CZR Resources has received final Chinese Government approval for the sale of its Robe Mesa Iron Ore Project to Miracle Iron Resources.
The key approvals from the Chinese State Administration of Foreign Exchange mark a significant milestone in the progression of the transaction.
The Foreign Investment Review Board approval remains the last material condition precedent.
A request for an extension of the statutory deadline to Aug. 31 was granted previously.
FIRB has now sought another extension to Sept. 30, which Miracle Iron has agreed to.
"Both parties are keen to conclude this transaction, and we appreciate the patience and cooperation shown by Miracle Iron during this delay," said Stefan Murphy, managing director of CZR Resources.
Miracle Iron has confirmed that no further information requests are pending with FIRB.
Consequently, the sunset date for satisfying all outstanding conditions has been extended to Sept. 30.
Post-completion, CZR will have significant funding and will retain its Croydon and Buddadoo exploration assets in Western Australia.
CZR Resources is a mineral exploration and development company. Its projects include Croydon, Yarraloola, Buddadoo, Shepherd's Well, and Yarrie.
The Croydon Project is located in the Mallina Basin between Karratha and Port Hedland. The project covers approximately 40km strike of the Mallina Basin, about 50km south-east of Hemi.
At the time of reporting, CZR Resources’ share price was $0.2425.