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Cardero Closes Final Tranche of Non-Brokered Financing
Published : February 11, 2013
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2013) - Cardero Resource Corp. ("Cardero" or the "Company") (News - Market indicators)(NYSE MKT:CDY)(NYSE Amex:CDY)(FRANKFURT:CR5) announces that it has closed the last tranche of its non-brokered private placement announced October 31, 2012 to raise additional gross proceeds of $1,112,500.

Non-brokered Private Placement

On February 8, 2013 the Company closed the second and final tranche of the non-brokered private placement announced October 31, 2012 ("Offering"). The Company issued 2,472,222 shares to raise gross proceeds of $1,112,500. In connection with this closing, the Company paid cash finder's fees of $55,626 and issued 123,610 finder's warrants, with each finder's warrant exercisable to purchase one common share at a price of $0.50 until February 8, 2014. All common shares issued in the Offering will have a hold period in Canada of four months from date of issuance. The common shares and warrants issued or to be issued pursuant to the Offering have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. Persons unless registered under the Act or unless an exemption from registration is available. No insiders participated in the final tranche of the Offering and there will not be any change of control as a result of the closing of the final tranche of the Offering.

The Company raised a total of $7,697,957 in connection with the closing of the Offering and the flow-through offering announced December 20, 2012 and will now seek to finalize formal documentation with respect to the matching debt facility with Sprott Resource Lending Partnership (as previously announced on October 23, 2012). Collectively these funds will provide sufficient capital to allow the Company to complete a Bankable Feasibility Study on the Carbon Creek metallurgical coal asset scheduled for later this year; including environmental baseline work, and for general working capital.

ABOUT CARBON CREEK METALLURGICAL COAL DEPOSIT (100% working interest)

The Carbon Creek deposit is an advanced metallurgical coal development project located in the Peace River Coal District of northeast British Columbia, Canada. The Company released results of an independent prefeasibility study ("PFS") (including an updated resource estimate) in September 2012.

PREFEASIBILITY STUDY HIGHLIGHTS - NPV(8%) US$633M POST-TAX, POST NPI BASIS

  • First coal scheduled for Q4, 2014
  • Increased Measured & Indicated Resource - 468Mt of ASTM mvB coal
  • Base case NPV8 US $633M on a post-tax, post NPI basis, with 23.7% IRR
  • Undiscounted cash flow valuation of US $2,132M
  • Established initial Proven and Probable Reserve of 121Mt (initial 20 year mine life)
  • Clean coal production rate estimated at 4.1Mtpa (2016 to 2034)
  • Pre-production capital estimated at US $217M with an additional US $250M to reach full production

As the Company continues to advance the Carbon Creek property toward production, Cardero has had its Project Description accepted by provincial and federal regulators thereby initiating the environmental assessment process, which is a key component of securing an operational mining license. In 2012, the Company executed its initial port capacity contract with Ridley Terminals, and is currently negotiating with CN Rail to transport the coal to port and with BC Hydro to supply electrical power to the mine site.

For full details with respect to the Prefeasibility Study for Carbon Creek, including the assumptions underlying the PFS and details on the applicable qualified persons, please see the November 6, 2012 Norwest Corporation NI 43-101 report entitled "Prefeasibility Study of the Carbon Creek Property, British Columbia, Canada", available on SEDAR on from the Company's website, www.cardero.com.

The Company cautions that the accuracy of resource and reserve estimates is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. Given the data available at the time the Norwest 43-101 report was prepared, the estimates presented therein are considered reasonable. However, they should be accepted with the understanding that additional data and analysis available subsequent to the date of the estimates may necessitate revision. These revisions may be material. There is no guarantee that all or any part of the estimated resources will be recoverable. Mineral resources are not mineral reserves and there is no assurance that any mineral resources will ultimately be reclassified as proven or probable reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have been excluded from the PFS for the purposes of mine planning and financial evaluation. Mineral reserves are included in measured and indicated mineral resources.

Qualified Person

EurGeol Keith Henderson, PGeo, Cardero's Executive Vice President and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis of this news release, and has approved the disclosure herein. Mr. Henderson is not independent of the Company, as he is an officer and shareholder.

ABOUT CARDERO RESOURCE CORP.

The common shares of the Company are currently listed on the TSX (symbol CDU), the NYSE-MKT (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.

Michael Hunter, CEO and President

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the proposed use of the proceeds of the Offering by the Company, the potential for the Company to complete a bankable feasibility study for the Carbon Creek metallurgical coal deposit, the potential for a production decision to be made in respect of the Carbon Creek project, the potential for the issuance of a mining license and/or permit for the Carbon Creek project, the potential for any production from the Carbon Creek deposit whether by 2014 or at all, the potential commencement of any development of a mine at the Carbon Creek deposit following a production decision, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the prefeasibility study may also be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward- looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's 2013 Annual Information Form filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com
and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.



Cardero Resource Corp.
General Contact
604 408-7488 or Toll Free: 1-888-770-7488
604 408-7499 (FAX)
info@cardero.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All
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Cardero Resources Corp.

PRODUCER
CODE : CDU.TO
ISIN : CA14140U1057
CUSIP : 14140U
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Annual reports of Cardero Resources Corp.
2007 Annual Report
Financings of Cardero Resources Corp.
8/6/2013Announces Financing to Fund Payment to Secured Creditors
8/6/2013Announces Financing to Fund Payment to Secured Creditors
4/23/2013Acquires 4 Carbon Creek Coal Licenses Completes Secured Note...
4/16/2013Extends Carbon Creek Coal License Option Period and Arranges...
2/11/2013Closes Final Tranche of Non-Brokered Financing
12/31/2012Closes Non-Brokered Flow-Through Private Placement
12/20/2012Closes First Tranche of Non-Brokered Financing and Announces...
10/31/2012Increases Non-Brokered Private Placement and Debt Financing
10/23/2012Announces Non-brokered Private Placement and Debt Financing
11/2/2011Arranges Non-Brokered Private Placement
8/11/2008exercised the 2,000,000 common share purchase warrants of In...
Option Grants of Cardero Resources Corp.
4/10/2009Grants Incentive Stock Options
Nominations of Cardero Resources Corp.
3/20/2013Announces Resignation of CEO
1/11/2011(angl) Appoints Nancy Curry as manager, corporate communicat...
Project news of Cardero Resources Corp.
5/13/2013Receives Positive Iron Metallurgical Test Work Results, Shei...
1/6/2012Resource Corp. News Release Friday, Jan. 6/12
12/23/2010Resource Corp. News Release.
4/21/2010(Baja)Cardero Baja IOCG Project Update
2/2/2010(Pampa De Pongo)Updates Project Development Strategy
12/18/2009(Pampa De Pongo)Cardero Receiving Final USD 88 million for Pampa de Pongo Ir...
8/19/2009(Pampa De Pongo)Provides Update on Purchase Agreement for Pampa de Pongo
7/21/2009(Pampa El Toro)Receives Initial Mineral Resource Estimate For Pampa El Toro
5/21/2009(Pampa De Pongo)Receives USD 10 million deposit for Pampa de Pongo
5/19/2009(Pampa De Pongo)Nanjinzhao Requests Revisions to Pampa de Pongo Purchase Agr...
3/18/2009(Pampa De Pongo)Grants Nanjinzhao Extension to Pampa de Pongo
2/18/2009(Pampa El Toro)Successfully Produces Bench-Scale Pig Iron From Pampa El Tor...
2/12/2009(Pampa De Pongo)Nanjinzhao Makes Early USD 2 Million Payment
1/6/2009(Longnose Titanium Deposit)Acquires Longnose Titanium Deposit
11/13/2008(Marcona)Resource Corp. News Release
10/20/2008(Pampa De Pongo)RESOURCE CORP. NEWS RELEASE
10/16/2008(Pampa De Pongo)Produces Premium Blast Furnace Pellets from world-class Pamp...
10/9/2008(Pampa De Pongo)Receives Positive Independent Preliminary Economic Assessmen...
10/9/2008(Pampa De Pongo)Positive scoping study on Cardero's Pampa de Pongo iron depo...
9/9/2008(Pampa De Pongo)Pampa de Pongo Iron Deposit Metallurgical Assessment
7/23/2008(Pampa De Pongo)Positive Results
7/22/2008(Pampa De Pongo)Positive preliminary pilot-scale metallurgical assessment re...
5/28/2008(Pampa De Pongo)Receives Drill Permit for Pampa de Pongo Project; 43-101 Inf...
5/20/2008(Pampa El Toro)Completes Processing of 40-Tonne Concentrate at the Pampa El...
5/9/2008(Pampa De Pongo)Initiates Pilot-Scale Metallurgical Assessment
4/29/2008(Pampa De Pongo)Completes Phase I Testing of Magnetic Separation Pilot Plant
4/18/2008(Pampa De Pongo)Announces Magnetic Survey Results & Exploration Potential
3/11/2008(Pampa De Pongo)Announces Delivery and Installation of the Eriez Dry Magneti...
1/7/2008(Pirquitas)Options Mina Pirquitas Silver Project, Juyuy Province, Argen...
11/19/2007 Initiates Geophysical Study at Former high-grade Incahuasi ...
11/1/2007(Baja)Settles Lawsuit Over Baja Project
10/25/2007Initiates Geophysical Study at La Poma High-Grade Silver-Lea...
8/22/2007(Huachi)IP Results Extend Huachi Copper-Gold Porphyry System
3/30/2006(La Encantada)High-grade copper intersected at Picale target, Baja Mexico
Corporate news of Cardero Resources Corp.
4/7/2014Repays US$3,700,000 and Announces Election of Robert van Doo...
3/3/2014Receives Confirmation of $3.7M Tax Refund
9/17/2013Sheini Ironstone Produces Pig Iron Grading 93.2% from Highly...
8/14/2013NYSE-MKT Accepts Cardero's Plan of Compliance
7/29/2013Announces Demand for Payment From Secured Creditors
7/2/2013Receives Deficiency Letter from the NYSE-MKT
5/9/2013Carbon Creek Project Selected for Streamlined Environmental ...
4/29/2013Announces Results from 2013 Annual General Meeting
1/31/2013Reports Results of Ghana Investigation
1/7/2013Appoints Andrew Muir as Director, Investor Relations
12/3/2012Carbon Creek Environmental Assessment Advances to the Issuan...
11/8/2012Files Prefeasibility Study 43-101 Technical Report for the C...
9/20/2012Announces Final Drill Results From Sheini Hills Iron Project...
9/13/2012Announces Final Results from Ferricrete Reverse Circulation ...
9/4/2012Provides Update on Pre-Feasibility Study & 2012 Drill Progra...
8/30/2012Announces Further Positive Results From Ferricrete Reverse C...
8/8/2012Announces Additional Drill Results from the Sheini Hills Iro...
7/31/2012Receives Results of Airborne Magnetic Survey: Identifies Ou...
7/25/2012Receives Additional Positive Drill Results from Sheini Hills...
7/23/2012Receives 2012 Exploration Permit; Initiates Extensive Feasib...
6/25/2012Maintains It Followed Best Business Practices Regarding Acqu...
6/15/2012Receives Positive Drill Results, Sheini Hills Iron Project, ...
5/22/2012and Ridley Terminals Announce Long-Term Port Allocation for ...
5/9/2012Carbon Creek Environmental Assessment Process Commences with...
4/30/2012Subsidiary Enters Into Letter of Intent on Sheini Hills Proj...
3/26/2012Grants Incentive Stock Options
3/6/2012Withdraws From Trefi Deposit Purchase LOI
2/29/2012Completes Large Diameter Drill Program at Carbon Creek Metal...
1/23/2012Ghanaian Partner Issued 3 Prospecting Licenses, JV Agreement...
1/17/2012Receives Loan Repayment from Trevali Mining Corporation
1/6/2012Receives Final Preliminary Economic Assessment ("PEA") for C...
12/12/2011Receives Draft Preliminary Economic Assessment For Carbon Cr...
11/29/2011Closes CAD 7.628 Million Private Placement Financing
11/17/2011Announces Letter of Intent to Acquire the Trefi Metallurgica...
11/10/2011Announces Senior Management Changes
10/26/2011Ghanaian Partner to Be Issued 3 Prospecting Licenses Over Sh...
9/23/2011Supports the Government's BC Jobs Plan
9/12/2011(Organullo)Options Organullo Gold Project, Northwest Argentina, to Arth...
8/17/2011Commences Extensive Program of Geological, Engineering and E...
7/6/2011Resource Appoints Guy Gilron as Vice President, Environment ...
6/8/2011Names Michael Hunter President & Files NI 43-101 Resource Es...
5/26/2011Shareholders Approve Acquisition of Coalhunter Mining Corpor...
4/18/2011Receives Additional Positive Drill Results From Longnose Res...
3/4/2011Enters Into Letter of Intent to Acquire Coalhunter Mining Co...
9/15/2010CARDERO COMPLETES $1,500,000 INVESTMENT IN KRIA RESOURCES L...
6/21/2010Secures 49.5% Interest in Coalhunter Mining Corporation
6/17/2010Normal Course Issuer Bid
6/3/2010President & CEO Glenn Hoffman Receives Prestigious Society
10/30/2009Completes Completes $1,000,000 Investment in Trevali Resourc...
10/26/2009Completes $1,000,000 Investment in Wealth Minerals Ltd.
9/12/2009Resource Corp. News Release
6/17/20092009 Project Development Strategy
2/11/2009Announces Nanjinzhao Makes Early US$2 Million Payment
10/28/2008agrees to sell Pampa de Pongo iron ore deposit to Nanjinzhao...
9/10/2008Completes Option Agreement on TiTac Iron-Titanium-Vanadium D...
6/11/2008Signs Formal Exploration Alliance Agreement with Newmont in ...
11/29/2007Provides Iron Project Update
9/26/2007and Newmont Propose to Form Strategic Gold Exploration Allia...
9/6/2007News Release
7/17/2007Hochschild Completes Early Purchase of Cardero's Los Mananti...
4/26/2007Drilling Commences at the Former Incahuasi Gold Mine, NW Arg...
4/24/2007Latest Drill Results-Huachi Copper-Gold Porphyry, Argentina
3/27/2007Options Los Manantiales Gold Property To Hochschild Mining H...
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TORONTO (CDU.TO)FRANKFURT (CR5.F)
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