U.S. Markets closed

Cardero Resource secures access to coal transportation barge

Cardero Resource announces that Cardero Coal has signed a letter of intent, or LOI, with Canadian Forest Products outlining the terms under which Cardero Coal will charter the MV Williston Transporter for transportation of metallurgical coal from Carbon Creek to the railhead at Mackenzie, BC. This charter party arrangement will terminate at the end of 2015, at which time it is anticipated that Cardero Coal's purpose-built tug and barge will be commissioned to transport coal through the remainder of the currently proposed mine life. Under the terms of the LOI, the Companies will enter into two definitive agreements, being a Charter Party relating to the MV Williston Transporter and Timber Harvesting Agreement relating to mine site logging prior to mine construction. Cardero Coal will pay for the charter of the MV Williston Transporter, but anticipates receiving revenue from the logging of the mine site under the Timber Harvesting Agreement.