CORAZON MINING LIMITED — Capital/Financing Update 2013

Jan 20, 2013

ASX ANNOUNCEMENT

21 January 2013

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The Manager - Company’s Announcements Australian Securities Exchange

Corazon Mining Ltd ASX: CZN

CORAZON TO RAISE $3M TO FUND EXPLORATION IN AUSTRALIA AND CANADA

Capital Structure

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce it has resolved to raise up to approximately $3 million to fund the next phase of exploration at its projects in Australia and Canada.

The Company proposes to raise the funds as follows:

• A placement of up to approximately 68.2 million shares at an issue price of 2.2 cents per share to raise up to approximately $1.5 million (“Placement”);

• A Share Purchase Plan of up to $15,000 per eligible shareholder at the same price as the Placement, capped at $1.5 million (“SPP”).

The proceeds of the Placement and SPP will be primarily used for exploration and drilling activities at Corazon’s Top Up Rise Project (“TUR Project”), studies and exploration at its Canadian gold and nickel projects and general working capital purposes.

Corazon’s Managing Director, Mr Brett Smith, commented: “Following completion of the Placement, we will be fully funded for the first phase of exploration at the TUR Project. The targeted model at the TUR Project is a large copper-gold deposit and we are particularly excited to be able to test this very significant anomaly.”

The Placement will be completed in two tranches, with up to approximately 20.87 million shares to be issued in tranche one, pursuant to the Company’s 15% capacity under ASX Listing Rule 7.1. The balance of up to approximately 47.3 million shares will be issued in tranche two, subject to shareholder approval at a General Meeting proposed to be held in late February 2013. A Notice of Meeting will be sent to all shareholders in due course.

Completion of the Placement is conditional upon Corazon shareholder approval for the acquisition of the TUR Project at a shareholder meeting on 25 January 2013.

The SPP will provide eligible ordinary shareholders (being those persons registered as ordinary shareholders as at 4pm (WST) on 18 January who reside in Australia or New Zealand) with the opportunity to subscribe for new ordinary shares in Corazon at the same price as the Placement.

M.Cap @ 3cps A$4.17M Ordinary Shares 139 M Options 66.54 M

Board of Directors

Clive Jones Non-Executive Chairman

Brett Smith Managing Director

Jonathan Downes Non-Executive Director

Adrian Byass Non-Executive Director

Rob Orr Company Secretary

Contact Us

Brett Smith Ph: +61 (8) 6164 6366

James Moses Media & Investor Relations Ph: +61 (0) 420 991 574

www.corazon.com.au

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au

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Subject to demand, Corazon reserves the right to place the SPP shortfall with selected professional and sophisticated investors. Further details of the SPP will be provided to eligible Corazon shareholders in due course.

Subject to Corazon shareholders approving the acquisition of the TUR Project at the shareholder meeting to be held on 25 January 2013, exploration at the project is planned for commencement in Q1 2013, with drilling proposed for early Q2, 2013.

Leading Australian financial services firm and Corazon’s corporate advisor, Hartleys Limited, is the Broker to the Offer.

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

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au