CORAZON MINING LIMITED — Regulatory Filings 2006

Jun 13, 2006

Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 0381 1436 F: +61 8 9381 1068 PO 802 1681 WEST PERTH WA 6872 www.graynicmetals.com.su

ASX RELEASE

14 June 2006

CONFIRMATION OF GOOD ZINC RESULTS FROM OUARTZ CIRCLE

Highlights:

• $\bullet$ Reassaying confirms the strong Zn mineralization in drill hole GM 21 $27m \omega 4.98\%$ Zn $16m$ @ 3.51% Zn
• Enhanced results for Zn and Pb in drill holes GM 5 and GM $8$
• EM survey to search for a copper zone now commissioned

On 28 April Graynic announced an outstanding zinc intersection from RC drilling at the Emperor Prospect at its Quartz Circle base metal project near Nullagine in the East Pilbara. This encouraging result was from drill hole GM 21 which contained 52m grading 4.3% Zn from 48m to 100m (downhole), based on 4m composite samples. This has now been checked using 1m samples, giving 16m $\omega$ 3.51% Zn from 49m and 27m $\omega$ 4.98% Zn from 71m, with these intervals being separated by 6m of unmineralised material.

The mineralized intervals of all Graynic drillholes at the Emperor Prospect have now been reassayed using 1m samples. In several cases, notably GM 5 from 67m-71m, the 1m samples have given a better Zn result than the 4m composites, and in drill holes GM 5 and GM 8 there is a significant percentage of lead as well as zinc and this may indicate nearness to a volcanic vent. The geometry of the mineralization is not yet understood and the true thickness of the mineralized zones is not known at this stage.

$\ldots$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$
Hole ID	Easting	Northing	Depth	Thickness	Zn %	Pb %	Ag g/t	Au g/t
GM 5	209504	7600694	49-50m	1m	3.98
			61-62m	1m.	3.19	0.76	20	0.2
			$67 - 71m$	4m	3.98	3.00	36	0.7
			99-101m	2m	3.57
GM 6	209502	7600700	59-60m	1m	10.33		12
			74-76m	2m	2.95		18	0.28
GM7	209485	7600690	56-58m	2m	7.43			0.23
GM 8	209537	7600727	14-16m	2m	1.75	3.38	65	0.75
GM 9	209510	7600834	28-30m	2m	3.49			0.26
			58-66m	8m	2.29
GM 21	209400	7600912	49-65m	16m	3.51
			(inc 52-56m	4m	5.42
			71-98m	27m	4.98
			$(inc 72-80m)$	8m	7.59

Assays from Im samples at the Emperor Prospect, Quartz Circle

The Company plans to progressively drill outwards from the known mineralization at the Emperor Prospect. In addition, several holes drilled by Alcoa in 1974 and logged as containing visible sphalerite (zinc sulphide) were not assaved at that time. The original Alcoa drill core is no longer available so these holes will be redrilled.

Results to date confirm the potential for a significant, near-surface lead-zinc-silver deposit at the Emperor Prospect and the style of the mineralization discovered so far is consistent with our exploration model of a large volcanic-hosted massive sulphide (VMS) system. A typical VMS deposit has a massive chalcopyrite core, and our modelled location for this copper core has been historically tested with only one drill hole. To enhance our targeting for copper we have commissioned an EM survey of the entire tenement block, and the survey is expected to be completed in July.

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 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.