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


2002 News

Cardero Resource Corp. (the "Company"), is pleased announced that regulatory approval has been received (December 28, 2001) for the option agreement with Minera Olympic S. De R.L. De C.V. (press release dated December 14, 2001), to earn a 100% interest in three separate projects in northwest Mexico. The agreement, requires the Company to issue to Minera Olympic 100,000 common shares of Cardero Resource Corp. on approval, a further 100,000 shares 12 months after CDNX acceptance and 200,000 common shares 24 months after the CDNX acceptance date, to earn the 100% interest.

On Behalf of the Board of Directors of


Henk Van Alphen, President

Contact Information:

Phone 604.408.7467
Fax 604.684-9877
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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