CORAZON MINING LIMITED — Capital/Financing Update 2007

Dec 9, 2007

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10 December 2007

The Manager Company Announcement Office Australian Stock Exchange Limited

Graynic Concludes Joint Venture for Australian Diamond Tenements

Graynic Metals Limited (“Graynic”, ASX: GYN) has recently concluded a Joint Venture Agreement with King Leopard Diamonds Ltd covering Graynic’s diamond tenements in Western Australia.

Under the terms of the agreement Graynic will receive 1 million shares and 1 million options in the Initial Placement Offering (“IPO”) of King Leopard Diamonds in transferring an 80% interest in tenements Walgidgee Hills E04/1551, Nookanbah E04/1620, Boodallana E45/2788, Napier Downs E04/1557 and E04/1558 that are currently held by Graynic. In addition, on successful listing of King Leopard Diamonds, Graynic will receive a $100,000 payment in recognition of the value of the tenements and Graynic’s expenditure to date.

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Graynic Metals Limited ACN : 112 898 825

Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872

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Terms of the joint venture also include agreed exploration expenditure commitments, with King Leopard Diamonds to spend $200,000 on Walgidgee Hills E04/1551 and $100,000 on Nookanbah E04/1620, Boodallana E45/2788, Napier Downs E04/1557 and E04/1558 in the first 12 months after listing. Graynic will continue to hold a 20% interest in the tenements and have reached agreement with King Leopard Diamonds for a joint management arrangement for ongoing project management.

Graynic welcomes the joint venture with King Leopard Diamonds as it allows Graynic to focus on its base metals and bulk commodities experience, whilst still retaining exposure to the highly prospective diamond tenements in Australia. Graynic will continue to focus on its high interest projects at Quartz Circle in Western Australia and its Gulf Creek, Copper Ridge and Yanco Glen projects in New South Wales.

Background

Exploration Licence 04/1551 hosts the entire Walgidee Lamproite Intrusion in the West Kimberley region of Western Australia. The Walgidee Lamproite is a known diamond-bearing intrusion from which 891 micro diamonds and 62 macro-diamonds have been recovered. The 11 macro-diamonds recovered by Diamond Rose NL in 1998 comprised 6 white (colourless) stones, 4 brown and 1 yellow, ranging in size from 0.8mm to 1.5mm.

The Walgidee Lamproite is reputedly the largest lamproite in the world, with a diameter of about 2.5km and an area of about 490ha. Various campaigns of bulk testing of pit samples as well as testing of drill samples have been carried out over the years, but most of these trials have been confined to the eastern half of the intrusion. It is the Company’s opinion that the amount of testing to date may have been inadequate for such a large intrusion and that there is good potential for a commercial diamond deposit to be discovered.

The project area is located approximately 80 kilometers south of the Ellendale Diamond mine operated by Kimberley Diamond Company NL and currently undergoing an expansion which will establish the operation as a “Top 5 Western World diamond producer”. In the same area Blina Diamonds NL has recently completed a bulk sampling program at its alluvial project at Ellendale 9 North and recovered 3766 diamonds weighing 1442 carats from a 3773 tonne gravel sample.

Enquiries: Bronwyn Barnes Managing Director Graynic Metals Limited 08 6364 0518 0417 093 256

Ashley Hood Director King Leopard Diamonds (02) 92254000 0415 175 085

Graynic Metals Limited ACN : 112 898 825 Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872

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About Graynic Metals Limited

Graynic Metals Ltd is committed to increasing shareholder wealth through the acquisition, exploration and development of base metal mineral resources throughout Australia. The Company has key project areas in Western Australia and New South Wales within mineral provinces that have demonstrated copper, lead, zinc, nickel and gold mineralisation.

Current exploration targets include locating additional high grade resources adjacent to existing resources, testing of historic workings, drill testing of significant surface geochemical anomalies and the drilling of obvious strike and depth extensions of existing anomalous drilling intersections. Each project area has a significant land position which allows for further growth opportunities should exploration be successful.

Graynic Metals Limited ACN : 112 898 825 Suite 5, Level 1, 350 Hay St, Subiaco, Western Australia, 6008. PO Box 935, West Perth, WA, 6872 Phone: 08 6364 0518 Fax: 08 6210 1872