Commander Resources Ltd. (CMD.V) 2009年年度报告「TSX-V」.pdf

1、 Dear Fellow Shareholders,What a difference a year makes!The global financial system is on the road to recovery and stability has returned to the credit and banking infrastructure.Commodity prices have firmed and there has been an increase in corporate Merger and Acquisition activity in the mining s

2、ector.The recession by most measures is over.In response to the severe market crash at the end of 2008,I advised you that we would focus our attention in 2009 on cash conservation and seeking ways to leverage and maximize value of our assets.I also ended last years shareholder letter by stating that

3、 I thought the good times would return sooner than we expected they certainly did.Our share price is up about 1000%from its low reached in late 2008.With a clear focus on our duel objective of maximizing value and reducing risk to our shareholders,we succeeded in reducing our costs,conserving capita

4、l and most significantly,we leveraged a key asset into a very significant deal with a major global mining company.Under a deal reached last summer,AngloGold Ashanti,the third largest gold producer in the world,agreed,at their option,to fund the next$20 million in exploration on the Baffin Gold Proje

5、ct to earn an initial 51%on the property.The deal commits AngloGold to spending a minimum of$5.5 million by the end of 2010.Through at least this period Commander will be the operator and recover a 10%fee from AngloGold on all expenditures.In addition,as part of the deal,AngloGold acquired a 10%equi

6、ty stake in Commander through a private placement.The combination of committed funding in place for the Baffin Project and cash in the bank from the AngloGold private placement,allows Commander to move forward on a solid financial and operational footing.In 2010,our operational focus will primarily