A Perth-based miner told media today that selling its West Kalgoorlie gold assets will further strengthen the company to focus on its Goldfields iron ore project.

A spokesperson of Cazaly Resources said it has sold its gold assets to Phoenix Gold Limited in exchange for $3.5 million in cash and shares.

The company will get an additional $2.5 million in cash once Phoenix completes he drilling and prodiction of milestones.

Clive Jones, one of Cazaly's managing diretcors, said the sale will further boost the development of its Parker Range iron ore projects based in Southern Cross.

“We have arranged finance agreements to finance the bulk of the capital requirements of the project,” he said.

“But we still need to get on and do other things. There's still more exploration to do- a huge amount of exploration to be done at Parker Range.”

Mr. Jones said the company will continue to develop its other projects in the Pilbara region and in other States.

Cazaly Resources Limited is an Australian based company that produces gold, iron ore, uranium, and base metals, situated in Western Australia.

The company's key assets include Parker Range Iron ore and Pilbara iron ore mines.

Cazaly is a registered company at Australian Securities Exchange.