015Geophysical Survey Outlines Strong Conductors on South Voise...
8/15/2013Attains 100% Ownership of South Voisey's Bay Nickel Project
5/28/2013Reports Resource Estimate for 40% Owned Maritime Resources N...
5/6/2013Optionee on Storm Copper Property Completes Public Listing
10/17/2012Defines Drill Targets on its Glenmorangie Gold Property, Yuk...
10/11/2012Optionee Moving Forward on Public Listing
6/27/2012Commences 2012 Field Program
4/27/2012Reports Stump Lake Gold Drill Program Results
9/13/2011Extends Strike Length of Gold Showings at Stump Lake, BC
6/29/2011Commences Work on Storm Copper Property
6/21/2011Partner Expands High Grade Gold Zones at Orion
6/1/2011(Orion Gold)and Maritime Resources Corp.: Exploration and Development Al...
4/8/2011Plans 2011 Exploration Program
4/6/2011Appoints New Vice President of Exploration
7/29/2010Options New Brunswick Properties to Stratabound Minerals
11/19/2009Final Approvals For Anglogold Baffin Farm-In And JV
11/9/2009Samples Up to 442 G/T Gold from New Baffin Prospects
6/4/2009Receives Units of Fjordland as Settlement
3/2/2009Seeks Partner For The Orion Gold Deposit, Newfoundland
12/3/2008Cuts 91.06 G/T Gold Over 1.6 Metres In Channel Sampling On B...
11/13/2008and Bayswater Sell a Royalty on Cochrane Pond to Global Gold...
9/30/2008CMD - Update September 2008
9/5/2008Provides An Update On Exploration Activities
8/14/2008Commences Drill Program on High Priority Nickel Targets in L...
8/1/2008Photos and information available from the Storm Copper prope...
7/16/2008Identifies A Third Geophysical Anomaly In Labrador; Drill Co...
5/13/2008Commander Leverages Its Base Metal Rights On Baffin Island
5/12/2008Commander Reaches Agreement with Xstrata Nickel to Accelerat...
2/25/2008 Plans Geophysical Survey on Labrador Nickel Properties
2/8/2008Will Be Exhibiting at the 2008, North of 60 Resource Confere...
12/20/2007Corporate Update
10/16/2007BMK Communications
9/13/2007And Donner To Re-Activate The South Voisey's Bay Nickel Proj...
8/15/2007Message from the President and CEO
7/25/2007Is Set To Continue Exploration On The Hermitage Uranium Proj...
7/6/2007Global Gold Uranium Commences Airborne Survey On Cochrane Po...
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