Cardero Commences Drilling at the Incahuasi Gold Project

VANCOUVER, BRITISH COLUMBIA, Jan 22 (MARKET WIRE) --
Cardero Resource Corp. ("Cardero" or the "Company") (TSX: CDU)(AMEX:
CDY)(FRANKFURT: CR5) is pleased to announce that drilling has commenced
on its 100% owned Incahuasi Gold Project, Catamarca Province,
north-western Argentina. The five diamond drill hole program is scheduled
to drill a total of 1,100 metres. Cardero's Incahuasi Gold project lies
outside of the Newmont Exploration Alliance area, and therefore is not
subject to any of the terms of the Alliance agreement.

Incahuasi Project Background

Incahuasi is located in the pro-mining Catamarca Province, Argentina. The
property consists of seven minas and two cateos (665 hectares) centered
on the former Incahuasi gold mine, the most significant historical
high-grade Sediment Hosted Vein (SHV) type gold producer in the region.

To view the map accompanying this release please click on the following
link: http://www.ccnmatthews.com/docs/0122car2.jpg

Mining activity at Incahuasi dates back to the pre-Hispanic and Jesuit
periods, with modern mining techniques first used at the Incahuasi mine
from 1936 to 1954. During this period, Nueva Compania Minera Incahuasi
conducted a 40 tonne per day operation exploiting a series of high-grade
quartz veins, reportedly ranging from 9.8 g/t to 43 g/t gold on six
underground levels. High-grade gold values up to 300 g/t gold are
reported from quartz veins within the deposit. Mining ceased at a depth
of 130 metres in ore grade rocks, not due to a lack of gold bearing
veins, but rather due to flooding which inhibited further mining efforts.

Cardero Exploration

Reconnaissance scale sampling conducted by Cardero targeted surficial
quartz veins, altered sediments with quartz veinlets, and tailings from
the historical workings. The average grade from a total of 108
characterization or grab samples was 4.3 g/t gold and in-situ veins
returned values up to 231 g/t gold (for details, see NR07-21).

Subsequently, trenching at the Western Vein Group, located 200 metres
west of the former Incahuasi mine, cut 33.5 metres at 3.35 g/t gold
within which 14 metres grades 6.9 g/t gold. An additional nine trenches
along strike and to the north of the mine returned geochemically
anomalous values ranging from below detection limit to 5.22 g/t gold and
averaged 0.28 g/t gold.

Following these highly positive sampling results, Cardero systematically
explored the Incahuasi property through a phased program of detailed
structural and alteration mapping. The resulting exploration model was
subsequently tested with an initial drill program of five geological
drill holes prior to subsequent geophysics and target drill-testing. The
drill program successfully confirmed a number of predicted structural
settings, specifically, the role of late, low-angle fault zones.

A geophysical Induced Polarisation (IP) survey was initiated in November
2007. During initial interpretation of the survey, it was noted that
little detail could be seen in the IP data. This is thought to be due to
water/salt saturation related to the nearby salar, which provides an
extremely conductive background environment. As a result, the amplitude
of electrical responses and contrasts was too low to allow effective
interpretation of the targeted shear zones. Only nine of the planned
twenty IP lines were completed and the survey was cut-short in favour of
drill testing.

To view the map accompanying this release please click on the following
link: http://www.ccnmatthews.com/docs/0122car1.jpg

Drill Program

The current drill program is designed to test the main Incahuasi Shear
Zone at depth and along strike. It will also test the depth extent of
veining and gold mineralisation at the Western Vein Group. The initial
1,100 metre drill program should be complete by the end of February.
Additional funds are available for follow-up drilling, which will be
contingent on results.

Qualified Person and Quality Control/Quality Assurance

EurGeol Mr. Keith J. Henderson, Cardero's Vice President-Exploration and
a qualified person as defined by National Instrument 43-101, has
supervised the preparation of 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.

About Cardero Resource Corp.

Cardero's focus through 2008 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. 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 content of future anticipated exploration programs and
the anticipated results thereof and the potential discovery and
delineation of mineral deposits/resources/reserves at the Company's
Incahuasi 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, including
those detailed above.

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.

NR08-04

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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