Cardero Announces Establishment of USD 5.0M Secured Line of Credit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU)(OTCBB:CDYCF)(FRANKFURT:CR5) announces that it has completed the implementation of a USD 5,000,000 line of credit ("Credit Line") from entities ("Lenders") controlled by Mr. Robert C. Kopple of Los Angles, California. The Lenders had previously purchased USD 5.7 million in senior secured notes ("Notes") on August 8, 2013, the proceeds of which were used to retire the Company's indebtedness to Luxor Capital Group, LP and affiliates.

"I am delighted that Cardero has been able to negotiate a long-term credit facility, effectively securing the Company's medium- to long-term working capital needs," stated Henk van Alphen, Cardero's CEO. "The line of credit is significantly less dilutive than any alternative financing mechanisms available to Cardero at this time, given current market conditions. Mr. Kopple's vision is to be a long-term shareholder and supporter of the Company and this line of credit reflects that vision."

Mr. van Alphen continued, "I continue to believe that there is significant value tied up in our flagship Carbon Creek Metallurgical Coal deposit and that it could bring real tangible value to the Cardero shareholders once metallurgical coal markets improve. In the meantime, Cardero will be reviewing additional opportunities that present themselves in the current commodity market."

The Credit Line reflects or includes all amounts advanced by the Lenders since the purchase of the Notes, interest due under the Notes, and amounts to be advanced in the future. Interest is payable by the Company on the amount outstanding under the Credit Line from time to time at the rate of 10% per annum. The security granted by the Company in connection with the Notes will extend to all indebtedness of the Company under the Credit Line. In conjunction with the establishment of the Credit Line, the maturity date for USD 3,700,000 of the Notes has been extended from December 31, 2013 until February 28, 2014. If the USD 3,700,000 of the Notes is still outstanding at such time, the Credit Line will also be used to repay this amount. All amounts outstanding under the Credit Line are due and payable on or before January 5, 2016. The Lenders will have the right to seek representation on the Company's board of directors.