CORAZON MINING LIMITED — Regulatory Filings 2006

Jul 23, 2006

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

ASX Release

24 July 2006

GRAYNIC INTERSECTS SPECTACULAR CHALCOPYRITE OVER 4M INTERVAL AT IGLOO PROSPECT, QUARTZ CIRCLE

The Company has just completed a 10-hole diamond drilling program at Quartz Circle to test the Igloo copper oxide deposit originally discovered by a previous explorer in 1994.

As anticipated, the drilling intersected the copper minerals chalcocite, chalcopyrite, native copper and malachite, and core samples will shortly be sent for assay. A formal estimate of the size and grade of the deposit will be made when the assay results have been received in about 4 weeks time.

Drill hole IG 05 encountered a 4m section of quartz-chalcopyrite breccia which is particularly rich in chalcopyrite. The photograph shows the richest part of this breccia. The significance and extent of this unusually high-grade mineralisation is yet to be determined.

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

Ron Thom Managing Director Graynic Metals Limited

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 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'. 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.