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Minutes of Shareholder’s Meeting
Orleans Hotel, Las Vegas, Nevada
February 24, 2008
On Sunday, February 24, 2008, Cerro Dorado, Inc. met in it’s second Annual General Meeting at the Orleans Hotel, Las Vegas, Nevada.
Registration began at 1:30 PM, with company officers recording proxies and logging in attending shareholders together with their respective holdings.
The general meeting began at 2:10 PM. Richard Cahoon, President and Director welcomed shareholders and introduced Officers and Directors of the company:
Bill Hoffman, Chairman of the Board of Directors
Bill Buchanan, Secretary/Treasurer and Director.
Mr. Cahoon briefly reported on recent developments of the company, and then introduced Mr. Juan Jose Quijano, who has been officially representing Cerro Dorado and Medinah Minerals, Inc. in negotiating joint venture agreements with several major mining companies relative to Cerro Dorado’s properties in Chile.
Mr. Quijano spoke at length, detailing various negotiations with the several potential Joint Venture Partners. He explained how the value of the property has been significantly enhanced with recent claim acquisitions that completed a contiguous hectare(s) holding at the Alto de Lipangue property. Together with the dramatic rise in prices in the metals markets, this improved position has resulted in far greater opportunities for Cerro Dorado, Inc. to finalize an agreement with one of the major mining companies, which will be more favorable to Cerro Dorado than originally anticipated. Mr. Quijano further explained that contract negotiations are now being expressed in Euros rather than in US Dollars, a more favorable development owing to the strength of the Euro. Although he outlined some details of the negotiations, Mr. Quijano pointed out that he was constrained by non-disclosure agreements to not reveal specific names and terms of the agreements now in final consideration. Mr. Quijano detailed a number of new developments with the property and expressed the view that contracts would be signed shortly creating a joint venture partnership of enhanced value.
Richard Cahoon next introduced Bill Hoffman, Board Chairman, who spoke briefly to the shareholders, and who answered various questions from the floor.
Richard Cahoon then introduced Dr. Jim Decosta, who gave a very lucid presentation on his assessment of the company’s property in Chile. Dr. Decosta offered to shareholders copies of his independent treatise, which explains the numerous difficulties for a junior mining exploration company to secure a joint venture agreement with a major. His in-depth report also articulated property valuation criteria and specifically addressed the company’s holdings at the Alto de Lipangue location. Dr. Decosta answered various questions from shareholders, including naked short positions of the company’s stock.
Valuation Considerations for the Lipangue Deposit by Dr. Jim DeCosta
Richard Cahoon introduced Bill Buchanan, Director, who presented the Scrutineers report indicating that a quorum had been reached, with a majority of issued shares being represented in person or by proxy, thus allowing the shareholder’s meeting to be conducted.
Richard Cahoon asked for a resolution for the election of Directors as presently constituted, which motion was made, seconded and unanimously approved by shareholders.
Next, Mr. Cahoon asked for the ratification of Officer’s and Director’s activities and decisions relative to the company’s management since the September 26, 2006 Annual General Meeting. Upon motion duly being made and seconded, the resolution was unanimously approved by the shareholders.
Richard Cahoon thanked the shareholders for their continued support and attendance at the AGM, and thanked Mr. Quijano for his untiring work in representing the company in its negotiations in Chile.
There being no further business to conduct, the Shareholder’s Meeting was formally adjourned at 3:15 PM.
By: The Cerro Dorado Board of Directors.
Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Cerro Dorado, Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially form those anticipated in such statements. Important fators that could cause actual results to differ materially from the Company's expectation are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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