CORAZON MINING LIMITED — Capital/Financing Update 2013

Oct 6, 2013

ASX ANNOUNCEMENT

7 October 2013

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The Manager - Company’s Announcements

Australian Securities Exchange

DRILLING RECOMMENCES AT TOP UP RISE

Key points:

• Corazon has recommenced drilling at its Top Up Rise Project in the Gibson Desert region of WA

• Primary target is a large residual gravity anomaly 10km by 6km in size

• Drilling in mid-2013 identified extensive sulphide mineralisation with a base/precious metal association, coincident with the gravity anomaly

• Multiple drill targets to be tested - including geophysical anomalies and fault zones

• VTEM geophysics commissioned to cover gravity anomaly and test for conductive units, including massive sulphides

• First assay results are expected in November 2013

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce the commencement of the second phase of exploration drilling at the Top Up Rise Project (“TUR”) in the Gibson Desert region of Western Australia.

A reverse circulation (RC) and diamond core (core) drilling programme is underway to test lithological and geophysical targets within the TUR gravity anomaly. Initial assay results from the drilling are expected early in November, with drilling continuing until mid-November (2013).

Drilling to date by the Company has identified widespread sulphide mineralisation, with a corresponding base and precious metal association, coincident with the geophysical anomaly. Drill targets will continue to be assessed and prioritised based on information acquired during the programme. Corazon has two main objectives for this phase of drilling:

1. To continue to test for the source of the TUR gravity anomaly, which remains unexplained based on the types and density of rocks intersected to date; and

2. To test, for the first time, zones of structural weakness and other areas that may be prospective as fluid pathways for the base and precious metals mineralisation identified in the initial drilling at TUR.

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ A$0.031	A$11M	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

7 October 2013

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An aerial Versatile Time Domain Electromagnetic (VTEM) survey is expected to commence on or around the 10[th] October. It is possible that the VTEM survey will identify additional targets for drilling. VTEM has been used extensively worldwide to identify both massive sulphide bodies (base metal deposits) and the conductive geophysical nature of potential host rocks. Given the identification of zones of massive sulphide during the first phase of drilling at TUR, and the potential for the project to host magmatic nickel-copper sulphide deposits, it is anticipated that VTEM will be an effective exploration tool.

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Corazon has acquired heritage clearances and drilling approval for eleven target areas within the TUR anomaly. Four of these areas were tested in the initial drilling programme. Phase 2 drilling will initially focus on the other defined targets. It is possible that the VTEM survey will identify additional targets outside the area currently subject to heritages clearances. With this in mind, preparation is underway for a further heritage clearance survey scheduled for October.

Background on the Top Up Rise Project

The TUR Project is defined by a large 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). Nonetheless, 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 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 (figure below), 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.

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ASX ANNOUNCEMENT

7 October 2013

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A Troctolite is a rare differentiated gabbroic rock which is considered an important host unit at the 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 in that 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.

Figure 1 : Drill hole location of Phase 1 drilling at TUR, over a geophysical image of the residual gravity anomaly (colour) with a DTM shadow (depicting sand dunes)

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

Disclosure Statements and Important Information

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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