Coziron reports W. Sumatra iron sands update

The following is an edited excerpt taken from Coziron Resources Limited quarterly report ended 31 March 2010 released on Friday.

Agam Iron Sands Project Sumatra, West Sumatra
The Agam Iron Sands Project is a joint venture between Coziron Resources Limited and Indonesian registered company PT Galian Endapan Buana (GEM). The Project area is located on Sumatra Island, and comprises two licences totalling 3,960 hectares. The two licences are situated approximately 100 km north-west of Padang, the capital city of West Sumatra.

During the last quarter, the negotiated deal that Coziron Resources Ltd through its subsidiary in Indonesia was to acquire 80% stake in GEM to replace the Joint Venture Arrangement, to ensure the company has certainty and long term interest in the Iron Sand Project. When the contract was ready for execution, without official reason, GEM had refused to proceed. As a result, the company is considering other alternative approaches. In the mean time the company is obliged to return the loan of $70,000 to Northsky Holdings Pty Ltd. (end of edited excerpt)