This is no longer a rumor up to the point where this property is on sale and the Company is in negotiation with one of potential buyers.

http://agoracom.com/ir/Fancamp/forums/discussion/topics/418890-updates/messages/1376928#message

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Fancamp’s Magpie Deposit is among the world's largest undeveloped titaniferous magnetite deposits with a historical non-43-101 compliant resource estimate totalling 1.1 B Tons @43% Fe and 11%TiO2. The deposit is located on Quebec's North Shore, east of Sept Iles, about 130 kilometres north of tidewater. The rumor said this property is in the bidding for sale and one of the bidders is known as POSCO (Pohang Steel Inc. – South Korea). Fancamp has only 50 million o/s after the latest PP.

Cardero’s 100% owed Pampa de Pongo iron deposit is the largest known undeveloped iron resource on the Western seaboard of the America's with a NI 43-101 Inferred Mineral Resource of 953 million tonnes averaging 44.7% iron and 0.12% copper (see September 6, 2005 news release). Mineralization remains open. Preliminary metallurgical testwork by Rio Tinto indicates that mineralization is readily upgradeable to form either a 69% iron concentrate or a high quality 67% iron oxide pellet.

Published: Monday, January 11, 2010 15:03 (GMT -0400) - Vancouver's Cardero Resource (TSX: CDU) reported it has received the final US$30 million payment on the US$100 million sale of its Pampa de Pongo iron ore deposit.