Cuervo Resources Inc announced that the outlook for finding a JV partner for its Cerro Ccopane iron ore project in Peru has improved, adding that the company's share price did not reflect the developments that have taken place at Cuervo or in the industry in general.

These developments included the increase of iron ore spot prices from USD 60 per pound to USD100 per pound, while China's iron ore imports have reaches record levels. The company has also noted the decision from FTSE 100 base metal focused miner Xstrata to enter the iron ore industry for the first time with a USD 50 million investment for a 50% interest in an iron ore project located in the Democratic Republic of Congo.

The company got another confidence boost from the sale of Caldero Resource's Pampa de Pongo iron ore property in southern Peru to a Chinese steelmaker for USD 100 million, also saying that apart from China, steelmakers and iron ore producers in India, South Korea, Australia and Brazil were not satisfied with their current supplies of THE raw material.

As for the company's own project Cerro Ccopane, Cuervo said that the construction of a slurry pipeline to the coast was found to be the solution making the most economical sense by a study by Sandwell Engineering, addressing the transportation issues at the property that have been a matter of concern by investors. Cuervo also defended its decision to list on the Canadian National Stock Exchange, saying it was a streamlined, fully disclosed, fully accredited and cost effective alternative.

Mr Brian Berner CEO & chairman of Cuervo said that "As an emerging company, we have been able to concentrate our focus on the Cerro Ccopane project without being overly burdened. The company does recognize the need for its shares to be listed and traded on a senior exchange, which would be advantageous to attract institutional investors. This opportunity should be achieved upon gaining project financing from a JV partner."