Coziron announces withdrawal from RI project

By Romel S. Gurky

ASX-listed Coziron Resources Limited recently stated that a directors' review of the company's Agam Iron Sands Project in Indonesia has been initiated following the completion of acquisition settlements on Yarraloola, Buddadoo and KingX projects in Western Australia from Creasy Group.

As a result of that review, the company has decided to terminate the Cooperation Agreement with PT Galian Endapan Buana in relation to the Project in West Sumatra, at no cost to Coziron, to enable the Company to focus on its Western Australian projects.

Coziron executed the heads of agreement to joint venture in 2008, which subsequently entered into a formal cooperation agreement in September 2008, allowing the company through subsidiary PT Coziron Copper International to be granted an 80% interest in the Project including the mining rights attached to it.

The company has so far undertaken an initial exploration program to identify the mineralised iron sand layers at the Agam Project.

In 2009, the company put the further development of the project on hold pending fund raising effort, which it was in the process of negotiating with a third party.

Coziron has commenced an initial drilling program on the Yarraloola Iron-ore Project in the western part of the Hamersley Basin, a major source of iron-ore production from the Pilbara region in Western Australia. This 4,000 m RC-drill program is the first to be conducted on the seven contiguous exploration licenses and two prospecting licenses which cover a total area of 1456.3km square, which had been acquired by Coziron from Zanthus Exploration Pty Ltd.

Editing by Er Audy Zandri