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NYSE-MKT Accepts Cardero’s Plan of Compliance

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Cardero Resource Corp. (TSX:CDU)(NYSE MKT:CDY)(FRANKFURT:CR5) reports that it pursuant to the deficiency letter received from the NYSE-MKT LLC on June 25, 2013 release dated the Company received notice from the NYSE MKT Staff indicating that the Company is below certain of the Exchange’s continued listing standards due to its financial condition becoming so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature, as set forth in Section 1003(a)(iv) of the NYSE-MKT Company Guide. The Company was afforded the opportunity to submit a plan of compliance to the Exchange and on July 12, 2013 presented its plan to the Exchange. On August 9, 2013 the Exchange notified the Company that it accepted the Company’s plan of compliance and granted the Company an extension until November 29, 2013 to regain compliance with the continued listing standards. The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT LLC.
 

“I am delighted that we will continue to be listed on the NYSE-MKT Exchange as we move the Company towards compliance,” stated Henk van Alphen, Cardero’s President and CEO. “Our listing in the United States is important to the Company. Commodity markets are cyclical and have been very depressed this year however, metallurgical coal prices are beginning to show signs of recovery on the spot market. We want Cardero’s U.S. shareholders to participate as we provide shareholder value going forward.”
 

About Cardero Resource Corp.
 

The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-MKT (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5).

Posted August 14, 2013

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