Mr. Mario Stifano reports

CORDOBA MINERALS AND HPX INITIATE PHASE THREE OF THEIR JOINT VENTURE AT THE SAN MATIAS COPPER-GOLD PROJECT IN COLOMBIA

High Power Exploration Inc. (HPX), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries LLC, has completed phase two of the joint venture (JV) agreement with Cordoba Minerals Corp. and has now earned a 51-per-cent interest in the San Matias copper-gold project in Colombia. HPX has earned its 51-per-cent interest in the project by spending a cumulative total of $19-million in exploration expenditures.

Phase 3 of the joint venture agreement has now commenced. HPX can increase its ownership in the San Matias project to 65 per cent by completing a feasibility study on the project.

Mario Stifano, president and chief executive officer of Cordoba, commented, "We are pleased that our partner HPX has committed to moving the highly prospective San Matias copper-gold project to the feasibility stage as we continue with our aggressive exploration program."

About San Matias project

The San Matias copper-gold project comprises a 20,000-hectare land package on the inferred northern extension of the richly endowed Mid-Cauca belt in Colombia. The project contains several known areas of porphyry copper-gold mineralization, copper-gold skarn mineralization and vein-hosted, gold-copper mineralization. Porphyry mineralization at the San Matias project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries containing secondary biotite alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite and bornite. The copper-gold skarn mineralization at Alacran is associated with strata-bound replacement of a marine volcano-sedimentary sequence. The nature of mineralization encountered at San Matias is similar to other large high-grade copper-gold deposits.

About Cordoba Minerals

Cordoba Minerals is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba has a joint venture with High Power Exploration on the highly prospective, district-scale San Matias copper-gold project located at sea level with excellent infrastructure and near operating open-pit mines in the department of Cordoba.

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