Mr. Michael Hunter reports

CARDERO GRANTS INCENTIVE STOCK OPTIONS

Pursuant to Cardero Resource Corp.'s 2002 incentive stock otion plan, it has granted incentive stock options to certain directors, officers, employees and consultants allowing them to purchase up to a total of 537,000 common shares in the capital stock of the company. The options are exercisable at a price of $1.16 for a period of two years ending March 23, 2014.

We seek Safe Harbor.