CZR RESOURCES LTD — Capital/Financing Update 2008

Oct 23, 2008

==> picture [162 x 72] intentionally omitted <==

Level 4/102 James Street NORTHBRIDGE WA 6003 T: +61 8 9227 7766 F: +61 8 9227 1370 E: info@coziron.com W: www.coziron.com

24 October 2008

Australian Stock Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000

RIGHTS ISSUE UPDATE

Rights Issue Notice under Section 708AA(2)(f) of the Corporations Act 2001 (Cth)

Coziron Resources Limited (ASX Code: CZR) hereby gives the ASX, as the relevant market operator, the attached notice in accordance with Section 708AA(7) of the Corporations Act in compliance with Section 708AA(2)(f).

The Directors are pleased to announce that the company’s Rights Issue has now closed with encouraging support, given the state of the current market. Funds raised amount to $916,566 and the directors are in the process of placing the shortfall.

The company’s immediate focus is to fast track production in 80ha of land in the Northern Tenement of the Agam Iron Sands Project defined by the excavation pits. The funds raised will be spent strategically in bringing the Agam Iron Sands Project to production as soon as possible and the directors can confirm that sufficient funds have been raised to initiate the development of the beneficiation plant.

Yours Faithfully

TJ Spooner

==> picture [157 x 36] intentionally omitted <==

Company Secretary

Coziron Resources Limited

==> picture [162 x 72] intentionally omitted <==

Level 4/102 James Street NORTHBRIDGE WA 6003 T: +61 8 9227 7766 F: +61 8 9227 1370 E: info@coziron.com W: www.coziron.com

24 October 2008

Australian Stock Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000

Rights Issue Notice under Section 708AA(2)(f) of the Corporations Act 2001 (Cth)

Coziron Resources Limited (ASX Code: CZR) ( Company ) refers to the Letter of Offer lodged with the ASX on 9 October 2008 in respect of a 1 for 2 rights issue priced at $0.08 per new share ( Rights Issue ).

This notice is being given under Section 708AA(2)(f) of the Corporations Act ( the Act ).

1. The Company advises that:

   • (a) the shares were offered under a rights issue as defined in the Act;

   • (b) the shares are in a class of securities, being fully paid ordinary shares, that are quoted securities at the time at which the offer was made;

   • (c) trading on the stock market conducted by ASX Limited in that class of securities referred to in paragraph (b) above (being the fully paid ordinary shares in the capital of the Company) was not suspended for more than a total of five days during the shorter of the following periods:

     • (i) the period during which the class of securities is quoted; and

     • (ii) the period of 12 months before the day on which the offer is made;

   • (d) no exemption under section 111AS or 111AT covered the Company, or any person as director or auditor of the Company, at any time during the relevant period referred to in paragraph (c); and

   • (e) no order under section 340 or 341 covered the Company, or any person as a director or auditor of the Company, at any time during the relevant period referred to in paragraph (c).

2. For the purposes of section 708AA(7)(c) of the Act, the Company gives notice that as at the date of this notice the Company has complied with:

   • (a) the provisions of Chapter 2M of the Act as they apply to the Company; and

   • (b) section 674 of the Act.

3. As at the date of this notice there is no excluded information, being information:

   • (a) that has been excluded from a continuous disclosure notice in accordance with the Listing Rules of the ASX; and

==> picture [162 x 72] intentionally omitted <==

• (b) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

  • (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

  • (ii) the rights and liabilities attaching to the shares.

Details of the issue of securities:

Class of securities: Ordinary shares

ASX code of securities: CZR Date of issue: 24 October 2008

Number of securities issued 11,457,075 (excluding shortfall)

Dated this 24th day of October 2008

Sai Kwok Miu

==> picture [118 x 57] intentionally omitted <==

Executive Director Coziron Resources Limited