CORAZON MINING LIMITED — Capital/Financing Update 2012

Jun 6, 2012

07 June 2012

ASX ANNOUNCEMENT

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The Manager Company’s Announcements Australian Securities Exchange

ASX : CZN

Additional Nickel-Copper Sulphide Target Defined at Lynn Lake Project, Canada

“A new high grade nickelcopper sulphide discovery ... in a major Canadian mining camp.”

• Assay results from exploration drilling confirm new zone of nickel-copper sulphide mineralisation at EL Deposit within the Lynn Lake Project

• Discovery identifies the southeastern margin of the intrusion as an additional priority target, an area recently highlighted by geophysics as prospective

Capital Structure

Ordinary shares 137.89M Options 71.54M M.Cap (@3.7cps) ~A$5.1M

• Current phase of exploration drilling completed and all assays received

• Company will use results to define further targets at depth within EL Deposit

Board of Directors

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Clive Jones Non-Executive Chairman

Nickel sulphide exploration company, Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”), is pleased to announce additional results from drilling at its Lynn Lake nickel-copper sulphide project in Canada.

Assay results of the sulphide mineralisation intersected by drill-hole CRZ017 (announced 17 April, 2012) has returned:

51m @ 0.8%Ni, 0.5% Cu & 0.02% Co

Brett Smith Managing Director

Jonathan Downes Non-Executive Director

Adrian Byass Non-Executive Director

Rob Orr Company Secretary

Mineralisation was intersected at 670 metres down-hole, located at a shallower level and approximately 50 metres to the east of the strong sulphide mineralisation which has been the target of drilling since its discovery in 2011 (refer to previous announcements and Figure 1).

The mineralisation is fault bounded and has opened up the southeast margin of the intrusion as a prospective exploration target, with individual results ranging up to 3.5% (1m) nickel and 6.3% (0.6m) copper.

Higher grade zones of both primary and remobilized massive sulphide included:

Contact Us

www.corazon.com.au

4.0m @ 1.8%Ni, 0.7% Cu & 0.05% Co from 679m 2.8m @ 1.7%Ni, 2.0% Cu & 0.05% Co from 687m 2.0m @ 2.5%Ni, 1.1% Cu & 0.06% Co from 728m

These zones maybe coincident with a strong EM (geophysical) anomaly, detailed in previous announcements (28 March, 2012) and the primary target for this drilling.

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

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

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

ASX ANNOUNCEMENT

07 June 2012

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CRZ017 is the first drill hole into the eastern margin of the EL Plug, an area that was recently highlighted as prospective by electromagnetic (EM) geophysics. It is extremely encouraging that this hole has intersected such a broad zone of mineralisation proximal to a strong geophysical anomaly.

The discovery provides the Company with an additional sulphide target within the EL Deposit. Corazon believes the EL Deposit has good potential at depth, with the deepest mineralised drill intercept to date within the main breccia zone (CRZ012, Figure 2), returning:

44.8m @ 1.6%Ni, 0.7%Cu & 0.04%Co from 773.9m

This mineralisation displays some of the strongest sulphide breccia textures drilled to date by Corazon, with higher grade zones including:

• 3.9m @ 2.8%Ni, 0.2%Cu & 0.07%Co from 773.9m

• 11.0m @ 2.3%Ni, 1.0%Cu & 0.06%Co from 784.9m

• 11.5m @ 2.4%Ni, 0.8%Cu & 0.06%Co from 807.2m

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

07 June 2012

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ASX ANNOUNCEMENT

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Figure 2 :- Recent drilling results and geological cross-section with drill hole traces (+1%Ni highlighted)

The current phase of drilling at the EL Deposit has been completed. Since January 2012, five drill holes and two daughter holes (wedges) have been completed, totalling 5,392.5 metres. Much of this drilling has been used as platforms for down-hole geophysics (EM) and target generation; this work is continuing. Geophysical consultants are currently reviewing data collected and are expected to define appropriate/refined methods for further geophysical target generation and drilling within the EL Deposit.

The Company believes the EL Deposit has the potential to host a high-grade sulphide breccia, similar to that mined in the 1950’s and 1960’s. The historic EL Mine produced 1.9Mt @ 2.5% nickel and 1.15% copper from surface to 210 metres below surface.

ENDS

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

ASX ANNOUNCEMENT

07 June 2012

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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 P: +61 (8) 6461 6350 M: +61 420 991 574 E: james@mandatecorporate.com

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.

About the Lynn Lake Project

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 EL Mine was the highest grade deposit at Lynn Lake and produced 1.9Mt @ 2.5% nickel and 1.15% copper. Mining was conducted to a depth of 210 metres below surface, with development to 270 metres.

In May 2011 Corazon discovered a high-grade nickel-copper sulphide breccia in drilling below the EL Mine. The discovery hole (XND001W2) returned:

o 23.91m @ 2.27% Ni, 0.80% Cu & 0.055% Co from 715.09 m;

Including

o 4.53m @ 3.34% Ni, 1.05% Cu & 0.081% Co from 715.09 m and

o 1.82m @ 4.38% Ni, 0.37% Cu & 0.101% Co from 726.18 m

Recent drilling has defined this sulphide zone between approximately 700m and 820m below surface. Mineralisation remains open at depth.

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, at an average grade of 1% nickel and 0.5% copper. The size and continuity of the Lynn Lake deposits provide large tonnage – low cost mining opportunities.

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

ASX ANNOUNCEMENT

07 June 2012

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There has been minimal exploration in the region since this time. Mining at adjacent deposits has shown that mineralisation extended to more than 1,100 metres below surface. Metal recoveries for nickel, copper and cobalt are historically very good, averaging above 85-90%.

Corazon is the largest land holder in the Lynn Lake Camp, and in addition to the EL Mine, the project area containing several drill defined base metal deposits and numerous un-tested geophysical anomalies.

The area 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 refineries approximately 250km to the south.

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