CORAZON MINING LIMITED — Capital/Financing Update 2007

Oct 31, 2007

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1 November 2007

The Manager Company Announcement Office Australian Stock Exchange Limited

99% Conversion Rate for Graynic Options

Graynic Metals Limited (“Graynic” ASX: GYN) is pleased to announce that it has successfully completed its option conversion programme. Of a total of 12,219,643 options on issue, 12,079,043 options were converted to shares by existing optionholders. This was a conversion rate of 99% which delivered $2,416,058 in operating funds to Graynic.

Graynic views the tremendous conversion rate for the options as a sound endorsement by existing share and optionholders of the potential of Graynic’s current projects as well as support for the new management team at Graynic.

In line with the option underwriting agreements with Indian Ocean Capital Pty Ltd that was announced in September 2007, Indian Ocean Capital Pty Ltd will now convert the remaining options on issue. This is in addition to the placement of an additional three million (3 million) shares at $0.20 (20 cents) through Indian Ocean Capital Pty Ltd for a total sum of $600,000 that was also announced in September.

The above has combined to deliver working capital to Graynic of $3,043,393 that will now be used to progress Graynic’s current exploration and drilling programmes in WA and NSW. In addition Graynic is actively seeking to expand the number of quality projects in its portfolio.

Enquiries:

Bronwyn Barnes Managing Director 08 6364 0518 0417 093 256

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