CORAZON MINING LIMITED — Capital/Financing Update 2012

Mar 27, 2012

ASX ANNOUNCEMENT

28 March 2012

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The Manager Company’s Announcements Australian Securities Exchange

ASX : CZN

Geophysics Defines Drill Targets

• Exploration continues at the nickel-copper sulphide EL Deposit within Corazon’s Lynn Lake Project, Canada

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

• Down-hole EM surveys have defined several conductors that will direct exploration drilling of extensions to the EL Deposit between 700m and 1,200m below surface

• Drilling to recommence within the next 24 hours on the most prospective of these new conductors

Capital Structure

Ordinary shares 137.89M Options 71.54M M.Cap (@9cps) ~A$13.1M

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Nickel sulphide exploration company, Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”), is pleased to provide an update on exploration at the Lynn Lake nickel-copper sulphide project in Canada.

The Company has recently completed down-hole electromagnetic surveys (EM) within drilling at the EL Deposit. EM is effective in identifying massive sulphide typical of the high-grade mineralisation at Lynn Lake and will assist in targeting on-going drilling.

The initial target for drilling lies east of and at a similar level to mineralisation recently defined by Corazon’s drilling (i.e. a parallel target). This conductor is coincident with a regional structural trend and is defined between 700 and 850 metres below surface.

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

Drilling of this parallel target will commence within the next 24 hours, to provide a better understanding of this conductor. Interpretation work is continuing on processing and defining multiple conductors identified by the EM surveys down to 1,200 metres below surface.

The current drilling at Lynn Lake will continue until mid-2012. Results will be used to better define the potential for development of the EL Deposit.

Contact Us

ENDS

www.corazon.com.au

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.au

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

15 March 2012

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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 2010 Corazon discovered a high-grade nickel-copper sulphide breccia in drilling below the EL Mine. The discovery hole (XND001W2) returned:-

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

Including

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

• 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, with the deepest hole to date (CRZ012W5) intersecting:-

• 10.75m @ 2.10% Ni, 1.03% Cu & 0.066% Co from 807.72 m.

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.

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.

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.

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