$ 0.070 TSX-V: CDU
$ 0.062 OTC: CDYCF
€ 0.020 FSE: CR51


2002 News

Cardero Resource Corp. (the "Company"), announces that, subject to regulatory approval, it is raising $495,000 by private placement through the issue of 1,100,000 Units at $0.45 per Unit. Each unit will consist of one common share and one non-transferable share purchase warrant exercisable for one common share at a price of $0.55 per share for a period of one year.

The funds will be used for the Company's Condoryacu property in Argentina, Alisitos property in Mexico and for working capital.

On Behalf of the Board of Directors of


AHenk Van Alphen, President

Contact Information:

Phone 604.408.7488
Fax 604.408.7499
Email hvanalphen@cardero.com

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release which has been prepared by management.

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