CORAZON MINING LIMITED — Capital/Financing Update 2008

Jul 31, 2008

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ASX Release

1 August 2008

Graynic Commences Drilling at Quartz Circle

Graynic Metals Limited (Graynic) (ASX: GYN) is pleased to announce that it has commenced a drilling program at its Quartz Circle Project at Nullagine, Western Australia.

The drilling program will utilize the information gathered through recent surveys and data review to test targets at the Emperor zinc prospect and provide further information on the Igloo copper prospect.

The drilling program will initially consist of 10 to 15 RC and diamond holes for a minimum of 1400m at both the Emperor and Igloo prospects, and depending on success some additional follow up diamond holes will be drilled to further test intersected mineralized zones.

The long section below shows where the planned drill-holes will intersect the interpreted mineralized surface.

Graynic recently completed a comprehensive data compilation and interpretation of the Quartz Circle Project which confirmed the potential for mineralisation at the Emperor zinc prospect. A detailed surface sample program over the Emperor prospect along with relogging of diamond drill core from both the Emperor and Igloo prospects was undertaken earlier this year and results from the program and data compilation were particularly encouraging and have provided a new understanding of the Quartz Circle Project.

The Quartz Circle Project is located 25km northeast of the town of Nullagine in the Pilbara region of WA and consists of two exploration licences and 11 prospecting licences,

Enquiries: Bronwyn Barnes Managing Director 08 6364 0518 0417 093 256 bronwyn@graynicmetals.com.au www.graynicmetals.com.au

James Moses Fortbridge Consulting 0420 991 574 James.moses@fortbridge.com

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.

Competent Person Statement: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by Mr. Mark Fletcher, who is a member of the Australian Institute of Geoscientists. Mr. Fletcher has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Mark Fletcher, who is a full-time employee of Graynic Metals Ltd, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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