Mr. Mario Stifano reports

CORDOBA MINERALS INTERSECTS 4,440 G/T GOLD, 10.25% COPPER, 24.7% ZINC AND 347 G/T SILVER OVER 0.9 METERS IN NEW DISCOVERY

Cordoba Minerals Corp. and its joint venture partner, High Power Exploration Inc. (HPX), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries LLC, have provided an update. Drilling at the San Matias copper-gold project in Colombia has intersected bonanza gold veins at Alacran. The discovery of this new style of high-grade gold mineralization represents a separate and significant exploration opportunity at Alacran.

Alacran drilling highlights:

• ACD036:
  • 0.90 metre at 4,440 grams per tonne gold (Au) plus 10.25 per cent copper (Cu) plus 24.70 per cent zinc (Zn) plus 347 g/t silver (Ag).
• Part of:
  • Five m at 800.90 g/t Au plus 3.70 per cent Cu plus 8.60 per cent Zn plus 88.63 g/t Ag;
  • 136.00 m at 1.00 per cent Cu plus 0.56 g/t Au (cut*).

The 0.90-metre bonanza-grade gold intersection in ACD036 is hosted in a late-stage, chalcopyrite-sphalerite-carbonate-coarse gold vein that overprints earlier chalcopyrite-pyrrhotite copper-gold mineralization. The high-grade gold vein is similar to carbonate base metal (CBM) vein systems found globally, including Barrick Gold's Porgera gold mine and also Continental Gold's Buritica deposit, located south of Cordoba's licences along the Mid-Cauca belt in Colombia.

The discovery of these structurally controlled high-grade gold-rich veins represents an important new target to add extremely high-value material within the existing inferred copper-gold mineral resource shell and resource expansion. The CBM vein in ACD036 was intersected at a depth of approximately 90 metres below surface. Copper-gold mineralization at Alacran has been intersected over a strike length of 1.3 kilometres, to widths of up to 400 metres, and extends from surface to depths of more than 260 metres below surface.

Mario Stifano, president and chief executive officer of Cordoba, commented: "We are excited by the discovery of bonanza-grade gold in CBM veins as this new style of mineralization adds another significant exploration front to potentially increase the size and scope of mineralization at Alacran. We are still in the very early stages of our aggressive exploration program at our district-scale San Matias copper-gold project, but our best-in-class exploration team and HPX's proprietary Typhoon technology, reminds us that anywhere, any time, there is potential for a significant discovery at San Matias."

Drilling at Alacran will now focus on testing the updip eastern extensions of the deposit, the extent of the newly discovered CBM veins including structural controls and the potential source for the mineralization at Alacran.

Alacran copper-gold system

The Alacran copper-gold system is located within the San Matias copper-gold project in the department of Cordoba, Colombia. 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.

The Alacran system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are considered favourable. Initial inferred resources at Alacran are 53.5 million tonnes of 0.70 per cent copper and 0.37 g/t gold. Alacran is approximately two kilometres southwest of the company's Montiel porphyry copper-gold discovery, where drilling interested 101 metres of 1.0 per cent copper and 0.65 g/t gold, and two kilometres northwest of the Costa Azul porphyry copper-gold discovery, where drilling interested 87 metres of 0.62 per cent copper and 0.51 g/t gold. The copper-gold mineralization at Alacran is associated with strata-bound replacement of a marine volcano-sedimentary sequence in the core of a faulted antiformal fold structure. The deposit comprises moderately to steeply dipping stratigraphy that is mineralized as a series of subparallel replacement-style zones and associated disseminations. The copper-gold mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprising chalcopyrite-pyrrhotite-pyrite that appears to overprint an early magnetite metasomatic event.

Technical information

The technical information has been reviewed and verified by Dr. Christian J. Grainger, PhD, a qualified person for the purpose of National Instrument 43-101. Dr. Grainger is a geologist with over 15 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a member of the Australian Institute of Geoscientists (AIG).

Copper-equivalent values have been calculated using a $1,300-(U.S.)-per-ounce-gold price and $2.50-(U.S.)-per-pound-copper price.

Cordoba utilizes a comprehensive industry-standard quality assurance/quality control program. HQ and NQ diamond drill core is sawn in two halves, and one-half is sampled and shipped to a sample preparation laboratory. The other half of the core is stored in a secure facility for future assay verification. All samples are prepared at ALS Minerals Laboratory in Medellin, Colombia, and assayed at ALS Minerals Laboratory in Lima, Peru. ALS Minerals operates in accordance with ISO/IEC 17025.

Gold is determined by 50-gram fire assay with an atomic aborption spectroscopy finish. An initial multielement suite comprising copper, molybdenum, silver and additional elements is analyzed by four-acid digest with an ICP-ES (inductively coupled plasma emission spectroscopy) or ICP-MS (inductively coupled plasma mass spectrometry) finish. All samples with copper values over 2,000 parts per million are reassayed by a method for higher grades, which also uses a four-acid digest with an ICP-ES finish.

Selected samples of elevated gold grades are submitted to ALS Lima for metallic screen analysis to accurately represent grades given the presence of coarse gold.

The exact location of ACD036 drill hole collar has not been disclosed for strategic business purposes.

Joint venture agreement

The San Matias project is a joint venture between Cordoba and HPX. HPX has earned a 51-per-cent interest in the San Matias project by spending a cumulative total of $19-million on exploration expenditures on the project. Cordoba and HPX have entered phase three of their joint venture agreement, whereby HPX can earn a 65-per-cent interest in the project by completing a feasibility study.

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.

                                  DIAMOND DRILL HOLE RESULTS AT THE ALACRAN PROJECT*
  
Hole            From  To Interval  eCu capped*  Cu capped*       Au capped*       Au uncapped       Ag   Zn  Cut-off
ID               (m) (m)      (m)          (%)         (%)            (g/t)             (g/t)    (g/t)  (%)      (%)

ACD036             2  16       14         0.34        0.22             0.16              0.16     0.89 0.01 0.3% eCu
ACD036            46 182      136         1.38        1.00             0.56                      10.93 0.50 0.3% eCu
ACD036 including  78 124       46         2.68        1.94             1.17                      24.74 1.25 1.0% eCu
ACD036 including  86 108       22         3.28        2.58             0.93              0.93    26.55 0.43 2.0% eCu
ACD036 including 112 117        5         4.94        3.65             3.50            800.90    88.63 8.60 2.0% eCu
ACD036           224 242       18         0.51        0.28             0.30              0.30     1.09 0.01 0.3% eCu

Notes

* Intercepts calculated using a:

• 0.3-per-cent copper-equivalent (eCu) cut-off with six m maximum internal dilution and a six m minimum width;
• 1.0-per-cent eCu cut-off using four m maximum internal dilution and four m minimum width;
• 2.0-per-cent eCu cut-off using two m maximum internal dilution and two m minimum width;
• The "includes" intercepts are found within the preceding intercept, and represent higher-grade portions therein;
• True-width intervals of the mineralization are interpreted as being between 90- and 100-per-cent true widths from oriented diamond drill core and sectional interpretation;
• Copper-equivalent (eCu) calculations assume a $2.50-(U.S.)-per-pound-copper price and a $1,300-(U.S.)-per-ounce-gold price;
• For intercept calculations: sample assays of copper, gold and copper equivalent are all capped to 10 per cent Cu, 10 g/t Au and 10 per cent eCu.

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