CJO Cerro Resources Nl

Cerro Resources NL (ASX:CJO)(TSX VENTURE:CJO) is pleased to announce that the
Federal Court of Australia has today made orders approving the transaction
(Transaction) with Primero Mining Corp (Primero) to effect:




--  the spinout of Cerro's non-Cerro del Gallo assets (Spinout) to Cerro's
    currently wholly owned subsidiary Santana Minerals Limited (Santana); 
    
--  an in-specie distribution to Cerro's Shareholders (in Australia and New
    Zealand) in relation to that spinout (Distribution); 
    
--  an acquisition by Primero of all the shares Cerro has on issue in
    exchange for shares in Primero (Acquisition) on the basis of 0.023 of a
    Primero share for each 1 Cerro share; and 
    
--  the variation of the terms and conditions of the Options Cerro has on
    issue (Variation). 



The Federal Court's approval of the Transaction follows approval by eligible
Shareholders and optionholders (Securityholders) at the Meetings held on 30
April 2013.


The Court Orders will be lodged with the Australian Securities and Investments
Commission on May 9, 2013, at which time the Transaction will become effective.


The following table sets out the envisaged timetable for completion of the
Transaction.




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EVENT                                             DATE                      
----------------------------------------------------------------------------
Effective Date: Schemes take effect               Thursday, 9 May 2013      
----------------------------------------------------------------------------
Last date Cerro Shares trade on ASX with an       Thursday, 9 May 2013      
entitlement to participate in the Share Scheme                              
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Record Date: Time and date for determining        5pm (Brisbane time) on    
entitlements under the Transaction                Thursday, 16 May 2013     
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In-specie distribution of Santana Shares to       Monday, 20 May 2013       
Scheme Shareholders                                                         
----------------------------------------------------------------------------
Transfer of Spinout Assets to Santana             Tuesday, 21 May 2013      
----------------------------------------------------------------------------
Transfer of Scheme Shares to Primero and issue    Wednesday, 22 May 2013    
of New Primero Shares to Scheme Shareholders                                
----------------------------------------------------------------------------
Variation of Scheme Options                       Wednesday, 22 May 2013    
----------------------------------------------------------------------------
Despatch of entitlement certificates              Wednesday, 22 May 2013    
----------------------------------------------------------------------------
Issue of Subscription Shares to Primero           Thursday, 23 May 2013     
----------------------------------------------------------------------------
Admission of Santana Shares to official list of   Thursday, 23 May 2013     
the ASX                                                                     
----------------------------------------------------------------------------



The last date Cerro Shares will trade on the TSX Venture Exchange with an
entitlement to participate in the Share Scheme remains to be determined and
Cerro will announce further details when available. 


Please note, this timetable and the dates noted are indicative only, and are
subject to change. Cerro may vary any of these times and dates without directly
notifying Cerro Shareholders and Cerro Optionholders. Any further changes to the
timetable will, however, be announced through the ASX, publicly disseminated and
filed on SEDAR in Canada and notified on Cerro's website at
www.cerroresources.com.


All times and dates referred to are times and dates in Brisbane, Australia,
unless otherwise indicated.


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


Cerro Resources NL
Craig McPherson
CFO & Company Secretary
+61 7 3221 7501
admin@cerroresources.com
www.cerroresources.com

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