CORAZON MINING LIMITED — Interim / Quarterly Report 2011

Oct 30, 2011

QUARTERLY ACTIVITIES REPORT

For period ending 30 September 2011

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Australian exploration company Corazon Mining Limited (ASX:CZN) (“Corazon”) presents activities and exploration results for the quarter ending 30 September, 2011.

Highlights

Date:- 29 July, 2011

Corazon Mining Limited ASX : CZN “Nickel sulphides in Canada.”

• Drilling at Lynn Lake continues to define strong nickel-copper-cobalt sulphides beneath the EL Mine within the Lynn Lake Project, Canada

• Drilling is targeting geophysical conductors defined by down-hole EM

• All holes drilled into the conductors have intersected high-grade mineralisation, including:-

• XND001 23.50m @ 1.50% Ni & 0.50% Cu

• o XND001W1 23.75m @ 3.34% Ni & 1.54% Cu (incl 13 m @ 4.27% Ni & 0.89% Cu)

• o CRZ011A 2.30m @ 3.84% Ni & 0.41% Cu o CRZ011AW1 1.42m @ 3.99% Ni & 0.36% Cu 6.00m @ 1.89% Ni & 1.17% Cu

• o XND001W2 26m of strong sulphide– awaiting assays o XND001W3 6m of massive sulphide – awaiting assays

• Drilling to date has tested close to the northern fault-bounded top of the mineralised system and defines only a small portion of the targeted EM conductor

Capital Structure 101.89 M CZN Shares 48.07 M CZNO Options 18.47 M Unlisted Options MCap A$15.28 (@ 0.15 cps) 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

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• Mineralisation lies below the current resource and may constitute a new zone of massive breccia as mined at the historic EL Mine, which was the highest grade deposit in the Lynn Lake nickel camp

• The scale of the high-grade breccia discovery has yet to be defined – the previously mined breccia (near surface) has a diameter of 80-120 metres and was mined to a depth of 210m

www.corazon.com.au Brett Smith Ph: +61 (8) 6364 0518 James Moses Media & Investor Relations Ph: +61 (0) 420 991 574

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About Corazon Mining Limited

Corazon is Perth based Australian exploration company that has an option to acquire 100% ownership of the high-grade nickel sulphide “EL Mine” and surrounding exploration ground in the Lynn Lake nickel camp of Canada. The Company is listed on the Australian Securities Exchange under the ASX Code of CZN.

About the Lynn Lake Project

Corazon has an option to acquire 100% equity in the Lynn Lake Nickel Sulphide Project in the central Canadian province of Manitoba, which hosts the historic EL Nickel Mine.

The Lynn Lake nickel camp is Canada’s third largest nickel mining region, which produced 22Mt of nickel/copper/cobalt ore between 1953 and 1976. There has been minimal exploration in the region since this time.

Corazon is the largest land holder in the Lynn Lake Camp, and in addition to the EL Mine, the project area containing several drill defined base metal deposits and numerous un-tested geophysical anomalies.

The area is well serviced with mining infrastructure and support, offering rapid development potential. The Thompson Nickel Refinery is located only 320km from the project and is accessible by all weather road. In addition there is rail access (currently not in use) to the Flin Flon zinc-copper refineries approximately 250km to the south.

The EL Nickel-Copper Sulphide Mine

The EL Mine was the highest grade deposit at Lynn Lake and produced 1.9Mt @ 2.5% nickel and 1.15% copper (combined metal of approximately 3% nickel equivalent [(1)] ). The EL Mine mineralised host rocks are a defined geological unit with good predictability down plunge. Mining was conducted to a depth of 210 metres below surface, with development to 270 metres and drilling defined mineralisation to a depth of at least 600 metres (Figure 1). Mining at adjacent deposits has shown that mineralisation extended to more than 1,100 metres below surface.

Corazon has defined an Exploration Target[(2)] for the EL Mine of between 3.5Mt and 4.6Mt, which includes the existing Inferred Resource. The target has grade ranges of between 0.8% and 1.45% nickel, 0.4 and 0.7% copper, along with 0.01% and 0.03% cobalt. At these grade ranges, the contained metal for this Exploration Target[(2)] equates to between 28,100t & 66,000t nickel, 14,000t & 31,400t copper and 770t to 1,730t cobalt. This Exploration Target has yet to be re-assessed following the discovery of highgrade mineralisation at depth within the EL Deposit.

This Exploration Target[(2)] is conceptual in nature, there has been insufficient exploration (namely drilling) to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

The nickel sulphide deposits at Lynn Lake are polymetallic with metals such as copper and cobalt easily recovered and providing extremely valuable production credits. The entire Lynn Lake Nickel Camp operated for 23 years and produced 22.2Mt at 1% Ni and 0.5% Copper. These deposits are largetonnage/low-grade in nature and at such grades can provide a very robust mining project.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

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Lynn Lake VMS Deposits

The VMS deposits within Corazon’s project area include Francis Lake, Eldon Lake East, Nicoba, Y Deposit, Z Deposit and Gods Lake (FL).

These deposits were mostly discovered in the 1940’s and since then have only had intermittent exploration in the 1970’s and 1990’s. They are predominantly zinc/copper mineralisation with variable amounts of lead, silver and gold. Not all metals have been historically reported.

Further details regarding these deposits can be found in the Company announcement made on the 26 November, 2010.

Quarterly Corporate Activities

Cash available to the Company at the end of the September 2011 Quarter was approximately $954,000. The Company has a very active exploration program in Canada at Lynn Lake and will need to raise additional funds for this work. Discussions are currently being held with several groups regarding fund raising in the December 2011 Quarter.

Quarterly Exploration Activities

The current phase of drilling at the EL nickel sulphide deposit in Lynn Lake commenced January this year. Drilling this Quarter has included 2,074 metres of core (table below). Holes XND001W2 and W3 were started during October (post Quarter). Hole CRZ012 is currently in progress.

HOLE_ID	from	to	metres	Total Depth(m)	Dip	NAD Azim	NAD83_E	NAD83_N
CRZ010	850	949	99	949	‐77.8	28	375802	6299107
CRZ011	0	71.5	71.5	71.5	‐76.4	40	375802	6299107
CRZ011A	0	917.68	917.68	917.68	‐76.4	40	375802	6299107
CRZ011AW1	450	878	428	878	‐76.4	40	375802	6299107
CRZ011AW2	434	566	132	566	‐76.4	40	375802	6299107
CRZ011AW3	480	906	426	906	‐76.4	40	375802	6299107
XND001W2	506	850	344	857	‐78.6	32.7	375829	6299131
XND001W3	350	858	508	858	‐78.6	32.7	375829	6299131
CRZ012	Inprogress				‐80.5	32.7	375829	6299131

Drilling has targeted electro-magnetic (EM) conductors defined by down-hole geophysics.

Geophysical Targets

Two drill holes, XND001W1 and CRZ010, were surveyed using down-hole EM. Hole XND001W1 had intersected strong sulphide mineralisation, resulting in a very strong “in-hole” EM conductor and providing a good basis from which “off-hole” conductors could be vectored and identified.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

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Two strong conductors have been defined extending from the known sulphide breccia. The dimensions of the targets are constrained by the geophysical method, which is reportedly effective in defining strong conductors up to approximately 50 - 70 metres from the drill hole. The two conductors discovered extend into areas previously untested by drilling.

The high-grade sulphide intersected in drill hole XND001W1 is at the northern extremity of the defined conductors. Historical drill hole EL-U227, which returned 35.81 m @ 1.50% Ni & 0.47% Cu, is outside and north of the main conductors. All indications are that the core of the EM conductors are south of where previous drilling has targeted.

The size of the sulphide breccia has yet to be defined. Similar mineralisation at surface has a diameter of between 80 and 120 metres, and was mined to a depth of 210 metres. Mapping in underground exploration workings at approximately 600 metres below surface (about 100 metres above the drilled sulphide breccia) identifies the ultramafic core (favourable host rock) of the plug is of a similar size to that mined at surface.

Drilling Results

Drilling of the EL nickel sulphide deposit has continued on from last quarter. To date six drill holes have intersected the EM geophysical anomaly, with all holes returning high-grade sulphide mineralisation. Results of drilling within the conductors include:-

• XND001 23.53m @ 1.46% Ni, 0.54% Cu & 0.036% Co from 718.47 m

• XND001W1 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co from 731.25 m (including 13 m @ 4.27% Ni & 0.89% Cu)

• CRZ011A 2.30m @ 3.84% Ni, 0.41% Cu & 0.092% Co from 715.25 m

• CRZ011AW1 1.42m @ 3.99% Ni, 0.36% Cu & 0.027% Co from 724.00 m 6.00m @ 1.89% Ni, 1.17% Cu & 0.048% Co from 739.00 m

• XND001W2 26m of strong sulphide– awaiting assays

• XND001W3 6m of strong sulphide– awaiting assays

Drilling supports the interpretation that the EM conductors recently defined are likely to represent substantial zones of high-grade nickel/copper sulphide.

This mineralisation is a significant discovery and may represent a breccia body similar to the high grade nickel/copper/cobalt sulphide mineralisation mined at surface within the EL mafic/ultramafic pipe. The EL Mine was the highest grade deposit in the Lynn Lake district, producing 1.9Mt @ 2.5% nickel and 1.15% copper until it closed in 1976.

Drilling of hole CRZ012 is in progress and drilling of this high-grade target will continue in the December Quarter.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

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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 Ph: +61 (8) 6461 6350 Mob: +61 420 991 574 E: james@mandatecorporate.com.au

Disclosure Statements and Important Information

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew John Thompson, B.Sc Hons(Geol), Member AusIMM an employee of Corazon Mining Limited. Mr Thompson 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 Thompson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Competent Person

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew John Thompson, B.Sc Hons(Geol), Member AusIMM an employee of Corazon Mining Limited. Mr Thompson 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 Thompson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Nickel Equivalent [(1)]

Ni% Equiv (1) = Nickel equivalent has been estimated within the Resource Block Model and in other instances using the formula:-

Ni% Equiv = Ni%+(Cu% x (3/8.75))+(Co% x (18/8.75)) where Ni = 8.75$ US/lb Cu = 3.00 $US/lb Co = 18.00 $US/lb

Nickel equivalent grades are provided as an indicator of value in a multi-metallic deposit. Lynn Lake has a long history as a nickel, copper and cobalt mining camp. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered.

Exploration Target [ (2)]

This exploration target is conceptual in nature, there has been insufficient exploration (namely drilling) to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The basis for this target includes:-

• Historical mining at the deposit to a depth of 210 metres below surface

• Historical mine development to at least 270 metres below surface

• Exploration drilling to a depth of approximately 600 metres below surface

• An inferred resource has been calculated to approximately 600 metres below surface

• Good continuity and predictability of geology down-plunge

• Geological evidence for a deep-seated, explosive mineralising event.

Past exploration and mining records for the EL Mine are extensive and reflects high standards of work.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au