Peru - Argentina - Mexico - Minnesota
Advancing World Class Iron Assets
Message: Nanjinzhao Requests Revisions to Pampa De Pongo Purchase Agreement
| May 19, 2009 |
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Cardero Resource Corp.: Nanjinzhao Requests Revisions to Pampa De Pongo Purchase Agreement
Declines to Pay USD 10 Million Deposit for Pampa De Pongo Iron Ore Deposit Unless Purchase Price Reduced |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - Cardero Resource Corp. ("Cardero" or the "Company") - (TSX:CDU)(NYSE Amex:CDY)(FRANKFURT:CR5) reports that that Zibo Hongda Mining Co., Ltd., a subsidiary of Nanjinzhao Group Co. Ltd. ("Hongda") to which Nanjinzhao assigned its right to purchase Pampa de Pongo pursuant to the October 24, 2008 sale agreement (as amended), has declined to pay the USD 10 million deposit required by May 17, 2009 unless certain changes are made to the agreement, primarily to reduce the final sale price. Hongda has advised Cardero that, due to current difficult global economic conditions, tight credit markets and weakened iron ore prices, it requires a reduction in the overall purchase price in order to proceed with the agreement, including making the USD 10 million deposit. Negotiations among the parties are ongoing, and Cardero will provide further news as soon as available. However, there can be no certainty that the agreement will be successfully amended or that any purchase price that may be agreed will not be significantly lower than USD 200 million. About Cardero Resource Corp. Cardero's focus through 2009 is to realise the considerable value it believes is locked in its significant iron ore assets in the Marcona District of southern Peru, the Baja district of Mexico and in Minnesota, USA while continuing to progress its base and precious metal exploration projects in Argentina and Mexico. The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the New York Stock Exchange 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, President |
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