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Stratabound options base metal prospects extending CNE-Captain property

CALGARY, July 29 /CNW/ - Stratabound Minerals Corp. is pleased to announce that it has entered into an option agreement with Commander Resources Ltd. whereby Stratabound can acquire up to a 65% interest in a large 800 hectare (1,977 acre) claim group immediately adjoining the northern boundary of Stratabound's 100%-owned CNE, Captain, and Captain East claims in New Brunswick's Bathurst Mining Camp.

Two holes drilled in 1997 on the Commander claims returned significant copper assays with appreciable cobalt, gold, silver and zinc values. Hole 97-8 assayed 1.04% copper over 25.5 metres, including 1.83% copper over 4.8 metres and 2.28% copper over 4.4 metres. Hole 97-10 returned 1.47% copper across 27.2 metres, including 13.25 metres grading 2.57%.

The mineralization resembles Stratabound's Captain Deposit, which is located along strike, 4.5 kilometres to the south. Stratabound's intent is to unify the exploration effort on the properties to effectively test this mineralized horizon.

A 1.8 kilometre long zinc-lead-silver drill target has also been identified on the optioned claims in what appear to be Brunswick Horizon rocks associated with heavily disseminated to semi-massive sulphides and magnetite iron formation. The Brunswick Horizon is an exhalative unit that hosts several prolific mines including Brunswick No. 12, the world's largest underground zinc mine, about 15 kilometres to the north, which is currently being mined by Xstrata.

Under the terms of the option, Stratabound will issue 50,000 common shares to Commander, subject to regulatory approval, and will spend at least $150,000 on exploration during the first year, including at least 1,000 metres of diamond drilling. If results are favourable, Stratabound will then have the option to issue an additional 350,000 common shares over the following four years while incurring additional expenditures totaling $1,350,000 to earn a 60% interest in Commander's claims. Stratabound would then have 60 days to advise Commander that it would be exercising a further two-year option to acquire an additional 5% by issuing another 100,000 shares and expending an additional $1,000,000 on the Property.

Stratabound will be the operator during the term of the option, and will be the initial operator pursuant to any joint venture agreement entered into by the parties thereafter.

Separately, the Company advises that a 3,200 metre drill program is in progress on its 100%-owned Captain and Captain North Extension (CNE) deposits.

At the company's Elmtree Gold property, which is under option to Castle Resources Inc., a 3,300 metre infill drilling program is also progressing. This program is part of a feasibility study that was recently initiated by Castle, following its receipt of a positive Preliminary Economic Assessment earlier this year.