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FSE: CR5
OTC: CDYCF
TSX.V: CDU

News Releases

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November 29, 2002:

Options Granted

Cardero Resource Corp. (the "Company"), announces that it has granted to directors, officers and employees, options to purchase up to an aggregate of 380,000 shares in the capital stock of the Company. The options are exercisable on or before November 29, 2004 at a price of $1.48 per share and are subject to the Company's Stock Option Plan receiving shareholder approval at the next Annual General Meeting.

On Behalf of the Board of Directors of

CARDERO RESOURCE CORP.

Henk Van Alphen, President

Contact Information:

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.