March 21, 2013: Vancouver, B.C. – Cardero Resource Corp. (Stock Profile – TSX:CDU & NYSE-MKT:CDY) has signed a letter of intent with Canadian Forest Products Ltd. outlining the terms under which Cardero Coal will charter the Williston Transporter for transportation of metallurgical coal from Carbon Creek to the railhead at Mackenzie, B.C. This charter party arrangement will terminate at the end of 2015, at which time it is anticipated that Cardero Coal’s purpose-built tug and barge will be commissioned to transport coal through the remainder of the currently proposed mine life.
Under the terms of the LOI, the Companies will enter into two definitive agreements, being a Charter Party relating to the MV Williston Transporter and a Timber Harvesting Agreement relating to mine site logging prior to mine construction. Cardero Coal will pay for the charter of the MV Williston Transporter, but anticipates receiving revenue from the logging of the mine site under the Timber Harvesting Agreement.
MV Williston Transporter
Cardero Coal intends to transport coal from the proposed Carbon Creek mine site to the railhead at Mackenzie via the Williston Reservoir, using a tug and barge system. It is anticipated that Cardero Coal’s purpose-built tug and barge solution will be constructed on site at Mackenzie. A Request for Qualification has been circulated to engineering firms with marine experience and responses are currently under review. It is anticipated that the final design and tender process will begin in Q2 and will be completed in early Q3 2013.
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