Junior Miner Samples Up to 442 g/t Gold From Several New Gold Showings

By: AllPennyStocks.com News

November 10, 2009
The peak for gold prices is nowhere in sight, as prices crowded the $1,200 U.S. mark in the early days of November. And with the higher prices for what is still considered a precious metal, the competition to find gold is heating up. Yet another company reported success in finding mineralized resources in yet another part of the world, and that company was Vancouver-based Commander Resources Ltd. (TSX-Venture:CMD). Up on Baffin Island, a part of Canada not as regularly associated with gold finds, Commander followed up on results initially reported in late September.

CMR reported that high-grade gold assays were found in the first batch of surface channel and chip samples returned from several new gold showings discovered in the Hebert Prospect Area, part of the Company's large Baffin Island Gold project. Findings discovered last year proved quite lucrative, sample results included 91.06 grams per tonne gold over 1.6 metres with grab samples running up to 1388 g/t gold.

Sample results from South Hebert recently showed quartz veins as rich as 373.90 g/t gold over 0.25 metres, with grab samples of up to 442 g/t gold, while another prospect, known as the Traciane – about 1.5 kilometres north of Hebert – reported first pass channel samples in quartz veins over a 100-metre exposure which include 66.84 g/t gold over 0.38 metres.

Commander Resources evolved from Major General Resources Ltd., a company incorporated in British Columbia in 1987 and traded publicly since 1990. In April 2002, Major General was spun off into two companies: Commander, concentrating on gold, nickel and base metals, and Diamonds North Resources Ltd. (TSX-Venture:DDN), focused on diamond projects in Canada's far north. Commander retains an equity position in Diamonds North, and will receive royalties of up to one per cent on diamond production on some properties.

The company purchased the interest in Baffin Island from AngloGold Ashanti Ltd. (NYSE:AU) in September – price, $20 million, along with a $1.2-million private placement fee.

This diversified junior miner is focused in Canada where potential is high and political risk is low. Besides Baffin Island Gold, CMR is also focusing attention on an advanced, high-grade copper opportunity in Nunavut known as Storm Copper; and Orion Gold Deposit, with an historical resource of about 100,000 ounces in Newfoundland.

The news of the exciting new strike sent the stock soaring to a new 52-week high on November 10, leaping to 28.5 cents, after bottoming out at three cents in mid-November of last year. As gold prices leap to new heights, look for more exciting news from this promising junior mining company.

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