Cardero Resource Corp announced that it has received an initial mineral resource estimate for the Pampa El Toro Iron Sands deposit in south western Peru from SRK Consulting Inc. Indicated and inferred resources have been defined over an approximate area of 1,595 hectares and only to a nominal depth of 30 metres from surface as follows:
| Category | Volume | Tonnes | Fe2O3 | TiO2 |
| Indicated | 133,608,000 | 241,831,000 | 6.66% | 0.72% |
| Inferred | 348,000,000 | 629,881,000 | 6.48% | 0.70% |
Although a 30 meter cut off depth was selected by SRK as a conceptual mining depth to provide a 30 year life of mine drill testing of dune sand has been undertaken up to 6 meters depth in certain drill holes and has returned similar grades.
Previous bulk testing in a pilot plant scale magnetic concentrator clearly demonstrated that iron mineralization readily upgrades from the 'Run-Of-Mine' grades outlined above to produce commercial grade iron concentrates of 65.1% Fe. Additionally, various melting/metallurgical studies since the project's inception in 2005 indicates the resultant iron concentrate can be further upgraded to produce premium quality pig Iron with potentially payable titanium & vanadium reporting to the slag.
Mr Henk van Alphen president & CEO of Cardero said that "This initial resource estimate advances Cardero's Pampa El Toro project towards anticipated development as a large bulk-tonnage iron titanium vanadium operation. These very positive results give Cardero the confidence to advance the project to the next stage, particularly given its low cost operating potential and anticipated quick development time."