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Corporate Presentation
NOVEMBER 2012
Corporate Presentation
This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities
legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration
programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the expansion of the estimated resources at Carbon Creek,
the completion of a feasibility study for the Carbon Creek deposit, the potential for a production decision to be made regarding Carbon Creek the acquisition of the right to acquire an interest in the
Sheini Hills project, the potential commencement of any development of a mine at Carbon Creek following a production decision, business and financing plans and business trends, are forward-
looking statements. Information concerning mineral resource estimates may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be
encountered, and the results of mining it, if a mineral deposit were developed and mined.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially,
from those expressed or implied by forward looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove incorrect, including, but not
limited to, assumptions about the price of coal, iron ore and other minerals, the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement
and carry on the Companys planned exploration and potential development program at Carbon Creek; the Companys ability to attract and retain key staff, particularly in connection with the
carrying out of a feasibility study and the development of any mine at Carbon Creek, the timing of the ability to commence and complete the planned work at Carbon Creek, the ongoing relations of
the Company with its underlying lessors and the applicable regulatory agencies, and the timetable for the completion of the feasibility study for Carbon Creek.
Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially and adversely from those set
out in the forward-looking statements as a result of, among other factors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Companys inability to obtain
any necessary permits, consents or authorizations required for its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other
government actions, fluctuations in commodity prices and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations, and business and operational risks
normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed in the Companys most recent Annual Information Form filed with certain
provincial securities commissions in Canada and in the Companys most recent Form 40F filed with the United States Securities and Exchange Commission, available at www.sedar.com and
www.sec.gov, respectively. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of
this presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person
acting on its behalf are qualified by the cautionary statements herein. Scientific or technical information contained herein is derived from the independent NI43-101 technical reports which include
more detailed information with respect to the Companys properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the
key assumptions, methods and parameters used in the resource estimates, a general discussion of the extent to which the resource estimates and the other estimates and projections included in the
reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues and you are urged to review such reports in their
entirety.
The Company uses certain terms in this presentation, such as resources, indicated and inferred that the SECs guidelines strictly prohibit U.S. registered companies from including in their
filings with the SEC. Accordingly, the Companys disclosures regarding mineralization may not be comparable to similar information disclosed by US registered companies. The presentation
contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has
no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Companys properties.
You are urged to consider closely the disclosure in the Companys latest Form 40-F annual report, which may be secured from the Company, or from the SECs website at www.sec.gov.
800
Prefeasibility
Unclassified Study
700
Inferred CONTINUED RESOURCE GROWTH
600
Indicated
500 Measured Preliminary 2012 drilling will provide data for
400 Reserves Economic resource update for the 2013 Feasibility
Assessment
Study
300 Initial
43-101
200
100
0
1975 1976 2010 2011 2012
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources shown in this table have been excluded from the PFS for the purposes of
mine planning and financial evaluation. Mineral reserves are included in measured and indicated mineral resources. The Company cautions that the accuracy of resource and reserve estimates
is, in part, a function of the quality and quantity of available data and of engineering and geological interpretation and judgment. Given the data available at the time the estimates were
prepared, the estimates presented herein are considered reasonable. However, they should be accepted with the understanding that additional data and analysis available subsequent to the
date of the estimates may necessitate revision. These revisions may be material. There is no assurance that any mineral resources, other than those already identified in the PFS as proven or
probable reserves, will ultimately be reclassified as proven or probable reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Brule Mine
Huguenot Deposit
RELATIVE SCALE
Sections presented at the same scale
Willow Creek Mine Carbon Creek is several times larger
Size of Carbon Creek resource contributes to
flexibility of mining, potential production rate,
Brule Mine potential LOM, consolidation of production
Multiple seams contribute to tailored product
specification , potential production rate
Simple geology contributes to flexibility in
Belcourt North Deposit mining methods, particularly underground
Barge
Route PEACE RIVER COALFIELD
Four operating mines
4.1Mtpa
Average production rate is 0.92Mtpa
Average reserve base is 17.35Mt
LOGISTICS
Simple geology allows for concurrent surface
and underground mining
Initial mining focused in north and central
areas
Plant location within 8km of all surface pits
and adjacent to barge loading facilities
Carbon
Inlet
Carbon
Inlet
Plant
Barge Loading
Central Surface
Mine
Current Camp
HARD COKING COAL 2.0 5.5 7.0 < 0.90 20 - 30 65 - 70 7,600 - 8,000 6.0 - 7.0
SEMI SOFT / PCI 1.0 1.5 2.5 5.5 0.85 26 - 30 66 - 74 7,600 8,000 2.0 4.0
60% Hard Coking Coal, 34% Semi-Soft / PCI, 6% Thermal (near-surface oxidized coal)
Carbon Creek coals are comparable to other premium coal products in northeast BC
The coal has distinct advantages
1. LOW PHOSPHORUS
2. LOW ASH CONTENT
*Optionality with respect to Semi-Soft and PCI products is reflected in an average High Volatile Metallurgical Coal price
*Average price based on projected volumes of coal products sold over mine life: 60% hard coking coal,
34% semi-soft / PCI, 6% premium thermal (near-surface oxidized coal)
CRITICAL MILESTONES*
Feasibility Study Q2 2013 - facilitates concurrent permit submission
Delivery of Mine Permit in Q1 2014 construction commences
First coal Q4 2014
* Timelines and dates are estimates that cannot be guaranteed and may be subject to change.
SHARE CAPITAL
~93.4 M shares outstanding
~108.8 M shares fully diluted
52 week high-low $1.56 - $0.53
ANALYST COVERAGE
Henk Van Alphen Managing Director Michael Hunter President & CEO
27 years mining business experience
Extensive public company experience Angus Christie Chief Operating Officer
25 years coal mining, resource management & mine development
Sale of Pampa de Pongo iron deposit for $100M (2009)
Previously Manager Strategy and Resources for Anglo Coal
Ryan Dunfield Director Keith Henderson Executive Vice President
Financial professional experienced in capital markets 20 years global mining-industry experience, including metallurgical coal
Specializing in acquisition and divestiture in resource sector Previously Project Manager at Anglo Coal
COMPLETED FUTURE
Hired Chief Operating Officer Q2 2012 Recruitment of key personnel Q4 2012
19 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY Note: Estimated schedule. Actual times may vary.
Summary
NPV8 $633M
20 Cardero Resource Corp. | TSX: CDU | NYSE-MKT: CDY
Contact
Michael Hunter
President & CEO
mhunter@cardero.com
Nancy Curry
Corporate Communications
ncurry@cardero.com
1-604-408-7488
www.cardero.com