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CORAZON MINING LIMITED Investor Presentation 2012

Nov 7, 2012

64747_rns_2012-11-07_02861a98-5636-413a-857e-de9252e665cc.pdf

Investor Presentation

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Slide 1

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NICKEL-COPPER SULPHIDE GOLD COPPER-GOLD
Lynn Lake, Canada Beaucage Lake, Canada Top Up Rise, Australia
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Base and Precious Metals Explorer – Australia & Canada

Broker & Investor Presentation, November 2012

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ASX: CZN

Slide 2

Diversified Junior Explorer

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Multiple High Impact Opportunities

Copper Gold Australia

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Top Up Rise Project : option to earn 75%

  • Large untested gravity anomaly – similar size to Olympic Dam anomaly

  • Low entry costs – minimal exploration to define potential

Nickel-Copper Canada

Lynn Lake Project: option to acquire 100%

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  • Development opportunity – old mining centre Position project to take advantage of improving nickel metal prices

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Nickel/Copper
Gold
Zinc/Lead/Silver
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Copper/Gold
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Gold Canada

Beaucage Lake Project: option to acquire 100%

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Extensive surface mineralisation – high grade tenor

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Use modern exploration techniques to define drill targets

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ASX: CZN
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Slide 3

Corporate Snapshot

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Capital structure

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Ordinary shares[1 ] 137.89M Options[1, 2] 71.36M Market Cap (@ $0.03/share) $4.14M Cash (Q3 2012) $544,000 Investments $651,000 Receivables (GST rebate) $220,000

Macquarie Bank Limited UBS Wealth Management Directors Other CZN Share Holders

Ownership Structure (undiluted)

  1. Pre-acquisition of Top Up Rise Project

  2. Volume weighted exercise price of $0.186

Board & Management

Clive Jones Chairman Brett Smith Managing Director Jonathan Downes Non-Exec. Director Adrian Byass Non-Exec. Director Rob Orr Company Secretary

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0.18 9.0
Daily Volume Traded On-Market Daily Close Price
0.16 8.0
0.14 7.0
0.12 6.0
0.10 5.0
0.08 4.0
0.06 3.0
0.04 2.0
0.02 1.0
- 0.0
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12
Closing Price (A$) Million Shares
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Share Price & Volume

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ASX: CZN

Slide 4

Lynn Lake Project: Overview

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Canadian Ni-Cu Sulphide – Future Mining Opportunity

Value

Option to purchase 100% of project

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Ni-Cu Resources and additional drill defined potential Brownfields project with existing infrastructure Development/mining opportunity

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Strategy

Position project to take advantage of improving Ni metal prices

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Canada
Manitoba
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Lynn Lake
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Timing

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Option to acquire 100% of project up to October 2015*

Cost

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Minimal project holding costs or spending requirements

  • Company announcement dated 9[th] August, 2012.

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ASX: CZN
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Slide 5

Lynn Lake: Historical Mining Hub

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Canada’s 3[rd] largest historical Ni producing area

Lynn Lake district

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Ni-Cu deposits
Zn-Cu deposits
A Plug
EL Plug
Regional Geology Interpretation
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Excellent infrastructure – established for mining No environmental or Native Title issues

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Historical Production

Sheritt Gordon 23 yr operation: 1953-1976 Production: 22.2 Mt @ 1% Ni & 0.5% Cu Max. mining depth to 1,100m below surface

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CZN’s Mineral Claim Outline
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Current Resources

CZN – EL Plug (Interim Inferred @ 0.6%NiEq cut-off)

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

Prophecy Platinum – A Plug (all categories @ 0.4%NiEq cutoff) 31Mt @ 0.55% Ni & 0.30% Cu

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ASX: CZN
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Slide 6

The EL Deposit: Exploration Upside

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South North
Truncated Mineralisation
Mined
1.9 Mt @ 2.5% Ni,
1.15% Cu
Mined Depth
210 m
Exploration Target [(] * [) ] Interim Inferred
Resource
1.8 Mt @ 0.8% Ni, 0.4%
Cu, 0.02% Co
Exploration Drive & Drilling
2000 ft Level
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
To 1,200 mbs
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Interim Inferred Resource: 0 to 600m depth

Constrained by drilling to date Predominantly between 210 to 400m depth 14,400t Ni, 7,200t Cu & 396t Co

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High-Grade Sulphide Breccia Discovery (May 2010)

23.75m @ 3.34% Ni, 1.54% Cu & 0.08% Co (725m) Inc. 13.00m @ 4.27% Ni & 0.89% Cu

Current Exploration Target*: 0 to 1200m 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

X-Section Looking West

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ASX: CZN
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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.

Slide 7

The EL Deposit: Exploration Target*

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UPPER ZONE Tonnage Range Drill Defined
0 - 200m below surface From To Mineralisation
(not included in
Low cost opencut mining option 2,200,000 2,600,000 resource)
Grade Range Contained Metal Range
Metal
From To From To
Conceptual
Nickel 0.7 0.7 15,000 17,000 Pit shell
Copper 0.3 0.3 6,000 7,000
Cobalt 0.01 0.01 200 300
MID ZONE Tonnage Range
0 - 800m below surface From To Inferred Resource
(+0.6% Ni)
Inferred Resource area 2,100,000 2,100,000
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Metal Grade **Range ** Contained Metal Contained Metal **Range **
From To From To
Nickel 0.8 0.8 16,000 16,000
Copper 0.4 0.4 8,000 8,000
Cobalt 0.02 0.02 500 500
LOWER ZONE LOWER ZONE LOWER ZONE **Tonnage Range ** **Tonnage Range **
800m - 1200m below surface From To
New sulphide breccia discovery 900,000 2,800,000
Metal **Grade Range ** **Contained Metal Range **
From To From To
Nickel 2.4 3.8 21,000
106,000
Copper 0.9 1.4 8,000
40,000
Cobalt 0.06 0.11 500
3,200

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X-Section
Looking East
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Lower Zone Target
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ASX: CZN
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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.

Slide 8

The EL Deposit: Depth Potential

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-700 mbs
Discovery Hole XND001W1
23.75 m @ 3.34% Ni & 1.54% Cu
Deepest Result CRZ012
44.75m @ 1.55%Ni & 0.65%Cu -800 mbs
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
Drill hole Cross-Section
Looking West – 25m grid pattern
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ASX: CZN

Slide 9

Lynn Lake Mining Centre

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North
EL Mine
Mine Area Plan View
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150 Plug EL Mine A Plug Deposits
2000 foot level
New
High-Grade
Discovery
Mine Area Cross-Section View (west) Corazon Tenements Prophecy Tenements
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ASX: CZN

Slide 10

Lynn Lake: New Projects

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Barrington Lake MacLellan Gold Mine Farley Gold Mine Copper Deposit (historical production (2M oz resource) 213 koz) Lynn Lake Township Barrington Lake Copper Deposit

Lynn Lake (historical production Ni-Cu Project Outcropping copper mineralisation 22.2Mt @ 1%Ni, 0.5%Cu) 104m strike exposed – av. 4.6m @ 2.63% Cu Strike extensions un-tested Numerous geophysical anomalies un-tested Beaucage Lake Gold Project Ruttan Cu-Zn Leaf Rapids Mine (historical Township

Beaucage Lake Gold Project Leaf Rapids Township High-grade gold mineralisation defined over extensive area Peaking at 1,811 g/t Au & 3,805 ppm Mo Past exploration focussed on outcrops; project extensively under cover

Ruttan Cu-Zn Mine (historical production 55Mt @ 1.23%Cu, 1.41%Zn)

Lynn Lake New Project Locations

Hydro-Electric Power Station

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ASX: CZN

Slide 11

Beaucage Lake Project: Overview

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Canadian High Grade Gold Exploration Project

Value

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Option to purchase 100% of project

High grade gold mineralisation in outcrop over 7-8 km strike Close to existing Company operations

No comprehensive recent exploration – mostly mid-late 1980’s work Minimal project holding costs or expenditure requirements

Strategy

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Data capture underway

Define geophysical methods & complete surveys for target generation Drill best targets

Timing

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Geophysics February-March 2013 Drilling mid-2013

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ASX: CZN

Slide 12

Beaucage Lake Project

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Prospects, Historical Geophysical Targets & Drilling

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Post-1990 Rockchip Channel & Grab Sampling Results (most recent work)
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ASX: CZN

Slide 13

Top Up Rise: Overview

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Australian Cu-Au Exploration Project

Value

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Option to earn up to 75% in project

Large un-tested gravity anomaly – similar in size to the Olympic Dam anomaly Indicators of Cu/Au and IOCG mineralisation - target deposits typically very large Low cost entry to a project with potential for big rewards

Strategy

Drill as soon as possible – drill rig already secured for work

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Top Up Rise Project
Alice Springs
Perth
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Timing

Heritage and access clearances - November 2012 Geophysics to define drill targets – March 2013 Drilling – March/April 2013

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Cost

Heritage clearances - $50k - $100k Geophysics - $120k - $150k Drilling - $350k - $750k

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ASX: CZN
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Slide 14

Top Up Rise: Frontier Exploration

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Gravity anomaly in Gibson Desert

identified by recent Government geophysics

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Top Up Rise Toro Energy - 2011
Anomaly IOCG Discovery
Lake
Mackay
BHP Billiton – 1997-1999
IOCG Exploration
Kiwirrkurra
Community
Pollock Hills
Mount Webb
Outcrop Geology & Topographic Map (GSWA 1:250k)
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Remote & under cover

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1994-2002 AGSO identified large

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Proterozoic intrusive alteration system at

Mt Webb - characteristics associated with Cu-Au systems

1995-1999 BHP looking for another Olympic Dam in region

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2006 (published 2008) GSWA conducts

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new gravity survey – identifies anomaly

2010 Border Exploration applied for

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  • Exploration Licence

  • 2011 Toro Energy announce the possible discovery of a Bayan Obo type IOCG

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deposit. Surface sampling – 53% Fe, 4% TRE, 275 ppmU, 639 ppmCu.

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ASX: CZN
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Slide 15

Top Up Rise: Gold-Copper Target

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One of Australia’s largest amplitude residual gravity anomalies

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Target model type – Olympic Dam IOCG + REE + U Anomaly with similar size footprint to the Olympic Dam Cu-Au-U gravity anomaly

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Closest regional outcrop anomalous in IOCG pathfinders: Haematite, REE, Cu & U

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Adjacent to a major Proterozoic granite alteration system: Large by Australian standards

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Top Up Rise Gravity Anomaly
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Characteristics associated with Cu-Au mineralisation

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Magmatism similar age to active faults/shears Age of granite and alteration system is significant Most favourable Proterozoic period

Coincident with a major change in Australia’s

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Schematic Map of Australia’s Pole of Wander
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ASX: CZN
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continental polar-wander path

Slide 16

Top Up Rise: Cu-Au Exploration

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No previous ground exploration : A significantly dense body within an overall dense geophysical/geological package bound by major structures

Large multiple point anomaly: Residual gravity anomaly 14.5km x 5km Peak high-density anomaly 8km x 4km

Dense but not mafic? :

Extreme gravity-high – no coincident magnetic high, within a regional gravity high trend

Bouguer gravity image over aeromagnetic shadow

High density gravity image over aeromagnetic shadow

Aeromagnetic image (TMI rtp 60[0] west sun)

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ASX: CZN

Slide 17

Top Up Rise: Cu-Au Exploration

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Residual Gravity Profile @ 7,500,000 mN
Deep Cover
Fault
7,500,000 mN
Residual Gravity Over Aeromagnetic Shadow
ASX: CZN
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Slide 18

Top Up Rise: Cu-Au Exploration

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Top Up Rise Anomaly

Peak Residual Gravity anomaly >7 mGals

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Overall Residual Gravity high >5 mGals

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Table modified after Dr Tim Baker (2010) Presentation PACE 2020

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Gravity–high ridge ~ 4 mGals

Peak Residual Anomalies

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ASX: CZN

Slide 19

Top Up Rise: Acquisition

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Cheap entry costs at an early stage: huge potential

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Conditions Precedent:- due diligence, Ministerial Access Permit & shareholder approval .

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  • Stage 1 – Corazon to earn 10% in Border Exploration Pty Ltd for:-

  • 15 million CZN shares + 15 million CZN options (3 yrs, @ 134% of the 5 day VWAP at issue) Reimbursement of costs up to $250,000

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  • Minimum work program to be completed within 2 years

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Stage 2 –Corazon to earn a further 41% (total of 51%) within 4 years by:-

  • Paying the vendors $200,000 in cash, and either

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  • Defining a JORC compliant Mineral Resource and completing a Scoping Study; or spending a minimum of $4 million on exploration; and then

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Issuing Vendors with Corazon shares or cash equal to 10% of the issued capital of Corazon.

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Stage 3 – Corazon to earn a further 24% (total of 75%) in Border by:-

  • Completing a definitive feasibility study on the TUR Project

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  • Cash or share consideration calculated with reference to a sliding scale, based on Corazon’s market capitalisation at the time.

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The vendors of Border will be free carried until a decision to mine is made; and

  • Upon Corazon making a decision to mine the TUR Project, the vendors and Corazon will form a formal production joint venture. A pre-emptive right will exist between the parties to the joint venture. Brett Smith is a Director and Shareholder of the Vendor

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ASX: CZN
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Slide 20

Company Project Summary

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Multiple Opportunities

Nickel-Copper Canada – Option to acquire 100% Development opportunity: CZN with a secure a long term benefit at Lynn Lake

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Project leveraged to improving nickel metal prices

Gold Canada – Option to acquire 100%

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Extensive surface mineralisation – high grade gold Modern exploration techniques to be used for drill target definition

Copper Gold Australia – Option to earn 75%

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Unique opportunity – potentially huge reward

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Cheap entry costs – minimal exploration to define potential

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ASX: CZN

Slide 21

Disclaimers & Important Information

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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.

Competent Person

The information in this report that relates to mineral Resources or Reserves is based on information compiled by Mr Andrew John Thompson, B.Sc Hons (Geol), Member AusIMM and a consultant to 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.

The information in this report that relates to Exploration Results 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 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 Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Core: Lynn Lake

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ASX: CZN

Slide 22

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Contacts

Brett Smith Managing Director Ph +61 (8) 6364 0518

James Moses Media and Investor Relations Ph +61 420991574

E: [email protected]

Corazon Mining Limited Level 1, 350 Hay Street, Subiaco WA 6008 PO Box 8187, Subiaco East WA 6008 www.corazon.com.au

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ASX: CZN

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