CORAZON MINING LIMITED — Capital/Financing Update 2012

Mar 14, 2012

15 March 2012

ASX ANNOUNCEMENT

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The Manager Company’s Announcements Australian Securities Exchange

ASX : CZN

Corazon Drilling Update

• Drilling 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.”

• Two holes have been drilled as platforms for geophysical surveys, targeting down plunge extensions to a nickel-copper sulphide breccia

• Down-hole geophysical (EM) surveys to provide important information for targeting ongoing drilling at the EL Deposit between 800m and 1,200m below surface

Capital Structure

Ordinary shares 137.89M Options 71.54M M.Cap (@8cps) ~A$11.0m

• EM surveys to be conducted over the next week, with follow-up drilling to commence immediately

• Brown-fields project, well serviced with mining infrastructure and support, offering rapid development potential

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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.

Drilling is continuing beneath the historical EL Mine within the project, where a significant nickel-copper sulphide breccia has been identified between 700m and 820m below surface. This mineralisation is an extension of the mine at surface and remains open at depth.

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

The Company has recently completed two important drill holes at the EL Deposit which will provide platforms for electromagnetic surveys (EM) to be conducted over the coming week. EM is effective in identifying massive sulphide and will test downplunge extensions to mineralisation between approximately 800m and 1,200m below surface.

Results of the EM will assist in targeting on-going drilling. It is expected the deep EM platform holes will also be used as parents for multiple daughter holes, testing extensions.

Contact Us

www.corazon.com.au

The current drilling at Lynn Lake will continue to mid-2012, exploring the mineralised potential of the EL Deposit at depth. Results will be used in the estimation of a new Resource for the EL Deposit, which will form a basis for mining studies.

ENDS

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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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

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