CORAZON MINING LIMITED — Investor Presentation 2006

Feb 21, 2006

Company people

Nore executive Chairman Ivan Hoffman Managing Director Ron Thom Non-executive Directors Nathan McMahon Clive Jones Company Secretary

Kent Hunter

Company strategy

Increase in share value/market cap through: $\blacksquare$ Technical success leading to production, including small-scale production for early cash flow

• E Astute JVs or purchases to acquire strategic ground or strategic commodities
• $\blacksquare$ Beneficial alliances with large companies $\blacksquare$ Profitable disposal of unwanted assets $\blacksquare$ Prudent fiscal management

New Opportunity

• T 4 new projects on offer from Resource Investment Group Pty Ltd (RIG)
• E Projects are in NSW
• E Highlight is the Yanco Glen tungsten project near Broken ENI
• E The Wertago project has copper, zinc, lead and silver in a 'large-deposit' geological setting
• Gulf Creek and Copper Ridge are under-explored copper projects

Proposed deal for NSW Projects

Graynic Metals will acquire Resource Investment Group Pty Ltd (RIG) by:

Elssuing to owners of RIG 10 million Graynic shares at a deemed issue price of 20c

Example 15 Summary 18 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 Second 2 S exercisable at 30c

Replacement of \$50,000 environment bond

Graynic Share Structure with incorporation of NSW projects

No. of shares currently on issue Vendor shares for NSW projects TOTAL SHARES

TOTAL OPTIONS (various dates and strike prices)

27,000,003 10.000,000 37,000,003

24,250,000

NSW Projects

Yanco Glen

Large tenement, favourable location

Yanco Glen tungsten prospect

• n Historical small scale Tungstemmining over a largo area
• E CRA recognised 4 areas of good potential based on sampling and drilling
• Priority target:
• N mineralisation starts from surface
• continuity of mineralisation over 1km strike length
• Dest drilling result to date is 2m $\omega$ 3.5% WO3
• CRA recognised good potential here for a resource

Value of product

El Scheelfte-bearing ore is sold in Metric Tonne Units $(NTU) = 10$ kg of WO3

• I MTU is worth about US\$220 in the current mada
• Each million tonnes of scheelite-bearing ore grading 0.5% WO3 would have a current inground value of US\$110 million

Tungsten Activity in Australia

COMPANY	DDROSHI	TONNIS	GRADD WO3
Graynic Metals	Yanco Glen, NSW	1 to 2 Mt initial target only (from CRA work)	0.5% target grade (from CRA work)
Vial Maals	Watershed, Old	IZANG Metallurgical testing	$0.35\%$
King Island Schedlife	King Island, Tas	GRAMI BES 600,000 tpa	$1.0\%$
Queensland Ores	Wolfram Camp, Qld	550,000t BFS 100,000 tpa	0.45%
Thor Mining	Molyhil, NT	$2.4 \mathrm{Mt}$ Prelim mine design	$0.5\%$
Segue Resources	Coronel Hill, NT	Exploration stage	N/A

Tungsten market

• Rapidly noving market largely ▊ driven by demand from Chinese steel mills
• Opportunity to capitalise on demand

Planned program at Yanco Glen

• Thitial program of 2000m RC drilling to commence early March
• E May extend the drilling based on progressive results (UV lamping)
• E The 3 other areas highlighted by CRA will be investigated on the ground
• Aim to rapidly produce a JORC compliant resource estimate

Wertago Project geological and structural setting

Islama of City seconds

A Modern Road

Legend

• Extensive Base Metal and Silver inineralisation
• Associated with the Koonenberry E fault – a large, deep seated structure associated with mineralisation regionally (eg; Grasmere Cu)
• Favourable geological setting for a Century style deposit
• Airborne EM survey planned over mineralised area

Way Forward

E Drilling - Yanco Glen - the chance to become a near-term producer of scheelite, giving the Company producer status and a cash flow = Drilling – base metals at Quartz Circle, capitalise on strong commodity cycle EM Survey at Wertago – potential for Century style base metal deposit Joint Venture of non-core projects