Cuervo Resources Inc. was formed in early 2005 with the ambition of capitalizing on the then emerging strength of international iron ore markets, particularly those in the Pacific Rim. Perú was identified as a particularly attractive exploration target, principally because of its well established mining tradition and infrastructure, and its well regarded legal and banking systems. The Board of Directors provided strategic insight, drawing on their background and knowledge of iron ore markets and geology. Today, Cuervo Resources holds an unencumbered 100% interest over 25,000 ha of iron prospective properties in Perú. These properties hold, in the opinion of management, good prospects for finding upwards of a billion tonnes of commercially exploitable iron mineralization.

The Board of Directors is focused on seeking a strategic joint-venture partner to provide funding that could transform the geological promise of Cuervo’s Cerro Ccopane property into a resource reality; Cardero Resource’s (TSX-CDU) pending sale of their Pampa de Pongo iron property in southern Perú to Chinese interests for $US100 million provides a benchmark price for a joint venture. This transaction underscores the desire of steelmakers to secure and control a supply of iron ore.

Cerro Ccopane Property
Southern Perú

The current exploration focus is on the 13,600 ha Cerro Ccopane property. To date, Cuervo Resources has reported 121 holes on the Ocupura zone and a resource estimate has been prepared showing 56 million tonnes “measured and indicated”, grading 46.7% Fe and 51 million tonnes “inferred”, grading 43.7% Fe. Importantly, the Orcopura zone is one of six zones identified on the Cerro Ccopane property by surface showings and geophysics. In November 2007 the company initiated metallurgical testing of core samples to determine the amenability of the material to magnetic separation of contaminants and by-products. That testing has indicated that most contaminates (sulphur and copper) can be removed, yielding an upgraded iron concentrate, grading 66% to 69%. A preliminary transportation study was also commissioned which supported the feasibility of moving iron from Cerro Ccopane to the Pacific tidewater port at Matarani. That report has been succeeded by a more comprehensive study completed in 2009.

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Additional Properties

The company currently has acquired an additional 13,061 ha of wholly owned mining concessions that cover prospective iron properties in seven separate areas of northern and southern Perú. This total includes 5,200 ha of additional mining concessions  located in the vicinity of the Company’s Cerro Ccopane Property.

The northern properties have excellent infrastructure being located close to the Pacific coast and the Pan American Highway. They are also found to be at relatively low altitudes in arid areas that can be worked year round. Portions of some of the concessions have been exposed to small-scale mining and iron mineralization on these properties consists of massive magnetite, hematite or goethite. The most advanced of the Cuervo properties are considered to be the Chimbote concessions, which are permitted for advanced exploration; these concessions are located approximately 40 km from the steel foundary of Siderperu located at Chimbote, Ancash.

The company continues to carry out reconnaissance field activities to evaluate these and other prospects in Perú.

BRIAN BERNER-H.B.B.A
Chairman of the Board and Chief Executive Officer

JOHN M. SIRIUNAS-P.Eng., B.A.Sc., M.A.Sc.
President, Chief Operating Officer, Director and Secretary of Cuervo

GORDON D. WATTS-P.Eng., B.A.Sc.
Director of Cuervo

VELASQUEZ SPRING-P.Eng. B.A.Sc.
Director of Cuervo

BRIAN M. CLONEY-CA, ACC
Chair of the Audit Committee and a Director of Cuervo

DANIEL E. HAMILTON-C.A., B. Comm., B.Admin.
Chief Financial Officer

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Share Structure
at December 22, 2009

Common Shares Issued - 34,493,750
Options Granted - 3,420,000
Warrants Issued - 4,990,000
Fully Diluted - 42,903,750 
Debt - Nil