CJO Cerro Resources Nl

Cerro Resources NL (ASX:CJO)(TSX VENTURE:CJO) is pleased to report further
progress in the pre-drilling exploration phase at the Espiritu Santo Gold/Silver
project in Jalisco State, Mexico.


Highlights



--  Additional +0.5 g/t Au surface rock chip samples from multiple veins
    have now been received. Including rock chip samples with gold to 10.75
    g/t Au and 8.13 g/t Au from the newly discovered Agua Mala zone; 
--  The conventional -80mesh soil programs continue to expand multiple gold
    and silver targets at Espiritu Santo. 



Espiritu Santo is located 130 km west of Guadalajara and 50 km east of Puerto
Vallarta and occurs within a northwest corridor defined by numerous,
predominantly gold/silver, low sulphidation mineralised occurrences (Figure 1).


Figure 1: Location of Espiritu Santo Jalisco Project, Mexico 

Gold and silver with associated copper, as well as low levels of lead and zinc
mineralisation at Espiritu Santo occurs as low sulphidation quartz-sulphide
style Au + Cu epithermal mineralisation. These systems are typically formed
within structures overlying a buried intrusion source. 


Cerro Resource's exploration team is currently working on several vein systems
within the large concession block, utilising surface sampling and geological
mapping for the purpose of defining drill targets as the permit process is being
finalised. 


Rock Chip Assay Results - A total of 858 rock chip samples have been collected.
Following the last project announcement of August 22, 2012, further anomalous
rock chips have been collected, both as extensions of the known veins and there
has been success in locating additional zones of mineralisation.  Some of these
new areas are proving to be encouraging as they contain broad zones on strong
alteration with associated anomalous trace elements, that could possibly be
interpreted to represent higher stratigraphic levels in a traditional low
sulphidation gold-silver system. 


One of these new areas; the Agua Mala area was recently discovered  as a result
of surface  geologic mapping and sampling program in an area previously not
known and is located NW  the Nunez vein and to the SW of the extension of the
Carmela area (Figure 2). Although the zone as currently defined is "narrow" the
area contains values to 10.75 g/t Au and 24g/t Ag.  Additional work is planned
for Agua Mala in the near future.


Table 1 is a list of the rock chip assays results received since the last
announcement. The list contains samples that are greater than 0.5g/t Au or
greater than 10g/t Ag. Sixteen of these recently received  rock chip samples
exceed 1g/t Au.


Table 1 SIGNIFICANT RECENT ROCK CHIP ASSAYS WITH VALUES (greater than 0.5 g/t Au)

Rock chip samples are collected under the supervision of a qualified geologist,
stored in a secure location and transported to ALS laboratory in Guadalajara
where they undergo sample preparation, sample pulps are sent by ALS to ALS
laboratory located in Vancouver, Canada where they are analyzed using analytical
method ME-ICP61 which is a 33 element determination using a four acid digestion
with ICP-AES determination. The QAQC program includes insertion of industry
standard control samples. (i)Unless otherwise stated rock chip samples are
collected at 1m sample lengths.


Figure 2: Recent Rock Chip Assays Compared to Previous Released Results

SOIL SAMPLING RESULTS: The -80 mesh soil grid has been expanded to cover an area
measuring approximately 2km by 1.5km with a sample spacing at 25m x 100m.  Image
enhancement of the soil data for gold and silver (Figures 3 and 4) shows
coincident anomalies associated with known structures and provides strong
evidence for extension of the vein systems. 


Figure 3: Au g/t in SOIL GRID 

Figure 4: Ag g/t in SOIL GRID 

Competent Person/Qualified Person

The technical information in this news release is based on information compiled
Mr Bill Fleshman, who is a Chartered Professional and Fellow of the Australasian
Institute of Mining and Metallurgy. Mr Fleshman is a consultant to Cerro
Resources NL and has sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as a Competent Person as defined in the 2004
edition of the "Australasian Code for Reporting of Exploration Results and
"qualified person" as this term is defined in Canadian National Instrument
43-101 ("NI 43-101"). Mr Fleshman consents to the inclusion in this news release
of the information in the form and context in which it appears.


About Cerro Resources 

Cerro Resources is a precious and base metals exploration and development
company. The Company is currently focused on Mexico where it has the development
stage Cerro del Gallo gold/silver project in the central state of Guanajuato,
Mexico, and two exploration projects - the Namiquipa silver project in northern
Mexico, and the Espiritu Santo gold/silver project in Jalisco. It also maintains
interests in 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. 


Cerro Resources recently announced it had agreed to enter into a Scheme of
Arrangement with Primero Mining Corp and, subject to approval of the
shareholders and regulators, the outcome of which will be that Primero will own
Cerro Resources NL, including the Cerro del Gallo project, and a new Company,
Santana Minerals Limited, will own the projects other than Cerro del Gallo.
Santana will be owned by the Cerro Resources Shareholders as to 80.01% and
Primero as to 19.99% after subscribing $4m. 


Additional information about the Company, the transaction with Primero and its
projects is available on the Company's website at www.cerroresources.com and on
SEDAR.


Forward-Looking Information 

This news release contains certain "forward-looking information" under Canadian
securities laws. All statements that address future plans, activities, events or
developments that the Company believes, expects or anticipates will or may occur
are forward-looking information. Forward looking information in this news
release includes statements regarding the structure of the mineralisation of the
project, the results of the exploration program, the interpretation of such
results, and the potential of the Espiritu Santo project. Forward looking
information is based upon assumptions by management that are subject to known
and unknown risks and uncertainties beyond the Company's control, including
risks related to mining exploration and the availability of financing for
companies such as the Company. There can be no assurance that outcomes
anticipated in the forward looking information will occur, and actual results
may differ materially for a variety of reasons. Accordingly, readers should not
place undue reliance on forward-looking information. The Company undertakes no
obligation to update publicly or otherwise revise any forward-looking
information, except as may be required by law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cerro Resources NL
Tony McDonald
Managing Director
+61 7 3221 7501
admin@cerroresources.com


Cerro Resources NL
Greg Germon
General Manager Investor Relations - Australia
+61 2 9300 3341
greg@cerroresources.com


Cerro Resources NL
Ms. Gerri Paxton
Manager Investor Relations - North America
+1-514-544-2696
gpaxton@cerroresources.com
www.cerroresources.com

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