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SHAREHOLDER UPDATE
September 24, 2006
Dear Shareholders:
On Saturday September 23, 2006, Cerro Dorado, Inc. met in its first annual General Meeting at the Stardust Hotel and Casino in Las Vegas, Nevada.
The present Board of Directors, William Hoffman, Richard Cahoon and William Buchanan were nominated and unanimously re-elected for a term of one year. Attending shareholders also approved all actions by the Board in behalf of company business since the installation of the present Board on April 12, 2006.
Richard Cahoon, President of Cerro Dorado reported on recent developments of the company, then introduced Mr. Juan Jose Quijano, whose report to the shareholders had been anxiously anticipated. Mr. Quijano has been closely affiliated with Cerro, and has been representing Cerro Dorado and Medinah Minerals, Inc. in negotiating certain agreements relative to their properties in Chile.
Mr. Quijano reported on an official signed offer from Hochschild Chile Mining Company. Hochschild is a major mining conglomerate, based in Peru, and has been operating throughout South America for more than seventy years. The president of Hochschild is the ex-President of Codelco, Mr. Juan Villarzu. Codelco, a Chilean State mining company is recognized as the world’s largest copper producer.
Mr. Quijano further reported that he has been actively working with the Sumitomo Metal Mining Company since February 2006. Sumitomo Metal Mining is a 500 year old Japanese company with satellite offices in Chile. The CEO of Sumitomo MMC Chile has recommended the primary exploration of Cerro’s holdings to the Sumitomo Board of Directors in Tokyo. Sumitomo’s Board approved the company’s claims as their primary mining objective in Chile.
Mr. Quijano is scheduled to meet with Sumitomo officials on September 29 to facilitate Sumitomo’s final evaluation. He reported to attendees that Sumitomo had investigated 50 properties throughout Chile, and had chosen only this one project. Mr. Quijano also stated that he expected to receive an alternate offer from Sumitomo shortly after their final evaluation.
Further details relative to negotiations with Hochschild and Sumitomo companies will be released as they occur.
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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