Cardero acquiring Marcona properties

Vancouver-based precious metals explorer Cardero Resource (TSX-V: CDU) said it has agreed with a private Peruvian company to acquire some 30,000ha of land in the Marcona district of the Pacific coastal belt in Peru. Approximately 10,000ha of the total is subject to an underlying agreement with Rio Tinto Mining and Exploration Limited, a unit of London-based mining giant Rio Tinto (LSE: RIO), Cardero said. The private company holds the exclusive right and option to acquire a 100% interest in the properties from Rio Tinto subject to a 0.5% royalty and by spending $450,000 on exploration over three years ending August 22, 2006, and by paying Rio Tinto US$500,000 on or before August 22, 2007. Subject to regulatory approval, Cardero can earn a 100 % interest in all 30,000ha by assuming and performing all the commitments to Rio Tinto and by making relevant payments, it said.