IRW-PRESS  1077  0 Kommentare CARDERO RES.: Cardero Agrees to Sell Pampa de Pongo Iron Ore Deposit to Nanjinzhao Group Co., Ltd. for USD 200 Million

Cardero Agrees to Sell Pampa de Pongo Iron Ore Deposit to Nanjinzhao Group Co., Ltd. for USD 200 Million

Cardero Resource Corp. ("Cardero" or the "Company") -- (TSX: CDU, NYSE-A: CDY, Frankfurt: CR5) is pleased to announce that it has entered into an agreement with Nanjinzhao Group Co., Ltd., a private Chinese enterprise located in Zibo City, Shandong Province, PRC, whereby Cardero Hierro del Peru, S.A.C., the holder of the Pampa de Pongo Iron Property, will sell its 100% interest to Nanjinzhao for a total purchase price of USD 200 million.

"We are extremely pleased to have been able to successfully negotiate the sale of Pampa de Pongo in a challenging marketplace", said Hendrik van Alphen, Cardero´s President. "Pampa de Pongo is a world-class iron ore project, and we are very pleased to have been able to pass the project on to a major Chinese integrated iron and steel conglomerate that has not only the mining expertise required, but also the financial resources to move the project rapidly forward. The future of commodity demand will be in the growing Asiatic region and, with this first step, Cardero is becoming part of this changing landscape. Chinese steel companies will become more integrated and Cardero sees the opportunity to become an important link as a premier discoverer of mineral deposits to feed the growing demand. Cardero can now focus on advancing its Pampa el Toro Iron Sands project and the Baja IOCG project to the stage where they will also become extremely attractive to these integrated entities. The extremely good relationships we have established with the Nanjinzhao Group and the Shandong Provincial Bureau of Geo-Mineral Resources will be an important factor going forward".

Sale Agreement Terms

The Pampa de Pongo purchase agreement was executed in Zibo City, Shandong on October 24, 2008 among Cardero, Cardero Hierro Del Peru, S.A.C. and Nanjinzhao, with the Shandong Provincial Bureau of Geo-Mineral Resources as a subscribing witness, to reflect its vital assistance in bringing the parties together.

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The agreement requires an initial deposit of USD 10 million, payable within three months, with a final payment of USD 190 million due within nine months. During the initial three month period, Nanjinzhao will obtain the appropriate Chinese governmental consents to the transaction. The Pampa de Pongo property will be transferred to a Peruvian subsidiary of Nanjinzhao once the deposit has been received.