Hello TheSnowLane
I didn't see CMD's latest NR discussed on the thread so I thought I'd bring it to the thread's attention:
NEWS RELEASE TRANSMITTED BY CCNMATTHEWS
Commander Resources Ltd.
May 26, 2005 - 14:55:59 ET
Commander Commences Uranium Exploration Program
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 26, 2005) - COMMANDER RESOURCES LTD. (TSX VENTURE:CMD) announces that the first phase of work on its recently acquired Newfoundland uranium project will commence on May 29th. A geological and prospecting crew will complete preliminary geological mapping and sampling of the property. Uranium mineralization was originally discovered on the property in 1980 by Shell Minerals, and worked by the Central Electricity Generating Board (CEGB) in the mid 1980's before the uranium prices dropped and exploration work ceased. CEGB was bought by Cameco Corporation in the early 1990's. The property has the potential to host a near-surface high grade uranium resource, the property is also close to a paved road and a shipping port.
Rock samples collected from several large boulder fields and outcrop exposures by both Shell and CEGB returned uranium values ranging from several hundred parts per million up to high grade values exceeding 2% U or 40 pounds per ton.
Several outcrop exposures in heavy till cover returned values up to 0.60% U (12 pounds per ton). The current price for uranium is approximately US$28 per pound.
The first program to re-locate and verify the reported uranium occurrences and complete an assessment of the geological setting and overburden conditions precedes a larger program of geophysical surveying, trenching and possibly drill testing later in the summer. A hand-held detection instrument known as a Scintillometer will be used to assist the prospectors in locating uranium-bearing minerals.
The property, which is held under two separate option agreements described in the Company's news releases dated February 22, 2005 and March 29, 2005, is located just north of the town of Burgeo situated on the south coast of Newfoundland.
For comparative purposes, the in-situ value of a rock or mineral deposit containing 0.60% uranium (at US$28/lb) is approximately equivalent to a rock containing 24 g/t gold (at US$420/ounce gold) or 12% copper (at US$1.44/lb).
Bernard Kahlert (P.Eng), V.P. Exploration will be the Qualified Person under N.I. 43-101 supervising all aspects of the program.
About Commander Resources Ltd.
Commander Resources Ltd. is a Canadian junior exploration company with a diversified portfolio of gold, copper-gold and nickel projects across Canada with focus on a large, emerging new gold district on Baffin Island.
Commander's mission is to generate or acquire quality gold and base metal opportunities at a low cost and add significant shareholder value through discovery of mineral deposits, leveraged partnerships, and/or sale of assets.
The company has exposure to the diamond sector through an equity position in Diamonds North Resources Ltd.
ON BEHALF OF THE BOARD:
Kenneth E. Leigh, President & CEO
Shares Issued: 30,798,590
Regards
Vaughn |
