Mr. Michael Hunter reports

CARDERO SUBSIDIARY ENTERS INTO LETTER OF INTENT ON SHEINI HILLS PROJECT

Cardero Resource Corp. has been advised by its subsidiary, Cardero Iron Ore (BVI) Ltd., that it has entered into a letter of intent dated April 20, 2012, with T.M.T. Resources Inc., with respect to the acquisition by T.M.T. from the vendor of all of the issued and outstanding shares of its subsidiary, Cardero Iron Ore Ghana (BVI) Ltd. and an outstanding shareholder loan payable by Cardero Iron Ore Ghana to the vendor. Cardero Iron Ore Ghana's wholly owned subsidiary, Cardero Ghana Ltd., is party to certain joint ventures with Emmaland Resources Ltd. on the Sheini Hills iron project, located in the Zabzugu-Tatale district in the northern region of Ghana.

In consideration for the acquisition of Cardero Iron Ore Ghana and the shareholder loan, on closing T.M.T. must issue 30 million common shares to the vendor, and make a cash payment to the vendor of $10-million. T.M.T. is also required make an additional cash payment to the vendor equal to the expenditures incurred and paid for by Cardero Ghana under the current work program under way on the Sheini Hills project. Following closing, T.M.T. will be required to make the remaining payments under the joint ventures, as well as completing the required expenditures under the prospecting licences comprised in the Sheini Hills project. For details on these payments and expenditures, see news release from Jan. 23, 2012.

On closing of the acquisition, the board of directors and management of T.M.T. will be reconstituted, and it is anticipated that the reconstituted T.M.T. board and management will include a number of the current directors and officers of the company. Further details will be released as they become available.

Completion of the acquisition is subject to a number of conditions, including settlement and execution of formal documentation, the completion by T.M.T. of a non-brokered private placement to raise not less than $18.6-milllion, the acceptance for filing by the TSX Venture Exchange of the acquisition on behalf of T.M.T. and, if required by the TSX-V, approval by the disinterested shareholders of T.M.T. The transaction cannot close until the required approvals are obtained and conditions met. There can be no assurance that the acquisition will be completed as proposed or at all.

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