Cardero Resource Corp. announced 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. Resource Database: The resource database upon which the mineral resource estimate is based predominantly comprises diamond and reverse circulation drillhole data generated by Cardero from the 2012 Phase I drilling program at Sheini.

This data has been supplemented by surface geological mapping and subsequent cross-sectional geological interpretations constructed on the basis of both mapping and drillhole data. The drillhole database comprises 67 diamond drillholes (9,478 metres) and 127 reverse circulation drillholes (1,923 metres). Diamond drillholes are spaced on section lines between 200 m and 800 m apart.

Reverse circulation drillholes are concentrated in areas of known detrital mineralisation and are typically spaced on section lines 200 to 400 m apart. The assay database comprises 4,399 samples; Geological Interpretation: Iron mineralization at Sheini occurs as primary ironstone (banded and granular types with local hardcap development) and as detrital iron deposits (located on plains, peripheral to the ironstone deposits). Primary iron mineralisation identified at Sheini, being classed as a "Rapitan-type iron formation", predominantly comprises bladed haematite with lesser iron hydroxides (goethite and limonite) confined to interbedded banded iron formation and granular iron formation at the base of the Late Precambrian - Early Phanerozoic Buem Formation.

The ironstone package and adjacent footwall and hanging wall lithologies have been subjected to ductile deformation resulting in a series of broadly N-S trending asymmetric inclined fold structures, offset by a series of NNE-SSW trending, and later E-W to ENE-WSW trending, brittle faults. The iron mineralisation is sedimentary in origin, and extends to a total of approximately 8.6 kilometres along strike, up to 1.2 kilometres across strike and to depths of up to 300 metres from surface; Modelling: Geological modeling was conducted in 3D Geomodeller software, using logged ironstone as an explicit control on model geometry. Primary ironstone was modelled within three spatially distinct domains - north zone, central zone and south zone, all of which lie within the Sheini Central prospecting licence.

In addition to primary ironstone mineralisation, re-deposited detrital material forms extensive flat-lying platforms adjacent to N-S trending ridges throughout the project area.