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To the shareholders of Cerro Dorado Inc.
There have been several questions that have come up in the course of conversations and e-mails to the company. I would like to address some of these issues.
As to the future location of the corporate office of Cerro Dorado.
It is the intent of the Board to keep Cerro office in Salt Lake City. We plan to upgrade the office in Salt Lake once Cerro has the funds to accomplish this.
The board also has had meetings with and conversations with Jim Stock on several occasions to discuss a Investor Relations Program for Cerro Dorado. It is the intent to consider his company to do this service thru his office in Las Vegas, when funds becone available.
Another question that has been asked is concerning our listing on the Pink Sheets and if we are going to up grade our listing. It would be beneficial to the Company to do this once we are funded thru a Joint Venture. We will seek the advice of a Security's Attorney as needed to accomplish this.
Stock buy back.
First thing we must do after funding is to pay all of our outstanding debts. We must also set aside funds to operate the Company. The amount set aside will be determined by how the funding is structured. At that time we will look at the buy back of our shares and the approprate timing of it.
The Added Columbo claims I - IV.
As stated in our earlier update, the Board of Directors had loaned $16,897 Dollars to the Corporation to secure these claims.
In September an additional $3,362 Dollars was loaned to the Corporation to pay off the billing for labor, filings, and mapping, etc., that needed to be done on the claims thru July 28th of this year.
The board would also like to remind our shareholders of the efforts of Sr. Juan Jose Quijano Fernandez is doing in our behalf. Not only has he been negotiating in our behalf and working hard to close out this Joint Venture, he has also paid out approximately $56,000.00 in our behalf from July 2004 to 2008.
We have received a requested fax from Sr. Quijano outlining the expenses. They are as follows:
Taxes, Required filing for the claims, our share for the payment for the North road, legal defense, trip expenses to the property with the investors, etc.
The board expresses our gratitude for his efforts and lending of his finances in Cerro's behalf.
We are cautiously optimistic for Cerro and will share plans with you as those plans become feasible to pursue.
Sincerely;
Board of Directors, Cerro Dorado Inc.
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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