Cardero Iron Ore Projects Update
Pampa El Toro Iron Sands
Cardero Iron has recently arranged for the manufacture and delivery by Eirez Pennsylvania of a magnetic pilot plant to facilitate the most effective recovery of a 20 tonne magnetite concentrate sample for subsequent pyrometallurigical pilot plant testing at the Midrex Technologies, Inc. ('Midrex') research facilities in North Carolina. The results will form a critical component of ongoing feasibility studies, enabling Cardero Iron to develop not only a suitable processing strategy to separate the magnetite from the sand, but also to potentially recover both titanium and vanadium from the resultant slag. The magnet is scheduled to arrive at Pampa el Toro in the middle of the fourth quarter of 2007.
Pampa de Pongo
Situated only 40 kilometres from tide-water, Pampa de Pongo is the largest undeveloped iron resource on the Western seaboard of the Americas. In light of escalating global iron prices and strong iron market fundamentals, Cardero is currently finalizing plans for a 30,000 metre definition drill campaign designed to upgrade the National Instrument 43-101 Inferred Resource of 953Mt @ 44.7% iron and 0.12% copper to a combination of Indicated and Measured status. The drilling program at Pampa de Pongo is anticipated to commence in the fourth quarter of 2007, following which Cardero Iron will seek a major partner in order to enable the timely exploitation of this world-class undeveloped iron ore resource.
The Company also continues to negotiate for additional iron ore projects in both North and South America.
Glenn Hoffman, President, Cardero Iron
Mr. Glenn Hoffman, of Lancaster, South Carolina, has been appointed as the President and Chief Executive Officer of Cardero Iron, effective August 23, 2007. Mr. Hoffmann, a graduate of the Illinois Institute of Technology (B.Sc. Metallurgical & Materials Engineering) and Michigan Technology University (M.Sc. Metallurgical Engineering), joins Cardero Iron from Midrex, a leading international process engineering and technology company, where he spent the past 30 years.
While at Midrex, Mr. Hoffman held a number of senior positions including Manager of Research and Development and Manager - Coal Based Technologies & Melting. He has been instrumental in the development of a variety of new innovative iron-making technologies which has enabled Midrex to become the undisputed global leader in direct reduced iron (DRI) and associated next generation technologies. He has authored numerous technical papers on down-stream iron processing technologies, and is the inventor and/or co-inventor of thirteen U.S. patents related to the production of ferroalloys and new iron-making technologies. Most recently, while at Midrex, Mr. Hoffman oversaw and interpreted the results of the various laboratory scale tests on Cardero's Pampa el Toro Iron Sands magnetite samples.
With the arrival of Mr. Hoffman, Cardero will commence the process of transferring all of its existing iron ore projects to Cardero Iron and planning for the most efficient ongoing financing of its iron ore focussed subsidiary.
'We are extremely fortunate to secure a global iron specialist of Glenn's calibre, whose extensive industry experience includes managing large-scale production projects and developing state-of-the-art iron-making technologies. Obviously, Glenn's decision to come on-board and champion both Pampa el Toro and Pampa de Pongo is a huge vote of confidence for the projects and will empower us to aggressively advance the projects to the next level,' stated Henk Van Alphen, Cardero's president and CEO. 'Having worked intimately on the Pampa el Toro concentrates on behalf of Midrex, Glenn already possesses a comprehensive understanding of the project requirements and, more importantly, the production opportunities'.
About Cardero Resource Corp.
The Company is currently exploring projects in Argentina, Mexico and Peru. It is actively evaluating new gold, copper and iron projects, while continuing to maintain an ongoing pipeline of prospects. The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the American Stock Exchange (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). 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.
'Hendrik van Alphen' (signed)
Hendrik van Alphen, President
Quentin Mai, Manager -- Corporate Communications & Investor Relations
Phone: 1-888-770-7488 (604) 408-7488 / Fax: (604) 408-7499
The Toronto Stock 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 the nature and timing of future anticipated exploration programs and feasibility studies and the results thereof, the potential discovery and delineation of mineral deposits/resources/reserves at the Company's Pampa el Torro and Pampa de Pongo projects, the securing of a partner to advance the Pampa de Pongo project, the potential recovery of titanium and vanadium from slag and the possibility of production from the Company's iron ore projects. 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, potential 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 inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, the inability of the Company to continue its projected growth, the inability of the Company to raise the necessary capital to continue its operations or to be able to fully implement its planned business strategies, including outlining additional resources and finding partners to assisting the development of its projects.
All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States disclosure filings via www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral 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.
Cardero Resource Corp. ('Cardero' or the 'Company') -- (TSX: CDU, AMEX: CDY, Frankfurt: CR5) is pleased to announce that Mr. Glenn Hoffman has joined the Cardero group as President of Cardero Iron Ore Company Ltd. ('Cardero Iron'), its wholly owned iron ore subsidiary. Mr. Hoffman will be responsible for advancing Cardero's extensive iron ore portfolio during the transition from discovery phase through feasibility studies, project development and ultimately to production. Cardero's two key iron ore projects in Peru are the Pampa El Toro Iron Sands Project and the Pampa de Pongo Iron Deposit.