Highlights

• An initial independent NI 43-101 compliant resource estimate of Cardero's dune-field hosted Pampa El Toro Iron Sands Deposit by SRK Consulting Engineers has identified an indicated resource of 241,831,000 tonnes grading 6.67% Fe2O3, 0.72% TiO2 and 172 ppm vanadium plus an additional inferred resource of 629,881,000 tonnes at 6.48% Fe2O3, 0.70% TiO2 and 166 ppm vanadium within only approximately 15% of the total 10,300-hectare concession area. SRK calculated the resource to a nominal depth of 30 metres as a conceptual mining depth to provide a 30-year life-of-mine. Drill testing of the dune sands has been undertaken to depths of up to 60 metres in certain drill holes and has returned similar grades.(see PR July 21, 2009)
  
  
• Cardero recently completed the sale of its wholly-owned Pampa de Pongo Iron Deposit to the Nanjinzhao Group of China of USD 100 million. The project was originally purchased by Cardero in early-2004 for USD 630,900 plus 70,000 common shares of the Company - strategically just prior to a major surge in global demand for iron ore. Pampa de Pongo is a world-class magnetite deposit, with Inferred Resources of 750Mt at a grade of 41.7% iron (Fe), 0.093% copper (Cu) and 0.059 g/t gold (Au) defined in the Central Zone alone. (see PR Oct 29, 2008)

Peru

PHOTOS - Fe Sands (PDF, 2.6 MB)

Video:

Pilot Plant Iron Sands Video
size: 3.7 MB

Iron Sands Video
size: 8 MB