CORAZON MINING LIMITED — Capital/Financing Update 2011

Nov 8, 2011

ASX ANNOUNCEMENT

9 November 2011

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The Manager - Company’s Announcements Australian Securities Exchange

Corazon Mining Limited ASX : CZN

CORAZON RAISES $4.32M TO FUND ONGOING EXPLORATION AT LYNN LAKE

“An Australian company ... developing nickel sulphides in Canada.”

Capital Structure

Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is pleased to announce that it has resolved to raise up to approximately $4.32 million through the placement of up to approximately 36 million shares at an issue price of 12 cents per share.

The funds raised pursuant to the placement will be used to further advance existing exploration at the Lynn Lake Nickel Sulphide Project in Canada, where drilling is ongoing, and for general working capital purposes.

Corazon’s Managing Director, Mr Brett Smith said:

“The strong take-up of this share placement is further good news for Corazon and its shareholders and demonstrates the significant investor interest being received by Corazon for its highly prospective Lynn Lake Project, on the back of recent significant nickel sulphide drill intersections. Funds raised pursuant to the placement will allow Corazon to continue to aggressively progress drilling at Lynn Lake, ensuring strong continued newsflow over the coming months from exploration activity.”

The placement is being completed in two tranches with up to approximately 15 million shares being issued in tranche one pursuant to the Company’s 15% capacity under ASX Listing Rule 7.1 and the balance of up to approximately 21 million shares being issued in tranche two, subject to shareholder approval at a General Meeting proposed to be held in mid-December 2011. A Notice of Meeting will be sent to all shareholders in due course.

Leading Australian financial services firm Hartleys Limited was Sole Lead Manager to the Offer and Peloton Capital was Co-Lead Manager.

101.89 M ordinary shares 66.54 M options

MCap A$16.8m (@ 16.5cps)

Board of Directors

Clive Jones Non-Executive Chairman

Brett Smith Managing Director

Jonathan Downes Non-Executive Director

Adrian Byass Non-Executive Director

Rob Orr Company Secretary

Contact Us

www.corazon.com.au

Brett Smith Ph: +61 (8) 6364 0518

James Moses Media & Investor Relations Ph: +61 (0) 420 991 574

About Corazon

Corazon has an option to acquire 100% equity in the Lynn Lake Nickel Sulphide Project in the central Canadian province of Manitoba, which hosts the EL Nickel Mine. The Lynn Lake nickel camp is Canada’s third largest nickel mining region, which produced 22Mt of nickel/copper/cobalt ore between 1953 and 1976. There has been minimal exploration in the region since this time. The EL Mine was the highest grade mine in the district and produced 1.9Mt @ 2.5% nickel and 1.15% copper between

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1954 and 1962. The deposit was mined to a depth of 210 metres whilst mining at adjacent deposits has shown that mineralisation extends to more than 1,100 metres below surface.

The Company announced the discovery of high-grade, semi-massive nickel/copper mineralisation below the EL Mine in June this year. Corazon’s’ current exploration is focused on better defining the size and potential of the sulphide breccia mineralisation at the new discovery. This strategy has involved the use of electromagnetic geophysics (EM) within drill holes recently completed at the EL Deposit. EM has historically been effective in defining the strong nickel-copper-cobalt sulphide mineralisation typical of the Lynn Lake deposits.

Corazon is the largest land holder in the Lynn Lake Camp, and in addition to the EL Mine, the project area contains several drill defined base metal deposits and numerous un-tested geophysical anomalies. The region is well serviced with mining infrastructure and support, offering rapid development potential. The Thompson Nickel Refinery is located only 320km from the project and is accessible by all weather roads. In addition there is rail access (currently under care and maintenance) to the Flin Flon zinc-copper concentrators approximately 250km to the south.

Ends

For further information visit www.corazon.com.au or contact:

Brett Smith James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate Ph: +61 (8) 6461 6350 Mob: +61 420 991 574 E: james@mandatecorporate.com.au

Disclosure Statements and Important Information

Competent Person

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew John Thompson, B.Sc Hons(Geol), Member AusIMM an employee of Corazon Mining Limited. Mr Thompson has sufficient experience that 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 Thompson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Assay results are obtained from ALS Mineral Services in Thunder Bay, Ontario, Canada. Samples are prepared using single stage pulverization of the entire sample. Base metal assays are obtained by 4 Acid digestion using ICP with either Atomic emission spectrometry (AES) or atomic absorption spectrometry (AAS) analysis techniques.

Full analytical quality assurance - quality control (QAQC) is achieved using a suite of certified standards, laboratory standards, laboratory duplicates, blanks and grind size analysis. Assays quoted in announcements may be of a preliminary nature.

Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au