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SHAREHOLDER UPDATE

December 23, 2009

Dear Shareholders:

During the Year 2009, I have continued to maintain the various claim groups of Cerro, including paying assessments and taxes as they became due as well as maintain the Chilean Company, Cerro Dorado (Chile) S.A.

It has been a long process to arrive at a Joint Venture Agreement on behalf of the Alto de Lipangue property owners, ensuring the right partners are chosen for the future of the exciting prospect. After numerous property visits with professional and Principals, extensive documentation and legal due diligence, we have established a close relationship with a group that meets the goals and criteria for a long-term working partnership and feel a realistic decision is finally close.

Juan Jose Quijano Fernandez
Cerro Dorado, Inc.

Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Cerro Dorado, Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectation are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.

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