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September 12, 2002:

Cardero Announces Second Phase Drilling Results on Condor Yacu Gold Project

Cardero Resource Corporation ("the Company") is pleased to announce results from the second phase of drilling on its Condoryacu property in northwest Argentina. A total of 9 holes were drilled of which four were drilled on the North Zone and five on the South Zone.

North Zone

Holes CY-02-01 to 04 were located to test the North Zone. Holes 01 and 02 were drilled from the same collar location on the west side of the North Zone and oriented east at minus 45 and minus 60 degrees respectively. Holes 03 and 04 were located on the east side of the North Zone and drilled west at minus 45 and minus 60 degrees respectively. Holes 01, 03 and 04 encountered a mineralized structure up to 10 metres in width of silica and sulphide rich breccia interpreted to strike north-south and dip vertically. All three holes intersected anomolous gold values up to 3 ppm within the structure. Hole 02 intersected a mixed zone of fault gouge and breccia in the hanging wall on the west flank of the North Zone.

A program of structural mapping and interpretation has concluded that the North Zone likely represents a pre-mineralization elevation at least 300 metres below the present position of the South Zone, and thus may be located at too great a depth to be prospective for gold mineralization.

South Zone

Holes CY-02-05 to 09 were located to test the South Zone. Holes 05 and 06 were drilled from the same collar location on the east side of the South Zone and oriented west at minus 45 and minus 70 degrees respectively. The holes were designed to intersect the mineralized structure 25 metres south of the 2001 intersections (see News Release dated August 17, 2001). Hole 05 intersected a zone of silica and sulphide rich breccia at 25 metres below surface averaging 14.6 g/t gold and 129.31 g/t silver over an estimated true width 11.42 metres. Hole 06 intersected the same zone at a depth of 130 metres and returned an average grade of 18.74 g/t gold and 129.73 g/t silver over an estimated true width of 1.9 metres.

Holes 07 and 08 were also located on the east side of the South Zone approximately 80 metres to the south of holes 05 and 06. Both holes were drilled from the same collar location at minus 65 and minus 78 degrees respectively. Hole 07 intersected a fault zone and was abandoned, however hole 08 intersected a previously unrecognized footwall structure at a depth of 32 metres below surface averaging 8.57 g/t gold over an estimated true width of 3.94 metres. Hole 09, located on the west side of the South Zone, intersected a fault zone and could not be completed.

Results of the second phase of drilling at Condoryacu have demonstrated extensions of the South Zone to the south of previous drilling and to greater depth. This together with the intersection in hole CY-02-08 of a previously unknown structure in the hanging wall suggests potential for additional mineralized zones. In light of recent developments the Company is reviewing its options with regard to the development of the Condoryacu project.

On Behalf of the Board of Directors of

CARDERO RESOURCE CORP.

Henk Van Alphen, President

For further information contact:

Henk Van Alphen, President
Phone (604) 408-7488
Fax (604) 408-7499
Email hvanalphen@cardero.com

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.