VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Commander Resources Ltd. (TSX VENTURE:CMD) ("Commander") reports that Maritime Resources Corp. (TSX VENTURE:MAE) has commenced a 4,000+ metre drill program on the Green Bay property located near Kings Point, Newfoundland. The objectives of the current program are as follows:
-- extend the Orion deposit which is open down plunge and along strike
-- increase and upgrade the Orion inferred resource status
-- search for the off-faulted Hammerdown gold veins
-- test new targets developed by recent geophysical surveys between Orion
Target areas for these objectives are shown on maps Maritime's website at www.MaritimeResourcesCorp.com.
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. Commander also retains a 2% Net of Smelter Return Royalty (NSR) on portions of the property. Please see Commander's News Release dated March 25, 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.
About the Green Bay Property:
The Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit. The deposits are separated by a 1.5 km distance. The Orion gold 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. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins averaging 16.5 g/t Au, being cut off by a sharp fault between 250 and 300 metres depth.
Bernard Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical disclosure contained in this release.
On Behalf of the Board of Directors,
Bernard H. Kahlert, VP of Exploration
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.