Cazaly Resources has acquired Gondwana Resources's 15% interest in the Mt Caudin iron ore project in Western Australia.

Cazaly paid a total of AUD 207,500 in cash and AUD 655,000 in shares to Gondwana.

Mt Caudin is located in the Yilgarn iron ore district of Western Australia. Mt Caudin fits neatly, as Cazaly's Parker Range Iron Project is located within the Mt Caudan tenement area and is 60 kilometers by road south of Southern Cross.

Current resource estimate at Mt Caudin is currently 23.5 million tonnes @ 55.4% Fe. A recently completed Scoping Study has confirmed it could economically sustain a 2 million tonne per annum to 4 million tonne per annum operation. Discussions have begun with private rail company Westnet Rail and recently signed a MoU with Esperance Port Authority to ensure its export requirements can be incorporated into the Port Authority’s expansion plans.

Cazaly Resources is an Australian based diversified mineral resources company and was floated on the ASX in October 2003. The company controls a large portfolio of ground largely prospective for Gold, Iron Ore, Uranium and Base Metals, mostly situated within Western Australia.