CORAZON MINING LIMITED — Capital/Financing Update 2014

Apr 29, 2014

ASX ANNOUNCEMENT

30 April 2014

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The Manager - Company’s Announcements

Australian Securities Exchange

Corazon withdraws from Top Up Rise Project and Corporate Update

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) announces that it will not continue with the option to acquire private company Border Exploration Pty Ltd (“Border”) which owns the Top Up Rise Project (“TUR” or “the Project”) in Western Australia.

The decision to withdraw from the agreement has been made in consideration of the below:

• Continuing with the option to acquire the Project required a cash payment of $200,000 and future work commitment of $4,000,000 over next 4 years.

• Results to date do not warrant the continuation of expenditure as defined by the agreement and no variation of the agreement was reached which was compatible to both parties’ requirements.

In light of this decision not to proceed with TUR, Corazon is actively seeking new business opportunities, and a number of new business opportunities are currently being assessed.

Corazon maintains a healthy cash balance of approximately $1.7 million. In addition to these funds, the Company has recently made application for approximately $900,000 in R&D benefits (based on the past and current year claims), which are currently being assessed.

To maximise funds available to pursue new opportunities, the Board has agreed to a reduction of 50% in Directors’ remuneration for a minimum period of 2 months (to be reviewed at the end of June 2014). All non-essential expenditure has been halted to preserve Corazon’s capital whilst the Company progresses its review of new business opportunities.

Background – TUR Option

• TUR option acquired in October 2012 (ASX announcement 30 October 2012) in which Corazon could acquire up to 75% of Border. The Top Up Rise Project included a large geophysical anomaly in a region identified by Government agencies as being prospective for Iron Oxide Copper Gold (IOCG) mineralisation similar to the world class Olympic Dam project.

• Work completed utilising both geophysical methods and direct drilling. Geophysical techniques completed over the project include magnetic, gravity, induced polarisation and versatile time domain electromagnetic (VTEM) surveys. On-ground exploration conducted by Corazon commenced in March 2013 (ASX announcement 21 March 2013) and drilling began in May 2013 (ASX announcement 27 May 2013). Cumulatively, 4,965

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ A$0.01	A$4M	Clive Jones	Non-executive Chairman		P: +61 (8) 6142 6366
Ordinary shares	401.5M	Brett Smith		Managing Director	M: PO Box 8187, Subiaco East WA 6008
Options	35M	Jonathan Downes		Director	E: info@corazon.com.au
ASX: CZN		Adrian Byass		Director	W: www.corazon.com.au

ASX ANNOUNCEMENT

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30 April 2014

metres of drilling was completed (including 14 reverse circulation holes, 5 with core tails) testing priority gravity targets.

• An extension to the TUR Option Agreement date was granted to 30 April, 2014 (ASX announcement 31 March 2014).

Continuation with the option to acquire the TUR Project required a cash payment of $200,000 and future work commitment of $4,000,000 over the next 4 years.

Results to date do not warrant the continuation of expenditure under the agreement and no variation of the agreement was reached which was compatible to both parties. As such, the agreement is terminated.

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

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