Cardero Options Organullo Gold Project, Northwest Argentina, to Artha Resources Corporation
12 September 2011 - 3:00PM
Marketwired
Cardero Resources Corp. ("Cardero" or the "Company") (TSX:
CDU)(NYSE Amex: CDY)(FRANKFURT: CR5) is pleased to announce that
the Company has optioned its Organullo Gold project to Artha
Resources Corporation ("Artha"), whereby Artha can earn an
undivided fifty-five (55%) percent working interest in the
Organullo Project, and thereafter form a Joint Venture with Cardero
Argentina S.A., a wholly owned subsidiary of Cardero.
Joint venturing of the Organullo Project is part of Cardero's
strategy to option-out all non-core assets, allowing the Company to
focus on development of its coal and iron ore projects. This
includes the Carbon Creek deposit in north-eastern British Columbia
controlled by Cardero, where the 2011 summer field season and
collection of feasibility-level engineering and environmental data
is in progress.
Details of Agreement with Artha
The Option Agreement with Artha has the following terms and is
subject to TSX Venture Exchange (the "Exchange") acceptance on
behalf of Artha. Artha has the option (the "Option") to earn an
undivided 55% right, title and working interest in and to the
Organullo property by incurring an aggregate of USD 1,500,000 in
exploration expenditures over four years (USD 250,000 by September
9, 2012) and by issuing an aggregate of 350,000 common shares in
the capital of Artha, also over three (3) years (50,000 shares
within 15 days of Exchange acceptance). Upon Artha having earned
its initial 55% interest, Cardero has a right to maintain its 45%
interest through pro rata funding of exploration work going
forward. Alternatively, Cardero may choose to be diluted down to a
minimum of 10%, at which point its interest will be converted to a
2% NSR royalty.
The Organullo Gold Project
The Organullo project is an relatively advanced epithermal
gold-silver project located in northern Salta Province, north-west
Argentina, with excellent potential for both high sulphidation type
epithermal high grade gold and silver as well as bulk tonnage lower
grade gold and silver mineralization. The Organullo project
includes several drill-ready targets, with a focus on delineating
both large bulk tonnage potential as well as higher grade zones in
dilatant structures. The property delivers an advanced project into
Artha's highly prospective portfolio in the under explored NW of
Argentina, which includes the Pirquitas project, also held under
option from Cardero. Artha has advised that it plans to commence
drilling on the project in late 2011.
Qualified Person and Quality Control/Quality Assurance
EurGeol Keith J. Henderson, PGeo., Cardero's VP Exploration and
a qualified person as defined by National Instrument 43-101, has
supervised the preparation of the scientific and technical
information that forms the basis for this news release and has
reviewed and approved the disclosure herein. Mr. Henderson is not
independent of the Company, as he is an officer and
shareholder.
About Cardero Resource Corp.
In recent years, Cardero's focus has increasingly been on iron
ore and iron-making technologies. The sale of Cardero's
wholly-owned Pampa de Pongo iron deposit in early 2010 for USD100
million cash represented an early success in the iron market. More
recently, in keeping with bulk-commodity focus, Cardero has
acquired, through the acquisition of Coalhunter Mining Corporation,
a 75% interest in the Carbon Creek Metallurgical Coal Deposit in
north-eastern British Columbia. Cardero continues to hold iron ore
resources at the Iron Sands Project in Peru and iron-titanium
interests in Minnesota, USA. The common shares of the Company are
currently listed on the Toronto Stock Exchange (symbol CDU), the
NYSE-Amex (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, Chief Executive Officer
NR11-12
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, business and financing plans and
business trends, are forward-looking statements. In addition,
information with respect to the proposed activities of Artha on the
Organullo property has been provided by Artha (the optionee and
operator of the Organullo joint venture) and, as such activities
are not within the control of the Company, the Company takes no
responsibility for the accuracy of such statements. 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 or any of its optionees
or joint venture partners 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,
variations in the market for, and pricing of, any mineral products
the Company or its joint venture partners may produce or plan to
produce, the inability of the Company or any of its joint venture
partners to obtain any necessary permits, consents or
authorizations required for its or their activities, the inability
of the Company or any of its joint venture partners to produce
minerals from their properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to
be fully able to implement its business strategies, and other risks
and uncertainties disclosed in the Company's 2011 Annual
Information Form filed with certain securities commissions in
Canada and the Company's annual report on Form 40-F filed with the
United States Securities and Exchange Commission (the "SEC"), and
other information released by the Company and filed with the
appropriate regulatory agencies. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com and its
United States public disclosure filings may be accessed 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.
Contacts: Cardero Resource Corp. Nancy Curry Manager Corporate
Communications & Investor Relations 1 (888) 770-7488 (604)
408-7488 (604) 408-7499 (FAX) info@cardero.com www.cardero.com