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Global Gold Uranium Commences Airborne Survey On Cochrane Pond
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Commander Resources Ltd. (CMD-TSX Venture) and Bayswater Uranium Corp.
(BAY-TSX Venture), collectively, the "Companies" report that Global
Gold Uranium LLC ("Global Gold Uranium"), a wholly owned subsidiary of
Global Gold Corporation ("Global Gold") has commenced an airborne
radiometric and magnetic survey over the Cochrane Pond uranium property
located in southern Newfoundland. The survey, funded and operated by
Global Gold, is expected to take approximately four weeks to complete
and will be followed by a prospecting program.
The 5000 line kilometre survey will cover most of the 600 square km
Cochrane Pond property which is owned 50:50 under a Joint Venture
between Commander and Bayswater. The claims were staked jointly by the
Companies in early 2006 to cover favourable geology after uranium
discoveries were made on Commander's adjacent Hermitage Property. The
JV partners interpret that the Cochrane Pond Property is underlain by
metasedimentary and metavolcanic rocks which could host uranium
mineralization. To date no significant exploration work for uranium
has been done on the property.
Under an agreement reported on April 13, 2007, Global Gold Uranium may
earn an initial 51% interest in the property over a four year period by
making total cash payments to the Companies of US$700,000, issuing
350,000 shares of Global Gold and completing exploration expenditures
of $3.5 million. The first year's committed work expenditure is
$500,000. Global Gold Uranium must then increase its interest to 60%
by either completing the next $2 million in exploration or by funding
and delivering to the Companies a feasibility study on the property or
the interests will flip such that the Companies will hold 51% and
Global Gold Uranium 49% in and to the Property
Details of the terms of the option agreement between the Companies and
Global Gold Uranium can be found in Commander's news release dated
April 13, 2007.
ABOUT COMMANDER RESOURCES LTD.
Commander Resources Ltd. is a Canadian junior exploration company with
control of one of the largest new gold districts in Canada and a new
uranium belt in Newfoundland. The Company also owns several high
quality exploration properties that will be explored this year by
partners. The Company uses a combination of aggressive land
acquisition, focused projects and good deal-making to increase its
exposure to success while reducing risk to shareholders.
On Behalf of the Board of Directors,
Kenneth Leigh
President & CEO
For further information, please call: Commander Resources Ltd.
Telephone: (604) 685-5254 or 1-800-667-7866
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
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Copyright (c) 2007 COMMANDER RESOURCES LTD. (CMD) All rights reserved.
For more information visit our website at
http://www.commanderresources.com/ or send
mailto:info@commanderresources.com
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