In this paper, we consider a cognitive radio system in which a block-fading channel is assumed. Each transmission frame consists of M blocks and each block undergoes a different channel gain. Instantaneous channel state information about the interference links remains unknown to the primary and secondary users. We minimize the secondary user's targeted outage probability over the block-fading channels. To protect the primary user, a statistical constraint on its targeted outage probability is enforced. The secondary user's targeted outage region and the corresponding optimal power are derived. We also propose two sub-optimal power strategies and derive compact expressions for the corresponding outage probabilities. These probabilities are shown to be asymptotic lower and upper bounds on the outage probability. Utilizing these bounds, we derive the exact diversity order of the secondary user outage probability. Selected numerical results are presented to characterize the system's behavior.