Dr. Hitzman joins the board following corporate developments which began on October 31, 2005 whereby Mr. G. Ross McDonald C.A. resigned as Chief Financial Officer as a consequence of the merger of his accounting practice with that of Smythe Ratcliffe, C.A., the Company's auditors. The Company would like to take this opportunity to thank Ross for his invaluable experience, dedication and hard work on behalf of the Company during his tenure as Chief Financial Officer.
Dr. Hitzman is one of the world's foremost authorities on Iron Oxide Copper-Gold (IOCG) deposits. In 1992 Dr. Hitzman co-authored the seminal paper on IOCGs prior to publishing one of the first papers on the origin of the giant Olympic Dam IOCG deposit in 1993. Dr Hitzman has worked in all of the major global IOCG districts including Cardero's frontier Baja IOCG Belt.
Following a recent examination of the San Fernando property by Dr. Hitzman, he concluded that "San Fernando is comparable in terms of alteration style and intensity to the Candelaria deposit in Chile. The drilling results at San Fernando are very encouraging for further exploration within the district.".
Dr. Hitzman's resume is summarized below:
MURRAY W. HITZMAN
Charles Franklin Fogarty Professor of Economic Geology
Colorado School of Mines
Murray Hitzman received BA degrees in Earth Science and Anthropology from Dartmouth College in 1976, an MS in geology from the University of Washington, Seattle in 1978, and a Ph.D. from Stanford University in 1983. Dr Hitzman began work in the mining industry with Anaconda in 1976 at the Yerington porphyry copper mine in Nevada and subsequently worked for Anaconda in Alaska from 1977 through 1982. From 1982 through 1993, Dr. Hitzman worked throughout the world for Chevron Resources Company and initiated and managed base and precious metal exploration projects in Papua New Guinea, Brazil, Spain, Ireland, France, Germany, Italy, Tanzania, Canada, and the United States. In 1990 he discovered the Lisheen zinc-lead-silver deposit in Ireland. From 1990 though 1993, Dr. Hitzman was manager of the Lisheen project guiding it through exploration and pre-feasibility, including engineering and environmental studies.
In 1993, Dr. Hitzman was named Geological Society of America Congressional Fellow and served from September, 1993 to August, 1994, on the staff of U.S. Senator Joseph Lieberman (D - CT) working on natural resource and environmental issues. Dr. Hitzman was named Executive Branch Fellow by the American Association for the Advancement for Science/Sloan Foundation during 1994. As the Executive Branch Fellow he served as a senior policy analyst in the White House Office of Science and Technology Policy from September, 1994 through March, 1996 specializing in natural resource, environmental, and geoscience issues.
In June, 1996, Dr. Hitzman became the Charles F. Fogarty Professor of Economic Geology at the Colorado School of Mines, and in 2002 was named Head of the Department of Geology and Geological Engineering at the Colorado School of Mines. He was awarded the Society of Economic Geologists Silver Medal in 1999 and served as President of the Society during 2005. In 2004, Dr. Hitzman was named as the Chair of the Committee on Earth Resources for the U.S. National Research Council.
"With his world-class expertise on IOCG's and distinguished international reputation amongst major mining companies, Dr. Hitzman is a very significant addition to Cardero," stated Henk Van Alphen, president. "Dr. Hitzman's knowledge and experience will play a key role in the subsequent exploration phases of the Baja IOCG district."
The Company further announces that, pursuant to its Stock Option Plan, it has granted to Dr. Hitzman an incentive stock option to purchase up to 200,000 shares in the capital stock of the Company. The options are exercisable at a price of $4.00 per share on or before January 11, 2008.
Future Work - Baja IOCG District
The proposed future work by the Company in the Baja IOCG District will continue to build upon the newly discovered San Fernando and Picale IOCG occurrences.
The initial drill results at San Fernando clearly indicate the presence of a major copper bearing IOCG system. The San Fernando IOCG system displays all of the key characteristics required to form a large bulk tonnage IOCG deposit: significant intersections of productive IOCG mineralization; pervasive potassic alteration; the presence of major fault zones; and a thick permissive host unit.
At San Fernando, work on the 3D IP survey will re-commence on January 20th. The survey was designed by Cardero and Anglo American to screen the outcropping, productive (copper-bearing), potassic alteration. It will be followed by detailed structural mapping and re-targeting prior to additional drill testing.
At Picale, previous mapping by Anglo American documented the presence of an approximately 20km2 IOCG system with associated IOCG mineralization outcropping over a 6km strike length. Initial drill testing resulted in the intersection of a very high grade magnetite - chalcopyrite replacive body in drill hole PC-03 (collared 400m NW of the main outcropping manto) - 4.18m @ 5.54% Cu & 0.56 g/t Au. There have been no prior ground geophysical surveys in the Picale area, and it is envisaged that IP will aid targeting of any potential feeder zones prior to additional drill testing.
Elsewhere, at the Amargosa, El Cuervito, Pilates, San Jose and La Encantada prospects, additional geological mapping and sampling will focus on favourable outcropping IOCG alteration.
Cardero is well financed with $12 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, iron ore-copper-gold (IOCG) and iron projects, which will continue to ensure the recognition of Cardero as a world-class exploration and development company.
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
"Hendrik 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 results, the discovery and delineation of mineral deposits/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 are those, 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 results or 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, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, 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.
All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties. This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.