CORAZON MINING LIMITED — Capital/Financing Update 2013

Oct 29, 2013

ASX ANNOUNCEMENT

30 October 2013

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The Manager - Company’s Announcements

Australian Securities Exchange

EXPLORATION UPDATE FOR TOP UP RISE PROJECT

Key points:

• VTEM geophysics survey has commenced at the Top Up Rise Project

• Survey will test for conductive units and massive sulphides in an area

  • coincident with a large residual gravity anomaly

• VTEM expected to be completed this week; results will be used to assist in confirming additional drill targets

• RC drilling at Top Up Rise is progressing

• Visual indications of pervasive alteration and low tenor disseminated

sulphides including chalcopyrite

• Initial samples from drilling to date have been submitted for analysis; assay results expected in November 2013

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

Corazon previously identified widespread sulphide mineralisation at Top Up Rise (including zones of massive sulphides), with a corresponding base and precious metal association, coincident with the large TUR gravity anomaly. The Company is currently engaged in a new, high-impact round of exploration at TUR, which includes RC and diamond core drilling, as well as aerial geophysics. The programme is expected to be completed before the end of November.

VTEM Survey Underway

An aerial Versatile Time Domain Electromagnetic (“VTEM”) survey is currently underway at TUR; the survey is expected to be completed this week and preliminary results should be available the following week. This survey was originally scheduled for completion in early October; however it was delayed due to adverse weather conditions and mechanical issues with the equipment.

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ A$0.025	A$8.9M	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

30 October 2013

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VTEM has been used extensively worldwide to identify massive sulphide bodies (base metal deposits). Given the identification of zones of massive sulphide during the first phase of drilling at TUR, and the potential for TUR to host magmatic nickel-copper sulphide deposits, it is anticipated that VTEM will be an effective exploration tool to identify additional drill targets.

Second Phase of Drilling Underway

The second phase of high-impact drilling at TUR is underway. The first few holes of this phase of drilling have been relatively shallow reverse circulation (“RC”) holes, drilled to a maximum depth of ~300 metres. These holes are focused on gaining a broader understanding of the TUR geology below the prevailing sand cover, rather than testing the TUR gravity anomaly. RC drilling is faster and more cost effective than the method used in the first phase of drilling at TUR (RC drill collars followed by diamond core tails) and has enabled Corazon to quickly and efficiently gather data on the project.

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Figure 1 : Location of Phase 1 drill holes (yellow dots + hole ID) and initial Phase 2 drilling (red stars with target ID code) over TUR geophysical image of the residual gravity anomaly (colour), with aeromagnetic shadow & interpreted faults.

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ASX ANNOUNCEMENT

30 October 2013

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The second phase of drilling has progressed well, with the completion of 6 RC drill holes for approximately 1,680 metres.

In keeping with the results of the first phase of drilling, the drill chips from the current RC drilling have consistently demonstrated visual signs of disseminated sulphide mineralisation, including chalcopyrite and pyrite, across a wide area of this large anomaly. All holes drilled are located within the gravity anomaly, as identified in Figure 1.

The first samples from this drilling programme have been submitted for analysis next week, with results of this analysis to be received in November.

It is anticipated that once the results of the VTEM survey become available, Corazon will extend the current phase of drilling utilising RC collars and diamond core tails to intersect targets identified by the VTEM survey at greater depth.

TUR Project Background

The TUR Project is defined by a large buried geophysical anomaly covering an area of approximately 10km by 6km. Drilling to date has been designed to test this gravity anomaly and has not targeted areas of structural weaknesses or potential pathways (for metal rich fluids). Sulphide mineralisation within basement rocks has been observed throughout all holes drilled to date.

Exploration by Corazon at TUR has identified a geochemical anomaly coincident with the geophysical anomaly . Importantly, results to date have indicated a robust base and precious metal association between copper, lead, zinc, cadmium, silver and gold. Corazon has completed drilling in only four areas at TUR, which are up to several kilometres apart from each other, by virtue of the significant size of the gravity anomaly.

The source of the TUR gravity anomaly remains unexplained and cannot be accounted for purely from the type of rocks intersected in the drilling completed to date. Although it is accepted that the density of these materials may be increased via significant and substantial alteration and/or mineralisation, the Company is yet to intersect such rock in a scale substantial enough to explain the TUR anomaly.

Initial interrogation of assay results received has identified the possibility of both a mafic and granite (porphyry) source for the mineralising fluids. Mafic host units intersected in the drilling conducted to date have included amphibolite, gabbro and late dolerite dykes. All are variably mineralised, altered and deformed.

The discovery of an intrusive mafic lithology identified as a Troctolite presents the possibility of nickel-copper sulphide deposits as a target, as separate to the mineralisation observed to date. A Troctolite is a rare differentiated gabbroic rock which is considered an important host unit at the

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ASX ANNOUNCEMENT

30 October 2013

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large Voisey’s Bay nickel deposit in Canada and is found in other large layered mafic terrains such as the metal rich Bushveld Igneous Province in South Africa.

Petrological analysis of sulphides within the Troctolite at TUR has identified lamellae of pentlandite (nickel sulphide) within pyrrhotite. The identification of the Troctolite and pentlandite is significant as it identifies a fertile environment for formation of nickel-copper sulphide deposits.

The granitic rocks intersected to date are extremely altered and deformed and as such are difficult to identify. These units appear to host lesser quantities of sulphide mineralisation than the altered metasediments, however it is common for quartz veining (within or marginal to these units) to be mineralised.

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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