Baja Iron Oxide Copper Gold
Cardero received necessary "power of attorney" documents on July 13, 2005 to become operator of joint Anglo American / Cardero IOCG exploration project and assume the lead in finalizing drilling permits. Cardero is currently completing a "Land Use" report, the final required document and on submittal, the company expects to obtain the required drill permits. As operators Cardero is looking forward to commencing the long-awaited diamond drilling tests at several of the Anglo defined priority targets.
The Company is pleased to report that the release of the positive Midrex - Kobe Steel metallurgical tests continues to generate considerable industry interest with several major companies contacting Cardero to request additional information. The test results, where titanium and vanadium were successfully liberated from the company's magnetite sand sample, were described by Midrex - Kobe Steel as 'highly encouraging'. Subsequently an additional 6,500 hectares were staked bring the total prospective iron sand package to 32,000 hectares (320 km2). A regional geochemical sampling and mapping program of the large property has commenced. In other initiatives Cardero engineering staff has directed several laboratories to commence examining the feasibility of liberating titanium and vanadium from the resultant slag, which if successful, could have a significant positive financial impact on any subsequent operation.
Detailed mapping, at 1:2500 scale, of prospective alteration and associated copper oxide mineralization commenced in late July. A pole: dipole Induced Polarization (IP) survey will commence in mid to late August and initial drill testing is scheduled for September.
Management - Corporate
Cardero is also pleased to announce that Michael W. Kinley, C.A. has agreed to join the Board of Directors replacing Mr. Ken Carter who, due to other commitments, resigned from the board effective June 30, 2005. Cardero wishes to thank Mr. Carter for his invaluable knowledge, expertise and efforts on behalf of the Company.
Mr. Kinley possesses extensive public company experience and, the financial qualifications to play an important roll as the Company continues to rapidly expand. Mr. Kinley received his Chartered Accountant designation in 1973, was admitted to the Chartered Accountants of Nova Scotia in 1980 and the Chartered Accountants of British Columbia in 2003 and was a partner for a large national accounting firm.
The Company further announces that pursuant to it Stock Option Plan, incentive stock options have been granted to Mr. Kinley of 200,000 shares in the capital stock of the Company. The options are exercisable at a price of $3.00 per share on or before July 29, 2007.
The Company is well financed with approximately $16 million in the treasury and well positioned to continue to explore its projects in Mexico, Peru, and Argentina. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol CDU), the American Stock Exchange (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). The Company is actively evaluating gold, silver, copper and iron ore-copper-gold (IOCG) projects, which will ensure the recognition of Cardero as a world-class exploration and development company.
For further details on the Company readers are referred to the Company's web site (www.cardero.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
"Henk Van Alphen, President" (signed)
Hendrik van Alphen, President
Quentin Mai, Manager - Corporate Communications & Investor Relations
Phone: (604) 408-7488 / Fax: (604) 408-7499
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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding future anticipated exploration program result, discovery and delineation of mineral resources/reserves, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend estimate, postulate and similar expressions, or which by their nature refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies.
This press release is not an offer to buy or sell securities in the United States.
Cardero Resource Corp. ("Cardero" or the "Company") is pleased to provide the following update on corporate activities: