MEDIA RELEASE4 March 2008PARKER RANGE DRILLING PLANMt Caudan...

MEDIA RELEASE
4 March 2008
PARKER RANGE DRILLING PLAN
Mt Caudan Iron Ore Project
Cazaly Iron Pty Ltd (ASX:CAZ) has today advised that the continuation of the first phase of drilling
for iron ore is recommencing today at Mt Caudan (M77/764). The drilling program is due to be
completed by mid-next week. Results will be released as soon as available..
Parker Range Gold Project
Once the drilling program at Mt Caudan has been completed, the rig will be relocated to the Parker
Range Gold Project. An infill drilling program will be conducted at the Centenary prospect where
high-grade gold mineralisation in narrow quartz veins was identified in mid-2004.
Additional infill drilling was planned at Centenary for 2007; however, a shortage of drill rigs and
geologists delayed the program. A program of works was submitted to DoIR in May 2007 and
subsequently approved. The area is highly disturbed by old workings and cleared in the vicinity of
proposed drill sites so no further disturbance is required.
Twelve RC holes are scheduled on a 20m x 20m pattern to gain sufficient data to support a
resource estimate for the western-most lode structure. Holes will be cased for possible re-entry in
support of testing the other two eastern lodes, preferably with diamond drilling.
Assay results are expected to be available in April.
The major MMI soil sampling program being carried out by the Company and referred to in recent
announcements has now covered a significant number of the tenements within the Company’s
Parker Range Gold Project and the program should be completed this month. Assay results are still
being received from the laboratory and are being analyzed and interpreted by Brian Varndell, a
geologist experienced in MMI sampling techniques.
Preliminary results of the program have already been reported and a fuller report will be released as
soon as it is available.
It is emphasized that this program is not a drilling program but a geochemical program aimed at
identifying anomalous areas to assist the design of follow-up drill programs where warranted.
Corporate
The Company recently announced a proposed bonus issue of shares and options, subject to
shareholder approval. As the Company’s annual general meeting is expected to be called later this
month, the board has decided, rather than convening a special meeting, to put the appropriate
resolutions to shareholders at the annual general meeting.
For further information, please contact Warren Beckwith or David Burton on phone (08) 9388 9961
or send an email to [email protected]
Warren Beckwith
Chairman