This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Commander Resources earns 100% interest in Qimmiq 2009-05-06 14:10 ET - News Release Mr. Kenneth Leigh reports COMMANDER EARNS 100% INTEREST IN THE QIMMIQ GOLD PROPERTY, BAFFIN ISLAND
Commander Resources Ltd. has exercised its right to accelerate its interest to 100 per cent in the Qimmiq property from BHP Billiton Diamonds Inc., after the parties agreed to waive the $400,000 cash payment required under the option acceleration agreement announced in Stockwatch on Jan. 14, 2008, and finalized Feb. 22, 2008. The Qimmiq property covers 23,600 hectares (58,000 acres) and about 80 linear kilometres of a district-scale gold belt that Commander controls. The Qimmiq property is host to the main gold zones in the belt, including Malrok, Ridge Lake and the newly discovered Hebert zone. This property encompasses the core of the Baffin gold project. Vesting follows renegotiation of an option acceleration agreement, which initially provided Commander the right to accelerate its right to earn a 100-per-cent interest in the property by making a single cash payment of $400,000 to BHP Billiton Diamonds by Sept. 30, 2008. After several extensions to the agreement, BHP Billiton Diamonds agreed to waive the cash payment required to accelerate the option. The acceleration agreement eliminates all other earn-in requirements that were part of the original option agreement and entirely eliminates BHP Billiton Diamonds' back-in rights. The remainder is available to Stockwatch subscribers.
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