Cardero Resource Corp. jumps on iron deposit sale newsShares of Cardero Resource Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : T.CDU CDU Christlich-Demokratische Union (German: Christian Democratic Party) CDU Clasificación Decimal Universal (Spanish) CDU Control & Display Unit CDU Control Display Unit , Stock Forum) surged more than 25% to $1.27, after the company announced Thursday afternoon that it has reached a deal with a subsidiary of Nanjinzhao Group Co. Ltd. to amend an October agreement for the subsidiary’s purchase of the Pampa Pampa (păm`pə), city (1990 pop. 19,959), seat of Gray co., extreme N Tex. This cow town on the Panhandle plains still ships cattle and wheat and packs meat, but the discovery of oil and gas has made it an industrial center with refineries and de Pongo Iron Deposit in Peru. As reported last October, Cardero entered into an agreement to sell the Pampa de Pongo Iron Property to integrated iron and steel conglomerate Nanjinzhao Group for US$200 million. Earlier this week, the company reported that Nanjinzhao’s subsidiary had requested a price reduction due to difficult global economic conditions that have significantly adversely impacted iron ore prices. “Following extensive negotiations, Cardero has agreed to revise the final sale price to USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 100 million,” of which US$2 million has already been paid, says the company. The subsidiary has also paid a US$10 million deposit to Cardero Peru. "The Board firmly believes that accepting the offer of USD 100 million is in the best interests of the Company and our shareholders, given the current long term projections for the global iron ore markets. The revised agreement will provide us with very significant amount of near term capital that may potentially be employed in new and strategic opportunities - instead of waiting an indeterminate That which is uncertain or not particularly designated. INDETERMINATE. That which is uncertain or not particularly designated; as, if I sell you one hundred bushels of wheat, without stating what wheat. 1 Bouv. Inst. n. 950. amount of time for commodity prices to improve and hope to sell for higher price in the future," said Henk Van Alphen, the company’s president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "To take Pampa de Pongo to the next level (feasibility) would result in massive dilution to the shareholders in the current challenging market, and there is no guarantee that by doing so the Company would be able to attract a significantly higher purchase price (taking into account the additional investment by Cardero), than Hongda is prepared to pay now," added Van Alphen. On the company’s Bullboard, casey13 “1/2 the original amount but twice our current market cap. I think they have done the right thing[sic Latin, In such manner; so; thus. A misspelled or incorrect word in a quotation followed by "[sic]" indicates that the error appeared in the original source. ].” 
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