CORAZON MINING LIMITED — Regulatory Filings 2005

Jul 18, 2005

Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 9381 1436 F: +61 8 9381 1068 PO 80x 1681 WEST PERTH WA 6872 www.graynicmetals.com.su

ASX RELEASE

19 July 2005

GOOD RESULTS FROM PRE-COLLAR DRILLING AT QUARTZ CIRCLE BASE METAL PROJECT

HIGHLIGHTS

• First drilling results include:
• 12m @ 2.07% Zn and 1.12% Pb from 60m (GM 5) $\blacksquare$
• 4m @ 4.48% Zn from 56m downhole (GM 7)
• 24m @ 1.49% Zn in from 56m (GM 9)
• Results are from RC precollars. Diamond drilling to target depth is vet to be completed
• A surface gossan sample collected 250m N of the Emperor Prospect assayed 2.9% Zn, extending the zone of interest

Summarv

Graynic has now completed 1283m of RC drilling primarily to prepare pre-collars for further diamond core drilling. The program will test two mineralized prospects at their Quartz Circle Base Metal Project near Nullagine in the East Pilbara. The program consisted of 11 holes, of which 7 were pre-collars. Assay results from this initial drilling are very encouraging.

Emperor Pb-Zn Prospect

Formerly known as the "Lead-Zinc Prospect", this has been renamed the Emperor Prospect in anticipation that this will not remain the only lead-zinc prospect within the project area.

Drillhole GM 9 encountered significant base metal sulphides, including a 16m interval of zinc mineralisation between 56m and 72m downhole. The hole penetrated coarse felsic volcanic breccias and tuffs containing substantial pyrite in places, as well as some disseminated sphalerite.

Drillhole GM 9 is the first in a planned program of five holes to test the Emperor Prospect at a much greater depth than previous holes. Four RC precollars GM 5 to GM 8 have been completed in readiness for deepening by diamond drilling in early August. The presence of substantial mineralization in these precollars is very encouraging.

Hole ID	Northing	Easting	Díp	Azimuth	Depth (m)	Interval	Αu	Pb	$\overline{z}n$
	GDA94	GDA94				(m)	ppm	$\%$	%
GM 5	7600694	209504	$-60$	250	$48 - 52$	4			1.49
66					$60 - 72$	12	0.30	1.12	2.07
$\epsilon$					$96 - 100$	4			1.04
GM 6	7600700	209502	-70	250	$56 - 60$	4			3.28
6É.					$68 - 72$	8			1.50
CK.					$148 - 150$	$\overline{2}$			2.19
GM 7	7600690	209485	-60	250	$56 - 60$	4			4.48
GM 8	7600727	209537	-70	325	$10 - 14$	4		2.10	1.60
GM 9	7600834	209510	$-65$	330	$28 - 32$	4			2.82
$\epsilon$					$56 - 80$	24			1.49
66.					100-104	4			1.05

SIGNIFICANT ASSAY RESULTS FROM EMPEROR PROSPECT, QUARTZ CIRCLE

Geological reconnaissance in this vicinity has revealed other significant rock types including tourmalinebearing exhalites, quartz-eye tuffs and coarse volcanic breccias. These rock assemblages, characteristic of the classic geological environment of volcanic massive sulphide (VMS) deposits, suggest that drilling to date has been confined to one end of a zone of interest extending for at least another 500m northwards. A recent assay from a gossan sample collected halfway along this zone assayed 2.9% Zn.

Sample	Northing	Easting	Αg	Zn
ID	GDA94	GDA94	ppm	%
QRC 578	7601061	209556	30
QRC 581	7601084	209536		2.89%
QRC 582	7600914	209570		0.31%
QRC 583	7600914	209570		0.22%
QRC 584	7600914	209570		0.22%
QRC 585	7600914	209570		0.27%
QRC 586	7600915	209589		0.23%

Surface Gossan Samples

Ron Thom

Managing Director

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by R Thom, who is a Member of the AustMM. R Thom has sufficient experience which is relevant to the style o 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'. R Thom consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.