CORAZON MINING LIMITED — Capital/Financing Update 2011

Sep 19, 2011

ASX ANNOUNCEMENT

20 September 2011

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The Manager Company’s Announcements Australian Securities Exchange

Drilling of Geophysical Target Delivers Result

Highlights

• All three holes drilled into an EM conductor below the historic EL Mine have intersected high-grade nickel/copper sulphide mineralisation

• New hole CRZ011AW1 has intersected mineralisation over 32.72 metres including two zones of semi-massive and sulphide breccia with widths of 1.44m and 6.97m. Samples have been submitted for analysis.

• Hole CRZ011A drilled last month intersected 2.4m of massive sulphide exhibiting high-grade nickel-copper mineralisation. Results of this interval is expected in the next 48 hours

• Discovery hole XND001W1 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co

• Results provide conclusive evidence that the large EM conductors defined coincide with strong sulphide mineralisation and nickel, copper, cobalt mineralisation

Corazon Mining Limited ASX : CZN

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

Capital Structure

101.89 M ordinary shares 66.54 M options

MCap ~A$14.3M (@ 14 cps)

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

• Drilling is interpreted to have tested the northern fault-bounded top of the mineralised system, defining only a small portion of the targeted conductor

• Conductors extend further south and at depth into areas not tested by drilling

• EM conductors defined to extent of geophysical tools, may extend further

www.corazon.com.au

Brett Smith Ph: +61 (8) 6364 0518

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

• Follow-up drilling planned to commence immediately

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Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is pleased to announce that further strong nickel/copper sulphide mineralisation has been intersected in the ongoing drilling of geophysical (EM) conductors at its EL Deposit within the Lynn Lake nickel sulphide project in Canada.

Drilling supports the interpretation that the EM conductors recently defined are likely to represent substantial zones of high-grade nickel/copper sulphide. Two strong EM conductors have been defined, possibly representing the same mineralised zone and extending over 50-100 metres to the south and at depth. These anomalies extend to the full effective range of the geophysical method, into areas not tested by drilling and may extend further.

The true dimensions of the mineralisation associated with the EM conductors have yet to be determined. Drilling has intersected a relatively flat upper bounding fault, in contact with high-grade mineralisation. This is a truncated profile for the mineralisation historically defined at the EL Deposit, which has a high-grade core of between 80 and 120 metres in diameter, central to disseminated mineralisation of up to 200 metres in diameter.

To date three holes have been drilled into an EM conductor below the EL Mine. Whilst these holes have tested only a small portion of the target all three holes have intersected high-grade nickel-copper mineralisation.

The discovery hole XND001W1 returned 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co (announced 8 June, 2011) and defines the northern extents of the conductor target.

Massive sulphide intercepted in the second hole (CRZ011A, announced 30 August, 2011) intersected 2.4m of massive sulphide beneath the fault. The intercept included some of the strongest nickel content seen by the Company (visual estimates supported by handheld Niton XRF). This hole is interpreted to have intersected the fault bounded upper eastern edge of the EM conductor target.

The hole currently being drilled (CRZ011AW1) has targeted the area between XND001W1 and CRZ011A in an area away from the edge of the EM anomaly. This hole intersected the upper bounding fault at 723.96m and immediately intersected semi-massive to disseminated nickel and copper sulphides for the next 32.72m. Within this, two zones with strong sulphides exist, including 1.44m of semi-massive sulphide immediately below the bounding fault, and 6.97m of semi-massive and sulphide breccia from 739.26m. The high grade nature of the nickel/copper mineralisation has been interpreted visually and validated using a handheld Niton XRF.

It is significant that the results of Corazons drilling have returned some of the highest recorded nickel grades in the Lynn Lake mining camp. The predictability of the location of the mineralisation, coincident with the EM conductors, provides conclusive support that the EM anomalies recently defined represent semi-massive to massive sulphides, and hence high nickel and copper mineralisation.

Further drilling of the conductor will continue subsequent to the completion of CRZ011AW1, which has a target depth of approximately 900m.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

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Background

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 historic 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 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.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au