CORAZON MINING LIMITED — Interim / Quarterly Report 2013

Jan 30, 2014

ASX ANNOUNCEMENT

31 January 2014

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The Manager - Company’s Announcements Australian Securities Exchange

QUARTERLY ACTIVITIES REPORT – PERIOD ENDING 31 DECEMBER 2013

Highlights:

• VTEM geophysical survey identifies large conductive target

• Conductive feature approximately 2km long and coincident with geological fabric

• o Follow up exploration proposed

• Ground geophysical survey required to further assess potential of conductive target

• 2013 drilling campaign at Top Up Rise completed

• 8 hole-2,306m RC and diamond core drilling program completed

• Drilling designed to expand knowledge of lithology types under cover and identified mafic intrusive lithologies associated with distinct magnetic features

• Low level background anomalism of copper, lead and zinc present in all holes

• Extension of DD003 to 816.3m intersected approximately 184m of gabbro, including Troctolite – believed prospective for nickel-copper sulphide deposits

• Source of gravity anomaly yet to be defined

• Application for new prospective exploration ground adjacent to Top Up Rise

• Extensive, multiple banded iron horizons with outcrops anomalous in rare earths, copper and uranium

• Geochemical anomaly with coincident with gravity and magnetic highs

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to present its Quarterly Activities Report for the period ending 31 December 2013. The quarter’s activities were dominated by continued exploration at the Company’s Top Up Rise (“TUR”) Project in the Gibson Desert region of Western Australia, with completed work including drilling and geophysics.

TUR is a large residual gravity anomaly measuring 10km by 6km, located in a region believed prospective for intrusive related copper-gold mineralisation.

Exploration to date by Corazon has identified widespread low levels of sulphide mineralisation, including chalcopyrite (copper-sulphide), over a large area within the confines of the gravity anomaly. Drilling completed has not yet identified rocks of sufficient density to explain the gravity anomaly and, as such, it is assumed that a dense body exists at depth below the areas drilled.

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ 1.4cps	$5.6M	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	38M	Jonathan Downes		Director	E: info@corazon.com.au
ASX: CZN		Adrian Byass		Director	W: www.corazon.com.au

ASX ANNOUNCEMENT

31 January 2014

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EXPLORATION ACTIVITIES

TOP UP RISE PROJECT, AUSTRALIA

Drilling

During the December quarter, the Company completed a second phase of exploration drilling at TUR, including reverse circulation (“RC”) and diamond core (“core”) drilling. RC drilling included eight holes for 2,306 metres, testing a number of areas to gain a broader understanding of TUR’s geology below the sand cover. Hole DD003, which previously intersected strong sulphide mineralisation and a Troctolite (differentiated gabbroic rock), was extended with core drilling to a depth of 816.3 metres.

	Drill Method			Elevation			Total Depth
Hole #		North (MGA52)	East (MGA52)		Av Dip	Azimuth
RC007	RC	7,499,024	338,190	431	-90	000	201.0
RC008	RC	7,499,818	341,269	460	-90	000	302.0
RC009	RC	7,496,644	338,454	438	-60	090	300.0
RC010	RC	7,496,570	336,812	427	-60	090	300.0
RC011	RC	7,500,598	340,029	449	-90	000	300.0
RC012	RC	7,500,629	338,660	436	-60	270	300.0
RC013	RC	7,500,410	339,838	451	-60	270	300.0
RC014	RC	7,500,010	339,997	453	-60	270	303.0
DD003*	Core	7,497,798	339,159	443	-60	090	816.3

Table 1 :- Top Up Rise Project – Phase 2 drill hole collar details. (* = drill-hole DD003 previously drilled to 631.6m was extended to 816.3m)

In two phases of drilling completed at the TUR Project, fourteen holes have been drilled, five with core extensions, for a total of 3,545 metres RC and 1,420.8 metres core.

Corazon’s two main objectives for the second phase of drilling were to:

1. Continue to test for the source of the TUR gravity anomaly, which remains unexplained based on the types and density of rocks intersected to date. In particular magnetic features apparent from aeromagnetic geophysics were targeted (drill holes DD003, RC007 to RC012) ; and

2. If possible, test targets defined from the VTEM geophysical survey (holes RC013 and RC014).

A very complex history of alteration and mineralisation has been observed. Aside from the mafic hosted Ni-Cu potential, there are extensive low levels of Pb-Zn-Cd anomalism, coincident with lithic contacts, or as hydrothermal mineralisation. As yet, major structures such as faults and shear zones have not been targeted by drilling.

In line with the results of the first phase of drilling, the drill chips from the second-phase RC drilling consistently demonstrated visual signs of disseminated sulphide mineralisation, including chalcopyrite and pyrite, across a broad area within the large gravity anomaly (Figure 1). These sulphides identify a low level of metal anomalism and as yet no economic tenors of grades or widths have been intersected.

Due to this second phase of drilling targeting magnetic features (compared to gravity highs), there was a significant increase in the amount of mafic lithologies intersected. These units have a distinct

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ASX ANNOUNCEMENT

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geochemical signature and analysis is continuing to determine their prospectivity for sulphide mineralisation associated with differentiated mafic intrusions (for example the Voisey’s Bay Ni-Cu-Co deposit).

The core extension of DD003 intersected a cumulative total of approximately 184 metres of gabbro, including Troctolite (a rare differentiated gabbro that has the potential to host magmatic nickel-copper sulphide mineralisation). Petrological analysis of sulphides within the Troctolite at TUR identified chalcopyrite and lamellae of pentlandite (nickel sulphide) hosted within pyrrhotite. The identification of the Troctolite and pentlandite is considered to be a particularly significant finding given it suggests the potential for a Ni-Cu sulphide deposit.

Due to the delay in receiving final results from the aerial Versatile Time Domain Electromagnetic (“VTEM”) survey conducted over TUR, the Company was unable in phase two drilling to adequately test the targets defined. However, two holes (RC013 & Rc014) were drilled within a broader conductive feature defined in the VTEM. These holes did not identify the source of the conductive feature.

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Figure 1: Drill hole locations on geophysical image of the residual gravity anomaly (colour), with aeromagnetic shadow.

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ASX ANNOUNCEMENT

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Geophysics

The Company completed a VTEM survey over TUR in November 2013. VTEM has been used extensively worldwide to identify both conductive units and massive sulphide bodies (base metal deposits).

A total of 765 line-kilometres of VTEM completed over the TUR gravity anomaly identified conductive features in both early time and late time. It is interpreted that thick conductive Canning Basin sediments (particularly to the west and east of TUR) have masked basement and prevented the VTEM penetrating to depth. Over the bulk of the TUR gravity feature, it is interpreted that the VTEM has penetrated these thin sediments; however major faults, marginal to the anomaly, are covered by conductive basin sediments and as such mask any potential anomaly at depth.

A large late time conductive feature coincident with lithological and structural trends has been identified in the middle of the gravity anomaly (Figure 2).

This feature has been tested to the full extent of VTEM’s capacity and, as such, full interrogation of the anomaly is problematic. Ground geophysical surveys are being planned to further assess the potential of this conductive target.

The final data for this survey was received just prior to Christmas, and the final analysis of this data was very recently completed by consultants. The delay in receiving the data meant the results of the survey could not be used to target drilling completed in the 2013 programme. The Company has drilled two holes to approximately 260m vertical depth into parts of this anomaly. There is no visible indication as to the source of the anomalous conductive feature within the overlying (Permian) sediments or basement rocks.

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Figure 2: VTEM

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ASX ANNOUNCEMENT

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Application made for target adjacent to Top Up Rise Project

Corazon has made a “first in line” application for the Kiwi North Project in the same region as the TUR Project. This project was previously owned by Toro Energy and includes the Kiwi North discovery made by Toro in 2011 (Figure 3).

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Figure 3: Kiwi North Project location

In summary, the Kiwi North Project includes:

• A discrete 10 mGal gravity anomaly, located on an intense linear magnetic anomaly, on the eastern side of the major northeast trending Top Up Rise Fault.

• Thin soil and sand cover, with scattered outcrops of steeply-dipping metasedimentary rocks of the Palaeoproterozoic Arunta Domain.

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• Multiple >50 metre thick intervals of banded iron formation (BIF), with magnetic susceptibilities >100 times background, related to magnetite. The dimensions of the magnetic anomaly imply multiple stacking of BIF’s over a 20 kilometre strike.

• Exploration in 2011 resulted in the discovery of discontinuous massive ironstone outcrops over a minimum strike length of 7 kilometres. Restricted zones in the outcrops have elevated radiometric signatures confirmed by assay to be related to uranium and rare earth elements (REEs).

• Rock chip results reported by Toro Energy in their September and December 2011 quarterly reports identify anomalous values for iron, total rare earth oxides (TREO), copper and uranium.

The Company will provide a more detailed assessment of this project once the tenement has been granted.

TUR Project Background

The TUR Project is defined by a large buried geophysical anomaly covering an area of approximately 10km by 6km, on the eastern edge of the Gibson Desert in Western Australia.

To date, exploration by Corazon at TUR has identified a geochemical anomaly coincident with the geophysical anomaly . Importantly, results have indicated a robust base and precious metal association between copper, lead, zinc, cadmium, silver and gold. Although widespread, the tenor of mineralisation is low and as yet the Company has not identified economic grades of metal.

The source of the TUR gravity anomaly remains unexplained and cannot be accounted for purely from the type of rocks intersected in the drilling completed to date. Although it is accepted that the density of these materials may be increased via significant and substantial alteration and/or mineralisation, the Company is yet to intersect such rock in a scale substantial enough to explain the TUR anomaly.

Initial interrogation of assay results received has identified the possibility of both a mafic and granite (porphyry) source for the mineralising fluids. Mafic host units intersected in the drilling conducted to date have included amphibolite, gabbro and late dolerite dykes. All are variably mineralised, altered and deformed.

The discovery of an intrusive mafic lithology identified as a Troctolite presents the possibility of nickelcopper sulphide deposits as a target, as separate to the mineralisation observed to date. A Troctolite is a rare differentiated gabbroic rock which is considered an important host unit at the large Voisey’s Bay nickel deposit in Canada and is found in other large layered mafic terrains such as the metal rich Bushveld Igneous Province in South Africa.

Petrological analysis of sulphides within the Troctolite at TUR has identified lamellae of pentlandite (nickel sulphide) within pyrrhotite. The identification of the Troctolite and pentlandite is significant as it identifies a fertile environment for formation of nickel-copper sulphide deposits.

The granitic rocks intersected to date are extremely altered and deformed and as such are difficult to identify. These units appear to host lesser quantities of sulphide mineralisation than the altered metasediments, however it is common for quartz veining (within or marginal to these units) to be mineralised.

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ASX ANNOUNCEMENT

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LYNN LAKE NICKEL-COPPER SULPHIDE PROJECT, CANADA

Project update

The Lynn Lake Project continues to represent a significant development opportunity for Corazon. The key target within the project area is the EL Deposit, which was historically the highest grade deposit at Lynn Lake, producing 1.9Mt at 2.5% nickel and 1.15% copper. In 2010, Corazon discovered a highgrade sulphide breccia at depth below the EL Mine, a discovery which confirmed the prospectivity of the Lynn Lake project area.

December quarter activities by the Company at Lynn Lake focused on continuing the definition of the EL Deposit’s benefits, with the view towards recommencing a mining operation in Lynn Lake. The EL Deposit has significant drill defined mineralisation from surface, surrounding the historical mine. This mineralisation is not included in the current interim Inferred Resource (JORC 2004), but is defined by the “Upper-Zone Exploration Target” and may be exploitable by open-pit mining methods (details of Exploration Target provided in ASX announcement dated 9[th] December 2011).

BEAUCAGE LAKE GOLD PROJECT, CANADA

Project update

Corazon’s December quarter activities at the Beaucage Lake project were limited to the continued collation and interpretation of historical exploration data to assist in target generation for future drilling. Information acquired to date indicates a number of significant untested high grade gold anomalous zones identified from sampling of limited outcrop that are coincident with favourable geophysical trends that are potential drill targets.

Corazon believes the high tenor of gold mineralisation, over a large area near Beaucage Lake, may be indicative of a large scale mineralised system and the acquisition of Beaucage Lake provides the Company with an additional exploration focus which complements Corazon’s Lynn Lake nickel-copper project and Barrington Lake copper deposit.

CORPORATE ACTIVITIES

Cash at 31 December 2013

Cash available to the Company at the end of the December 2013 quarter was approximately $2.12 million.

Results of General Meeting

The Company held a General Meeting on 10 October 2013. Five resolutions were put to the meeting regarding the ratification of the prior issue of shares and the approval of issue of options. All resolutions put to the meeting were passed unanimously by a show of hands.

Issue of shares and options

During the quarter, the Company issued 45,982,302 fully paid ordinary shares at 2.8 cents in consideration of the balance of the $3 million two-tranche Placement to fund exploration expenditure and working capital.

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The Company also issued 7.5 million options with an exercise price of $0.10 and expiry of 10 October 2016 to its corporate advisors, Hartleys Limited, in consideration of services provided to the Company (as approved at the General Meeting on 10 October 2013).

Results of Annual General Meeting

The Company held its Annual General Meeting on 28 November 2013; three resolutions were put to the meeting regarding the adoption of the remuneration report, approval of the 10% placement capacity and the re-election of the Company’s Chairman. All resolutions put to the meeting were passed unanimously by a show of hands.

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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Disclosure Statements and Important Information

Competent Persons Statement

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Smith consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures. A summary of these methods are presented in Annexure A appended to this report.

Versatile Time Domain Electromagnetic Survey (VTEM)

During October 9[th] to November 2[nd] , 2013, Geotech Airborne Pty Ltd carried out a helicopter-borne geophysical survey over the Top Up Rise Project. Final reporting, data presentation and archiving, were completed from the Aurora office of Geotech in mid-December 2013.

The final data from this survey was reviewed by consultants Southern Geoscience Australia and Mapitt Geosolutions in January 2014.

Principal geophysical sensors included a versatile time domain electromagnetic (VTEM system, and a caesium magnetometer. Ancillary equipment included a GPS navigation system and a radar altimeter. A total of 765 linekilometres of geophysical data were acquired during the survey.

In-field data quality assurance and preliminary processing were carried out on a daily basis during the acquisition phase. Preliminary and final data processing, including generation of final digital data and map products were undertaken from the office of Geotech Ltd. in Aurora, Ontario.

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ASX ANNOUNCEMENT

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31 January 2014

Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data	Section 1 Sampling Techniques and Data
Criteria	JORC Code explanation	Commentary
Sampling techniques	· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down- hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	· Exploration at the Top Up Rise Project E80/4427 consisted of a combination of Diamond and Reverse Circulation drill holes. Drill hole locations and orientations were based primarily on geophysical information. To date a total of 14 holes (5 with diamond tails) have been drilled for 4,965.8m.
	· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	· The drill hole collar locations were picked up by handheld GPS and corrected for elevation using data acquired by radar and DGPS during a detailed airborne magnetic, radiometric and digital terrain survey by Aeroquest Airborne in November of 2011.
	· Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	· Diamond drill core (NQ2) was sampled on geological intervals, cut into half on site and sent to the laboratory. Reverse Circulation drilling was used to obtain either 1m split samples or 4m composite samples of approximately 3kg which were transported to the laboratory. Samples were crushed, dried and pulverised to produce a representative sub-sample for analysis by either Fire Assay, Aqua Regia or Four Acid Digest with an ICP/OE or ICP/MS or AA finish.
Drilling techniques	· Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	· Drilling was completed by Wallis Drilling with a multipurpose rig, all holes were collared with reverse circulation and 5 were extended with diamond tails. The core diameter was NQ2, standard tube and had a maximum depth of 816.3m. Core was orientated utilising a Reflex tool.
Drill sample recovery	· Method of recording and assessing core and chip sample recoveries and results assessed.	· Drill sample recoveries were measured and recorded in the database during logging. The overall recoveries are good and there are no significant sample recovery problems.

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	· Measures taken to maximise sample recovery and ensure representative nature of the samples.	· Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation and metre marking. Depths are checked against the core blocks and rod counts are routinely carried out by the drilling contractors. RC samples are collected by bucket under the cyclone and split with a riffle splitter into calico and green plastic mining bags. The splitter and cyclone are regularly cleaned to minimise contamination. If the RC sample is wet it is not put through the splitter to reduce contamination (these samples are later sampled with a spear directly out of the green bag).
	· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	· Insufficient drilling and geochemical data is currently available to assess potential sample bias.
Logging	· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	· All core and chip samples have been geologically logged on site. The diamond core has also been geotechnically logged.
	· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	· Logging of diamond core and RC chips records lithology, mineralogy, mineralisation, alteration, veins, weathering, colour, structural information (diamond only) and other features of the samples. Core trays were photographed in both wet and dry form.
	· The total length and percentage of the relevant intersections logged.	· All drill holes were logged in full.
Sub-sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half or all core taken.	· Diamond drill core was cut in half on site and sent for assay, additionally selected samples were quarter cored for petrological studies. At all times half core was sent for sub-sampling and geochemical analysis at Intertek Genalysis Laboratories.
	· If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	· The RC samples were split through a riffle splitter by the drilling off-siders when dry. In the limited cases where the sample was wet this material was sampled with a spear by the geological field assistants. Sub-sample preparation was performed at Intertek Genalysis Laboratories.
	· For all sample types, the nature, quality and appropriateness of the sample preparation technique.	· Sample intervals were selected to best represent a specific geological (lithology/alteration/mineralisation) feature. Samples crossing lithological boundaries were avoided. Cut marks were added to the core where needed to produce two equally representative core halves.

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	· Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	· Field quality control procedures adopted included the additional of Certified Reference Material (CRM) standards and duplicate samples (both field and laboratory assisted re-splits).
	· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	· Field duplicates and laboratory re-splits (getting on core sample split into two separate pulps for separate analysis) were performed on a 1:30 basis.
	· Whether sample sizes are appropriate to the grain size of the material being sampled.	· The sample sizes are considered to be appropriate.
Quality of assay data and laboratory tests	· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	· Geochemical analysis was performed at Intertek Genalysis Laboratories. The laboratory procedures used were initially partial digest (Aqua Regia) and then changed over to total digest (Four Acid). Additionally Fire Assay was added in for precious metals.
	· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	· Handheld XRF tools, including Niton and Olympus, were used on a regular basis by the company. The results of this work have been utilised by specialists to assist the understanding of geology & geochemistry and determining sample selection for laboratory analysis. XRF sampling methodology include standard QAQC procedures. The results of this work are not considered appropriate for public release.
	· Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	· Quality control procedures adopted at this stage include the routine addition of CRM standards and duplicates. Laboratory QAQC involves the use of internal standards using CRM, blanks, splits and replicates.
Verification of sampling and assaying	· The verification of significant intersections by either independent or alternative company personnel.	· Intercepts of interest have been examined and verified by alternative company personnel and independent professionals.
	· The use of twinned holes.	· Not relevant at the current stage of the project. No holes have been twinned.
	· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	· Primary data was collected using a set of standard Excel templates on paper and re-entered into laptop computers on site. The electronic data was sent to the office in Perth to be incorporated into a database and the hard copy data filed on site and brought to the Perth office at the end of the field programs.
	· Discuss any adjustment to assay data.	· There has not been any adjustment to assay data.
Location of data points	· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	· Drill hole collar locations were determined using handheld GPS (accuracy +/-5m).

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	· Specification of the grid system used.	· MGA52 (GDA94)
	· Quality and adequacy of topographic control.	· A digital terrain model was produced by Aeroquest Airborne using data acquired by radar and DGPS during a detailed airborne magnetic, radiometric and digital terrain survey in November of 2011. The digital terrain data derived was tie line levelled and gridded, then examined and selectively microlevelled to produce a grid without line dependent artifacts.
Data spacing and distribution	· Data spacing for reporting of Exploration Results.	· The spacing of the drill holes is significantly large (170-2460m) due to the large size of the gravity anomaly and the 'greenfield' nature of the Project. Selected targets have had two relatively close spaced holes drilled to allow for a more in depth assessment of the geological variability of the area.
	· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	· Not relevant at this stage of the project. There is insufficient information available.
	· Whether sample compositing has been applied.	· Sample compositing (4m) has been selectively applied during the RC drill program. Spear samples were taken from four consecutive metres and composited into one sample.
Orientation of data in relation to geological structure	· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	· The orientation of the drilling was vertical or west/east dipping at 60 or 70deg which was adequate for this early stage and nature of drilling to provide initial geological information on key lithologies, structure and potential mineralisation. One diamond hole was vertical (targeted over a gravity high) and the other four were all drilled to the east.
	· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	· No orientation based sampling bias has been identified in the data at this point.
Sample security	· The measures taken to ensure sample security.	· Chain of custody is managed by Corazon. Samples are stored on site or in a locked sea container prior to being delivered to the laboratory in Alice Springs by approved personnel.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.	· A review of the geology, sampling techniques and data led to a change in assay technique from Aqua Regia (partial) to Four Acid (full) digest. Additionally, gold and platinum group element values were obtained through Fire Assay. Continuous review of data and methods by experts due to the earlystage of thisproject.

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Section 2 Reporting of Exploration Results	Section 2 Reporting of Exploration Results
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	· The Top Up Rise Project (TUR) is located in Western Australia and consists of three exploration licences (E80/4583, E80/4427 & E80/4584) held by Border Exploration Pty Ltd. All the ground based exploration (e.g., drilling) to date has been confined to E80/4427. Corazon Mining Limited has the sole and exclusive right to earn up to an undivided 75% shareholding interest in Border. Border has a Native Title Agreement with Tjamu Tjamu (Aboriginal Corporation).
	· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	· The tenement is in good standing with the DMP and there are no known impediments for exploration on this tenement.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	· The project area has had little or no past exploration. Exploration was initiated based on gravity anomalies defined by surveys conducted by GA/GSWA in 2006. Much of the recorded mineral exploration in the area has focused on outcropping Proterozoic rocks located outside the project area, some distance to the east and south.
Geology	· Deposit type, geological setting and style of mineralisation.	· The Top Up Rise Project is situated at the meeting of the Arunta Inlier to the east and the Canning Basin to the west. Within the project, thin sand cover from sand dunes of the Gibson Desert, cover a flat lying sequence of Permian sedimentary rocks. The basement is interpreted to be Proterozoic rocks of the Arunta Inlier.
Drill hole Information	· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar	· Refer to table in body of text.
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length
	· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

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ASX ANNOUNCEMENT

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31 January 2014

Data aggregation methods	· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	· No averaging techniques, truncations or cut- offs were used.
	· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	· No aggregate intercepts have been shown in this report.
	· The assumptions used for any reporting of metal equivalent values should be clearly stated.	· No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	· These relationships are particularly important in the reporting of Exploration Results.
	· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	· Structural analysis of the drill core is currently being assessed. At this point the company is unable to define any bias in the data that is a result of the geometry of the mineralisation.
	· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).
Diagrams	· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	· Refer to figures in the body of the text.
Balanced reporting	· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	· Refer to the body of text.
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	· The outlines of anomalies are identified on figures in the body of text.

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31 January 2014

Further work	· The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	· On going work programs at Top Up Rise are currently being reviewed.
	· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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31 January 2014

Schedule of Tenements

	CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) **
Project	Mining tenements held	Location of tenements	Beneficial % interest at the end of the quarter	Change in the quarter
	TOP UP RISE PROJECT
TOP UP RISE	E80/4427	Australia	75%1
TOP UP RISE	E80/4583	Australia	75%1
TOP UP RISE	E80/4584	Australia	75%1
	LYNN LAKE PROJECT
LYNN LAKE	P7700E	Canada	100%2
LYNN LAKE	P7698E	Canada	100%2
LYNN LAKE	P8370E	Canada	100%2
LYNN LAKE	P7699E	Canada	100%2
LYNN LAKE	P7702E	Canada	100%2
LYNN LAKE	P3163F	Canada	100%2
LYNN LAKE	P3164F	Canada	100%2
LYNN LAKE	P3165F	Canada	100%2
LYNN LAKE	P2291F	Canada	100%2
LYNN LAKE	P3534F	Canada	100%2
LYNN LAKE	MB2482	Canada	100%2
LYNN LAKE	MB3566	Canada	100%2
LYNN LAKE	MB3567	Canada	100%2
LYNN LAKE	P1045F	Canada	100%2
LYNN LAKE	MB3580	Canada	100%2
LYNN LAKE	MB3581	Canada	100%2

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LYNN LAKE	MB7346	Canada	100%2
LYNN LAKE	MB7349	Canada	100%2
LYNN LAKE	MB7350	Canada	100%2
LYNN LAKE	MB7025	Canada	100%2
LYNN LAKE	MB7361	Canada	100%2
LYNN LAKE	MB7362	Canada	100%2
LYNN LAKE	MB6364	Canada	100%2
LYNN LAKE	MB5175	Canada	100%2
LYNN LAKE	MB5701	Canada	100%2
LYNN LAKE	MB8734	Canada	100%2
LYNN LAKE	MB8735	Canada	100%2
LYNN LAKE	MB9218	Canada	100%2
LYNN LAKE	MB5399	Canada	100%2
LYNN LAKE	MB6360	Canada	100%2
LYNN LAKE	MB6361	Canada	100%2
LYNN LAKE	MB6362	Canada	100%2
LYNN LAKE	MB6363	Canada	100%2
LYNN LAKE	MB9453	Canada	100%2
LYNN LAKE	MB5672	Canada	100%2
LYNN LAKE	MB5669	Canada	100%2
LYNN LAKE	MB10070	Canada	100%2
LYNN LAKE	MB10071	Canada	100%2
LYNN LAKE	MB10085	Canada	100%2
LYNN LAKE	MB10086	Canada	100%2
LYNN LAKE	MB10382	Canada	100%2
LYNN LAKE	MB10383	Canada	100%2

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31 January 2014

LYNN LAKE	MB10384	Canada	100%2
LYNN LAKE	MB10387	Canada	100%2
LYNN LAKE	MB10388	Canada	100%2
	BEAUCAGE LAKE PROJECT
BEAUCAGE LAKE	MB9646	Canada	100%2
BEAUCAGE LAKE	MB9647	Canada	100%2
BEAUCAGE LAKE	MB9648	Canada	100%2
BEAUCAGE LAKE	NV9649	Canada	100%2
BEAUCAGE LAKE	MB9650	Canada	100%2
BEAUCAGE LAKE	MB9651	Canada	100%2
BEAUCAGE LAKE	MB9652	Canada	100%2
BEAUCAGE LAKE	MB9653	Canada	100%2
BEAUCAGE LAKE	MB9655	Canada	100%2
BEAUCAGE LAKE	MB9640	Canada	100%2
BEAUCAGE LAKE	MB9642	Canada	100%2
BEAUCAGE LAKE	MB9643	Canada	100%2
BEAUCAGE LAKE	MB9644	Canada	100%2
BEAUCAGE LAKE	MB9645	Canada	100%2
BEAUCAGE LAKE	MB5785	Canada	100%2
	BARRINGTON LAKE PROJECT
BARRINGTON LAKE	MB9634	Canada	100%2
	GULF CREEK
GULF CREEK	EL6492	Australia	0%	relinquished

1 Option to acquire up to 75% of the Top Up Rise Projects refer to prior announcement for terms of the agreement.

2 Option to acquire up to 100% of Lynn Lake, Beaucage Lake, Barrington Lake refer to prior announcement for terms of the agreement

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