Why is Cardero Resources a hidden secret in Rare Earth Element sector you say?
Well because if you just read its profile you will never guess they have a big exposure in the Rare Earth Elements. You need to dig much deeper into their SEC 6k filing to find it (WML.V) IN Canada or (OTCQB:WMLLF) in USA, Wealth Minerals ltd.
- Wealth Initiates Exploration at Argentina's Largest Undeveloped Rare Earth Deposit-The 'Rodeo de los Molles' Project in San Luis Province, Argentina Marketwire (Thu, Oct 21)
September 8, 2010
CARDERO ACQUIRES ADDITIONAL SHARES OF
WEALTH MINERALS LTD.
Cardero Resource Corp. (“Cardero” or the “Company”) – (TSX: CDU, NYSE-A: CDY, Frankfurt: CR5) is pleased to announce that it has acquired an additional 2,380,953 common shares of Wealth Minerals Ltd. (“Wealth”), a public company headquartered in Vancouver B.C.
Wealth is an early stage mineral exploration company with approximately 40.37 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. Wealth’s focus is the acquisition and exploration of prospective uranium and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium and rare earth element projects in these and other countries.
The shares were acquired at a price of CAD 0.60 per share upon the exercise of share purchase warrants issued to Cardero as part of a private placement completed in October, 2009. As a result of this acquisition, Cardero now holds an aggregate of 5,031,306 common shares of Wealth, representing approximately 12.46% of the issued and outstanding common shares of Wealth. Cardero is not acting jointly or in concert with any other persons or companies in connection with such acquisition or the securities of Wealth control or direction over Wealth. Cardero will, however, review its holdings in Wealth from time to time, and may increase or decrease its position as future circumstances dictate.
The Company also wishes to announce that, pursuant to its 2002 Incentive Stock Option Plan, it has granted incentive stock options to an employee allowing them to purchase up to an aggregate of 100,000 common shares in the capital stock of the Company. The options are exercisable at a price of CAD 1.28 for a period of two years ending September 8, 2012.
About Cardero Resource Corp.
Cardero's focus through 2010 is to realise the considerable value it believes is locked in its remaining iron ore assets in the Marcona District of southern Peru, and in Minnesota, USA while continuing to progress its base and precious metal exploration projects in Argentina and Mexico, and aggressively seek out and potentially acquire new advanced stage projects. The common shares of the Company are currently listed on the Toronto Stock Exchange (symbol CDU), the NYSE-Amex (symbol CDY) and the Frankfurt Stock Exchange (symbol CR5). For further details on the Company readers are referred to the Company’s web site ( cardero.com ), Canadian regulatory filings on SEDAR at sedar.com and United States regulatory filings on EDGAR at sec.gov .
On Behalf of the Board of Directors of
CARDERO RESOURCE CORP.
“Hendrik van Alphen” (signed)
Hendrik van Alphen, President
Contact Information :
Steve Stakiw, Manager – Corporate Communications & Investor Relations
Phone: 1-888-770-7488 (604) 408-7488 / Fax: (604) 408-7499