Cardero buys portion of Peruvian desert

Cardero buys portion of Peruvian desert

Canadian-based Cardero Resource Corp. has announced the acquisition of a 25'000-hectare iron sand property in the desert coastal region of southern Peru. While Cardero is still testing the sands, it is optimistic that the area could provide an excellent opportunity one day to produce iron ore. Henk Van Alphen, president of Cardero said, “This type of project has numerous encouraging aspects. An excellent operating environment, proximity to the Peruvian power grid and long term natural gas supply, the Pan American highway, as well as an established deep water, iron exporting facility in an area with mining history and an experienced work force. Finally, due to its relative proximity to the Asian markets, any potential project should enjoy significantly lower shipping costs when compared to more distant iron producers." The area was originally highlighted in 1974 by the Peruvian Ministry of Energy as part of a nationwide iron inventory study. Cardero Resource Corp. identifies world-class mineral deposits and facilitates production in attractive under-explored regions of Mexico, Peru and Argentina.