CORAZON MINING LIMITED — Interim / Quarterly Report 2010

Jan 20, 2010

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Graynic Quarterly Report

For the three months ending 31 December 2009

Key Points

• 1 Joint Venture on Mt Cornell project (E38/1850) which is prospective for gold, nickel and platinum with ASX‐listed Global Nickel Investments Limited formed.

2 Gold prospects advanced and drill targets proposed at Quartz Circle project.

3 Guatemalan nickel projects maintained in accordance with the agreement.

1 Global Nickel

During the Quarter, Tenement E38/1850 (Mt Cornell) was granted and a Joint Venture (JV) formed with Global Nickel Investments Limited (ASX:GNI). GNI acquired a 90% interest in the tenement through the issue of 300,000 ordinary shares and a $40,000 payment to Graynic. GNI will maintain the tenement and Graynic has the right to maintain its interest in the advent of a discovery and mining operation being commenced.

2 Quartz Circle Gold

During data interpretation and field visits to Quartz Circle in December, several prospective gold targets that warrant drill testing have been reassessed. Several intercepts, including 4m @ 11.6 g/t Au, 1m @ 21 g/t Au and 19m @ 2 g/t Au were identified as being open ended and required follow up drilling (Figure 1).

Historically Quartz Circle has been targeted for base metal (copper and zinc) mineralisation and has returned significant intercepts including 19m @ 9.0% Cu (QCRC017), 16m @ 9.2% Cu (QCRC001), 7m @ 4.5% Cu (IGRC014), 26m @ 2.4% Cu (IGD008) and 5m @ 5.2 % Cu (IGD005), as well as 17.7% Zn (ALCO019), 7.5m @ 17.1% Zn (ALCO026) and 39m @ 2.8% Zn (GMD021).

Graynic believes that the gold potential of the project should be further tested and plans to drill as contractors become available.

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Figure 1: Quartz Circle gold targets around and along strike from Igloo.

3 Central America

Graynic holds a right to earn a controlling stake in a large and prospective tenement package in Guatemala hosting nickel laterite mineralization. Graynic can earn up to a 75% interest in the projects through the expenditure of up to US$ 9 million over a 6 year period. This agreement is with the Canadian‐based company Nichromet Inc (“Nichromet”). Work has continued in Guatemala, with Graynic progressing the Nichromet JV. The first stage earn‐in of US$250,000 has been met, and the company has a further 26 months to earn a 50% interest through the expenditure of US$ 3 million.

The company is also examining additional projects throughout Central America.

For further information contact; Adrian Byass Managing Director Graynic Metals Limited T +61 (8) 6364 0518 F +61 (8) 6210 1872 www.graynicmetals.com.au

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. A Byass, B.Sc Hons (Geol), B.Econ, FSEG, MAIG an employee of Graynic Metals Limited. Mr Byass has sufficient experience that is relevant to the style of mineralisation 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 Byass consents to the inclusion in the report of the matters based on this information in the form and context in which it appear.