Cerro Resources NL Files its Half-Year Financial Report

Cerro Resources NL (ASX:CJO)(TSX VENTURE:CJO) (the "Company") has filed its
Interim Financial Statements and Directors' Report for the half-year period
ended December 31, 2012. They can be viewed on the Company's website at
www.cerroresources.com and have been filed on SEDAR at www.sedar.com.


About Cerro Resources

Cerro Resources is a precious and base metals exploration and development
company. The Company projects include 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. 


In December 2012, Cerro announced that it had entered into a transaction with
Primero Mining Corp ("Primero"), for Primero to acquire the Cerro del Gallo
project (via acquiring all of the shares on issue in Cerro) and form a new
exploration company (to be named Santana Minerals Limited) into which the other
Cerro assets (namely Namiquipa, Espiritu Santo and the Australian interests)
would be transferred. The transaction provides for Cerro shareholders to receive
0.1 Santana share plus 0.023 Primero share, for every one Cerro share owned as
at the record date. Legal, compliance and administrative steps are underway
leading to Cerro securityholder approval anticipated to be sought in April 2013
and if successful completion is likely in May 2013. 


Information about the Company, its projects and the transaction with Primero is
available on the Company's website and on SEDAR.


Completion of the transaction with Primero is subject to a number of conditions,
including TSX Venture Exchange acceptance and disinterested shareholder
approval. The transaction cannot close until the required shareholder and Court
approval is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.


Investors are cautioned that, except as disclosed by the Company, any
information released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of
Cerro Resources should be considered highly speculative.


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tony McDonald, Managing Director
[phone]
[e-mail]


Greg Germon
General Manager Investor Relations - Australia
[phone]
[e-mail]


Ms. Gerri Paxton
Manager Investor Relations - North America
[phone]
[e-mail]