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


2002 News

Cardero Resource Corp. (the "Company"), is pleased to announce that James P. Stewart, P.Geol., has joined the Cardero executive team, accepting the position of Vice President.

Mr. Stewart in his capacity as President of Fianchetto Financial Corp., a private Alberta capital investment fund, has been assisting the Company with recent private placement financings.

Mr. Stewart's duties will include implementing a corporate mineral project development strategy and creating multi-media corporate information presentations for the purposes of explaining the geology and excellent potential of the Company's world class mining projects. He will also continue to assist with securing financing for the Company.

Previously, Mr. Stewart was founder and CEO of Talka Star Resources Ltd. Over $20 million dollars was raised for mineral projects which included a key land package staked by Talka Star adjacent to the Voisey Bay nickel deposit.

Before Takla Star, Mr. Stewart was a director and Vice President, Exploration of Golden Star Resources Ltd. His prime accomplishment was the identification and development to completion of feasibility of the Omai Gold Mine located in the Republic of Guyana.

Cardero also announces that it has granted, to directors and officers, stock options to purchase up to an aggregate of 400,000 shares. The options are exercisable on or before June 27, 2003 at a price of $0.80 per share and are subject to regulatory approval.

Cardero Resource Corp. is a mineral exploration and development company listed on the TSX Venture Exchange. The Company is currently conducting the second phase of drilling on its Condoryacu gold project in northwest Argentina. The Company is actively securing the rights to several properties which have the potential to contain world class mineral deposits.

On Behalf of the Board of Directors of


Henk Van Alphen, President

For further information contact:

Henk Van Alphen, President
Phone 604.408.7488
Fax 604.408.7499
Email hvanalphen@cardero.com

The TSX 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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