Commander Resources Ltd.
TSX VENTURE : CMD

Commander Resources Ltd.

May 15, 2006 17:11 ET

Commander Closes $5.5 Million Equity Financings

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Commander Resources Ltd. (TSX VENTURE:CMD) reports that the financings to raise up to a total of $5,585,000 CDN announced on April 13, 2006 and amended on April 27, 2006 have closed.

The brokered private placement, led by Bolder Investment Partners, Ltd. (the "Agent") raised gross proceeds of $3,849,480 CDN (the "Offering"). An additional $35,520 CDN was raised in a non-brokered placement for aggregate gross proceeds from the two placements of $3,885,000 CDN. A total of 10,500,000 non flow-through Units (the "Units") at a purchase price of $0.37 per Unit have been issued. Each Unit consists of one common share and one-half non-transferable share purchase warrant ("Warrant"). Each whole share purchase Warrant entitles the holder to purchase one common share at a price of $0.50 per common share until May 15, 2008.

The Agents received cash commission of $144,226 plus 390,500 Units at a deemed price of $0.37 per Unit in lieu of cash, 1,040,400 Agent's Warrants to purchase a total of 1,040,400 common shares and an administration fee of $5,000. The Agent's Warrants have the same terms as the client's warrants.

The securities attached to the brokered private placement have a hold period and may not be traded until September 16, 2006.

The non-brokered flow-through private placement raised gross proceeds of $1,699,999.92. A total of 3,695,652 common shares at a purchase price of $0.46 per flow-through share have been issued. Fees were paid as follows: Standard Securities Capital Corporation received 59,089 Agents Warrants and $27,176.80 finder's fee and Wellington West Capital Markets received 154,000 Agents Warrants and $70,840 finder's fee. Each Agent's Warrant under the non-brokered financing is exercisable into one (1) common share of the Issuer at $0.50 until May 11, 2007. The securities attached to the non-brokered private placement have a hold period and may not be traded until September 11, 2006.

All of the Warrants and the Agent's Warrants described herein are subject to an early expiry provision once resale restrictions have ended. Upon the Issuer's shares trading at or above a weighted average trading price of $0.80 for 20 consecutive trading days, the Issuer may give notice to the warrant holders and issue a news release advising that the Warrants will expire 30 days from the date of the news release.

Proceeds from the financing will be used primarily to fund exploration on the Newfoundland Uranium Properties and the Baffin Island Gold Project, Nunavut as well as general working capital.

About Commander Resources Ltd.

Commander Resources Ltd. is a Canadian junior exploration company with control one of the largest new gold districts in Canada and a new uranium belt in Newfoundland. Commander's underlying mission is to generate or acquire quality opportunities and add significant shareholder value through discovery of mineral deposits, leveraged partnerships, and/or sale of assets.

On Behalf of the Board of Directors,

Kenneth Leigh, President & CEO

Shares Issued: 54,503,133

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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