Wednesday, Cardero Resource Corp. (CDU.TO) said it completed an option to lease agreement with an arm's length private mineral owner on the TiTac Iron-Titanium-Vanadium deposit in northeast Minnesota, USA. Metallurgical test work on the deposit completed by the United States Steel Corp. produced a magnetic concentrate grading 57.32% iron, 14.02% titanium dioxide and 1.30% vanadium pentoxide.
According to the terms of the agreement, Cardero has to make an initial payment of US$5 thousand on execution and an extension payment of US$25 thousand due on the first anniversary of the agreement to extend the option for an additional year.
The company, in order to independently verify the metallurgical results reported by US Steel Laboratories, said it initiated metallurgical test work on samples from the TiTac deposit at the Natural Resources Research Institute in Minnesota.
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