CORAZON MINING LIMITED — Investor Presentation 2009

Jul 9, 2009

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June 2009 Corporate Presentation

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Overview

• Graynic

• Nickel Laterites

• Joint Venture Agreement – Guatemala

• Proposed Transaction – Cuba

• Processing Technology

• Our View of Nickel

• Conclusion

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Overview

• ASX listed base metal company – Ticker: GYN

• Advanced project portfolio secured in Central America

• Strong management team

• former BHP Billiton, WMC Resources and Anaconda Nickel executives

• experienced in greenfields & brownfields exploration, project acquisition & development, community and government partnerships

• Shares on issue:

55.5M

• Options on issue (strike prices 30-65c):

• 19.8M

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Board & Management

Clive Jones, Chairman

20 years experience in mining and mineral exploration, Joint MD of Cazaly Resources, NonExecutive Director of Bannerman Resources and Non-Executive Chairman of Cortona Resources

Bronwyn Barnes, Managing Director

Over 10 years experience in resource sector, previously Manager External Affairs with BHP Billiton’s Nickel West and previous positions with WMC Resources, Wesfarmers Energy, Anaconda Nickel

Mark Fletcher, Executive Director

Over 15 years experience in mining industry, including 12 years with resource majors BHP Billiton and WMC Resources. Previously Senior Geoscientist with WMC and Project Leader – Base Metal and Bulk Commodities with BHP Billiton

Jonathon Downes, Non Executive Director

Over 14 years experience in the minerals industry, specialising in exploration geology, acquisitions, project management, project valuation and development and financial modelling. Currently Managing Director of Ironbark Gold Ltd and Non-Executive Director of Wolf Minerals Ltd and Waratah Gold Ltd

David Round, Company Secretary

Over 15 years experience as an Accountant, Company Secretary and Corporate Advisor. Previously worked with KPMG in London and Ernst & Young and Grant Thornton in Perth

Nickel Laterite is the Future Supply

• Production from laterites set to dominate supply post 2010

Sulphide 2003 Production

Laterite

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42%
58%
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• Laterites - 42% of primary global supply in 2003

Global Resources

• Resource base significantly greater than sulphides

• Laterites are here to stay

• Key is to identify QUALITY nickel laterite resources...

Sulphide

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Laterite
28%
72%
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Nickel Laterites Are Not Created Equal…

What is Quality?

• Grade

• Saprolite Ni >2%

• Limonite Ni >1.3%

• Mineralogy

• Determined by processing route

• Defined once at resource stage

• Infrastructure

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Courtesy of CSA Global

• Access to transport networks – import of reagent / product export

• Access to port

• Proximal to market for direct ship operations

• Power

• Proximity to coal, hydro or quality other infrastructure

• Cost of energy

Graynic’s Nickel Strategy

• • Focus on provinces recognised globally for Tier 1 deposits with perceived barriers to entry

• Targeting higher grade resources - >1.2%

• Comprehensive global search undertaken for laterite opportunities highlighted preferred regions:

• Philippines / Indonesia

• New Caledonia

• Central America

• Central America preferred region due to:

• Transparent operating environments – Mining Act, ownership structure

• Industry specific knowledge and skill base

• Less competition for assets

• Tier 1 – deposit >100Mt@ 1.2%Ni

Nickel Hot Spots

Courtesy of CSA Global

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Guatemalan Projects

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Izabal
Baja Verapaz
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Guatemala

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• Limited mining history but significant nickel laterite deposits

• Fenix Nickel Project, HudBay Minerals (228Mt @ 1.38% Ni)

  • Operated by INCO between 1977-81 (Eximbal – production of 20ktn/pa

  • HudBay acquired Fenix through transaction with Skye Resources for =/-CD$450M in August 2008

  • Project development underway – production planned for 2013?

• Sechol Project, BHP Billiton (22.5Mt @ 1.6% Ni)

  • Anfield Ventures acquired Sechol in April 2009

  • Good potential for additional resources

• Subject of recent exploration by VALE and BHP Billiton

• Modern, transparent Mining Code based on Canadian model

• Other Canadian mining companies represented – predominately gold, copper

• Gold Corp – Marlin Au Operation

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Farm-in Agreement

• Farm-in Agreement finalised with Nichromet Extraction in March 2009:

• Graynic can earn up to 75% interest

• US$6.4M expenditure over six years

• Largest Ni laterite tenure in Guatemala (2,200km[2 ] )

• Portfolio comprises suite of potential major nickel assets

• Advanced targets – resource definition within 12 months

• Strong pipeline of development opportunities

• Access to innovative processing technology

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Guatemalan Projects

• Two main project areas

• Baja Verapaz

• Izabal

• Previously explored by VALE – spent US$6 million

• Projects located next to Fenix (HudBay Minerals) and Sechol (BHP Billiton)

• Highly skilled in country Graynic team - community, government and technical

• Excellent potential to define mineral resources

• JORC / 43-101 resource expected within 12 months

• Exploring for a world class (>100 million tonnes) target

• Multiple target opportunities

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Guatemalan Ni Projects – Exploration Pipeline

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Refer to Competent Persons Statement for detail on Exploration Target Prospects

Guatemalan Projects

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Cajalbana
Izabal
Baja Verapaz
Izabal
Baja Verapaz
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Izabal Region, Guatemala

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Izabel
Baja Verapaz
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Izabal

• Main nickel laterite province for Guatemala

• Hosts 250 million tonnes in current published resources

• Graynic controls largest land position in region – 2,200km2

• Exploration to date has highlighted economic concentrations

• Potential to discover very large high grade nickel laterites

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Izabal Region

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  - Plateau with over 100 sq km of highly prospective surface area

  - Potential for second Tier 1 deposit in Guatemala

• Historic (1960’s) INCO reconnaissance drilling indicate wide spread mineralisation

• Many holes ended in mineralisation - shown by End of Hole Nickel values

• Santa Anita Prospect at advanced exploration stage

• Current drilling on approx. 300 x 300m spacing

• Less than 30% of the plateau has been tested

Some tenements in application pending resolution of environmental status

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Santa Anita

• Eastern end of Izabal Plateau

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•
•
•
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• Drilled by Inco in the 1960s

• Sample holes spaced 250m x 500m

• Best intersections:

• 252XTPC221 12m @ 1.63% Ni

• 252XTPC223 11.3m @ 1.38% Ni

• 252XTPC203 6m @ 1.68% Ni

• Many holes finished in mineralisation – open at depth

• Tenements under application - require environmental approval prior to grant

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Santa Anita

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3.9m @ 1.27%
from 0m
4.2m @ 1.02%
from 11m
B
A
2.9m @ 1.19%
from 0m
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Cross-section vertical exaggeration 20x
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Baja Verapaz, Guatemala

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Izabel
Baja Verapaz
Baja Verapaz
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Baja Verapaz – Prospects

Mineralization occurs on topographic highs

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• Laterized Plateau
• Yet to be drilled
•
Mapping shows excellent potential
•
Analogous to Rio Negro
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Rio Negro, Baja Verapaz

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• Most advanced project in portfolio

• Sample holes spaced 300m x 300m

• Best intersections:

• RNPT 260 12.8m @ 1.91% Ni

• RNPT 50 13.0m @1.32% Ni

• RNPT 136 25m @ 1.25% Ni

• Many holes finished in mineralisation – open at depth

• Historic resource estimates

• Transmetales in early 1970s

• Cominco in 1992

• Exploration target as 15 to 40Mtn at between 1.2 – 1.7% Ni

• Drilling and inferred resource estimate planned for first 12 months

Rio Negro, Baja Verapaz

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Cross-section vertical exaggeration 10x

Current Global Nickel Laterite Resources >1%

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8
7
6
5
4
Sierra de Santa Cruz Target
3
Baja Verapaz
Giant Deposits Target
2
Tier 1 deposits
1
0
Source: Intierra Resource Intelligence Exploration target bubbles represent
the approximate median of target range
Fenix - HudBay
Contained Nickel (Mt)
Sechol - Anfield Ventures
Antam (FeNi) Southern Samar Koniambo Gag Island Le Nickel-SLN Sangaji Goro Wingellina Vermelho Santa Fe Obi Island Isabela Rio Tuba Guisguis Tanjung Buli Mornopo Bethlehem Ipora Caldag Ulugan Zambales Romblon Borongan/Maydolong Berong Cagdianao Cerro de Maimon Taganaan Valozoro P8 Waite Kauri North Murrin Murrin Hepi Waite Kauri Martins Zone Macey Hill
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Source: Intierra Resource Intelligence

Cuba

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• Major existing nickel laterite operations - 50% of export earnings

• Moa Bay - Sherritt

• Nicaro

• Strong depth of mining experience and skills base

• Potential for historical barriers to be removed – US détente

• Well defined mining and foreign investment legislation

• Graynic continuing to work with Nichromet to finalise JV agreement for Cajalbana – held in JV with Cuban Government

• Recent work confirms presence of extensive mineralisation

• Potential to confirm resource in short term

• Excellent infrastructure, including communications, power, roads, close to port, skilled workforce

Processing Technology

• JV agreement includes access to Nichromet’s patented processing technology

• Pilot plant in operation in Canada – successfully tested nickel laterite ores from several locations

• Recoveries of nickel and cobalt exceed 90%

• Hydrochloric atmospheric leach – entire orebody processing at lower CapEx

• Other processing technologies also being assessed

• Low CapEx HPAL – Coral Bay, Philippines

• Heap leach, VAT leach, other (non-sulphuric) acid, atmospheric leach

• Gives flexibility to match processing technology to deposit

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Summary

• Nickel price fall has hit hard

• Reduced production, deferred capital expenditure programmes, closed operations, exploration cuts

• Current demand and pricing is substantially below long term averages

• Secured world class exploration assets in Tier 1 terrain

• Defined strategy and clear focus

• Multiple targets with potential to deliver mineral resources in short term

• Potential to create a world class nickel project through discovery

 World Class Opportunity

• Graynic currently exploring various funding options

• Key is to reposition the assets ahead of expected nickel upturn

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Important Notices

DISCLAIMER

The purpose of this presentation is to provide general information about Graynic Metals Limited (“Graynic"). It is not recommended that any person makes any investment decision in relation to Graynic based on this presentation. This presentation contains certain statements which may constitute "forwardlooking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements. No representation or warranty, express or implied, is made by Graynic that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Graynic, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. Graynic accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. Some tenements in the Izabal area are currently under application and require a change in environmental status prior to grant. Graynic is confident that this process should have an appropriate outcome in due course.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by Mr. Mark Fletcher, who is a member of the Australian Institute of Geoscientists. Mr. Fletcher 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’. Mr Mark Fletcher, who is a full-time 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.

Exploration Targets - Graynic has defined exploration targets at various stages of exploration in both the Baja Verapaz and Sierra de Santa Cruz regions, including a range of potential tonnes and grade of the nickel bearing material. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Publicly available information on the quantity and grade from the Fenix (HudBay Resources; ) and Sechol (Anfield Ventures) Guatemalan projects have been used to assist in determining these target estimates as they are similar in nature and proximal in location.

The following describe the specific information used for each exploration stage:

Project Stage: areas mapped and defined by aeromagnetic data to contain ultramafic rocks that have lateritized by weathering processes and are situated on elevated plateaus with optimal slopes of between 3 and 20 degrees. The Izabal Plateau is a lateritized ultramafic unit that contains approximately 100 km[2] of prospective slope. The Santa Anita prospect is at the eastern end of the plateau and has a historic (INCO drilling from the early 1960s) drill spacing of 250m by 500m and in some places 250m by 250m. Average intersection (with an assay cutoff of 0.8% Ni) thickness and grade is 7m @ 1.36% Ni with approximately 25% of holes ending in mineralisation. Other areas (about 15% of the area) have been tested with 500m spaced reconnaissance drilling show encouraging nickel grades and thicknesses. The exploration target for the Izabal area is estimated to be 70 to 140Mt @ between 1.2% to 1.5% Ni. Prospect Stage: Drilling information including the grade and thickness and surface aerial extent of mineralised intersections. Project Stage data has also been used to assist in target estimates.

Advanced exploration Stage: Drilling information including the grade and thickness and surface aereal extent of mineralised intersections as well as detailed assessment reports. The Rio Negro prospect has a historic (completed by Minas Panamericanas in the late 1960s, early 1970s) sample hole spacing of about 300m by 300m which shows the mineralised area to cover about 2.4 km2. The average intersection is approximately 8 to 9m @1.24% Ni with 30% of holes ending in mineralisation. The exploration target is estimated to be between 15 and 40 Mt @ between 1.2 and 1.7% Ni.

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June 2009 Corporate Presentation

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