Commander Resources Ltd. is pleased to report that its project partner Fjordland Exploration Inc. (Fjordland) has expanded the company’s South Voisey’s Bay nickel-copper-cobalt project (the SVB Property) located 80 kms south of Vale’s Voisey’s Bay nickel mine in Labrador, Canada. Fjordland has signed a Letter of Intent with a consortium of private claim holders granting Fjordland the option to acquire a 100% interest in 38 mining claims located in the South Voisey’s area, Labrador. Under the terms of the agreement, Fjordland has the option to pay to the consortium USD 110,000 and incur USD 120,000 in exploration expenditures over a period of three years. The Vendors retain a 3% net smelter royalty that may be reduced to 1% by paying USD 600,000 for the first 1% reduction and USD 1,200,000 for the second 1% reduction.
The property is contiguous to mineral tenure held by Fjordland and Commander as part of their South Voisey’s Bay nickel-copper-cobalt Project (SVB Project). Fjordland’s strategic investor, High Power Exploration Inc. is funding this year’s USD 1.2M work program.