CORAZON MINING LIMITED — Investor Presentation 2011

Dec 13, 2011

14 December 2011

COMPANY PRESENTATION

“Nickel Sulphide Discovery in Canada”

New high-grade nickel-copper sulphide discovery at an old mining district in Canada

Junior explorer ASX : CZN

Market cap $16.5M (@ 12 cents) Cash $4M

(post completion of recently announced placement)

Discovery hole 23.75 m @ 3.34% Ni, 1.54% Cu, 0.08% Co Analogies with historical mined high-grade 1.9Mt @ 2.5%Ni, 1.15%Cu + Co

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Spectacular new nickel sulphide discovery below historical nickel mine CZN discovery hole: 23.75m @ 3.34% Ni, 1.54% Cu, 0.08% Co

Corazon with option to acquire 100% equity in project

Canada’s 3[rd] largest nickel producing area, with Corazon the largest landholder in the area

Excellent infrastructure / strong local mining culture

Significant Exploration Target[*] of between 5.2Mt and 7.4Mt with contained metal ranges of:

Nickel Copper Cobalt 52,000t - 139,000t 23,000t - 55,000t 1,200t - 3,900t

Exploration drilling ongoing – regular news flow over coming months Tight capital structure provides maximum leverage to exploration success

• 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. Refer to Disclosure Statements for further information on this Target.

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	Unit	Value
Current Price	A$	$0.12
Ordinary shares1	#	137,891,415
Options2	#	71,357,710
Market Capitalisation	A$m	$16.5M
Cash3	A$m	$4.02
Debt	A$m	Nil
Enterprise Value	A$m	$16.66

1. Factors 21 million shares to be issued pursuant to shareholder approval

2. Volume weighted exercise price of $0.185

3. Includes $2.52 million to be received upon shareholder approval of a second tranche of the recent placement, on 14 December 2011

Director / KMP	Role
Clive Jones	Non-Executive Chairman
Brett Smith	Managing Director
Jonathan Downes	Non-Executive Director
Adrian Byass	Non-Executive Director
Rob Orr	Company Secretary
Andy Thompson	Chief Geologist

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Daily Volume Traded On-Market Daily Close Price
0.25 9.0
8.0
0.20
7.0
6.0
0.15
5.0
4.0
0.10
3.0
2.0
0.05
1.0
- 0.0
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
Closing Price (A$) Million Shares
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Macquarie Bank Limited
UBS Wealth Management
Directors
Other CZN Share Holders
Factors the issue of 21 million
shares, which are pending
shareholder approval on 14
December 2011
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Project Highlights

Canada’s 3rd largest nickel producing area CZN – largest land holder in region Excellent infrastructure – regional hub

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• Township

• Abundant hydro-electricity and water

• Sealed airstrip

• Road or rail access to smelters

No environmental or Native Title issue

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A Plug
Mines
EL Mine
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Historical Production

• Sheritt Gordon operation – 1953 to 1976 (23 years) Past production - 22.2 Mt @ 1% Ni & 0.5% Cu

• 85%-90% recovery of Ni, Cu, Co via conventional flotation and concentrator

• Operational when nickel price was <US$2/lb (currently + US$8/lb)

Maximum mining depth to 1,100m below surface

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Current Resources

The “A Plug” Deposits

Prophecy Platinum Resource TSX-V: NKL (Measured+Indicated+Inferred @ 0.4%NiEq cut-off)

31Mt @ 0.55%Ni & 0.30%Cu

The EL Mine

Corazon Mining Interim Resource (Inferred @ 0.6%NiEq cut-off)

1.8Mt @ 0.8%Ni, 0.4%Cu & 0.02% Co

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Large Tonnage – High Grade South North
Differentiated mafic/ultramafic plug Truncated Mineralisation
Nickel-copper-cobalt sulphide breccia Surface
Historically mined ore-body 80m to 120m in diameter at 2.5% Mined
1.9 Mt @ 2.5% Ni,
nickel & 1.15% copper, with high-grade core ~ 40m diameter at 1.15% Cu
Sulphide Fault
4% nickel & 1.4% copper
Breccia Fault Mined Depth
210 m
Plan View Mafic
Intrusion
2000 ft Level Mapping
Ultramafic Interim Inferred Resource
Core 1.8 Mt @ 0.8% Ni, 0.4% Cu,
0.02% Co
Exploration Drive & Drilling
600 m
Fault
Historically
Untested
Conceptual
Geology
XND001W1 – New Sulphide Breccia
Discovery
23.75 m @ 3.34% Ni, 1.54% Cu & 0.08% Mined Depth Adjacent Deposits
Co 1,100 m
incl 13 m @ 4.27% Ni & 0.89% Cu X-section looking West
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Obvious Exploration Upside

• Highest grade deposit at Lynn Lake

• Relatively shallow - only mined to 210m in a district with mining depths up to +1,100m

Near Surface Mineralisation

• High-grade remnant mineralisation near old workings Large amount of low-grade mineralisation surrounding high grade (amenable to bulk mining)

Interim Inferred Resource – 0 to 600m depth

• Constrained by drilling to date

• 14,400t Ni, 7,200t Cu & 396t Co

Current Exploration Target* – to 1,200m depth

	Global Exploration Target	Global Exploration Target	Global Exploration Target	Tonnage Range	Tonnage Range
0m ‐ 1200m below surface				From	To
				5,200,000	7,400,000
Metal		Grade Range		Contained Metal Range
		From	To	From	To
Nickel		1.0	1.9	52,000	139,000
Copper		0.4	0.7	23,000	55,000
Cobalt		0.02	0.05	1,200	3,900

* 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. Refer to Disclosure Statements for further information on this Target. 8**

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North
Mined
1.9 Mt @ 2.5% Ni,
1.15% Cu
Mined Depth
210 m
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South
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Truncated Mineralisation
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Interim Inferred Resource
1.8 Mt @ 0.8% Ni, 0.4% Cu,
0.02% Co
Exploration Drive & Drilling
600 m
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Exploration Target [(] * [)]
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0.02% Co
Exploration Drive & Drilling
600 m
Historically
Untested
XND001W1
Conceptual
23.75 m @ 3.34% Ni, 1.54% Cu & Geology
0.08% Co
incl 13 m @ 4.27% Ni & 0.89% Cu
Mined Depth Adjacent Deposits
1,100 m
X-section looking West
To 1,200 mbs
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UPPER ZONE Tonnage Range
South North
0 ‐ 200m below surface From To
Low cost opencut mining option 2,200,000 2,600,000 Truncated Mineralisation
Surface
Grade Range Contained Metal Range
Metal Mined
From To From To
Upper 1.9 Mt @ 2.5% Ni,
Nickel 0.7 0.7 15,000 17,000 Zone 1.15% Cu
Copper 0.3 0.3 6,000 7,000
Cobalt 0.01 0.01 200 300 Mined Depth
210 m
MID ZONE Tonnage Range
0 ‐ 800m below surface From To
Interim Inferred Resource
Inferred Resource area 2,100,000 2,100,000
1.8 Mt @ 0.8% Ni, 0.4% Cu,
0.02% Co
Grade Range Contained Metal Range Mid
Metal
From To From To Zone
Nickel 0.8 0.8 16,000 16,000 Exploration Drive & Drilling
Copper 0.4 0.4 8,000 8,000 600 m
Cobalt 0.02 0.02 500 500
LOWER ZONE Tonnage Range
800m ‐ 1200m below surface From To
New sulphide breccia discovery 900,000 2,800,000
Historically
Grade Range Contained Metal Range Untested
Metal
Conceptual
From To From To Lower Key Exploration
Geology
Nickel 2.4 3.8 21,000 106,000 Zone Focus
Copper 0.9 1.4 8,000 40,000
Cobalt 0.06 0.11 500 3,200 Mined Depth Adjacent Deposits
1,100 m
Exploration Target is conceptual in nature, there has been insufficient exploration (namely drilling)
a mineral resource and it is uncertain if further exploration will result in the determination of a X-section looking West
resource. Refer to Disclosure Statements for further information on this
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* 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. Refer to Disclosure Statements for further information on this Target.

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150 Plug EL Mine A Plug Deposits
2000 foot le vel
New
High-Grade
Discovery
1,100m – Historical Mining Depth
Large Tonnage
Low Cost
Historical Mining
Mine Area
Cross-Section View
(looking west)
Corazon Tenements Prophecy Tenements
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Recent Drilling Results

XND001 23.50m @ 1.50% Ni & 0.50% Cu

-700 mbs

XND001W1 23.75m @ 3.34% Ni & 1.54% Cu Including 13.00m @ 4.27% Ni & 0.89% Cu

CRZ011A 2.3m @ 3.84% Ni & 0.41% Cu CRZ011AW1 1.42m @ 3.99% Ni & 0.36% Cu 6.00m @ 1.89% Ni & 1.17% Cu

Untested

XND001W2 23.91m @ 2.27% Ni & 0.80% Cu

XND001W3 5.06m @ 2.26% Ni & 1.67% Cu

CRZ012 44.75m @ 1.55%Ni & 0.65%Cu Including :-

3.85m @ 2.83%Ni & 0.24%Cu 11.03m @ 2.31%Ni & 1.01%Cu 11.51m @ 2.37%Ni & 0.78%Cu

CRZ012W1 ~4m of sulphide – awaiting assays CRZ012W2 ~7m of sulphide – awaiting assays CRZ012W4 ~34m of mixed sulphide – awaiting assays

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Open to the
-800 mbs
south, east & at
depth
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Recent Drilling Results XND001 23.50m @ 1.50% Ni & 0.50% Cu Historical Felsic ? Drilling Volcanics CRZ011A XND001W1 23.75m @ 3.34% Ni & 1.54% Cu Including CRZ011AW1 Defined 13.00m @ 4.27% Ni & 0.89% Cu XND001W3 EM conductor XND001W2 ? XND001W1 CRZ011A 2.3m @ 3.84% Ni & 0.41% Cu XND001 Ultramafic CRZ011AW1 1.42m @ 3.99% Ni & 0.36% Cu Intrusion 6.00m @ 1.89% Ni & 1.17% Cu Approx Location CRZ012W4 XND001W2 23.91m @ 2.27% Ni & 0.80% Cu Mafic Intrusion CRZ012 Target XND001W3 5.06m @ 2.26% Ni & 1.67% Cu CRZ012W5 Drill hole pierce point and mineralised trace CRZ012 44.75m @ 1.55%Ni & 0.65%Cu CRZ012W1 ? Including :- 3.85m @ 2.83%Ni & 0.24%Cu 11.03m @ 2.31%Ni & 1.01%Cu CRZ012W2 11.51m @ 2.37%Ni & 0.78%Cu CRZ012W1 ~4m of sulphide – awaiting assays Mafic Ultramafic Intrusion Intrusion CRZ012W2 ~7m of sulphide – awaiting assays CRZ012W4 ~34m of mixed sulphide – awaiting Interpreted Geological Cross-section Looking East assays

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Mined
1.9 Mt @ 2.5% Ni, 1.15% Cu
226 Ni t/vm
(mined)
132 Ni t/vm Mined Depth
210 m
(mining + reserves)
Upper Zone
Reserve Interim Inferred Resource
2.2 Mt @ 1.26% Ni * [)] 1.8 Mt @ 0.8% Ni, 0.4% Cu,
Exploration Target [(]
0.02% Co
3.5 to 4.6 Mt @ 0.8 -
1.45% Ni, 0.4 – 0.7% Cu,
Upper Zone
500m 0.01 – 0.03% Co
Exploration Drive & Drilling
600 m
125 Ni t/vm
(resource)
Drill Hole KUD810 Untested
1.40 m @ 2.50% Ni &
2.90 m @ 3.00% Ni Lower Zone XND001W1
900m 23.75 m @ 3.34% Ni, 1.54% Cu &
0.08% Co
incl 13 m @ 4.27% Ni & 0.89% Cu
Mined Depth Adjacent Deposits
1,100 m
To 1,100 mbs
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[ * From Panoramic Resources Ltd – company presentation – June 2010]

[ * 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. ]

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Upcoming Milestones:

• Targeted drilling underway

• Multiple holes from now to mid 2012

• Recent drilling results have reshaped the deposit’s prospectivity

• Support target with additional drill data

• Already underway  Ongoing drilling program to

• define the new resource.

• Analysis of the prospective economics of the project

• Expected by mid 2012

• Upgrade mining studies with additional drill information

Other key timing considerations:

Exercise of option for 100% equity in Lynn Lake Project to be conducted by October 2012 Corazon is now well funded to delineate the resource

Despite the cold conditions at Lynn Lake, drilling is conducted all year round

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The Asset

A substantial asset for Corazon Historical mine grades economic Potential for large-tonnage low-cost mining operation Excellent infrastructure Exploration Success

EL Mine extensions - high grade breccia defined Fertile region for nickel sulphide & VMS deposits Multiple targets within project Ongoing aggressive drilling providing regular newsflow Company Value

Tight capital structure, small market cap Very active exploration program Leveraged for exploration success in solid Ni market

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Forward Looking Statements

This presentation has been prepared by Corazon Mining Limited (“Corazon”). It contains forecasts and forward looking statements which are no guarantee of future performance and which involve certain risks. Actual results and future outcomes will in all likelihood differ from those outlined herein. The presentation should not be construed as an offer or invitation to subscribe for or purchase securities in Corazon. Nor is it an inducement to make offer or an invitation with respect to said securities.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Mineral Resource

The EL Mine was one of the highest grade nickel mines in the district, having operated between 1954 and 1962 and produced 1.9Mt @ 2.5% nickel and 1.15% copper to a mined depth of only 210 metres. Whilst the defined boundary of the mineralised host unit is well established, drilling in areas of the resource has not been of sufficient density to accurately define the distribution of high-grade sulphide mineralisation. For this reason, the influence of the high grade material within the resource has been restricted and consequently the resource is categorised as inferred. This resource provides a very good base from which to focus on-going exploration, and it is the Company’s opinion that it is conservative in terms of the full potential of the deposit and that additional drilling will provide a more accurate model particularly for the distribution of high-grade mineralisation.

Mineral Resources have been estimated using standard accepted industry practices. All Resources have been estimated via Block Ordinary Kriging using 2m composite samples. No top cuts have been applied which was considered appropriate for the nature and style of the mineralization. Directional Variography was modeled for all zones based on 2m composites. Geological and mineralization modeling has been achieved by 3D modeling of the inner and outer core of the intrusive mafic/ultramafic plug and the mined voids. A Block model was developed for the deposit incorporating a suitable parent and sub block dimension to allow adequate volume resolution of modeled geology and mineralization. Grade interpolation (via Block Ordinary Kriging) was then undertaken using a multiple estimation pass strategy.

Mineral Resources are classified on a basis of drill-hole spacing, geological continuity and predictability, sampling, analytical, spatial and density QAQC criteria. Where quoted, Mineral Resource and Ore Reserve tonnes, pounds or ounces are rounded to appropriate levels of precision.

Corazon have yet to complete mining studies or metallurgical/processing analysis on the EL Mine mineralisation. However, Lynn Lake is an historical nickel, copper and cobalt mining camp which operated for more than 20 years. Reported historical mine base cut-off grades were between 0.5% and 0.7% nickel. Metal recoveries reported were approximately 85% for nickel, 93% for copper and 80% for cobalt. Past mining utilized very simple open stope with sublevel mining methods. The historical EL Mine main stope is up to 100 metres in diameter, plus 200 metres in depth, and provides a large tonnage - low cost mining opportunity.

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Mineral Resource (continued)

Assay results are obtained from ALS Mineral Services in Thunder Bay, Ontario, Canada. Samples are prepared using single stage pulverization of the entire sample. Base metal assays are obtained by 4 Acid digestion using ICP with either Atomic emission spectrometry (AES) or atomic absorption spectrometry (AAS) analysis techniques.

Full analytical quality assurance - quality control (QAQC) is achieved using a suite of certified standards, laboratory standards, laboratory duplicates, blanks and grind size analysis. Assays quoted in announcements may be of a preliminary nature.

Assays from Corazon drilling and re-assayed historic drill-holes used in the Mineral Resource have undergone full QA/QC whereas assays from the 2007-2008 drilling by Western Areas did not have field standards used. The spatial location of samples from surface holes is derived from a combination of 3D differential GPS collar survey pickups and Reflex Maxibore® II downhole surveys. Historic underground hole included in the resource have not been surveyed by modern methods collars were digitized and converted from historic level plans.

Exploration Target

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

The Exploration Target has been estimated to a depth of 1,200 metres below surface. It follows the discovery of a high-grade nickel sulphide breccia at depth below the historic EL Mine, as well as the recognition in historical drilling of a substantial amount of near surface low-grade mineralisation.

The basis for this target for the EL Deposit includes:-

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

• Historical mine development to at least 270 metres below surface

• Underground exploration drilling, sampling and mapping to a depth of approximately 600 metres below surface

• The regional mining and development depth for the Lynn Lake camp is approximately 1,200 metres

• There has been approximately 72,300 metres of historical surface and underground drilling complete

• At the date of definition of the Exploration Target, Corazon Mining Limited had completed in excess of 10,700 metres of surface drilling

• 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.

The zones defined in the Exploration Target include the Upper, Mid and Lower Zones. The Upper Zone includes lower grade material that has the potential to be exploited from lower cost mining methods such as open pit mining. This zone extends to 200 metres below surface. The Mid Zone is the area between 200 and 800 metres below surface, and covers an area defined predominantly by the current Inferred Resource (reported at a 0.6% Ni equivalent[2] bottom cut-off grade). The Lower Zone extends from 800 metres to 1,200 metres below surface, the latter being the maximum depth at which historical underground development was conducted.

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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 Thompson, B.Sc Hons (Geol), MAusIMM, an employee of Corazon Mining Limited. Mr Thompson 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 Thompson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. All information relating to the Exploration Results, Mineral Resources or Ore Reserves of other companies are referenced within this document.

www.corazon.com.au

Level 1 Ph +61 (8) 6364 0518 350 Hay Street Fx +61 (8) 6210 1872 SUBIACO WA 6008

PO Box 8187 SUBIACO East WA 6008