CJO Cerro Resources Nl

Cerro Resources NL (TSX VENTURE:CJO)(ASX:CJO) ("Cerro" or "the Company") is
pleased to release a summary of the Company's quarterly activities. The detailed
Quarterly Report which includes the financial statements for the period ending
March 31, 2012, has been filed on www.sedar.com and posted on the Company's
website www.cerroresources.com. The Company had $7.5M cash as of March 31, 2012.


To view complete quarterly report: Quarterly March 31, 2012.
(http://media3.marketwire.com/docs/CJO_Quarterly_Report_2012_Q3.pdf)


Mexico

Cerro del Gallo approx. 100,000oz pa AuEq gold/silver advanced development project



--  Release of DFS imminent 
--  DFS works substantially completed and report finalization progressing 



Namiquipa silver/lead/zinc exploration project



--  Princesa Vein and Northern extensions the primary focus 
--  High grade mineralization in northern extension  



Espiritu Santo Jalisco gold/silver exploration project



--  Rock chip sampling program continues 
--  Mapping and vein identification program underway 



Australia



--  Mt Philp Ironstone exploration project 
--  Updated resource estimate announced and NI 43-101 report filed 



Management focused during the quarter on advancement of the definitive
feasibility study at Cerro del Gallo and advancement of exploration projects:
Namiquipa and Espiritu Santo Jalisco. 


Work on the Cerro del Gallo stage 1 Definitive Feasibility Study (DFS) by
Sedgman Metals has advanced significantly. The Company anticipates it will be in
a position to release results relatively soon and whilst cautious of specifying
a timeline given recent experiences, it is considered safe to say the report
will be released within the 2nd quarter 2012.


Disappointment with the delay in delivering this key study is acknowledged
however, incorporation of a High Pressure Grinding Roll (HPGR) crushing circuit
and SART process, together with delays in receipt of additional laboratory test
work, costings and inputs from 3rd party consultants and contractors have
necessitated additional time to be taken to produce a definitive project
evaluation. The Company has taken time, and continues to do so, to evaluate all
test work and costs where there has been an escalation. 


These delays unfortunately reflect, in part, the peak demands on the time and
availability of requisite external technical specialists during the current
global mining boom. Likewise, cost increases highlight the industry demands. The
Company is confident, however, that these additional efforts and processes will
enable a more robust project to be presented for the Cerro del Gallo 1st stage
heap leach.


The Namiquipa Project in Chihuahua, Mexico continues to advance. To the end of
March 2012, 76 core holes had been completed for a total of 29,350m. 


At Espiritu Santo, Jalisco; logistics, drill and exploration permitting, soil
sampling and mapping work has advanced in preparation for drilling which is
likely to occur after drill permits are issued by the Government, post the wet
season (May - August).


Corporate

The Company also wishes to advise of a change to its head office address and
contact details, as follows:




Address:  Level 1                       Telephone: 07 3221 7501       
          143 Coronation Drive          Facsimile: 07 3221 0698       
          MILTON QLD 4064                                             



About Cerro Resources

Cerro Resources is a precious and base metals exploration and development
company. The Company is currently focused on Mexico where it is developing the
Cerro del Gallo gold/silver project in the central state of Guanajuato, Mexico,
actively exploring the Namiquipa silver project in northern Mexico, and
commencing exploration on the Espiritu Santo gold/silver project in Jalisco. It
also maintains an active working focus on the Mt Isa, Queensland, region where
it is exploring the Mt Philp haematite project and it holds an interest in the
Kalman molybdenum, rhenium, and copper project.


Additional information about the Company is available on the Company's website
at www.cerroresources.com and on SEDAR.


Competent Person/Qualified Person

The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Mr John Skeet (as
it relates to process related material), who is a Member of the Australasian
Institute of Mining and Metallurgy; Mr Bill Fleshman (as it relates to the San
Anton, Namiquipa, and Espiritu Santo Projects), who is a Fellow of the
Australasian Institute of Mining and Metallurgy; and Mr Trevor Leahey (as it
relates to the Mt Philp Project), who is a Chartered Professional and Member of
the Australasian Institute of Mining and Metallurgy. Mr Skeet is the Chief
Operating Officer of Cerro Resources NL. Mr Fleshman and Mr Leahey are
consultant to Cerro Resources NL. They have sufficient experience, which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which they are undertaking to qualify as a Competent Person
as defined in the 2004 edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves" and "qualified persons"
as this term is defined in Canadian National Instrument 43-101 ("NI 43-101"). Mr
Skeet, Mr Fleshman and Mr Leahey consent to the inclusion in the report of the
matters based on their information in the form and context in which it appears.


Forward-Looking Information 

This quarterly report contains "forward-looking information" under Canadian
securities law. Any statement that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
such as "expect", "anticipate", "believe", "plans", "estimate", "scheduling",
"projected" or variations thereof or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or be
achieved, or the negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking information.
Forward-looking information relates to, among other things: the results of
exploration programs, the interpretation of such results, the potential of the
projects, the planned continuation of a drilling program, the accuracy of
mineral resource and mineral reserve estimates, the ability of the Company to
finance its operations and capital expenditures, future financial and operating
performance including estimates of the Company's revenues and capital
expenditures and estimated production.


Forward-looking information is subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ from those reflected in the forward-looking information, including,
without limitation, risks relating to: fluctuating commodity prices; calculation
of resources, reserves and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral reserve
estimates; exploration and development programs; feasibility and engineering
reports; permits and licences; title to properties; recent market events and
conditions; economic factors affecting the Company; timing, estimated amount,
capital and operating expenditures and economic returns of future production;
operations and political conditions; environmental risks; and risks and hazards
of mining operations. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking information. Although the Company has
attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be as
anticipated, estimated, described or intended. The Company's forward-looking
information is based on the assumptions, beliefs, expectations and opinions of
management as of the date of this quarterly report, and other than as required
by applicable securities laws, the Company does not assume any obligation to
update forward-looking statements and information if circumstances or
management's assumptions, beliefs, expectations or opinions should change, or
changes occur in any other events affecting such statements or information. For
the reasons set forth above, investors should not place undue reliance on
forward-looking information.

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