CommanderResources Ltd. said May 2 that it has sold 3,500,000 shares ofAston Bay HoldingsLtd. to JP MorganAsset Management UK Ltd., raising gross proceeds of about C$1million.

The company retains 11 million shares, about 20.1% of theoutstanding common shares of Aston Bay.

Commander also retains a 0.875% gross overriding royalty onthe original core land holdings in the Storm copper project in Nunavut, Canada. Meanwhile,Aston Bay reserves the right to bring the royalty down to 0.4% by paying C$4.0million.

The company's strategic advisers, Red Cloud Klondike StrikeInc. and SP Angel Corporate Finance LLP, assisted in the sale.

Commander Resources Ltd. closed the sale of its Storm project to Aston Bay inFebruary.