Cardero Receives Delisting Notification from the NYSE MKT

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 18, 2013) - Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU)(NYSE MKT:CDY)(NYSE Amex:CDY)(FRANKFURT:CR5) reports that it has received a Notice of Intent to File Delisting Application from the NYSE MKT LLC ("NYSE MKT"). The Notice states that the Company remains not in compliance with certain of the NYSE MKT continued listing standards as set out in Part 10 of the NYSE MKT Company Guide ("Company Guide") and that the NYSE Regulation, Inc. intends to file a delisting application for the Company's common shares with the US Securities and Exchange Commission pursuant to Section 1009(d) of the Company Guide. The NYSE MKT determined that the Company has not made sufficient progress consistent with the plan filed by the Company with the NYSE MKT addressing how it intended to regain compliance with Sections 1003(a)(iv) and (f)(v) of the Company Guide as accepted by the NYSE MKT on August 9, 2013 (see NR13-19, August 14, 2013).

The Company has the right to appeal the NYSE MKT's determination to proceed with the delisting. However, after careful consideration, the Company has determined that the significant expense of the appeal process and continued NYSE MKT listing is not warranted as it is management's belief that it is not practicable for it to maintain a plan of compliance that will satisfy the NYSE MKT's continued listing requirements and that it is therefore in the best interests of the Company and its shareholders that the Company accept the NYSE MKT's determination.

The delisting of the common shares from NYSE MKT will not affect the listing of the Company's common shares on the Toronto Stock Exchange, and the common shares will continue to trade on the Toronto Stock Exchange following such delisting. Additionally, the Company has determined to pursue the quotation of its common shares on the OTCQX quotation system operated by the OTC Markets Group.

About Cardero Resource Corp.

The Carbon Creek Metallurgical Coal Deposit is the Company's flagship asset. Carbon Creek is an advanced metallurgical coal development project located in the Peace River Coal District of northeast British Columbia, Canada. The project has a current reserve of 121 million tonnes, included within a 468 million tonne measured and indicated resource, of ASTM Coal Rank mvB coal. Mineral resources are not mineral reserves and there is no assurance that any of the additional mineral resources that are not already classified as reserves will ultimately be reclassified as proven or probable reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Having completed acquisition of the project in June 2011, the Company released results of an independent preliminary economic assessment in December 2011, followed by a Prefeasibility Study ("PFS") in September 2012. The PFS estimates an undiscounted cash flow of $2.2 billion, an NPV₈ of $633 million, and an IRR of 24% (all on a post-tax, 75% basis).