Commander Resources Ltd. Reports New Targets Identified at Orion Gold Deposit
14.12.2010 | Marketwire
Vancouver, British Columbia -- (Marketwire) -- 12/14/10 -- Commander Resources Ltd. (TSX VENTURE: CMD) reports that its option partner, Maritime Resources Corp. (TSX VENTURE: MAE) has recently completed a series of geophysical surveys over the Orion gold deposit and was successful in identifying a number of favourable gold targets on the property near Springdale, Newfoundland.Two completely new targets have been developed and two others confirmed. The surveys covered a continuous 3 km strike length of the Hammerdown Deformation Zone which covers both the Orion deposit and the recently mined Hammerdown deposit.
The main target at the Orion gold deposit is the down-plunge extension of the gold bearing vein systems from the existing resources which are completely open. This area was not tested by the geophysical surveys as it is already a priority drilling target.
A 4,000 metre drill program is planned to start in January 2011.
Under the terms of the Option Agreement, Commander received 12 million shares of Maritime, representing over 50% of their issued and outstanding shares in exchange for 50% of the Orion gold property. Maritime has the right to earn an additional 25% of the property by issuing another 5 million shares to Commander.
Please see Commander's News Release dated October 7, 2010 for the details of the Orion Property transaction with Maritime. For further property information, visit the Orion Gold Project page on our website at www.commanderresources.com/s/OrionGold.asp.
On Behalf of the Board of Directors,
Eric Norton
President & CEO
Shares Issued: 90,942,516
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
(604) 484-7111 or Toll Free: 1-800-667-7866
info@commanderresources.com
www.commanderresources.com