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Cardero Resource Corp. Acquires Securities of Abzu Gold Ltd. |
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Thursday, 06 January 2011 04:42 |
Cardero Resource Corp. (TSX: CDU, NYSE-A: CDY, Frankfurt: CR5) announces that, effective December 21, 2010, it has acquired an aggregate of 8,634,007 common shares, representing 16.32%, of Abzu Gold Ltd. (TSXV:ABS), together with warrants to purchase an additional 3,782,000 common shares of Abzu.
If such warrants were exercised, the Company would then hold 12,416,007 shares of Abzu, representing 21.90% of the then issued common shares.
Abzu operates as a gold exploration and discovery company in Ghana, West Africa. Africa's 2nd largest gold producer and host to some of the world's largest gold deposits, Ghana has strong land title laws and is one of the world's most mining-friendly jurisdictions. Abzu has invested several years developing key local and national relationships and is expanding its strategic land positions on highly sought after and productive gold belts.
Abzu is well financed for its next phase of development and is positioned to continue aggressive work programs, strategic property acquisitions and joint ventures on targeted, prospective land. Abzu possesses experienced management; technical leadership; strategic in-country contacts; and an excellent shareholder base. Abzu has spent considerable time developing a unique understanding of Ghana, and has a long-term commitment to community partnerships designed to maximize benefits to the local peoples, guided by traditional and government participation.
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