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SHAREHOLDER UPDATE
December 21, 2007
Dear Shareholders:
The Management of Cerro Dorado, Inc. wishes to report that our representative, Les Price traveled, during the first week of December, to Chile in order to handle business matters relative to Cerro Dorado and associate company Medinah Minerals’ holdings in that country. Mr. Price, along with legal counsel, entertained an intensive series of meetings and negotiations that were set up by Mr. Juan Jose Quijano Fernandez. Also in attendance were various Geologists, Mining Engineers, Lawyers and various Company representatives from each of the organizations contemplating the finalization of a Joint Venture Agreement with Cerro Dorado and Medinah. A series of negotiations were undertaken to complete the necessary legal authority for our representative to memorialize a Joint Venture agreement with a designated party.
On December 7, 2007, the Board of Directors of Cerro Dorado, Inc. passed the following resolution: “Be it resolved to appoint Juan Jose Quijano Fernandez as General Manager of Cerro Dorado (Chile) and to authorize him to sign agreements for and in behalf of Cerro Dorado, Inc., subject to final approval by the Board of Directors”.
During this negotiation period, company management progressed through a list of terms and conditions requisite to finalizing a Joint Venture / Purchase Agreement with major partners on the company’s Alto de Lipangue project. Several issues required company management’s input to bring the contracts to a final stage. Each of these matters was completed to the satisfaction of the potential Joint Venture partners. Management is still bound by non-disclosure agreements that are in place, applicable to these negotiations, and therefore management cannot divulge any new specific information. We are now, however, at the stage where unless something unforeseen occurs among the parties, there will be no further changes made and no foreseen time delays in completing an agreement and releasing the details publicly.
As quickly as a Joint Venture Agreement is signed, the information will be disseminated immediately to shareholders.
The 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 factors 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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