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Gold/Mining/Energy : Commander Resources Ltd -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (148)	11/3/2003 5:13:36 PM
From: kidl	Read Replies (1) \| Respond to of 169

Commander develops new Baffin Island Gold camp Commander Resources Ltd (2) CMD Shares issued 17,953,997 Oct 31 close $0.53 Mon 3 Nov 2003 News Release Mr. William Coulter reports NEW GOLD CAMP DEVELOPING ON BAFFIN ISLAND Commander Resources' 2003 prospecting and gold sampling on Baffin Island has identified eight gold zones over a 140-kilometre-long east-west trending iron formation. This year's sampling program on the outcropping sections of the iron formation has identified a new gold camp in central Baffin Island extending inland from the west coast. In addition to the previously announced, centrally located, high-grade Malrok and Ridge Lake gold zones, six additional prospects with anomalous gold values have been identified. The table below lists the new prospects, their distance from the centrally located Malrok gold zone along with maximum gold values and optionee affiliation. Prospect E-W lo- # of Max. Project cation 2003 gold loca- samp- value tion les (g/t) ST 74 km 13 1.04 BHP prospect west Bill- iton Dewar Margot 33 km 16 1.15 Falcon- prospect west bridge Bravo Triangle 10 km 22 1.79 Falcon- Lake west bridge prospect Bravo Malrok 0 295 239.34 BHP zone Bill -iton Qimmiq Ridge 25 km 49 17.30 BHP Lake east Bill- zone iton Qimmiq Peninsula 34 km 52 6.80 BHP prospect east Bill- iton Qimmiq Qim 5 40 km 50 4.37 BHP prospect east Billi- ton Qimmiq 2369 66 km 28 2.41 Falcon- prospect east bridge Bravo Four of the above prospects are new discoveries, made during the short, five-week 2003 field program. The other four (Malrok, Peninsula, Qim 5 and Margot) were originally sampled for gold during the BHP Billiton and Falconbridge base metal and nickel programs in 2001-2002 triggering Commander's interest in the area. Commander upgraded all these prospects this year, culminating in the discovery and delineation of the 800-metre-long, high-grade Malrok North zone. The presence of two lengthy (plus-1,000-metre) gold zones each with numerous high-grade gold samples, several new discoveries over a wide area in a short time and extensive remaining prospective formations point to high potential of locating an economic gold deposit. Large iron formation hosted gold deposits include the 100-million-ounce Homestake mine in South Dakota, Lupin in the Northwest Territories and Musselwhite in Northwest Ontario, among many others. Planning is already under way to drill test the Malrok and Ridge Lake zones in the spring and summer of 2004. Detailed sampling of the new prospects and extensive prospecting of the two-million-acre property will continue through the summer. Under the terms of the option agreements between Commander and BHP Billiton, BHP Billiton/Tunngavik Incorporated and Falconbridge Limited, Commander, by expending $10.2-million on the BHP Billiton area by Dec. 31, 2012, and $8-million on the Falconbridge area by Dec. 31, 2011, can earn 100-per-cent interest in any gold discovery. This interest is subject only to a 1-per-cent to 3-per-cent net smelter return royalty based on the gold price and a 12-per-cent net profits interest if production comes from the Tunngavik Incorporated leases. Within the two-million-acre parcel are areas which will be explored for base metals and nickel. Discoveries, if of interest to BHP Billiton or Falconbridge Limited, will be subject to back-in rights. Bernard H. Kahlert, PEng, vice-president exploration for Commander Resources Ltd., a qualified person as defined in National Instrument 43-101 of the Canadian Securities Administrators, is supervising all aspects of the exploration program. Assaying was carried out by Eastern Analytical Laboratory of Springdale, Nfd., using standard fire assay procedures on one-half assay-ton pulverized samples. Selected samples were assayed using one-assay-ton samples. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com Click here for company snapshot: new.stockwatch.com Click here for recent SEDAR documents: new.stockwatch.com