CARDERO RESOURCE CORP 
By
News Releases
January 23, 2012
Cardero's Ghanaian Partner Issued 3 Prospecting Licenses, JV Agreements Concluded and Exploration Initiated Over Sheini Hills Iron Deposits, Ghana
Vancouver, British Columbia...Cardero Resource Corp.
("Cardero" or the "Company") (TSX:
CDU, NYSE-A: CDY) announces that Emmaland Resources
Limited, its Ghanaian joint venture partner
("Emmaland") has received from the Government
of the Republic of Ghana, through The Minister for Lands
and Natural Resources (Ghana) ("Minister"),
three prospecting licenses covering lands located in the
Zabzugu-Tatale District in the Northern Region of the
Republic of Ghana and referred to as the Sheini Hills
Iron Project (approximately 400 square kilometres in
aggregate). Cardero Ghana Ltd., an indirect wholly owned
Ghanaian subsidiary of the Company ("Cardero
Ghana"), has now signed joint venture agreements
with Emmaland pursuant to which Cardero Ghana can acquire
a 100% joint venture interest in each of the three
licenses.
Proposed Work Program
Cardero Ghana is the operator under the joint ventures and will, in collaboration with Emmaland, manage the work on the property. In accordance with the requirements of the prospecting licenses, Cardero Ghana has designed a preliminary exploration program that will, subject to the issuance of the required permits, commence in Q1 2012.
The purpose of the program will be to explore the entire 400 square kilometre licence block, within which iron formations have been already been mapped as outcropping over at least 35 kilometres of strike. The aim is to explore for pockets of direct shipping iron ore within the greater area of known iron formation.
An airborne geophysical survey, comprising V-TEM, magnetic gradiometer and radiometrics has been scheduled for Q1 2012 and the survey is designed to map physical rock properties that will help target higher-grade pockets of haematite-dominated iron formation at surface. In tandem with this, acquisition of high-resolution photo imagery and satellite imagery has been completed and interpretation of the data is in progress.
Cardero Ghana has also signed a contract with a drilling firm in Ghana and drilling is expected to begin in Q1 2012. The initial drill contract is for 10,000 metres, with potential for additional metres thereafter. Construction of the field camp that will support this program has already begun.
The planned program will also include preliminary metallurgical assessment of the upper oxidized and lower primary banded iron formations. Large diameter core is being drilled to facilitate this testing. This work is slated to begin in Q2 2012.
Proposed Work Program
Cardero Ghana is the operator under the joint ventures and will, in collaboration with Emmaland, manage the work on the property. In accordance with the requirements of the prospecting licenses, Cardero Ghana has designed a preliminary exploration program that will, subject to the issuance of the required permits, commence in Q1 2012.
The purpose of the program will be to explore the entire 400 square kilometre licence block, within which iron formations have been already been mapped as outcropping over at least 35 kilometres of strike. The aim is to explore for pockets of direct shipping iron ore within the greater area of known iron formation.
An airborne geophysical survey, comprising V-TEM, magnetic gradiometer and radiometrics has been scheduled for Q1 2012 and the survey is designed to map physical rock properties that will help target higher-grade pockets of haematite-dominated iron formation at surface. In tandem with this, acquisition of high-resolution photo imagery and satellite imagery has been completed and interpretation of the data is in progress.
Cardero Ghana has also signed a contract with a drilling firm in Ghana and drilling is expected to begin in Q1 2012. The initial drill contract is for 10,000 metres, with potential for additional metres thereafter. Construction of the field camp that will support this program has already begun.
The planned program will also include preliminary metallurgical assessment of the upper oxidized and lower primary banded iron formations. Large diameter core is being drilled to facilitate this testing. This work is slated to begin in Q2 2012.
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