CZR RESOURCES LTD — Capital/Financing Update 2012

Jul 23, 2012

==> picture [111 x 50] intentionally omitted <==

Coziron Resources Limited

ABN: 91 112 866 869 Level 24, 44 St George’s Terrace Perth Western Australia 6000 PO Box Z5183 Perth WA 6831 Phone: +61 8 6211 5099 Facsimile: +61 8 9218 8875 Website: www.coziron.com

The Company Announcements Office ASX Limited Via E Lodgement

24 July 2012

COZIRON RESOURCES LIMITED (“Company” or “Coziron”) RAISES FUNDS TO ACQUIRE THREE MAJOR RESOURCE PROJECTS AND COMMENCES EXPLORATION

HIGHLIGHTS

• Coziron has varied its standing agreements to acquire three major resource projects by raising funds at a premium to the weighted average share price.

• Coziron has engaged a senior geologist in Robert Ramsay to oversee exploration and project development.

• Exploration has commenced at two of the three projects fast tracking the identification of prospective resource targets in advance of acquisition completion of the three projects.

Project Acquisition Agreements Varied

Coziron is pleased to announce that it has entered into three deeds to vary the terms of the original three individual Share Sale and Purchase Agreements with Zanthus Resources Pty Ltd, Buddadoo Metals Pty Ltd and King X Pty Ltd dated 30 December 2011 (the "Agreements").

All three Agreements are virtually identical and are varied by the execution of three virtually identical Deeds of Variation and Restatement (the “Deeds”). The material variations to the Agreements as a result of the execution of the Deeds are as follows:

==> picture [111 x 50] intentionally omitted <==

• 1. at all times until completion, the purchaser having completed a capital raising, maintaining an amount of not less than $2 million in its account designated the “Share Proceeds Account”, or such lesser amount as the vendor approves.
• 1. the shareholders of the Company approving the transaction.
• 1. If the conditions are not satisfied by 17 September 2012 or such later date as the parties may agree in writing then the vendor may terminate the Agreements by giving written notice to the purchaser to that effect.

The terms above are a summary only of the material terms and conditions of the Deeds and should not be considered a complete list of all the terms and conditions.

The Company has raised funds of $2,050,000 at $0.10 per share and the funds are being held in the Company’s share proceeds account. It is a condition of the Agreements that CZR obtains shareholder and regulatory approvals to achieve completion.

Coziron has completed the necessary notice of meeting documentation which it has lodged with the ASX and ASIC for approval. The proposed date for the holding of the shareholders meeting is 29 August 2012.

Appointment of Robert Ramsay

The Company is pleased to welcome the services of Robert Ramsay as senior geologist to oversee exploration and development of the projects.

Rob has some 30 years’ experience in mineral exploration with broad exposure in the generation and assessment of targets across a range of commodities on projects in Australia and overseas.

Exploration Commencement and Update

The Company now controls exploration on the three projects: 1). Yarraloola (Zanthus Resources Pty Ltd) consisting of seven contiguous granted exploration tenements and two granted prospecting licenses covering 1391km[2] adjacent to the North West Coastal Highway and about 120 kilometres southwest of Karratha and the Port of Dampier in the Pilbara’s iron producing Hamersley Basin. 2). Buddadoo (Buddadoo Metals Pty Ltd) consisting of one exploration licence covering 209.7km[2] located about 180kms east of Geraldton and covering part of the Yalgoo Greenstone Belts. 3). King X (KingX Pty Ltd) consisting of 12 contiguous granted and pending exploration licences covering 2986km[2] about 120km northeast of Wiluna in the Earaheedy Basin. An update on the status of the projects is presented below.

1. Yarraloola

Recently, the Company completed 65 RC drill-holes for 4098m at Yarraloola. The holes were sited on or adjacent to outcrops of haematite mineralisation associated with the upper parts of the Marra Mamba Iron Formation. Final results for the drilling will not be available for about 4 weeks.

==> picture [111 x 50] intentionally omitted <==

In addition, the Company undertook some mapping and reconnaissance sampling on mineralization in the Brockman Iron Formation and also Channel Iron Deposits which are located on the tenements. Results from these studies will be available in about 4 weeks.

Follow-up targets have been identified in the Brockman Iron Formation and Channel Iron mineralization.

2. Buddadoo

The most advanced target on Buddadoo is a drilled interval of V-Ti-magnetite mineralization in gabbro. The mineralogy of the mineralization is being reviewed to determine the optimal downstream processing options. Other targets being assessed at Buddadoo include Cu-Au mineralization in felsic rocks and Cu-mineralization along the contact of the V-Ti-magnetite gabbro and the adjacent host rocks.

3. King X

The King X Project contains a number of outcrops of manganese mineralization which are consistently located at an interval above pelletal iron-formation amongst the sediments of the Earaheedy Basin. This style and setting of the mineralization is similar to the Kalahari Basin in southern Africa which hosts the Worlds largest accumulations of manganese. The Company is currently planning an airborne EM survey to assist with the selection of drill-sites.

For more further information regarding this announcement please contact Adam Sierakowski on 08 6211 5099.

Competent Persons Statement

The information in this report that relates to mineral resources and exploration results is based on information compiled by Rob Ramsay a Consultant Geologist for the Coziron and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Rob Ramsay has given his consent to the inclusion in this report of the matters based on the information in the form and context in which it appears.