CORAZON MINING LIMITED - Interim / Quarterly Report 2006

Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 9381 1436 F: +61 8 9381 1068 PO Bos 1681 WEST PERTH WA 6872 www.graynicmerais.com.au

ASX Release

19 October 2006

INTERIM ANNOUNCEMENT ON ASSAY RESULTS AT QUARTZ CIRCLE

Highlights

New RC drill hole GM 34 at the Emperor Zinc Prospect contains: 44m @ 2.1% Zn (including 12m @ 3.7% Zn)
This interval is about 50m to 70m distant from the previously announced $\bullet$ mineralized intervals in GM 21: 16m @ 3.5% Zn and 27m @ 4.9% Zn
Assays for 5 more RC holes at Emperor and 4 RC holes at the Igloo copper prospect are expected soon

At the Quartz Circle base metal project, 8 RC drill holes (GM 33 to GM 40) were recently completed to test the Emperor Zinc Prospect and 4 RC drill holes (IG 12 to IG15) were drilled to further investigate the primary copper mineralization (chalcopyrite) at the Igloo Copper Prospect. The drilling program totaled 2000m.

Assays results for 3 holes at the Emperor prospect have now been received. Drill holes GM 33 and GM 35 had no significant intersections, however the third hole, GM 34, contains 44m grading 2.1% Zn (from 32m downhole) including 12m grading 3.7% Zn (from 52m downhole) and 4m grading 3.3% Zn and 1.13 g/t Au (from 68m downhole).

As previously announced, nearby drill hole GM 21 returned 16m grading 3.5% Zn from 49m and 27m grading 4.94% Zn from 71m downhole. GM 21 was drilled at a 60 degree dip to the north and from the same collar position GM 34 was drilled at a 60 degree dip to the southeast. The mineralized intersections in GM 34 are between 50m to 70m distant from those in GM 21.

Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 9381 1436 F: +61 8 9381 1068 PO Bos 1681 WEST PERTH WA 6872 www.graysicmerals.com.au

GM 34 had a total depth of 193m. The assays are of 4m composite samples and the mineralized interval will be re-assaved as 1m composites. Bedding laminations in diamond drill hole GMD 21, a twin hole to GM 21, suggest that the mineralized interval in GM 21 is near true thickness, but there is no indication in GM 34 as to the true thickness of the mineralized intersection in that hole.

Drill holes GM 33 to GM 40 are part of the ongoing drill-testing of a very large. >3km long Pb-Zn geochemical anomaly which occurs adjacent to a large copper anomaly hosting the laloo copper deposit.

Assays are still awaited for 5 more RC drill holes at Emperor and for 4 drill holes at the Igloo copper prospect. These results are expected within 7 to 10 days time.

Ron Thom Managing Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by R Thom, who is a Member of the AusIMM. R Thom has sufficient experience which 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'. R Thom, who is an employee of Graynic Metals Ltd, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.