donderdag 9 december 2010

Wordt Cardero eindelijk ontdekt...???


In keeping with the theme of managing risk/reward, I am introducing a company that trades below its cash and investment value yet provides significant leverage to various popular commodities.
Cardero Resource Corp. (T.CDU High of $1.60 since profiled to Ticker Trax subscribers / Amex CDY $1.60) www.cardero.com
Snapshot: A cash-rich resource company with iron ore, titanium and copper projects. And large investments in companies associated with gold, silver, base metals, rare earths and uranium.
Financials as at July 31st
Net Value of Cash & Investments less debt = $1.39/share
Cash $63 million ($1.08/share)
Investments $46 million ($0.78/share)
Accounts payable $800k (-$0.01/share)
Income Tax $27 million (-$0.46/share)
Shares outstanding: 58.6 million

Since financials were last filed for the end of July, Cardero has invested another $9.5 million. Those additional investments are reflected in the total below. Of particular interest, pay attention to the investment in Coalhunter Mining. It appears this could be IPO’d early 2011 and my research indicates that there is tremendous growth potential there (based upon value of publicly-traded peer companies). I have detailed that investment near the end of today’s report (written Wednesday of this week and published Thursday).
Current market value of the investments is as follows:
-- International Tower Hill (TSX: T.ITH) - 4.6 million shares - $36 million
-- Trevali Resources (TSX: T.TV) - 7 million shares - $10 million
-- Wealth Minerals (TSX: V.WML) – 5.0 million - $3 million
-- Dorato Resources (TSX: V.DRI) - 2.2 million - $3 million
-- Coalhunter Mining (Private) – 12 million - $3.6 million
-- Kria Resources (TSX: V.KIA ) – 15 million - $3 million
-- Misc. Investments - $2 million
Cardero (TSX: T.CDU, Stock Forum) and (AMEX: CDY, Stock Forum) invested $9.5 million of its cash but current value of the investments is $60 million or $14 million higher than last quarter. This is a net gain of another $5 million that moves their cash and investment liquidation value (after accounting for income tax payable) to approx. $1.50/share.

50 opmerkingen:

  1. -----------------
    GROWTH POTENTIAL

    The downside risk on this stock is controlled by the pure value of cash and investments. The growth will not only come from those underlying investments, but (hopefully) from two key projects that carry zero value right now (because the stock trades below its liquidation value).

    1) Pampa el Toro Iron Sands - Peru

    Cardero has significant experience in working with China. In 2009 they negotiated the sale of their iron sands project in Peru for $100 million. Prior to the financial collapse, it was estimated this could be worth almost twice that. Pampa el Toro is their remaining iron sands project and in the last set of financials, they stated the following:

    During the quarter April 30, 2010, and to June 10, 2010, the Company was primarily focussed on promoting the Pampa el Toro Iron Sands program as a viable project for the production of iron ore concentrate and/or pig iron to serve the needs of the PRC (People's Republic of China).

    At the present time, the Company is actively engaged in securing a partner who can help move the project to a commercial stage and, although the Company is presently in discussions with interested entities (including conducting property visits), there can be no assurance that it will be able to do so.

    The most important statement we could see is that they are actively marketing it in China and are also looking for a development partner (or outright sale).

    The company is controlling costs and has only committed to spending $3 million on the project in 2010. This will continue advancing it to the stage of production or sale. They have done extensive work already and spent millions. The property consists of two dune fields - Pampa el Toro and Carbonera. [The one year chart below is for iron ore delivery in China].

    Cardero has 12,100 hectares in four areas that are owned 100% and 3,600 hectares in two areas that are held under option from an arm's length private Peruvian company. The Iron Sands project is located near the city of Nazca in the desert coastal region of southern Peru approximately 45 kilometres northeast of the port of San Juan and close to the large Marcona iron mine

    In addition, Cardero intends to complete the metallurgical test program presently under way for the recovery of vanadium and titanium from the smelter slag produced in the melting test, and believes that the results of this testing will add significant value in terms of potential high-quality pig-iron and titanium-vanadium co-products. This testing will be completed in Q3/10.

    Because the company trades at a discount to net cash/investments, this large iron sands project is deemed worthless by the market. This makes no sense - but creates huge opportunity. Obviously there can never be a guarantee they find a buyer or development partner from China, but if they do, the upside potential from these levels is very significant.
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  2. ------------------------------------
    2) Ferro-titanium TiTac and Longnose Projects - Northern Minnesota

    This is another very promising project that oddly carries zero value by the market. August 31st they released drill results and one hole in particular reported a very significant 532 metres of iron, titanium, and copper. The copper credit (grade) appears low but it appears the iron and titanium (14.8% combined grade) is quite good. In addition to the big hole, almost all their other assays reported very encouraging numbers.

    Both projects were previously subject to historical exploration and according to BHP, were the largest known ilmenite (FeTiO3) resource in North America. Cardero has completed a total of 36 diamond drill holes at the projects for a total of 11,506 metres, with significant iron-titanium and copper mineralization being intersected in the majority of the holes at both projects. Their winter drilling program will start up again before year end.

    This means that their large iron sands project in South America is valued at zero, and now this property in Minnesota is also worth zero (or in theory, a negative value). If this was a standalone project in any other public company, these results could generate substantial activity.

    It’s an extremely strange situation sitting ride under our nose that 99% of investors choose to ignore – or know nothing about.

    The Coalhunter Investment

    Cardero as I showed near the beginning has invested in several public companies. Their primary investment is International Towerhill (ITH.T), a very large gold project in Alaska that will eventually go into production or be bought out. While the other investments also hold strong growth potential, the CoalHunter project is worth following closely.

    In June Cardero secured a 49.5% interest in Coalhunter Mining for $3.6 million (12 million shares at $0.30). The company’s Chairman is Alan Johnson, a mining executive with extensive experience in the Canadian and international coal business. He was a former Member of Canada’s Parliament and Chair of its Energy, Mines and Resources Committee and also managed the Coal Division for Gulf Canada. Also involved is Michael Hunter. A co-founder of First Coal Corporation, he was instrumental in assembling the largest land position of any coal company in BC.

    Coalhunter’s primary asset is Carbon Creek. The project is located in the Peace River coal fields of NE British Colombia. Ownership has been disputed since 1929 (the last round was 2004 to 2010), but it was eventually awarded to Coalhunter in 2010.

    The property has been extensively drill tested and of particular importance, it is a (high demand) soft coking coal with excellent recovery and low ash. There is plenty of room for expansion but drilling has confirmed 67 million tonnes recoverable.

    Carbon Creek is located in a known metallurgical coal field with excellent power and transportation access. Development and sales contracts are planned for 2011 with production in 2012. Planned IPO in early 2011. Estimated costs to production, $100 million.
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  3. ---------------
    Conclusion

    When we consider the strength in resource stocks since early September, we see that it is not often one can find a company still trading at spring 2010 levels, let alone the same price it was in mid-2009. Cardero is a very attractive risk/reward scenario with very good liquidity in the $1.20’s per share.

    That is it from me, Danny Deadlock. By the way, I own 15,000 Cardero shares, purchased this past summer. Thom Calandra does not own any shares of Cardero.

    Thom Calandra: “Thank you, Danny, for brining something into the Ticker Trax mix that offers our subscribers a fresh perspective.”
    ------------------------------------------
    IEDEREEN die interesse heeft in grondstoffen-aandelen MOET dit aandeel kopen (nu ca 1,40).
    Ik ken geen enkel aandeel in deze sector met een betere winst-risicoverhouding.

    Anders gezegd: de risico's naar beneden zijn op dit moment minimaal, terwijl de kansen omhoog bijna onbeperkt zijn.

    Tijdens de Lehman-crash heb ik een hoop aandelen gekocht op ca 1, de koers staat daar nog slechts 40% boven.

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  4. Helemaal mee eens, precies. Ik heb de stukken gekocht toen je er het eerst mee kwam, koers toen 1,38 ongeveer. Fors bijgekocht op 1.08 en een kwart verkocht op 1,58. Ze zijn goed bezig met hun beleggingen en het inkopen van eigen aandelen. Weinig risico en veel kansen.

    Rober

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  5. Meteen 11 cent hoger, je hebt invloed.
    Rober

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  6. De stijging van gisteren is geheel te danken aan bovenstaand artikel op Stockhouse.

    Helaas was de link niet te zien, dus ik probeer het nog een keer:

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  7. nog een keer:

    http://www.stockhouse.com/Columnists/2010/Dec/9/Cardero--Precious-poly-metallic-(CDU)

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  8. Ik heb de Rabo gevraagd om Cardero aan hun 'assortiment' toe te voegen (iets wat vroeger geen probleem was), maar dan kon niet: Cardero zat niet in de hoofdindex van Toronto.
    Dit betekent dus dat de Rabo totaal ongeschikt wordt voor handel in kleinere buitenlandse aandelen.
    Binck en IB gaan hier zeker van profiteren.

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  9. Ben nu ook ingestapt op 1.50. Bedankt voor de tip en veel suc6 met deze site. Las vaak je posts op inveztor. Interessant leesvoer voor noobs.

    Groet, Snoek (CH)

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  10. Er worden mensen wakker: nu ca 1,70 CAD.

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  11. Nu helemaal wakker ?!
    Boven de CAD 2,00.......

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  12. Inderdaad, na heel lang wachten komt Cardero eindelijk in beweging, het zal wel te maken hebben met de zeer hoge ijzererts-prijzen en/of de enorme knokpartij om Baffinland
    -----------------------------------------
    Staalreus Arcelormittal en EMG, een private equitygroep uit de VS, strijden met het mes tussen de tanden om Baffinland Iron Mines. ArcelorMittal krikte op oudejaar voor de derde keer zijn bod op de exploitant van één van de grootste nog onontgonnen ijzerertsmijnen ter wereld op. Maar nog geen dag later werd het andermaal gecounterd door EMG.
    EMG gaf in september het startschot voor de biedstrijd met een bod van 80 dollarcent per aandeel. Sinds ArcelorMittal zich in de debatten moeide, drijven beide groepen de inzet gestaag op.
    ArcelorMittal trok op oudejaar al voor de derde keer zijn bod op de Canadese mijnbouwer Baffinland op, tot 1,40 Canadese dollar per aandeel. Met dat verhoogde bod heeft ArcelorMittal 551 miljoen Canadese dollar (415 miljoen euro) over voor Baffinland Iron Mines. Daarmee escaleert de bittere strijd om één van de grootste nog onontgonnen ijzerertsmijnen, in het Arctische noorden van Canada.

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  13. VANCOUVER, BRITISH COLUMBIA--(Marketwire - 12/29/10) - Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) advises that, in view of the unusual market activity in its common stock, the NYSE Amex has contacted the Company in accordance with its usual practice. In this regard, the Company has stated that its policy is not to comment on unusual market activity.

    About Cardero Resource Corp.
    Cardero's focus through 2011 is to realise the considerable value it believes is locked in its remaining iron ore assets in the Marcona District of southern Peru, and in Minnesota, USA while continuing to progress its base and precious metal exploration projects in Argentina and Mexico, and aggressively seek out and potentially acquire new advanced stage projects. The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-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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  14. Mogge Precies,

    Cardero na die forse opleving weer fors naar beneden, op geen specifiek nieuws van hun kant, net zoals die spike omhoog. Heb jij hier nog een mening over? Schijnt dat Coalhunter in Q1 voor een IPO gaat.

    Groet, Snoek

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  15. Press Release Source: Cardero Resource Corp. On Monday January 31, 2011, 4:11 pm EST
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/31/11) - Cardero Resource Corp. (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) -

    Intersects Additional Massive Iron - Titanium - Copper Mineralization At Titac Project, Northern Minnesota, USA.
    Hole-019: 462.1 metres grading 20.1% TiO2, 33.2% Fe2O3 and 0.4% Cu

    Hole-029: 247.2 metres grading 17.5% TiO2, 33.6% Fe2O3 and 0.15% Cu

    Provides Update on Organullo Drill Program, Northwest Argentina
    Cardero Resource Corp. ("Cardero" or the "Company") announces positive final drill results from its 2010 drill program at the Titac Ferro-Titanium project in northern Minnesota, USA. Results confirm the presence of semi-massive to massive iron and titanium oxide and associated copper mineralization over exceptionally broad intervals. Cardero has been aggressively drilling and evaluating potential resources at Titac and Longnose - both projects previously having been subject to historical exploration with Longnose, according to BHP Minerals (now BHP Billiton) being "the largest known ilmenite (FeTiO3) resource in North America."
    The Company has completed a total of 36 diamond drill holes on the Minnesota projects for a total of 11,506 metres, with significant iron-titanium and copper mineralization being intersected in the majority of the holes at both projects.

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  16. Tevens vandaag een handelsonderbreking.

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  17. Reason: pending news.

    Coalhunter IPO?
    Iron Sands sale?

    Ben benieuwd.
    Groet,
    Snoek

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  18. Ik gok voorlopig maar op een samenwerking voor de iron sands.

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  19. Press Release Source: Cardero Resource Corp. On Friday March 4, 2011, 8:00 am
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/04/11) - Cardero Resource Corp. ("Cardero" or the "Company") - (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) and Coalhunter Mining Corporation ("Coalhunter") announce that the companies have entered into a letter of intent (the "LOI") whereby Cardero will acquire all of the outstanding securities of Coalhunter not held by Cardero (the "Transaction"). Cardero currently holds approximately 45.5% of the common shares of Coalhunter, a private British Columbia company, which holds a 75% interest in the Carbon Creek Metallurgical Coal Deposit, located in northeast British Columbia, Canada and historically estimated to contain 132.8 million short tons (120.47 metric tonnes) of coal.

    Terms of Acquisition
    Pursuant to the terms of the LOI, Cardero will acquire all of the outstanding securities of Coalhunter as follows:

    (a) Cardero will issue 0.8 of a common share of Cardero for each outstanding common share of Coalhunter (other than those owned by Cardero), including all Coalhunter common shares issuable on the exercise of the 14,000,000 currently outstanding special warrants, resulting in the issuance of approximately 22,470,147 Cardero shares.
    +++++++++++++++++++++++++++++++++++++++++
    commentaar: Cardero ziet kennelijk veel brood in kolen.

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  20. Precies,

    Wat vind je hier zelf van? Zit je nog in Cardero?

    Groet,
    Snoek

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  21. Press Release Source: Cardero Resource Corp. On Monday June 21, 2010, 1:22 pm EDT
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/21/10) - Cardero Resource Corp. ("Cardero" or the "Company") (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) is pleased to announce that it has acquired approximately 49.5% of the common shares of Coalhunter Mining Corporation ("Coalhunter") through a private placement. Coalhunter is a private British Columbia company which has the right to acquire a majority interest in the Carbon Creek coalfield in north-eastern British Columbia.

    Investment Details
    Under the terms of the subscription agreement between Coalhunter and Cardero, Cardero has acquired 12 million common shares of Coalhunter at a price of CAD 0.30 per share for a total investment of CAD 3,600,000. Through participation in this financing, Cardero has acquired a 49.57% interest in Coalhunter. Cardero has an ongoing right to maintain its percentage interest in Coalhunter so long as it holds at least a 10% interest and, in certain circumstances, the right to increase its position to 51%. Upon the completion of the private placement, Keith Henderson, Cardero's Vice-President, Exploration was appointed as a director of Coalhunter. Should Cardero increase its interest to 51%, it would be entitled to nominate an additional director.
    Upon closing the private placement Coalhunter President Michael Hunter commented that, "...We are very pleased to have secured the interest and involvement of Cardero Resource Corp. It's a key step in our program to unlock the value of the Carbon Creek asset."

    Cardero Strategy
    Acquisition of this interest in Coalhunter is in line with Cardero's focus on bulk commodities and allows the Company to leverage significant value out of its considerable cash funds available for acquisitions and investments.
    ******************************************
    commentaar: in ca een half jaar tijd is de waarde van een aandeel Coalhunter gestegen van ca 30 cent, naar ca 1,50 (0,8 x 1,90).
    Of de koers van CDU gaat stijgen of dalen na dit bericht zal een verrassing zijn.

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  22. Snoek,

    Cardero is een van mijn grote belangen en nog steeds koopwaardig voor iedereen met belangstelling voor grondstoffen.

    Alleen de iron sands zijn al tientallen miljarden waard.

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  23. http://www.coalhunter.com/CMC-Presentation.pdf

    According to the above Coalhunter presentation (page 18), WTN’s reserves and resources were estimated at 355 million tonnes. Based upon their May trading price ($5.50) their enterprise value was approx. $4.77 per tonne of coal. Since the buyout, that valuation has moved closer to $9.
    It must be taken into consideration that this value entails operating mines (and earnings), equipment, and the coal in the ground. We must also remember that coking coal in Asia sells (in the range) of $200 per tonne. This helps support higher prices for any coking coal projects.
    Coalhunter’s recent private financing leaves (approx) 39 million shares outstanding. They financed at $0.50 so that means the company is being valued at approx. $20 million. Based upon 26,000 metres of drilling and geophysical logging in the 70’s and 80’s, this property should contain 120 million short tonnes of coking coal.
    Coalhunter owns 75% of the project so their portion we will assume is 90 million tonnes. If we assign a value of even $0.50 per tonne (keeping in mind it sells for approx. $200 per tonne), a fair value on this deposit should be at least $45 million.
    Coalhunter has an estimated 39 million shares out so realistically they should be worth approx. $1.15/share. Cardero owns 17.6 million of those plus another 3 million in warrants.
    If the company receives all environmental permits (which shouldn’t be too difficult in this region) the mine can be in production within 2 years. The valuation will move higher on an IPO and also once they land customers and finance mine development.
    As a producing mine, Coalhunter’s reserves (or enterprise value) should be worth at least $2 to $3 per tonne. This would move valuation of the company closer to $180 million (90 million tonnes x $2) to $270 million.
    It is difficult to estimate value per share because we don’t know how much paper would be issued for mine construction. I assume they would keep it as minimal as possible. But realistically I think Coalhunter stock would be worth $3 to $5 in approx. two years. Even if we assumed Cardero held 25 million shares of Coalhunter by that time, it could be worth approx. $100 million to them.
    Cardero only has 59 million shares outstanding so you can see where the potential value arises simply from an obscure coal investment.
    Right now the value of all Cardero’s cash and other investments is worth approx. $100 million. Their exploration projects as a result are assigned zero value by the market. If we now throw the Coalhunter potential into the equation, you can see why I started following CDU in the first place, and why it will be closely tracked in 2011.

    THOM CALANDRA: Thanks Danny.

    http://www.stockhouse.com/Columnists/2011/Jan/27/Old-King-Coal-Worth-Big-Bucks

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  24. Snoek,
    Maak je niet ongerust. Ik zit er ook heel fors in. Laatst nog bijgekocht op een dip iets boven de 1,80.
    Deze mensen weten wat ze doen, en het risico neerwaarts is heel beperkt, terwijl opwaarts er veel kansen liggen. Goede risico-rendementverhouding in mijn opinie.
    Rober

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  25. http://www.stockhouse.com/Columnists/2011/Mar/10/Natcore---Kodak--Good-Timing-%28NXT%29

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  26. Cardero's largest investment is International Tower Hill (ITH). Last week that stock moved closer to its 52-week high on exploration drilling news. The latest resource estimate was 10.9 million ounces of gold indicated and 2.4 million ounces inferred. It’s a lower grade deposit with average grade near 1 g/t but very large tonnage and total exploration area is 145 square kilometres in Alaska.
    ITH announced higher grades at depth indicating potential of a very valuable deposit below what's already proven. In addition, they hit a small intersection 4km from the main zone. This combined with the new discovery at depth, has many sharpening their pencils.
    The deposit is large enough to be bought out by a major and fair value was likely in the range of $12 to $14. However, if the deposit is larger with higher grades at depth, the valuation will obviously go up and any majors may have to decide if they take a run at the company now or wait and pay higher prices if the resource expands.

    All of this obviously bodes well for Cardero with 4.6 million shares. Even at $15, CDU would make another $20 million, or almost 40 cents/share. This all justifies the current valuation, but I am more curious what Cardero is working on in the background and if a much larger acquisition can be closed. I own 20,000 shares each of Cardero and of Natcore. – Danny Deadlock

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  27. Cardero bezit ongeveer 16% van Trevali. Ik neem aan dat Cardero weer rap omhoog gaat met hun portfolio en hun boekwaarde.

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/15/11) - Trevali Resources Corp. (TSX:TV - News)(Pinksheets:TREVF - News)(Frankfurt:4TI - News) ("Trevali" or the "Company") announces that drilling has intersected a new zone of high-grade, silver-rich massive sulphide mineralization over mineable widths at the past-producing Santander Pipe on the Santander mine project in Peru. Drill hole SAN-166 - the first hole in the 2011 Resource Expansion and Exploration program - intersected a very broad zone of disseminated silver and zinc mineralization that returned 132 metres of 0.6 oz/t (20.4 g/t) silver, 1.68% zinc within which higher grade intervals occur as highlighted above and in Table 1.

    The area was identified as part of an ongoing property-wide multi-disciplinary exploration program as a very high priority target with potential to host significant mineralization. These results clearly provide positive proof of concept and the Company is confident that additional mineralized intercepts will be forthcoming from the new zone.

    "These results are an excellent start to the 2011 drill program and provide strong support of the Company's aims of adding significant additional tonnage at Santander in order to potentially expand production from 2,000 to 4,000 tonnes per day following commissioning of the operation later this year," stated Dr. Mark Cruise, Trevali's President and CEO. "Given the team's 100% track-record to date - five targets drilled and five mineralized bodies delivered - I am very confident that ongoing drilling will continue to create shareholder value by rapidly adding more base and precious metal to Santander's open ended resource inventory."

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  28. De kolenacquisitie gaat ook niet verkeerd uitpakken. Prijzen zullen wel gaan stijgen. Is nu een belangrijk onderdeel van Cardero.
    Rober

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  29. Hoe kan dit aandeel al zolang onder de boekwaarde handelen? Bookwaarde is volgens stockhouse 2.23, terwijl de koers al een tijdje rond de 1.84 schommelt.

    Wordt er binnenkort nog nieuws verwacht over de Coalhunter IPO? Dat was een topic een maand of wat geleden. Hebben jullie een idee wat de komende periode aan nieuws eraan zou kunnen komen?

    Bedankt en groet,
    Snoek

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  30. Snoek,
    een aandeel kan bijna 'eeuwig' onder de boekwaarde noteren, bovendien is bij Cardero de boekwaarde eigenlijk niet van belang, het gaat immers om de verborgen waarde in hun projecten, pas als hier duidelijkheid over komt kan de koers fors stijgen.
    En nieuws?? Daar zitten we allemaal op te wachten, dat kan morgen komen of over een half jaar.
    Bij dit soort aandelen kunnen we alleen maar rustig afwachten, voor 'snelle jongens' is dit aandeel niet geschikt.

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  31. Cardero Receives Additional Positive Drill Results From Longnose Resource Definition Drilling & Updates Trevali Mining Corporation Share Position

    Symbol Price Change
    CDU.TO 1.73 -0.08

    Press Release Source: Cardero Resource Corp. On Monday April 18, 2011, 5:36 pm EDT
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 04/18/11) - Cardero Resource Corp. (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) -
    Hole-007: 135.2 metres grading 18.7% TiO2 and 42.3 Fe2O3
    Hole-011: 157.6 metres grading 19.3 TiO2 and 36.6% Fe2O3
    Cardero Resource Corp. ("Cardero" or the "Company") announces positive analytical results from on-going resource definition drilling at the Longnose Ferro-Titanium project, north-eastern Minnesota, USA. Following completion of the 2011 drilling program at Longnose, SRK Consulting will complete an initial NI 43-101 compliant resource estimate. Initial results confirm continued semi-massive to massive iron and titanium oxide mineralization beyond the known limits of mineralization. Results are presented in Table 1.

    Longnose Drilling
    The Longnose deposit was first discovered in the 1950's through aeromagnetic and gravity geophysical surveys, and was first drilled by Bear Creek Mining Company in 1958. The deposit was subsequently drilled by BHP Minerals (now BHP Billiton). At total of 12 drillholes were completed historically. Cardero completed an initial six-hole drill program in 2010. The 2011 drill-program aims to complete resource definition drilling ahead of the planned SRK resource estimate. An additional 9 drillholes have been completed for total Cardero drilling of 3,473 metres and 15 drillholes (to see Figure 1 please click on: http://media3.marketwire.com/docs/cdu418.jpg)
    Results have been received for drillholes LNG-007 to LNG-011 (Table 1). Drilling results demonstrate that the main mineralized intrusion at Longnose is a thick, laterally continuous intrusion.

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  32. About Cardero Resource Corp.

    Through 2011 Cardero will continue its migration from high-risk, early-stage grassroots exploration projects and will continue to add value through identification and acquisition of advanced projects.
    In recent years, Cardero's focus has increasingly been on iron ore and iron-making technologies. The sale of Cardero's wholly-owned Pampa de Pongo iron deposit in late 2009 for US$100 million cash represented an early success in the iron market. Cardero continues to hold significant iron ore resources at the Iron Sands Project in Peru and iron-titanium interests in Minnesota, USA. More recently, in keeping with bulk-commodity focus, Cardero entered into a Letter of Intent to acquire Coalhunter Mining Corp. Coalhunter holds a 75% interest in the Carbon Creek Metallurgical Coal Deposit in north-eastern British Columbia.

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  33. Press Release Source: Cardero Resource Corp. On Thursday April 21, 2011, 9:00 am
    VANCOUVER, BRITISH COLUMBIA--(Marketwire - 04/21/11) - Cardero Resource Corp. (TSX:CDU - News)(AMEX:CDY - News)(Frankfurt:CR5 - News) ("Cardero" or the "Company") and Coalhunter Mining Corporation ("Coalhunter") announce that the companies have signed a definitive Arrangement Agreement under which the Cardero will acquire, through the previously announced Plan of Arrangement, all of the outstanding shares of Coalhunter (the "Transaction").

    As set out in the Arrangement Agreement (NR05-11, dated March 4th, 2011) each Coalhunter shareholder holding shares as at the effective date of the Plan of Arrangement will receive 0.8 of a common share of the Company for each common share of Coalhunter held.
    "Cardero identified early that Coalhunter, its management team and the Carbon Creek Metallurgical Coal deposit represented a unique opportunity to participate in a potential near term production scenario. To be able to acquire a metallurgical coal project with a historic resource is rare. Add additional exploration potential in one of Canada's significant producing coal districts with excellent infrastructure already in place, and the tremendous opportunity to generate significant value for Cardero's shareholders becomes evident," stated Henk Van Alphen, President & CEO of Cardero.
    "Our acquisition by Cardero, with its market exposure, liquidity, treasury and technical expertise, provides an excellent platform for Coalhunter to not only rapidly advance the Carbon Creek deposit but also to acquire additional coal assets. With the surging price of coal due to strong global demand and constrained supply, this is an optimal time to be developing coal assets," stated Michael Hunter, President of Coalhunter.
    ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
    commentaar: als na de omwisseling ex-Coalhunter-aandeelhouders hun nieuwe aandelen kwijt willen, dan zou er enige koersdruk kunnen ontstaan.

    BeantwoordenVerwijderen
  34. Wat is jullie verwachting over Cardero? Staat nu op 1,08.

    BeantwoordenVerwijderen
  35. Anoniem,

    Cardero is en blijft een van de meest aantrekkelijke en goedkoopste grondstoffen-aandelen. Zelfs in de ergste recessie zal het niet failliet gaan omdat het geen schulden heeft.
    Kopen of bijkopen voor wie nog reserves heeft en rustig wegleggen, tot er nieuws uitkomt.

    BeantwoordenVerwijderen
  36. VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/17/11)- Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU.TO - News)(AMEX: CDY - News)(Frankfurt: CR5.F - News) announces that its wholly-owned subsidiary, Coalhunter Mining Corporation ("Coalhunter"), is commencing its 2011 field program, which will encompass resource definition drilling, engineering studies and environmental baseline studies, at the Carbon Creek Metallurgical Coal deposit ("Carbon Creek") located in the Peace River Coal Field of north eastern British Columbia. In addition, a Preliminary Economic Assessment ("PEA") is in progress and is expected to be completed in the fourth quarter of 2011.
    The Company recently announced receiving a NI 43-101 resource estimate from Norwest Corporation on the Carbon Creek Metallurgical Coal deposit which outlines 114.0 million tonnes of measured and indicated, plus an additional 89.1 million tonnes of inferred, coal with an ASTM coal rank of mvB (see News Release NR11-09, June 8th, 2011).
    Field Program Details
    Coalhunter has received the required regulatory permits to commence its 2011 field program, which will include approximately 14,000 metres of core (46 holes) and rotary (19 holes) drilling. The 2011 program is designed to upgrade all deposit-related data to full feasibility level. Highlights of work proposed to be completed in 2011 are outlined below:
    -- Resource Definition Drilling - data collection to update the existing NI
    43-101 resource estimate:
    -- Aiming to convert portions of the existing resource into the
    Measured & Indicated categories
    -- Intending to increase the global resource by including additional
    coal seams in the resource estimation
    -- Geological Studies - collection of surface, structural and drillhole
    data to enhance the current geological model
    -- Coal Analysis & Marketing - obtain a large coal sample from drill core
    for coal quality analysis to:
    -- Determine clean coal product specifications
    -- Estimate potential market and pricing
    -- Engineering Studies - Undertake detailed work for inclusion in
    feasibility-level mine design, including:
    -- Geotechnical studies to fully assess surface and underground mining
    ground conditions utilizing consulting engineers and advanced down-
    hole geophysical methods
    -- Hydrogeological assessment of fault structures and groundwater
    conditions
    -- Environmental Baseline - data will be collected over the coming 12
    months designed to meet and exceed regulatory requirements for
    environmental baseline data
    -- Stakeholder Engagement - ongoing consultations with stakeholders,
    including First Nations' groups

    Preliminary Economic Assessment
    In addition to the ongoing feasibility-level data collection, Coalhunter has retained Norwest Corporation to complete a Preliminary Economic Assessment ("PEA") on the Carbon Creek Metallurgical Coal deposit. This important study will provide the first 43-101-compliant indications of potential project economics and it is anticipated to be completed in the fourth quarter of 2011. The PEA will be based on historic information compiled by Utah Mines Ltd. between 1970 and 1981, which includes data from 296 rotary and diamond drill holes totalling nearly 26,000 metres, plus the nearly 2,000 metres in 8 drillholes from the 2010 drill program completed by Coalhunter.

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  37. Cardero Receives Final 2011 Drill Results, Ferro-Titanium Projects, Minnesota, USA - Highlights Include 110.9m grading 20.2% TiO2, 31.3% Fe2O3 and 0.2% Copper
    Coalhunter Changes Name to Cardero Coal Ltd.

    CDU.TO 1.10 +0.02

    September 15, 2011, 9:00 am EDT
    VANCOUVER, BRITISH COLUMBIA--(Marketwire -09/15/11)- Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU.TO - News)(AMEX: CDY - News)announces receipt of final drill core analysis from the Longnose and TiTac ferro-titanium projects in Minnesota, USA. The Company has retained SRK to complete a 43-101 resource estimate. With all drill data results in place, SRK expect to have a 43-101 report completed in Q4 2011. The report will include resource estimates for the TiTac South and Longnose deposits.

    In addition, the Company announces that its wholly-owned subsidiary, Coalhunter Mining Corporation, has changed its name to "Cardero Coal Ltd." ("Cardero Coal"). Cardero Coal has commenced its 2011 field program, which will encompass resource definition drilling, engineering studies and environmental baseline studies, at the Carbon Creek Metallurgical Coal deposit ("Carbon Creek") located in the Peace River Coal Field of north eastern British Columbia. In addition, a Preliminary Economic Assessment ("PEA") for Carbon Creek is in progress and is expected to be completed in the fourth quarter of 2011.

    Longnose Details
    LNG-012 was drilled vertically from the same platform as LNG-011 (157.6m of 19.3% TiO2; NR11-06, April 18, 2011) to test the down dip extension of the mineralization. At 177m it intersected massive oxide mineralization that continued for 91m (19.1% TiO2and 51.3% Fe2O3). This hole demonstrates that mineralization remains open to the south east. LNG-013 was drilled 165m to the west of LNG-012, in order to test the SW extent of the intrusion. Mineralized feldspar peridotite was intersected from 15m to 82m, grading 19.5% TiO2 and 33.8% Fe2O3. LNG-014 was drilled 130m to the north of LNG-012 with a dip of -45 towards the NW. The hole intersected pyroxenite at 178m and encountered intermittent local oxide mineralization throughout and to the base of the hole. Continuation of the intrusion to the southeast of drillhole LNG-009 (NR11-06, April 18, 2011) was tested with drillhole LNG-015. Excellent mineralization was intersected at 118m depth over 110.2 metres thickness: 20.2% TiO2 and 31.3% Fe2O3.
    BHP Minerals previously calculated a historic (pre-NI 43-101 standards) "probable reserve" at Longnose, estimating 27.57 million tonnes at 21.3% TiO2, stating at the time that Longnose is "... the largest known ilmenite resource in North America." This historical resource estimate is considered relevant by the Company, both for the purposes of the Company's decision to acquire the property and to guide the Company in formulating an exploration program for the property. However, the Company cautions that both the BHP report and the included resource estimate were prepared before the introduction of NI 43-101, and are therefore historical in nature and the Company is not treating such resources as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resources, and therefore they should not be relied upon.

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  38. De koers van Cardero heeft in de laatste 5 jaar gevariëerd tussen ca 3,30 en 1 CAD. Tijdens de Lehman-crash stond de koers op ca 1 CAD, de huidige koers staat hier nu onder.
    De huidige market cap is volgens Stockhouse ca 80 miljoen, het eigen vermogen is bijna het dubbele.
    CDU heeft geen schulden en nog ca 8 M in kas.
    Het eigen vermogen is exclusief de enorme verborgen meerwaarde in hun projecten.

    Wie is hier nu gek....????

    De kopers of de verkopers...??

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  39. wo 19 okt 2011, 08:56
    Mijnbouwers kopen alles wat los en vast zit
    door E VAN DER SCHOOT
    DEN BOSCH - Er woedt een wereldwijde overnamestrijd tussen de grote mijnbouw- en staalbedrijven. In tijden waarin steenkool in amper een jaar tijd in prijs verdubbelde, en ook eenvoudig winbare ijzererts schaarser wordt, is het opkopen van de complete bedrijfsketen de enige overlevingsstrategie geworden. Van het opgraven van ijzererts en steenkool tot de staalplaten die uit de hoogovens glijden.
    Staalconcern Arcelor Mittal en mijnbouwer Peabody bieden op diens collega-mijnbouwer MacArthur, beide groot in kolen. Mijnbouwreus Rio Tinto biedt op Riversdale, eigenaar van veel Afrikaanse mijnen.
    „In augustus vorig jaar kostte een ton steenkool $90, inmiddels is dat $200. Ik voorspel dat die prijs binnen maanden naar $400 gaat.” De Belg drs. Johan Geeroms is de Program Risk Director van het wereldagentschap van kredietverzekeraar Euler Hermes Benelux. In gewone mensentaal: hij is degene die indien nodig met de directies van de tientallen multinationals (meer dan € 500 miljoen omzet) onderhandelt over hun kredietlijnen.
    De fusie en overnameoorlog die momenteel in de metaal en mijnbouw woedt, zorgt ervoor dat hij bijkans geen andere bedrijven meer ziet. Geeroms: „De staalprijs kent nu overigens een dipje, doordat er geen groei meer is in de oude wereld. Maar ik voorspel, dat is zeer tijdelijk van aard.” De hele aardkorst mag dan bomvol ijzer zitten, wil hij maar zeggen, het ene ijzer is het andere niet. „Men aast vooral op de goede, makkelijk winbare voorraden.”
    De aanjager van de absurde prijsverhogingen van enkele grondstoffen is de bouwwoede in de nieuwe wereld. Geeroms: „China heeft zelf nog voor dertig jaar steenkolen in voorraad. Daarna ontstaan er echt problemen op de wereldmarkt.”

    Het volledige artikel vindt u in de digitale Telegraaf.

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  40. Steenkool steeg sterk omdat de invoer flink toenam in Japan, na de aardbeving, en omdat het hele uranium-sentiment naar negatief schoof. Hierdoor wordt blijkbaar ineens weer gekeken naar steenkool, maar denken jullie dat het op 200 blijft staan? Ik weet het zo net nog niet...

    Anders dus massaal in de ETF's :-)

    BeantwoordenVerwijderen
  41. Hendrik,

    als het klopt dat de prijzen van energie-kolen zo hoog zijn dankzij de nieuwe semi-permanente vraag uit Japan, dan zal de prijs van deze kolen alleen gaan dalen als de productie gaat stijgen.
    Ik vraag mij af, of de prijs van kolen voor hoogovens net zo veel gestegen is.

    Weet iemand dat..??

    BeantwoordenVerwijderen
  42. Press Release Source: Cardero Resource Corp. On Wednesday October 26, 2011, 8:00 am EDT
    VANCOUVER, BRITISH COLUMBIA--(Marketwire -10/26/11)- Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU.TO - News)(AMEX: CDY - News)(Frankfurt: CR5.F - News) announces that it has been advised by Emmaland Resources Limited, its Ghanaian joint venture partner ("Emmaland"), that Emmaland has received final approval from The Minister for Lands and Natural Resources (Ghana) ("Minister") for the grant to Emmaland of three prospecting licenses covering lands located in the Zabzugu-Tatale District in the Northern Region of the Republic of Ghana and referred to as the Sheini Hills Iron Project (approximately 400 square kilometres in aggregate). Accordingly, Emmaland has submitted to the Minerals Commission (Ghana) ("MinCom") the final documentation required for the formal issuance of the prospecting licenses and anticipates that they should be issued around the beginning of November, 2011. Cardero has negotiated joint ventures with Emmaland pursuant to which the Company can acquire a 100% working interest in each of the three licenses.
    The Sheini Hills Iron formation, occurring as hematite with a lesser component of magnetite, has an indicated average thickness of 50 to 150 metres and can be followed by surface mapping and sampling for a minimum of 30 kilometres of strike. The mineralized system appears to be flat to gently dipping at surface, forming north-south trending prominent ridges.
    The Sheini Hills Iron Project is a large-scale iron project, which is in line with Cardero's bulk commodity focus, and is anticipated to add considerably to the Company's existing coal and iron resource base.

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  43. commentaar op bovenstaand bericht:

    Alweer een enorm (ijzererts)-project voor Cardero, ik vraag me af of Cardero niet te veel hooi op z'n vork neemt.

    Maar kennelijk is dit project te aantrekkelijk om te laten lopen...

    BeantwoordenVerwijderen
  44. Cardero Announces Letter of Intent to Acquire the Trefi Metallurgical Coal Property Located in the Peace River Coalfield of Northeast British Columbia

    Symbol Price Change
    CDU.TO 1.24 +0.00

    VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/17/11)- Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU.TO - News)(AMEX: CDY - News)(Frankfurt: CR5.F - News) announces that it has entered into a Letter of Intent ("LOI") with Anglo Pacific Group PLC ("Anglo Pacific") to acquire 100% of Trefi Coal Corporation ("Trefi"), a wholly owned subsidiary of Anglo Pacific which owns the Trefi Metallurgical Coal deposit in the Peace River Coalfield, northeast British Columbia, Canada.
    Trefi Coal Property
    The Trefi Metallurgical Coal deposit comprises 15 coal licenses and 3 license application areas, totaling 9,437 hectares, located approximately 30 kilometres southeast of the town of Chetwynd in northeastern BC. The deposit has been explored previously by Gulf Canada (27 drillholes for 6,332 metres) and by Anglo Pacific (5 drillholes for 1,006 metres).
    The deposit has a 43-101-compliant in-situ resource comprising 39.1 million tonnes measured and indicated and 51 million tonnes inferred resources. Geological complexity is classified as moderate. This resource estimate is effective as at March 18, 2010 and is contained in technical report dated March 18, 2010 entitled "Resource Estimate for the Trefi Coal Property" and prepared by Moose Mountain Technical Services of Elkford, B.C. (filed on SEDAR by Anglo Pacific on July 9, 2010) ("Report"). This Report, and the technical information contained therein, has been reviewed by Mr. Keith Henderson, the Company's Executive Vice-President and a qualified person as defined in NI 43-101, on behalf of the Company. To the best of the Company's knowledge, information and belief, there is no new material information that would make the disclosure of the mineral resources contained in the Report inaccurate or misleading.
    The Report indicates that a recent coal quality analysis (2009) demonstrates the coal to be medium volatile bituminous coal from which a low-ash (7.3%) product can be produced by washing at 1.6 specific gravity. These qualities, combined with low sulphur (0.25%), high heating value (7855kcal/kg) and a 1.5 FSI, mean that the coal is potentially suited as a metallurgical PCI product.
    The deposit is located within 60 kilometres of the Company's flagship metallurgical coal deposit at Carbon Creek (Figure 1: http://media3.marketwire.com/docs/cdu-1117-fig1.pdf) and approximately 65 kilometres from the Company's proposed rail loadout site. In addition, the Company believes that the lower volatility, low FSI and high BTU value of the Trefi coal product would make it well suited for potential blending with the Carbon Creek PCI product. The Trefi coal would not be blended with the hard coking coal or semi-soft coking coal from Carbon Creek which is expected to make up the majority of that deposit's resource.

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  45. 2)
    In commenting on the execution of the LOI, Cardero President & CEO Michael Hunter stated, "Cardero is very pleased to be working with Anglo Pacific to develop the Trefi coal deposit. We believe that the asset provides the potential for synergies with other assets we have in the region and allows us to remain focused on acquiring and developing metallurgical coal resources."
    Transaction Terms
    The Company and Anglo Pacific have entered into a non-binding letter of intent dated November 15, 2011 to confirm the main terms for the proposed acquisition by the Company of Trefi and to confirm the intent of the parties to negotiate legally binding transaction documents. The main terms of the proposed acquisition are as follows:
    -- In consideration of the payment of CAD 3.5 million, and the issuance of 500,000 common shares of the Company plus warrants to acquire an additional 1,000,000 common shares of the Company at a price of CAD 1.40 per share for a period of 18 months after closing, Cardero will be granted the option ("First Option") to acquire 50% of the issued shares of Trefi. -- In order to exercise the First Option, the Company will be required to deliver a bankable feasibility study ("BFS") with respect to the Trefi Coal project within four years of closing. -- If the BFS delivered by the Company is positive (defined as a BFS which demonstrates an IRR greater than 20%, utilizing a discount rate of 10% and an industry consensus forward looking 4 year price for the coal proposed to be delivered from the project), the Company may acquire the balance of Trefi (50%) by making a production decision, paying Anglo Pacific CAD 5.0 million and issuing CAD 1 million of Cardero shares (valued at the 5 day VWAP price to the date of issuance). -- If the BFS is positive, but the Company does not elect to make a production decision, then Anglo Pacific will have the option to reacquire the 50% of Trefi from the Company by paying the Company 50% of the total expenditures by the Company on the BFS. -- If the BFS is not positive, then the Company will retain its 50% of Trefi and commit to periodic reviews of the BFS. If, after 2 years, the BFS remains not positive and Company has not elected to make a production decision and acquire the balance of Trefi by making the CAD 5.0 million payment and issuing the CAD 1.0 million of Cardero shares, then a buy-sell process may be initiated, by which the party offering to pay the highest price to the other party will be able to purchase the interest of the other party. -- Once in production, Anglo Pacific will be paid a gross revenue royalty of 3% to be priced on an FOB basis, with the obligation for payment of the royalty to be secured.
    The foregoing transaction is subject to the settlement and execution of formal documentation and the acceptance for filing thereof by the Toronto Stock Exchange on behalf of Cardero. There can be no assurance that the parties will be successful in the negotiation and execution of the required formal documentation.

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  46. Cardero Receives Final Preliminary Economic Assessment ("PEA") for Carbon Creek Metallurgical Coal Deposit, BC
    Base Case Economic Assessment Returns
    Base Case $752M Post-Tax NPV8% & 29.3% IRR

    Symbol Price Change
    CDU.TO 1.07 +0.00

    VANCOUVER, BRITISH COLUMBIA--(Marketwire -01/05/12)- Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU.TO - News)(AMEX: CDY - News)(Frankfurt: CR5.F - News) announces it has received the final Preliminary Economic Assessment ("PEA") technical report from Norwest Corporation ("Norwest") relating to the Carbon Creek Metallurgical Coal deposit ("Carbon Creek"). The report has been uploaded to SEDAR (www.sedar.com) and is available for download from the Company's website (www.cardero.com).
    Cardero, through Cardero Coal Ltd., currently has 75% interest in the Carbon Creek Metallurgical Coal deposit, situated in northeast BC, Canada. Results of the preliminary economic assessment (all in USD) indicate that on a 75% basis and using a base case coal sale price of $185/t, the project returns a post-tax $752 million Net Present Value ("NPV") at an 8% discount rate and a 29.3% Internal Rate of Return ("IRR").
    These results, together with higher and lower coal sale price assumptions, are outlined in Table 1, which also summarizes sensitivity of the project to operating and capital cost increases. Due to the scale of the project, it is economically robust and not especially sensitive to cost increases.

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  47. Cardero Receives 43-101 Resource Estimates for Longnose and TiTac Ferro-Titanium Deposits, Minnesota, USA
    Longnose Deposit
    Indicated Resource: 58.1Mt @ 16.6% TiO2, 18.8% Fe2O3
    Inferred Resource: 65.3Mt @ 16.4% TiO2, 19.4% Fe2O3
    TiTac Deposit
    Inferred Resource: 45.1Mt @ 15.0% TiO2, 14.74% Fe2O3

    Press Release: Cardero Resource Corp. – Tue, Jan 31, 2012 8:00 AM EST

    Symbol Price Change
    CDU.TO 1.46 +0.02

    VANCOUVER, BRITISH COLUMBIA--(Marketwire -01/31/12)- Cardero Resource Corp. (TSX-V: CDU.TO - News)(AMEX: CDY - News)(Frankfurt: CR5.F - News) ("Cardero" or the "Company") is pleased to announce that it has received mineral resource estimates for the Longnose and Titac South iron-titanium deposits from SRK Consulting (Canada) Inc. Details from the two resource estimates are outlined below.
    Cardero Iron Ore Company Ltd. ("Cardero Iron"), a wholly owned subsidiary of Cardero, views the Longnose and TiTac projects as being prime candidates for producing value added commodities of enriched titania feedstock and pig iron. Established titania resource quality is decreasing and Cardero Iron is focused on the next level of opportunity in titanium and iron bearing ore deposits around the world. Being focused means that Cardero Iron has developed its own in-house capabilities to move these projects forward, including a metallurgical laboratory to aid in flow sheet development and design. Cardero Iron is capable of bringing projects such as Longnose and Titac through the basic engineering stage and supervising the detailed engineering through demonstration or commercial plant start-up.

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  48. Cardero Announces Positive Prefeasibility Study Results, Carbon Creek Deposit, Northeast British Columbia
    Base Case NPV8 $633 Million (Post-Tax, Post NPI), 23.7% IRR Pre-production capital reduced to $217M from $301M Percentage of hard coking coal increased to 60% from 35% Average clean coal production rate increased to 4.1Mtpa from 2.9Mtpa Measured & Indicated Resource Increased to 468M from 166M tonnes

    Press Release: Cardero Resource Corp. – 2 hours 36 minutes ago

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sep 24, 2012) - Cardero Resource Corp. ("Cardero" or the "Company") (CDU.TO)(NYSE MKT:CDY)(NYSE Amex:CDY)(CR5.F) announces the results of the Prefeasibility Study ("PFS") for the Carbon Creek Metallurgical Coal deposit, located in northeast British Columbia, Canada. Valuation highlights are summarized below:
    US$, Post-Tax, Post NPI Price* IRR NPV8 NPV10 NPV12
    Best Case (5-year historical Metcoal pricing) $187/t 27.0 % $819M $616M $462M
    Base Case (independent marketing consultant) $174/t 23.7 % $633M $465M $338M
    Low case (analyst consensus on long-term price) $143/t 13.1 % $191M $99M $30M
    Table 1: Carbon Creek Prefeasibility Valuation Results (Post-Tax, Post NPI). *Price presented is average price based on relative proportions of coal products sold over mine life: 60% Hard Coking Coal, 34% HV metallurgical Coal, 6% Thermal (near-surface oxidized coal).

    PREFEASIBILITY STUDY HIGHLIGHTS
    Increased Measured & Indicated Resource from 166Mt to 468Mt
    Established initial Proven and Probable Reserve of 121Mt (initial 20 year mine life)
    Increased average clean coal production rate from 2.9Mtpa to 4.1Mtpa (2016 to 2034)
    Total clean coal production currently estimated at 78.4Mt over mine life
    Percentage of hard coking coal increased from 35% to 60% of planned production
    Pre-production capital reduced to $217M from $301M
    Capital of $475M required to bring the project to full production
    Reduced operating cost from $114 to $110/tonne FOB
    First coal production planned for Q4 2014
    Positive cash-flow within three years of production
    Base case NPV8 $633M on a post-tax, post NPI basis, with 23.7% IRR
    Undiscounted cash flow valuation of $2,132M
    All dollar values throughout this news release are in US$. Comparisons are drawn from the PEA.
    Angus Christie, Cardero''s COO stated, "I believed when I joined the Company that we had an opportunity to turn the Carbon Creek asset into one of the largest producing, lowest cost operators in the region. This report demonstrates that we are in position to turn our expectations into reality and establish this asset as the benchmark against which other developments in the region will be evaluated".
    President and CEO, Michael Hunter stated, "I am very pleased to see this project be advanced on schedule and below the pre-production capex outlined in the 2011 preliminary economic assessment. The results demonstrate the remarkable skills of a management team that has worked tirelessly on our shareholder''s behalf. The task in front of us is to continue to stay on schedule and on budget as we prepare ourselves for a planned production commencement in Q4 2014."

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  49. Cardero Announces Maiden Inferred Resource Estimate for Sheini Hills Iron Project, Ghana
    SRK Reports 1.3 Billion Tonnes grading 33.8% Iron including 1.05 Billion Tonnes Primary Ironstone and Hardcap @ 35.2% Iron and 0.27 Billion Tonnes Detrital Iron @ 28.2% Iron
    MarketwirePress Release: Cardero Resource Corp. – 21 minutes ago

    Symbol Price Change
    CDU.TO 0.415 0.00

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2013) - Cardero Resource Corp. ("Cardero" or the "Company") (CDU.TO)(NYSE MKT:CDY)(NYSE Amex:CDY)(CR5.F) announces the results of the maiden resource estimate for the Sheini Hills Iron Project, Ghana, undertaken by SRK Consulting (UK) Ltd. ("SRK"). SRK has reported an estimated inferred mineral resource of 1.3 Billion Tonnes ("Bt"), with mean grades of 33.8% Fe, 6.0% Al2O3, 37.3% SiO2 and 0.27% P, using a 15% cut-off grade, all of which falls within a Whittle optimization pit with a global strip ratio of 0.93.

    Maiden Resource Estimate
    SRK is preparing a National Instrument 43-101 ("NI 43-101") technical report, including a maiden resource estimate, for the Sheini Hills Iron Project in northeast Ghana ("SRK Report"). The maiden estimated mineral resource is calculated in accordance with CIM Standards on Mineral Resources and Reserves (CIM Guidelines) as set out in NI 43-101. The effective date of the SRK Report is January 7, 2013, and the completed SRK Report will be filed on SEDAR and made available through the Company's website within 45 days of this news release. Investors are urged to review the SRK Report in its entirety once it becomes available.
    In total, SRK has reported an inferred mineral resource of 1.3 Bt, with mean grades of 33.8% Fe, 6.0% Al2O3, 37.3% SiO2 and 0.27% P (at a cutoff of 15% Fe), all of which falls within a Whittle optimisation pit which has a global strip ratio of 0.93 (waste tonnes:ore tonnes) and which was generated by SRK to restrict the estimated inferred mineral resource to material which has potential to be economically exploited.

    Notes:
    (1) Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.
    (2) The effective date of the Mineral Resource Estimate is 7 January 2013.
    (3) The Mineral Resource Estimate for the Sheini deposit was constrained within lithological solids and within a Lerchs-Grossman optimised pit shell defined by the following assumptions; pig iron flow sheet; metal price of USD400/t; slope angles of 53º in the ironstone and detrital material; a mining recovery of 95.0%; a mining dilution of 5.0%; a base case mining cost of USD2.50/t; process operating costs of USD2.50/t ore USD4.50/t ore in the ironstone and detrital respectively; ironstone processing recovery of 100%; Detrital processing recovery of 25%; reductant costs of USD0.58/t%Fe and other concentrate costs of USD33.33/t; smelting costs were separated into power and other costs and were estimated at 27.50 USD/t and 51.00 USD/t, respectively; 90% assumed product grade.
    (4) Mineral Resources for the Sheini deposit have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines (December 2005)" by Howard Baker (MAusIMM(CP)), an independent Qualified Person as defined in NI 43-101.

    Mineral resources which are not mineral reserves do not have demonstrated economic viability.

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