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Carbon Creek Metallurgical Coal Deposit, Canada

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Cardero Resource Corp.'s wholly owned subsidiary Cardero Coal Ltd. was sold in Q3 2015 as part of a comprehensive debt restructuring plan.

Cardero Coal's main asset is the Carbon Creek Metallurgical Coal deposit, located in the Peace River Coalfield, northeast British Columbia. Since acquiring the asset in 2011, Cardero Coal has advanced the project significantly and the deposit has a current NI 43-101 compliant resource estimate of 290 million tonnes measured and indicated and 161 million tonnes inferred resources.

Cardero will retain a participation right in the Carbon Creek Metallurgical Project as follows:

Year of Sale Initial Amount Retained byCardero Coal Percentage of Remaining Sale Proceeds Retained by Cardero Resource Corp.
2015 US$15,000,000 95%
2016 $20,000,000 80%
2017 $25,000,000 50%
2018 $30,000,000 35%
2019 $30,000,000 30%
2020-24 $30,000,000 25%
2025 $30,000,000 0%

Cardero will remain as manager of the Carbon Creek Joint Venture for a minimum of four years and the retained right will be in force while Cardero is the manager.