VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 20, 2011) - Commander Resources Ltd. (TSX VENTURE:CMD) ("Commander") reports that Maritime Resources Corp. (TSX VENTURE:MAE) has awarded a drilling contract for a minimum of 4,000 metres to test for extended potential at the Orion Gold Deposit, located near Kings Point, Newfoundland. The successful bidder is Springdale Forest Resources Inc. of Springdale, Newfoundland. Drilling is expected to start in early February.
The Orion Gold deposit is located 1.5 km southwest of the Hammerdown Gold Deposit which was mined from 2000 to 2004. It produced over 300,000 tonnes of ore at an average grade of 16.3 g/t Au at a time when gold was priced in the $300/ounce range.
The Orion Deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein systems, both of which are open along strike, up and down plunge. Part of the drilling will test for these extensions, but drilling will also test new targets developed by recent geophysical surveys between Orion and Hammerdown. A target of particular interest is a deep Induced Polarization anomaly which has a signature that could represent the deep portion of the Hammerdown deposit which was displaced by a major fault.
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 50% of the property by issuing another 5 million shares to Commander. Please see Commander's News Release dated October 7, 2010 for full details of the Orion Property transaction with Maritime.
The company would like to acknowledge that financial support is provided by the Junior Exploration Assistance Fund granted by the Government of Newfoundland and Labrador's Department of Mines and Energy.
On Behalf of the Board of Directors,
Eric Norton, President & CEO
Shares Issued: 90,942,516The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.