CJO Cerro Resources Nl

Cerro Resources NL (ASX:CJO)(TSX VENTURE:CJO) ("Cerro" or "the Company") is
pleased to release a summary of the Company's quarterly activities. The detailed
Quarterly Activities Report which also includes the financial statements for the
period ending June 30, 2012, is posted on the Company's website
www.cerroresources.com and will be filed on www.sedar.com today.


Link to view complete quarterly report: Quarterly June 30, 2012
(http://media3.marketwire.com/docs/CJO_July31-2012_Quarterly_ReportandFS.pdf)


HIGHLIGHTS BELOW

Corporate



--  2012 Share Purchase Plan offer activated following quarter end; 
--  $4.4M cash available as at June 30, 2012 



Mexico

Cerro del Gallo Gold/Silver/Copper development project, Guanajuato, Mexico (68%
CJO, 32% Goldcorp)




--  Completed Definitive Feasibility Study on 1st stage Heap Leach 
--  Published NI 43-101 Technical Report 
--  Goldcorp provided with Cerro del Gallo 43-101 FS documentation 
--  Advanced discussions on potential avenues to fund construction
    undertaken 
--  Tender documents to invite mining contractors working in Mexico to bid
    on mining at CDG have been drafted and will be issued in the coming
    months 
--  Financing decision shall be determined once minority (32%) JV partner
    has determined whether to participate in next phase of development &
    construction of the CDG mine 



Namiquipa Silver/Lead/Zinc project, Chihuahua, Mexico, 100 %



--  Phase 1 drilling, comprising of 86 holes has been completed during the
    quarter and final assays reported 
--  Results will be incorporated into a detailed geological-geophysical-
    geochemical model 
--  Maiden resource estimate expected during 2H 2012 
--  Surface exploration continues (geochemical sampling and IP surveying)
    designed to trace the mineralization to the north. Final results should
    be available in the 3rd Quarter 



Espiritu Santo Gold/Silver



--  Initial surface exploration program identified 17 major quartz breccias
    veins 
--  Typical widths 3 - 8+ meters with strike lengths up to 1 km+ 
--  Rock Chip sample program returned gold values as high as 7.92 g/t Gold
    and 372 g/t Silver 
--  Exploration and drill target definition is focusing on El Gringo,
    Lourdes veins and the Greater Carmela area 
--  Additional exploration surface work is continuing in San Pascual and
    Patas veins 
--  Furthermore, an active program is currently underway to locate new veins
    and extend the known veins 
--  Following completion and weather permitting, drilling is anticipated
    2H2012 



Australia

Mt Philp



--  No geological work undertaken during the quarter 
--  Application made to convert the holding to a Mineral Development Licence



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 focus on the Mt Isa, Queensland, region where it holds
100% of the Mt Philp haematite project as well as a continued 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 Fellow of the Australasian
Institute of Mining and Metallurgy; and Mr Bill Fleshman (as it relates to Cerro
del Gallo, Namiquipa, and Espiritu Santo Projects), who is a Fellow of the
Australasian Institute of Mining. Mr Skeet is the Chief Operating Officer of
Cerro Resources NL and Mr Fleshman is a consultant to Cerro Resources NL. They
have sufficient experience, which is relevant to the style of mineralization 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 and Mr Fleshman 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 are not statements of historical
fact and may be forward-looking information. Forward-looking information relates
to, among other things: the timing and results of exploration programs, the
interpretation of such results, the potential of the projects, the planned
continuation of a drilling program, the plan to complete additional resource
estimate and studies and obtain required permits, 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. 


Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be factors that cause results to be other
than as anticipated, estimated or intended. There can be no assurance that the
forward looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information contained herein, except in accordance with
applicable securities laws.

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