FOR IMMEDIATE RELEASE
Cuervo Reports on Warrant Conversion
December 14, 2007 – Toronto, ON
Cuervo Resources Inc. (CNQ-IRON; FWB-CRR; “Cuervo” or the “Company”) wishes to report
the a total of 3,953,000 of a possible 4,203,000 warrants associated with private placement units
that were issued on either October 31, 2006 or November 22, 2006 have been converted to
common shares for proceeds of $2,964,750 to the Company. The Company accelerated the
conversion of these warrants on November 8, 2007. The remaining warrants that were not
exercised as part of this accelerated conversion are now void and of no further force or effect.
Cuervo also wishes to reiterate to shareholders that the warrants that were attached to units that
were sold as part of the Company’s initial public offering (IPO) on May 30, 2007 were NOT
affected by this acceleration of conversion. A total of 4,167,000 of the 5,000,000 warrants from
the IPO units remain to be exercised by May 30, 2009.
The Company has 26,435,050 shares outstanding (33,466,000 fully diluted).
For further information, please contact Mr. John Siriunas, a director and President of Cuervo, at
416-203-3957 x701 or Mr. Tom Berner, Investor Relations, at 416-324-8322 x202. Additional
information about Cuervo can be found at the Company’s website at http://www.cuervoresources.com.
The Canadian Trading and Quotation System Inc. has neither approved nor disapproved of the
contents of this press release.