CZR RESOURCES LTD — Capital/Financing Update 2008

Apr 30, 2008

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1[st] May 2008

AUSTRALIAN STOCK EXCHANGE RELEASE

AGAM

IRON SAND PROJECT Sumatra, Indonesia

Highlights

• COZIRON (CZR) Joint Venture with PT GALIAN ENDAPAN BUANA ( GEB )

• 80/20 to develop Iron Sand Project

• The timing is right ‐ Iron Ore price has sky rocketed; the Iron Sand market is booming; the development of iron sand project is low cost and simple to process

• First Shipment of Iron Sand Concentrate in 4[th] quarter of 2008 is our goal; Initially targeting exports of 30,000 to 50,000 tons of iron sand concentrate per month.

The Joint Venture

Coziron Resources Limited (ASX: CZR) is pleased to announce that it has signed a heads of agreement to joint venture with PT Galian Endapan Buana (GEB) to develop the AGAM Iron Sand Project in West Sumatra, Indonesia.

GEB has an exploration licence on a tenement in Ulayat Nagari Tiku V Jorong & Agam, West Sumatra, with an area of 3960 hectares. Application for mining and export licences is in process.

CZR will be responsible for exploration, mining, setting up the beneficiary plant and processing Iron Sand to concentrate; marketing and sales of the product; and meeting all the financial requirements.

The Joint Venture will be on an 80: 20 basis, CZR 80% GEB 20%. Upon signing this Heads of Agreement, CZR agrees to pay GEB USD$40,000. Subject to a six month due diligence period, the Joint Venture Agreement will be signed. Upon signing the agreement, CZR will pay a further USD$40,000 and issue 3 million CZR shares (these shares will be subjected to escrow as required by ASX) and 3 million options (exercise price at 30c, within 2 years) to GEB.

The Iron Sand Project

Location

Easy access ‐ the project is conveniently located on the sea shore. It is connected by sealed road to a major port in Padang. Alternatively, a jetty can be built to transport the Iron Ore Concentrate to Ocean liners.

Exploration

Simple air core drilling will be used, up to 8,000m drilling 800 holes at 10m average depth; commencing with 800m, 200m spacing followed by infill drilling is planned.

We schedule the drilling program to be done in 3 months, with a JORC compliant reserve being reported in approximately 5 months.

Mining

Easy mining ‐ no blasting, just simple excavation and earth moving process.

Iron Sand Concentrate End User Joint Venture Partners

We are in discussion with two prominent Chinese companies for sales/off take contracts; they are keen to join us in the production to guarantee long term supply to their factories, they offer to fund and build a jetty, set up gravity and magnetic separator beneficiary plants and earth moving mining equipment to farm in to our project; we are looking to finalise the detail within the next two weeks.

Beginning of a New Era for CZR

We are initially targeting to export 30,000 to 50,000 tonnes of iron sand concentrate per month, which will give us a projected profit in the vicinity of USD$1 million a month.

With our first Lead shipment being made ready, we are confident our company will be a new force in the resources industry.

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Sai Kwok Miu

Executive Director

Coziron Resources Ltd

For further information please contact:

Sai Kwok Miu Executive Director

Coziron Resources Limited

Telephone: 0411 888 782 , Office: (08) 9227 7766