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Next Steps

Metallurgy

Cardero will continue to investigate metallurgical processes over the coming months to define improved metallurgical processing techniques. Immediate work will involve optimizing grind size and rotary kiln temperature and residence time for the beneficiation roast. It is likely that the final process will involve an initial coarse grind, reduction roast, additional grind and magnetic separation. More work will be required to prove that this technique will produce a saleable magnetite concentrate. Upgrading of the raw sample to a higher grade concentrate prior to melting would greatly enhance the potential economics of producing higher value pig iron at Sheini. Future smelting work will focus on use of beneficiated roast concentrate as feedstock to the electric arc furnace instead of raw material.

Potential Resource Expansion

Phase I drilling defined an inferred mineral resource over a strike length of approximately 9 kilometres. Airborne geophysical surveys carried out during 2012 defined anomalies over an additional strike length of approximately 24 kilometres and these anomalies were confirmed to be coincident with iron mineralization by reconnaissance mapping. Drill targets over this trend will require approximately 18,000 metres of diamond drilling to be tested. No further drilling is planned until metallurgical testing has been completed and a viable process route has been confirmed.

Qualified Person

Howard Baker B.Sc., M.Sc., MAusIMM (CP) a Principal Geologist (Mining Geology) with SRK Consulting (UK) Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the SRK Report and, in particular, the resource estimate contained therein. Mr. Baker has 18 years practical experience in the mining industry, with the previous 10 years focussed on iron ore mining, exploration and mineral resource estimation. Mr. Baker worked as a Senior Mine Geologist at the BHP Billiton, Yarrie Operation in the Pilbara region of Western Australia and as a Specialist Resource Geologist for Rio Tinto Iron Ore, also in Pilbara region of Western Australia. Following this, Mr. Baker has worked a Principal Geologist for SRK on numerous iron ore deposits including those in West and Central Africa, Sweden, Finland, Canada, Portugal and Armenia. Mr. Baker has also reviewed and approved the disclosure in this news release. Both Mr. Baker and SRK are independent of the Company under NI 43-101.

ABOUT CARDERO RESOURCE CORP.

The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-MKT (symbol CDY) and 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.

Michael Hunter, CEO and President

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements regarding the discovery and delineation of mineral deposits/resources/reserves, the potential for the expansion of the current estimated resource at Sheini, the potential for the reduction of phosphorous during upgrade to concentrate or via post-smelting ladle treatment; the potential for the economic exploitation of any of the mineral deposits at Sheini, the potential for the production of pig iron from Sheini mineralization, the potential for the Company to define improved metallurgical processing techniques, the likely makeup of the final treatment process for Sheini mineralization, the potential to be able to upgrade raw material to a higher grade concentrate; the potential for there to be a saleable concentrate or pig iron produced from Sheini mineralization; business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource/reserve estimates may also be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. 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, postulate and similar expressions, or are those, which, by their nature, refer to future events.