The mining newspaper for Alaska and Canada's North

Commander to buy out Bearing assets

Commander Resources Ltd. May 5 said it has signed an agreement to acquire all eight of Bearing Resources Ltd.'s exploration assets.

Bearing's portfolio includes five exploration assets in the Yukon Territory, two in British Columbia and one in Mexico; plus three royalties including a production royalty on a portion of the Boundary Zone deposit at Imperial Metal Corp.'s currently idled Mount Polley Mine in British Columbia.

The exploration properties include Flume, a gold prospect located 60 kilometers (37 miles) southwest of Dawson City, Yukon.

Other top properties include the October Dome gold-copper property in central British Columbia and the Pedro gold property in northeastern Durango State, Mexico.

Under the terms of the agreement, Commander will issue 13 million treasury shares and pay C$15,000 in cash to Bearing for all the assets.

The intent is that all Commander shares issued to Bearing will be distributed to Bearing shareholders by way of a dividend in specie (in current form) or return of capital.

Author Bio

Shane Lasley, Publisher

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Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.


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