CORAZON MINING LIMITED — Capital/Financing Update 2012

Feb 27, 2012

CORAZON MINING LIMITED - ASX : CZN

ISSUE 4: February 2012

IN THIS ISSUE

 2012 Exploration Season Underway  New Exploration Target

 Exploration Update

2012 EXPLORATION SEASON UNDERWAY

After a highly successful 2011 exploration program, Corazon is pleased to report its 2012 exploration season at the Lynn Lake nickel sulphide project in Canada has already commenced.

The Company’s next phase of drilling will involve a 4,500 metre core drilling program, which is expected to be completed by the end of May. The results will be used to produce a significant resource upgrade, scheduled for completion around mid year.

Drilling will focus on testing the Lower Zone at the EL Deposit within the Lynn Lake project, which hosts the high-grade nickel-copper sulphide system discovered in May last year. The discovery hole intersected a spectacular 23.75 metres @ 3.34% nickel, 1.54% copper and 0.079% cobalt (from 731.25 metres downhole).

This outstanding result was backed up by the Company’s subsequent drill results in 2011, and confirmed the Lynn Lake discovery as a major new high-grade nickel-copper sulphide deposit.

The EL Deposit is a significant and attractive exploration target. Historically, mines at Lynn Lake were large-tonnage, low-cost operations. The area was mined for 23 years (until 1976) and produced average grades of 1% nickel and 0.5% copper. Some of these mines were developed to depths of 1,200 metres below surface. Bulk mining of these wide zones of mineralisation resulted in low operating costs and attractive operating margins.

Results from the current phase of drilling will be released to the market as they become available.

EXPLORATION PROGRAM HIGHLIGHTS

• 4,500 metre core drilling program to be completed by May

• Drilling will focus on Lower Zone at the EL Deposit at Lynn Lake which hosts the high-grade nickel-copper sulphide system discovered in May 2011

• Discovery hole intersected 23.75 metres @ 3.34% nickel, 1.54% copper and 0.079% cobalt

• Significant resource upgrade at EL Deposit due mid-year

Corazon Mining Ltd | 1

CORAZON MINING LIMITED – ASX : CZN

EXPLORATION UPDATE

Corazon continues to deliver strong results from its targeted drilling at the EL Deposit at Lynn Lake. Work during the December 2011 Quarter included 3,778 metres of core drilling, focused on down-dip extensions to the deposit. This drilling program successfully intersected sulphide mineralisation to a depth of approximately 800 metres below surface.

Further results were recently returned from the 2011 drilling program. They provided additional evidence of the strength of the mineralising system at depth. Much of this drilling was within the less prospective mafic lithologies. Results included;

• 32.51m @ 0.94%Ni, 0.47%Cu & 0.024%Co from 717.19m

• 34.00m @ 0.85%Ni, 0.50%Cu & 0.023%Co from 738.00m

• 10.75m @ 2.10%Ni, 1.03%Cu & 0.066%Co from 807.72m Including 4.26m @ 3.49%Ni, 1.75%Cu & 0.109%Co from 810.09m

• 9.55m @ 1.03%Ni, 0.50%Cu & 0.030%Co from 802.45m

Full details of results are included in the Company’s December 2011 Quarterly Activity Report.

MAJOR EXPLORATION TARGET UPGRADE

Corazon wrapped up its 2011 exploration program at Lynn Lake with a major upgrade in the Exploration Target at the project’s EL Deposit. The Exploration Target is conceptual in nature and to date there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

 The new, upgraded Exploration Target is;

5.2Mt to 7.4Mt, with contained metal of 52,000t to 139,000t nickel, 23,000t to 55,000t copper and 1,200t to 3,200t cobalt .

The Exploration Target was estimated to a depth of 1,200 metres and incorporates the discovery of the high-grade nickel sulphide breccia below the EL Mine, as well as historic drilling of a substantial amount of near-surface mineralisation.

It represents a significant increase on the previous Exploration Target, (announced in November 2010) largely due to the nickel sulphide discovery below the EL Mine (Lower Zone), which is the primary exploration focus for Corazon.

 The Exploration Target for this Lower Zone is;

0.9Mt to 2.8Mt @ 2.4% to 3.8 % nickel, 0.9% to 1.4% copper and 0.06% to 0.11% cobalt

The new Exploration Target has helped validate Corazon’s exploration model at Lynn Lake and confirmed the down-dip potential of the EL Deposit by intersecting wide zones of mineralisation.

U $4.32M CAPITAL RAISE

Corazon recently completed a successful $4.32 million placement to fund ongoing exploration at the Lynn Lake project. The placement was by way of 36 million shares at 12 cents per share. The strong take-up of the placement highlighted the high level of investor interest in the project. The placement was managed by Hartleys Limited and Peloton Capital.

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. Lynn Lake is Canada’s third largest nickel mining region, producing 22Mt of nickel/copper/cobalt ore between 1953 and 1976.

The project hosts the historic EL Nickel Mine, which was the highest grade mine in the region and produced 1.9Mt @ 2.5% nickel and 1.15% copper between 1954 and 1962.

The Company’s primary focus is on the Lower Zone at the EL Deposit, which comprises a high-grade nickel-copper sulphide breccia discovered in May 2011. The EL Deposit is a significant and attractive exploration target, and hosts an updated Exploration Target of 5.2Mt to 7.4Mt, with contained metal of 52,000t to 139,000t nickel, 23,000t to 55,000t copper and 1,200t to 3,200t cobalt. Corazon expects to confirm a significant resource upgrade at the project in mid-2012.

Corazon has established itself as the largest land holder in the Lynn Lake region. The area is well serviced with mining infrastructure. The Thompson nickel refinery is 320km from the project, and the Flin Flon zinc-copper refineries are approximately 250km to the south.

FOR FURTHER INFORMATION CONTACT

BRETT SMITH

MANAGING DIRECTOR, CORAZON MINING

P: +61 (8) 6364 0518

W: www.corazon.com.au

JAMES MOSES

MEDIA & INVESTOR RELATIONS, MANDATE CORPORATE M: +61 420 991 574

E: james@mandatecorporate.com.au

Corazon Mining Ltd | 2