CORAZON MINING LIMITED — Capital/Financing Update 2012

Dec 10, 2012

ASX ANNOUNCEMENT

11 December 2012

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Land Access Agreement Completed for Top Up Rise Copper-Gold Project in WA

ASX: CZN

• Land Access Agreement signed with Traditional Owners paves the way for exploration to commence at the Top Up Rise Project (TUR)

Capital Structure

• Ministerial Access Permit currently being sought

• TUR includes a large untested gravity anomaly under shallow cover in the Gibson Desert region of north-eastern Western Australia

Ordinary shares 139.14M Options 71.54M M.Cap (@ $0.03) $4.17M

• TUR is prospective for Olympic Dam/ Prominent Hill style iron-oxide copper gold (IOCG) mineralisation

• TUR work programs to be initiated (pending Ministerial Access Permit) early in the first quarter of 2013 with ground geophysics, to be followed by drilling in late Q1 or early Q2, 2013

Board of Directors

Clive Jones Non-Executive Chairman

Brett Smith Managing Director

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Australian mineral exploration company, Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”), is pleased to announce a land access agreement has been completed with the Tjamu Tjamu (Aboriginal Corporation) RNTBC and Ngaanyatjarra Land Council (Aboriginal Corporation) which will facilitate the exploration of the Top Up Rise Project (“TUR Project” or “the Project) in Western Australia.

Jonathan Downes Non-Executive Director

Adrian Byass Non-Executive Director

Rob Orr Company Secretary

The TUR Project is located in the Gibson Desert region of north-eastern Western Australia and is prospective for large gold-copper intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena.

The signing of the Land Access Agreement is a significant step forward for the development of the TUR Project, which includes an exploration licence that was granted in May 2011.

This access agreement allows the Company to seek a Ministerial Access Permit, which will provide authorisation for Corazon’s exploration teams to commence on-ground work within the Project area.

Contact Us

Brett Smith Managing Director Ph: +61 (8) 6364 0518

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

It is expected the current processes will see on-ground heritage clearances for proposed work programs commence in early 2013, with ground geophysics scheduled to be completed in the first quarter of 2013 and drilling to follow late in the first quarter/early in the second quarter 2013.

info@corazon.com.au

P: +61 8 6142 6366 - Level 1, 350 Hay Street Subiaco W.A. 6008 - PO Box 8187 Subiaco East W.A. 6008 - www.corazon.com.au

ASX ANNOUNCEMENT

11 December 2012

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Corazon has secured an option to earn up to 75% of Border Exploration Pty Ltd (“Border”), which owns 100% of the TUR Project (refer to Company announcement dated 30 October, 2012). This acquisition is conditional on both the granting of a Ministerial Access Permit and Corazon Shareholder approval.

Corazon has engaged an Independent Expert to prepare an Independent Valuation Report for the Top Up Rise Earn-In Agreement with Border. This report will be included in the Notice of Meeting which the Company expects to put to its Shareholders in the coming weeks; the meeting is planned for January 2013.

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TUR Project
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About the Top Up Rise Project

Figure 1:- Project Location

The TUR Project is located in the Gibson Desert region of northeastern Western Australia and is prospective for large gold-copper intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena. The primary target is an unexplored gravity anomaly, which presents one of the largest amplitude residual gravity anomalies in Australia. The core of the anomaly is 8 kilometres by 4 kilometres in area, similar in size to the gravity anomaly attributed to the Olympic Dam Deposit.

The closest outcrops (approximately 20 kilometres away) are anomalous in iron-oxide copper gold (IOCG) pathfinder minerals (including rare-earths, haematite, magnetite, copper, gold and uranium) and are adjacent to a large Proterozoic age intrusive alteration system with geochemical characteristics common to known worldclass copper-gold deposits.

The TUR Project gravity anomaly is a large residual gravity-high with no coincident magnetic high, supporting geophysical features typical of many IOCG deposits (Figure 3). The anomaly was identified as a result of a gravity survey completed by Geoscience Australia and the Geological Survey of Western Australia in 2006 (published in 2008).

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Figure 2:- Outcrop Geology Map (GSWA) – Project and Anomaly Location

P: +61 8 6142 6366 - Level 1, 350 Hay Street Subiaco W.A. 6008 - PO Box 8187 Subiaco East W.A. 6008 - www.corazon.com.au

ASX ANNOUNCEMENT

11 December 2012

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Section
7,500,000 N
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Figure 3:- Top Up Rise Project - Geophysical Images, with Project and Tenement Location

With respect to amplitude, the peak residual gravity anomaly is greater than 7 mGals above background, on a gravity high ridge of approximately 4 mGals (with a background of less than 1 mGal) (Figure 4). Residual gravity is a measure of gravity after the effects of regional variations in the earth’s gravity field have been removed (ie. Data is normalised to the earth’s gravity field)

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Figure 4:- Residual Gravity Profile at 7,500,000 North – with IOCG Deposit Peak Anomalies

P: +61 8 6142 6366 - Level 1, 350 Hay Street Subiaco W.A. 6008 - PO Box 8187 Subiaco East W.A. 6008 - www.corazon.com.au

11 December 2012

ASX ANNOUNCEMENT

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ENDS

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

Brett Smith Managing Director Corazon Mining Limited P: +61 (8) 6461 6350 E: james@mandatecorporate.com

James Moses Dale Bryan Media and Investor Relations Corporate Advisor Mandate Corporate Hartleys Limited M: +61 420 991 574 P: +61 (8) 9268 2829

Disclosure Statements and Important Information

Competent Persons

The information in this report related to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr A Byass, B.Sc Hons (Geol), B.Econ, FSEG, MAIG an employee of Corazon Mining Limited. Mr Byass has sufficient experience relevant to the style of mineralisation 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 Byass consents to the inclusion in the report of the matters based on this information in the form and context in which it appear.

P: +61 8 6142 6366 - Level 1, 350 Hay Street Subiaco W.A. 6008 - PO Box 8187 Subiaco East W.A. 6008 - www.corazon.com.au