CORAZON MINING LIMITED — Major Shareholding Notification 2007

Apr 26, 2007

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme	Graynic Metals
ACN/ARSN	112 898 825
1. Details of substantial holder (1)
Name	RAB Special Situations (Master) Fund Limited
ACN/ARSN (if applicable)	(A Cayman Islands Registered Company)
The holder ceased to be a substantial holder on	24/04/2007
The previous notice was given to the company on	14/09/2006
The previous notice was dated	05/09/2006

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
see attached schedule

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association
N/A

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
RAB Special Situations (Master) Fund Limited	c/o RAB Capital, 1 Adam Street, London, WC2N 6LE, UK
Westpac Custodian Nominees Limited	, 50, Pitt Street, Sydney, Australia

Signature

print name	Ash Ash USANANANANA	capacity
sign here		----------------------- date	Western Corp. $\overline{ }$	---------------------------------------	--------------------------------------

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(3)$
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(5)$ acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(6)$ The voting shares of a company constitute one class unless divided into separate classes.
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$

Schedule to Form 605 in respect of RAB Special Situations (Master) Fund Limited
Shareholding in Graynic Metals

Date of Change	Person whose relevant interest changed	Nature of Change	Consideration given in relation to change (AS)	Class and number of securities affected	Persons votes affected
12/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 59,132 Ordinary Shares	14,163.30	59,132 Ordinary Shares	RAB Special Situations (Master) Fund Limited
13/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 242,000 Ordinary Shares	57,963.84	242,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
16/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 134,062 Ordinary Shares	29,736.09	134,062 Ordinary Shares	RAB Special Situations (Master) Fund Limited
20/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 264,806 Ordinary Shares	52,855.27	264,806 Ordinary Shares	RAB Special Situations (Master) Fund Limited
23/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 130,000 Ordinary Shares	24,650.60	130,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
26/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 33,000 Ordinary Shares	6,521.92	33,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited
27/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 105,000 Ordinary Shares	19,959.98	105,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited

30/04/2007	RAB Special Situations (Master) Fund Limited	Sale of 5,732,000	1,029,845.21	5,732,000 Ordinary Shares	RAB Special Situations (Master) Fund Limited