Cardero Resource Corp. Vancouver, B.C., TSX: CDU, NYSE-A: CDY Frankfurt: CR5; is an exploration and development company focused on unlocking the considerable value of its iron ore assets.

Peru's Marcona IOCG District.

The projects enjoy significant infrastructural advantages in comparison to most other similar-stage projects globally. With Senior Management active in South America since 1991, Cardero has an extensive network of financial, mining and government relationships throughout the region.

Advancing World-Class Iron Assets

Peru is a stable, pro-development democratic country with vast mineral wealth. It is one of the world’s top mining countries. The country has one of the top performing economies in South America with continued, strong growth rates projected. The government has launched significant infrastructure initiatives throughout the country — benefitting the development potential of Cardero’s iron ore projects.

Cardero enters sale agreement for Pampa de Pongo

Agreement with private Chinese company Nanjinzhao Group for 100% project sale of Pampa de Pongo for US$200 million (approx. CAN$240 million).

Mine modeling of Pampa de Pongo Central Zone

• 32,000 hectares located in southern coastal Peru’s Marcona District,
• 60 km from deep water port.
• Extensive dune fields with significant magnetite sand component.

Strategy is to delineate reserves for a multi-decade iron mining operation with dry magnetic concentration on site and pig iron production at port prior to export.

Definition drilling is complete and SRK are currently working on a resource estimate.

Initial results prove dry magnetic separation can produce a highquality iron concentrate.

Q4-2008 – export of 60-tonne iron concentrate to US for full-scale melting tests aimed at production of a premium-quality pig iron ranging from 96 to 98% iron and 2% to 4% carbon.

Pampa El Toro Iron Sands Project

2008 SRK RESOURCE ESTIMATE

Central Zone Open Inferred Resource

• 748Mt @ 41.7% iron, 0.09% copper, 0.06 g/t gold
• 580Mt Planned Extraction – two blocks

South Zone Open Inferred Resource

• 115Mt @ 39.5% iron, 0.12% copper, 0.13 g/t gold

East Zone SRK Potential Tonnage

• 350-500Mt of mineralization potential

Minnesota

The Longnose Deposit is an excellent fit for Cardero's expanding advanced project pipeline allowing the Company to leverage its considerable in-house expertise toward maximizing shareholder value, as demonstrated by the recent agreement for the sale of the Pampa de Pongo Iron deposit in Peru for USD 200 million. Located on the western margin of the Duluth Complex near the Mesabi Iron Range in northeast Minnesota, Longnose enjoys considerable infrastructural advantages, as it lies within 2 kilometres of rail access and less than 100 kilometres from the port of Duluth. It also compliments Cardero's recently acquired TiTac deposit, which is located 40 kilometres to the south and only 60 kilometres from Duluth. It is Cardero's aim to investigate and consolidate a number of similar titanium-iron deposits in north-eastern Minnesota.

The Company can earn an initial 70% interest by incurring cumulative expenditures of USD 1,850,000 over 4 years to December 8, 2012

The project is located approximately 100 kilometres north of Duluth, near the town of Hoyt Lakes and less than 10 kilometres from the historical Erie Iron Mine (production commenced in 1957), which was part of the large-scale taconite (iron ore) mining operations of the Mesabi Iron Range. Polymet Mining Corp.'s NorthMet copper-nickel deposit is located only 5 kilometres to the north.

Future Work

The Company is presently designing an initial work program for Longnose. The program will include definition and exploration drilling, and additional recovery tests for concentrate production. Cardero will also complete an updated and 43-101-compliant resource estimate. All historical studies at Longnose focussed on production of a saleable titanium concentrate, and Cardero will not only advance these studies further, but will also evaluate the potential recovery of titanium from ilmenite and titaniferous-magnetite together with pig iron production as a second high-value revenue stream