CORAZON MINING LIMITED - Regulatory Filings 2006

24 November 2006

Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 9381 1436 F: +61 8 9381 1068 PO Box 1681 WEST PERTH WA 6872 www.eravnicmetals.com.au

ASX RELEASE

EM CONDUCTANCE ANOMALY AT QUARTZ CIRCLE

The airborne electromagnetic survey (VTEM) recently completed at Ouartz Circle was designed to identify conductors which could represent primary mineralisation at depth, principally copper sulphide (chalcopyrite). Zinc sulphide (sphalerite) is a weak conductor and was not expected to be detected by this survey.

The chalconvrite intersected during recent drilling at the Igloo conner prospect showed up as a strong conductor as previously announced and this conductor is now being followed up with both ground EM and downhole EM to determine its size and geometry.

Also identified by the VTEM survey was a large conductance anomaly of uncertain significance. Conductance is a measure of conductivity multiplied by thickness and the anomaly was originally thought to represent either deep weathering or alteration of the surface rocks or some other surficial feature such as lake sediments. A field trip just completed has shown that much of the anomaly is underlain by rock outcrop which is not unusually altered or weathered.

A search of the archival material for this project area has revealed the results of an IP survey completed in 1978 for Alcoa. The IP survey showed up two clusters of 'moderately strong IP sources' one of which coincides with the Emperor zinc prospect, and the other coincides with the northern part of the new conductance anomaly. The Alcoa IP survey does not extend over the southern part of the conductance anomaly.

The group of IP conductors within the conductance anomaly was tested by Alcoa with a single drill hole DH 23 which intersected 7m of 20-30% pyrite (Alcoa's estimate) from 87m downhole as well as abundant disseminated pyrite. Only the first 18m of this 114m drill hole was assayed by Alcoa. Also within the conductance anomaly are four other historic drill holes, mostly shallow, three of which show anomalous Ag (up to 125 $g/t$ ) and Au (up to 2.9 $g/t$ ). The drill logs and remaining drill chips for these holes show fresh rock and fresh disseminated pyrite from shallow depth.

The conductance anomaly could represent disseminated sulphides such as pyrite or sphalerite within bedrock and it is therefore an additional exploration target. It will be tested during the next round of drilling, expected to be in January 2007.

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 AusIMM. R Thom 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'. R Thom, who is an 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.