Cardero No Longer Planning to Acquire Trefi Coal Property

Cardero Resource Corp. (TSX:CDU,AMEX:CDY) announced that it has opted to withdraw from its non-binding letter of intent with Anglo Pacific Group plc (LSE:APF), and will no longer be acquiring the Trefi Coal Property.

As quoted in the press release:

Following a period of due diligence, the Company has determined that the contemplated Trefi investment does not fit with its current northeast coalfield strategy.

Under the terms of the LOI, Cardero will pay Anglo Pacific a break fee of $75,000 plus certain ancillary expenses incurred by Anglo Pacific in connection with the LOI.

Click here to read the full Cardero Resource Corp. (TSX:CDU,AMEX:CDY) report.