CORAZON MINING LIMITED — Capital/Financing Update 2013

Aug 6, 2013

ASX ANNOUNCEMENT

7 August 2013

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The Manager - Company’s Announcements

Australian Securities Exchange

COPPER, GOLD AND SILVER MINERALISATION CONFIRMED

BY INITIAL ASSAY RESULTS AT TOP UP RISE

Highlights:

• Early drill assay results identify associated gold, silver, copper, lead, zinc and bismuth mineralisation at Top Up Rise Project

• Results confirm the Project’s potential to host economic copper-gold

mineralisation

• Mineralisation covers an extensive area (drill holes assayed to date are 2.6km apart) and supports the Company’s view that the sulphides intersected are distal from the mineralising source

• Major structures and potential fluid pathways have yet to be tested

• Drilling continuing, targeting highest gravity response within project area

• Current hole is at 590m with a target depth of approximately 660m.

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

Corazon is currently completing its maiden drilling programme at TUR. The primary target is an unexplored gravity anomaly which represents one of the largest amplitude residual gravity anomalies in Australia. The core of the anomaly is 10km by 6km (Figure 1) and is located in an area considered favourable for Iron-Oxide Copper Gold (IOCG) mineralisation.

Early results of selected samples from two drill holes approximately 2.6km apart have confirmed TUR as a fertile region for base and precious metal mineralisation. Extensive sulphide mineralisation has been intersected in all holes drilled to date (Figure 1).

Initial Assay Results

Assays returned include 114 selected samples from core holes TUR13DD001 and TUR13DD003. Preliminary analysis of the results indicates a robust gold, silver, copper, lead, zinc and bismuth metal association.

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ 6.4 cps	A$18.56M	Clive Jones	Non-executive Chairman		P: +61 (8) 6142 6366
Ordinary shares	290M	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 August 2013

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Managing Director, Mr Brett Smith commented “from the sulphides observed in the drill core, the copper results are in line with expectations. The fact we have gold and silver in strong association with the copper is great news and suggests we are in the right environment for the models we are targeting.”

Although at an early stage of exploration and only a small assay data set is available, it is evident the gold, silver, copper and bismuth appear to be associated with quartz veining, while the lead and zinc appear to be more host-dependent.

Peak results are presented in the table below.

Metal	Peak Result	Lower Detection Limit
Gold	176 ppb	1 ppb
Silver	1.96 ppm	0.05 ppm
Copper	0.16 %	0.0001 %
Lead	773 ppm	0.5 ppm
Zinc	712 ppm	1.0 ppm
Bismuth	9.73 ppm	0.05 ppm

Table 1 :- Assay ranges (Job ID TUR13ASSAY02). Sample widths are a maximum of 1m and minimum of 0.5m. Anomalous intervals yet to be determined due to incomplete analysis. Geology suggests multiple zones of anomalism less than 10m downhole.

The Company’s exploration target has been the underlying source of the gravity anomaly at TUR. The extensive sulphide mineralisation intersected to date is a pervasive alteration of the basement rocks. While encouraging, the targets for higher grade concentrations of this style of mineralisation have not been tested.

“We have not drilled the major structures or possible fluid pathways that could host concentration of the mineralisation intersected to date. However, it is extremely encouraging that we can drill hundreds of metres away from major structures, in holes kilometres apart, and still get this level of anomalism throughout a large project”, stated Mr Smith.

Drilling to date has identified a spatial and timing association between sulphide (particularly chalcopyrite) and magnetite mineralisation. This is viewed as being very positive as the relationship is typical of distal mineralisation assemblages within many iron ore copper gold (IOCG) deposits.

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ASX ANNOUNCEMENT

7 August 2013

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Current Activities

Drilling to define the source of the gravity anomaly at TUR is ongoing. The drilling focus is now on TUR13DD004 (Figure 1), which targets the largest gravity response (in amplitude and area) within the project. The target for TUR13DD004 is a significant anomaly that lies adjacent to (and slightly cross-cuts) the Western Magnetic Feature (Figure 1).

Currently, the hole has been drilled to approximately 590m depth and has a target depth of 660m. This hole, which is 3.5km away from TUR13DD001 and 5.4km away from TUR13DD003, has intersected similar rock units and mineralisation to that observed in the previous drilling at TUR.

The Company is expecting the same levels of anomalism and metal association, with visual confirmation of copper, lead and zinc mineralisation (example shown in Figure 2). TUR13DD004 is still progressing towards the main target, and drilling of this hole is expected to be completed in mid- August.

Down-hole electromagnetics (EM) was completed on TUR13DD003 and no off-hole conductor was located. A small in-hole conductor was defined, which is associated with the massive sulphide intersected within the drill hole, however, the Company does not believe this to be a significant exploration target.

Three test lines of induced polarization (IP) geophysics were completed over various targets at TUR. Low chargeable anomalism was defined, associated with mineralisation defined in TUR13DD003. The Company believes that IP would be an effective exploration tool at TUR as it is able to penetrate through the Permian aged sandstone cover identified to date.

No significant chargeable anomaly was identified at TUR13DD003. This result supports the Company’s view that the mineralisation and alteration defined at this site is distal from major mineralising fluid channels.

	Drill Method	North (MGA52)	East (MGA52)
Hole #				Av Dip	Azimuth	Total Depth
TUR13RC001	Aircore/RC	7,499,773	337,335	-90	090	196
TUR13DD001	RC/Core	7,499,769	337,513	-70	090	279.7
TUR13DD002	RC/Core	7,497,800	339,400	-60	090	328.4
TUR13DD003	RC/Core	7,497,798	339,159	-60	090	631.9
TUR13DD004	RC/Core	7,503,072	338,397	-90	000	In progress

Table 2: Top Up Rise - Drill Hole Collar Details

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ASX ANNOUNCEMENT

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Figure 1: Drill hole location plan – Residual gravity image (colour) over aeromagnetic image (grey-scale shadow)

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ASX ANNOUNCEMENT

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7 August 2013

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Figure 2: Drill core photo: Drill hole TUR13DD004 – 527.8m –sulphide mineralisation within a quartz vein.

The Top Up Rise Project

The Top Up Rise Project is located in the Gibson Desert region of north-eastern Western Australia and is prospective for large iron-ore copper-gold (IOCG) intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena.

The primary target is an unexplored gravity anomaly, which represents one of the largest amplitude residual gravity anomalies in Australia. The core of the anomaly is 10 kilometres by 6 kilometres in area and has no coincident magnetic high, a common association with many IOCG deposits.

The closest outcrops (some 20 kilometres away) are anomalous in IOCG pathfinder minerals (including rare-earths, haematite, magnetite, copper, gold and uranium) and are adjacent to a large Proterozoic age intrusive alteration system with geochemical characteristics common to known world-class copper-gold deposits.

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Ends.

7 August 2013

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ASX ANNOUNCEMENT

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.

Assay Methodology

Drill samples are cut half-core (NQ2) with maximum intervals being 1.0 m and minimum intervals of 0.5 m.

Analysis was conducted by Intertec Genalysis Laboratory Services. Sample preparation was completed in Alice Springs (NT), with chemical testing being conducted in Perth (WA).

Elements Au, Ag, Bi and Pb were analysed using the method ARU25/MS. A 25 gram Aqua-Regia digest, unfiltered and analysed by Inductively Coupled Plasma Mass Spectrometry.

Elements Cu and Zn were analysed using the method ARU25/OE. A 25 gram Aqua-Regia digest, unfiltered and analysed by Inductively Coupled Plasma Optical (Atomic) Emission.

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