Cardero Resource Corp. reported that, subject to TSX Venture Exchange (TSXV) acceptance, the company has secured loans in the aggregate amount of $150,000 (the Loans) with certain Directors of the company (the Lenders). The Loans have a two year term and bear interest at a rate of 12% per annum compounded annually, payable on the maturity date. The company has agreed to issue in aggregate 3,000,000 non-transferable bonus common share purchase warrants (each, a Bonus Warrant) to the Lenders. Each Bonus Warrant will entitle the holder to purchase one common share in the capital of the Company at an exercise price of $0.05 per share for a period of two years. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance. The funds available from the Loans will be used for general working capital.