Cardero Completes Acquisition of the Zonia Copper Deposit

Cardero Resource Corp (TSXV:CDU) has reported that it has completed acquisition of an undivided 100-percent interest in the Zonia copper deposit in Arizona.

A preliminary economic assessment for Zonia was completed in March 2018

As quoted in the press release:

Under the terms of the option agreement dated August 27, 2015, as amended between the company and Redstone Resources Corporation, the company was granted the right to acquire up to a 100 percent interest in the property in consideration of, among other things, the aggregate cash payment of US$2,425,000 and issuance of an aggregate of 16,500,000 common shares over a three-year period.

Pursuant to an amendment dated October 3, 2018 Redstone was granted an option to convert US$500,000 of the remaining cash payments to common shares of the company. Redstone exercised that option and a total of 6,179,099 common shares were issued in lieu of US$500,000 cash. As a result, the total consideration paid to Redstone has been adjusted to US$1,925,000 cash and 22,679,099 common shares.

The company issued 5,000,000 common shares October 31, 2018, the delivery of which completes all share issuances associated with the acquisition.

Click here to read the full Cardero Resource Corp (TSXV:CDU) press release.