Cardero Initiates Scoping Study and Resource Definition Program at Its Pampa de Pongo Iron Deposit, Peru

VANCOUVER, BRITISH COLUMBIA, Jan 15 (MARKET WIRE) --
Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU)(AMEX:
CDY)(FRANKFURT: CR5) is pleased to announce that it has initiated a
mining scoping study and resource definition program at its Pampa de
Pongo Iron Deposit in Peru.

The scoping study will be produced by the internationally respected
consulting firm SRK Consulting Engineers and Scientists (SRK) and is
designed to determine the optimum mining method and estimated production
costs. In tandem with the scoping study, Cardero is implementing a 30,000
metre definition drilling program, anticipated to commence in February,
which is designed to deliver a National Instrument 43-101 compliant
combined Indicated and Measured Resource in the third quarter of calendar
2008.

Cardero's focus over the coming 6 months will be to realise the
considerable value which it believes is locked in the Company's
significant iron ore assets, while continuing to progress its base and
precious metal exploration projects in Argentina and Mexico. As part of
this process, Cardero's iron ore assets are in the process of being
transferred to its wholly owned subsidiary, Cardero Iron Ore Company Ltd.

PERU IRON PROJECTS

Pampa de Pongo Iron Deposit

Cardero's 100% owned Pampa de Pongo Iron deposit is the largest
undeveloped iron resource on the western seaboard of the Americas, with a
N.I. 43-101 Inferred Resource of 953 Mt @ 44.7% iron and 0.12% copper.
Cardero is investigating the possibility of extracting iron ore through
an underground caving operation and producing a blast furnace or direct
reduction grade iron pellet product for shipping from the San Nicolas
deep water port, 40 kilometres to the west.

Preliminary metallurgical work on 'run-of-mine' mineralization by Rio
Tinto indicates that the mineralization is readily upgradeable to form
either a 69% iron concentrate or a high quality 67% iron oxide pellet.
Consequently, the Company has initiated a 30,000 metre definition drill
program, which is designed to upgrade the National Instrument 43-101
Inferred Resource to a combination of Indicated and Measured Resource
status.

SRK will design and oversee programs for the collection of geotechnical
and geological data from drill core during the planned drill program,
which is expected to commence in February and continue through to July
2008. SRK has also been retained to complete a Mine Scoping Study,
scheduled to commence in early February. The scoping study will focus on
determining the likely mining methods and will include an initial
caveability and fragmentation assessment of the massive central orebody.
Overburden characteristics, hydrogeology and major structural features
will all be reviewed. The scoping study will also determine the range of
potential mining costs, which should permit the development of a robust
financial model for the deposit.

In the main Central Zone, the top of the high-grade semi-massive
magnetite resource is typically 350 metres below surface, with
intersections up to 302 metres @ 51.6% iron and 0.10% copper. Cardero
believes that this portion of the resource may be suitable for an
underground cave mining operation. The overlying stockwork zone includes
shallow intersections of up to 347 metres @ 22.5% iron. The scoping study
will investigate the possibility of extracting this material from surface
by open-pit methods. This mineralisation has not been included in the
current inferred resource and, if the extraction of this material appears
viable, the scoping study will include an updated Pampa de Pongo Inferred
Resource including this material.

A primary attractive feature in the potential development of the Pampa de
Pongo deposit is the excellent infrastructure including: proximity to the
deep water port at San Nicolas, the fact that the Pan-American highway
passes within 6 km of the deposit and that a paved road and high-tension
power line cross the property immediately adjacent to the Central Zone
and the existence of a pre-existing iron mining labour pool.

Pampa el Toro Iron Sands Project

Cardero has purchased a dry magnetic separation pilot plant from ERIEZ
Manufacturing Co., which is presently en-route to the Company's custom
built testing facility in Peru where approximately 1,400 tonnes of Pampa
el Toro 'Run Of Mine' (ROM) material has been excavated from the
extensive magnetite bearing dune field and is securely stored. ROM
material will be upgraded by magnetic separation to produce approximately
40 tonnes of iron concentrate anticipated to grade between 50 and 60%
iron. This phase of the work programme is scheduled to commence in
February 2008.

The concentrate will subsequently be exported to the United States for
pilot plant scale melting tests, which were designed by Cardero Iron's
President Glenn Hoffman to produce a premium quality pig iron ranging
from 96 to 98% iron and 2 - 4% carbon. In tandem with the above work, SRK
have been retained to complete the 43-101 compliant resource estimate for
the Pampa el Torro project.

Completion of the above programs is subject to the Company securing the
necessary funding.

Qualified Person

EurGeol Mr. Keith J. Henderson, Cardero's Vice President-Exploration and
a qualified person as defined by National Instrument 43-101, has reviewed
the scientific and technical information that forms the basis for this
news release. Mr. Henderson is not independent of the Company as he is an
officer and shareholder.

The work programs at Pampa de Pongo and Pampa el Toro were designed and
are supervised by Keith J. Henderson, Vice President, Exploration of
Cardero, who is responsible for all aspects of the work, including the
quality control/quality assurance program. On-site personnel at the
project rigorously collect and track samples which are then security
sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system
complies with the requirements for the International Standards ISO
9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are
monitored by the analysis of reagent blanks, reference material and
replicate samples. Quality control is further assured by the use of
international and in-house standards. Blind certified reference material
is inserted at regular intervals into the sample sequence by Cardero
personnel in order to independently assess analytical accuracy. Finally,
representative blind duplicate samples are forwarded to ALS Chemex and an
ISO compliant third party laboratory for additional quality control.

About Cardero Resource Corp.

The Company is currently exploring projects in Argentina, Mexico and
Peru. It is actively evaluating new gold, copper and iron projects, while
continuing to maintain an ongoing pipeline of prospects. The common
shares of the Company are currently listed on the Toronto Stock Exchange
(symbol CDU), the American Stock Exchange (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.

Hendrik van Alphen, President

This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 27E of the Exchange Act.
Such statements include, without limitation, statements regarding the
timing, cost and nature of future anticipated exploration programs and
the results thereof, the potential discovery and delineation of mineral
deposits/resources/reserve, and the possibility of upgrading the
classifications of resources, at the Company's Pampa de Pongo and Pampa
el Torro projects, the potential successful separation of a magnetic
concentrate, and the potential grade of such concentrate, at the Pampa el
Torro project, and the successful production of a "premium quality" pig
iron from the concentrate from the Pampa el Torro project. 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, potential and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from those in
forward looking statements as a result of various factors, including, but
not limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, the inability of the Company to
obtain any necessary permits, consents or authorizations required for its
activities, the inability of the Company to produce minerals from its
properties successfully or profitably, the inability of the Company to
continue its projected growth, the inability of the Company to raise the
necessary capital to continue its operations or to be able to fully
implement its planned business strategies.

All of the Company's Canadian public disclosure filings may be accessed
via www.sedar.com and its United States disclosure filings via
www.sec.gov and readers are urged to review these materials, including
the technical reports filed with respect to the Company's mineral
properties.

This press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States.

Toronto Stock Exchange
has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release, which has been prepared by
management.

Contacts:
Cardero Resource Corp.
Quentin Mai
Manager - Corporate Communications & Investor Relations
1-888-770-7488 or (604) 408-7488
(604) 408-7499 (FAX)
Email: qmai@cardero.com
Website: www.cardero.com

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