Cardero Receives Additional Positive Drill Results, Sheini Hills Iron Project, Ghana

Cardero Resource Corp.

announces receipt of additional drill results from Phase I drilling at the Company's Sheini Hills Iron Project, Ghana. Results include the best intersection to date; SCD-009, 0 - 57 metres grading 45.7% iron. This is the first result returned from the northern portion of the drilled area. The thickest iron intersection to date has also been returned from SCD-013, which intersected ironstone from 0 - 122 metres, grading 35.12% iron (including 17.4 metres from surface grading 43.55%). PHASE I DRILL TESTING SRK Consulting has been retained to calculate a maiden Resource Estimate, expected to be complete in Q4 2012. Phase I exploration at the Sheini Hills Iron project is targeting two main types of potential iron ore, both being haematite-dominated with negligible magnetite content: Ironstone Ridges are being tested by approximately 9,000 metres of diamond drilling, of which 8,100 metres has been completed to date. A total of 59 diamond drill holes have been completed to date with results received for the first 14 drill holes. In Phase I, ironstone ridges are being drilled over a strike length of 9 kilometres north-south and along section lines averaging approximately 600 metres east-west. Aggregate ironstone thickness to date ranges from 23.8 metres to 122.0 metres. Outcropping ironstones over an additional 9 kilometres of strike length have been targeted for future drill-testing. Surface Ferricrete / Detrital Deposits will be tested by approximately 2,600 metres of reverse circulation drilling, of which 2,000 metres has been completed. No assay results have been received to date.