COMMANDER RESOURCES LTD.  (An Exploration Stage Company)  Notes to Financial Statements  For the Years Ended December 31, 2012 and 2011  (Expressed in Canadian dollars)  9.  Exploration and Evaluation Assets (Continued)  (g) Other properties (Continued)  iii. Tam, British Columbia (Continued)  iv. Nepisiguit/Stewart, New Brunswick v. Houghton Lake, Ontario  (h) Properties written off  During the year ended December 31, 2012, a $25,000 advance royalty was received and the net amount of  $15,476 after cost recovery was included in the statement of income. The Company owns 100% of the properties located in the Bathurst Mining Camp of New Brunswick, subject  to a 2.75% NSR retained by optionor. The NSR is subject to a buy-down to 1% NSR for $1.5 million at any  time. In 2010, the Company entered into an option agreement with Stratabound providing Stratabound the  right to earn an initial 60% interest in the Company’s Nepisiguit and Stewart properties. Under the terms of  the option, Stratabound has the right to earn an initial 60% participating interest in the properties over a five- year period by issuing to the Company 400,000 Stratabound shares and completing $1,500,000 in eligible  exploration expenditures. Upon vesting its 60% interest, Stratabound may then, within 60 days, elect to  increase its interest to 65% by incurring an additional $1,000,000 in eligible expenditures over a two-year  period and issuing an additional 100,000 Stratabound shares to the Company. Stratabound is 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.  During the year ended December 31, 2012, 60,000 (2011 - 150,000) common shares of Stratabound were  issued to the Company and are included in investment in securities.  In November 2012, the Company acquired several claims, collectively named the “Houghton Lake Property”  (“Houghton Lake”) adjacent to the Company’s Sabin Property. The claims were acquired by the Company  together with a syndicate of private individuals, some of whom are related parties. Under this structure, the  Company owns 40% of Houghton Lake and will manage all future work programs. The staking and acquisition costs totalled $65,000, of which $50,000 was funded by the syndicate. During the years ended December 31, 2012 and 2011, in an effort to focus its resources on key properties the  Company conducted an assessment of all its mineral properties by reviewing facts and circumstances that would  impair carrying values on the statements of financial position. The write-down criteria used in the assessment  included: 1) mineral property claims had expired and 2) little or no spending had been incurred on the claims  recently and no substantive expenditures were budgeted or planned for the exploration of these claims. The properties written down in 2012 were:  - 23 -  British Columbia Stump Lake 888,119 $ Ontario  Matheson 15,685  McVean 12,985 Total 916,789 $