CORAZON MINING LIMITED — Capital/Financing Update 2013

Nov 11, 2013

ASX ANNOUNCEMENT

12 November 2013

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The Manager - Company’s Announcements

Australian Securities Exchange

EXPLORATION UPDATE FOR TOP UP RISE PROJECT

Key points:

• Ongoing RC drilling has identified further disseminated copper sulphides at TUR

• VTEM geophysics survey has been completed; Corazon has received the raw data and is awaiting final data

• Corazon is currently drilling a diamond core extension to hole DD003 (initially drilled during the first TUR campaign)

• This hole contains zones of massive sulphides, shows increasing levels of alteration with depth and hosts an intrusive mafic rock (gabbro) containing traces of magmatic Ni-Cu sulphides

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce an update regarding its exploration activities at the Top Up Rise Project (“TUR”) in the Gibson Desert region of Western Australia.

Drilling completed to date by Corazon has identified widespread sulphide mineralisation with a corresponding base and precious metal association, coincident with the large TUR gravity anomaly.

The Company is currently engaged in its second phase of exploration at TUR, which includes RC and diamond core drilling. The initial phase of this drilling programme has included relatively shallow reverse circulation (“RC”) holes (to a maximum of ~300m depth), which, rather than testing the TUR gravity anomaly, have focussed on gaining a broader understanding of TUR’s geology below the sand cover.

Drilling has progressed well, with the completion of 8 RC drill holes for approximately 2,300 drill metres. Sulphide mineralisation, including chalcopyrite (copper sulphide) has been intersected in all holes drilled to date. Additionally a very complex history of alteration and mineralisation has been observed. The interpretation of results from this drilling has provided very useful geological information and will be used to focus on-going exploration within the very large target area at TUR.

The Company has also recently completed an aerial Versatile Time Domain Electromagnetic (“VTEM”) survey over TUR. VTEM has been used extensively worldwide to identify both conductive

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ A$0.025	A$9.6M	Clive Jones	Non-executive Chairman		P: +61 (8) 6142 6366
Ordinary shares	355.6M	Brett Smith		Managing Director	M: PO Box 8187, Subiaco East WA 6008
Options	38M	Jonathan Downes		Director	E: info@corazon.com.au
ASX: CZN		Adrian Byass		Director	W: www.corazon.com.au

ASX ANNOUNCEMENT 12 November 2013

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units and massive sulphide bodies (base metal deposits). Raw data from the VTEM programme has been made available to Corazon; conductive features are obvious in this raw data, however, the quality, strength and depth of the conductive features will only be able to be determined from final corrected data. It is anticipated that this final data will be made available to the Company in the coming weeks.

Corazon has now re-commenced diamond core drilling, focussing on the area which provided the best results from the Phase 1 drilling programme. Drill hole DD003, sitting on the eastern margin of the gravity anomaly adjacent to a regionally significant fault zone, will be extended by approximately 200 metres.

Hole DD003 previously intersected broad zones of sulphide mineralisation within meta-sedimentary lithologies, including massive sulphide over shorter intervals (refer to ASX release dated 19 July 2013). Alteration of the rock appears to be increasing in intensity and temperature of formation with depth.

Furthermore, hole DD003 ended in troctolite - a rare differentiated gabbro that has the potential to host magmatic nickel-copper sulphide mineralisation. Petrological analysis of sulphides within the troctolite at TUR has identified chalcopyrite and lamellae of pentlandite (nickel sulphide) hosted within pyrrhotite. The identification of the troctolite and pentlandite is considered to be a particularly significant finding given it suggests the potential for a nickel-copper sulphide deposit.

Managing Director of Corazon, Mr Brett Smith, said: “During this phase of exploration, we were actively advancing our understanding of TUR with drilling while the VTEM program was being undertaken. With the VTEM survey now complete and the field season in the Gibson Desert drawing to a close, Corazon will focus on more high-impact drilling, including the extension of DD003 and, if weather permits, following up on targets defined by the final VTEM data.”

Ends

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) 6142 6366	M: +61 (0) 420 991 574
E: info@corazon.com.au	E: james@mandatecorporate.com.au

Competent Persons Statement

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith 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 Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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