Cardero Resource Corp.

Cardero Resource Corp.

March 02, 2005 14:01 ET

Cardero Receives Highly Encouraging IP Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CARDERO RESOURCE CORP.

TSX VENTURE SYMBOL: CDU
AMEX SYMBOL: CDY
FRANKFURT SYMBOL: CR5

MARCH 2, 2005 - 14:01 ET

Cardero Receives Highly Encouraging IP Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) - Cardero
Resource Corp. (the "Company" or "Cardero") (TSX
VENTURE:CDU)(AMEX:CDY)(FWB:CR5) is pleased to report that a recently
completed 14 line kilometre Induced Polarization (IP) survey by Anglo
American Mexico S. A. de C.V. ("Anglo") over the Amargosa Iron Oxide
Copper-Gold (IOCG) target has defined four, large, high chargeability,
anomalies one of which is associated with outcropping alteration and
mineralization at Amargosa Creek (Please see note below).

Located 35 kilometres due south of the San Fernando IOCG system, the
Amargosa area formed part of one of the initial thirty-one (31) high
priority regional scale targets generated by Anglo's 2003 belt scale
targeting initiative.

First pass geological reconnaissance identified significant alteration
associated with undocumented IOCG mineral occurrences. Subsequent stream
sediment geochemistry and geological follow-up resulted in the discovery
of previously unknown and unworked hematite-chalcopyrite-pyrite
mineralization outcropping over 350 metres in Amargosa Creek. Chip
Sampling returned grades of 10 metres @ 1.45% Cu.

The majority of the showings are hosted by a thick (10s to 100 metres),
permeable volcaniclastic unit and considered to be controlled by a
complex interplay of the large regional Catarina fault zone (+30
kilometre strike) and second-order Amargosa and Specularite Creek faults.

Preliminary interpretation and modelling of the IP results by Anglo is
highly encouraging:

The Amargosa IP Anomaly, as presently defined, extends over an area of
900 metres N - S by 350 metres E - W. This anomaly is centered on the
outcropping Amargosa Creek mineralization and the mapped structural
intersection of the Catarina and Amargosa fault zones (Please see note
below). The anomaly has chargeabilites ranging from 28 to 42
milliseconds (ms) and appears to extend from subcrop to depths in excess
of 200 metres.

The Central Anomaly occurs at the intersection of the Catarina and
Specularite Creek faults zones and occurs over a 600 by 400 metre area
(Please see note below). The anomaly is modeled to occur at depths of
approximately 200 metres to 470 metres; it remains open at depth and has
chargeabilites ranging from 30 to 40 ms.

The Amargosa NW anomalies are associated with and centered on the
regional scale Catarina fault zone, a broad zone of anomalous copper
geochemistry and intense, high level, alteration. They are comprised of
two large IP anomalies (30 - 40 ms) which range from 1000 to 1200 metres
strike length and over widths of 400 to 500 metres. They are modeled to
occur at depths which vary from subcrop to approximately 500 meters deep
and modeled thicknesses of plus 150 metres (Please see note below). They
remain open to the NW.

Finally a single 28 to 42 ms anomaly occurs on the NE section of the
northwestern most line at modeled depths of approximately 150 to 330
metres, it remains open to the NW (Please see note below).

Cardero's President, Mr. Henk Van Alphen, notes that "Anglo's work
program continues to illustrate the potential of this new IOCG Belt. We
eagerly await confirmation from Anglo of the commencement of drilling".

Cardero is well financed with approximately $18 million in the treasury
and well positioned to continue aggressively exploring projects in
Mexico, Peru, and Argentina. Cardero has carved a niche as one of the
largest landholders with potential for Iron-Oxide Copper Gold (IOCG)
discoveries in the Americas as well as a balanced multi-commodity
portfolio of high-quality precious and base metal (gold, silver and
copper) prospects. The common shares of the Company are currently listed
on the TSX Venture Exchange (symbol CDU), the American Stock Exchange
(symbol CDY) and, on 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 & CEO

CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS:

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation, statements
regarding a listing on AMEX, potential future corporate growth, the
potential for IOCG discoveries and the anticipated quality of the
Company's portfolio. 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 and
similar expressions, or 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 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, the
Company's ability 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.

This press release is not an offer to buy or sell securities in the
United States.

Note: To view Figure 1 please click on the following link:
http://www2.ccnmatthews.com/database/fax/2000/0302cdu.jpg

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cardero Resource Corp.
    Quentin Mai
    Manager - Investor Relations & Corporate Communications
    (604) 408-7488 Ext. 226
    (604) 408-7499 (FAX)
    qmai@cardero.com
    www.cardero.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release which has been prepared by management.