CORAZON MINING LIMITED — Regulatory Filings 2011

Dec 8, 2011

ASX ANNOUNCEMENT

9 December 2011

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The Manager Company’s Announcements Australian Securities Exchange

Substantial Upgrade to Exploration Target Drilling at Lynn Lake ongoing

ASX : CZN

“A new high grade nickelcopper sulphide discovery ... in a major Canadian mining camp.”

Highlights

• Exploration Target[1] defined for the extensions to the EL Mine at Lynn Lake

• Exploration Target[1] of between 5.2Mt and 7.4Mt is defined, with contained metal ranges of:

tion Target1 of bet nges of:	ween 5.2Mt and 7.4Mt	is defined, with cont
Nickel	Copper	Cobalt
52,000t - 139,000t	23,000t - 55,000t	1,200t - 3,900t
ploration Target1	includes the newly discovered high-grad
depth, of 0.9Mt to	2.8Mt and grade ranges of:
Nickel	Copper	Cobalt
2.4% - 3.8%	0.9% - 1.4%	0.06% - 0.11%

• This Exploration Target[1] includes the newly discovered high-grade breccia zone at depth, of 0.9Mt to 2.8Mt and grade ranges of:

• Exploration drilling ongoing, deposit remains open at depth and to the south

• Significant widths of recent drill intersections by Corazon confirms the potential for large tonnage/low cost mining operation, typical of Lynn Lake mines

• Resource upgrade expected mid 2012

Capital Structure

116.89 M ordinary shares 71.57 M options

MCap ~A$17.5 M (@ 15cps)

Board of Directors

Clive Jones Non-Executive Chairman Brett Smith Managing Director Jonathan Downes Non-Executive Director Adrian Byass Non-Executive Director Rob Orr Company Secretary

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Nickel sulphide exploration company, Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”), is pleased to announce a substantial upgrade of the Exploration Target[1] for the EL Deposit at the Lynn Lake Nickel Sulphide Project in Canada.

Corazon has been exploring the Lynn Lake project since July 2010, with the main exploration focus being drill testing the down-dip extensions to the EL Deposit. The new Exploration Target[1] is the culmination of Corazon’s 2011 exploration at Lynn Lake, where drilling has validated the Company’s geological/mineralisation model for the EL Deposit and confirmed the down-dip potential of the EL Deposit, by intersecting wide zones of mineralisation.

1 The Exploration Target is conceptual in nature and, to date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. See the disclosure statement appended to this release for further details.

Contact Us

www.corazon.com.au

Brett Smith Ph: +61 (8) 6364 0518

James Moses Media & Investor Relations Ph: +61 (0) 420 991 574

Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

ASX ANNOUNCEMENT

9 December 2011

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Corazon’s Managing Director, Brett Smith, said: “ The delineation of this target represents a significant step forward for Corazon. It will allow us to complete high level mining studies and focus exploration on what is important. What we are about now is determining, with accuracy, the size and extents of the mineralisation. Mostly, in the short to medium term, we are looking forward to the process of proving up the size potential of our new discovery through ongoing drilling ”.

The Exploration target[1] is supported by 72,300 metres of historical surface and underground drilling, as well as approximately 10,700 metres of surface core drilling by Corazon. The deepest drilling has been completed by Corazon, at depths in excess of 1,000 metres. Mining and underground development was conducted to 270 metres below surface and an exploration drive (from an adjacent mine) was developed at 600 metres (beneath the mine).

The Exploration Target[1] has a tonnage range of 5.2Mt to 7.4Mt, with contained metal of 52,000t to 139,000t nickel, 23,000t to 55,000t copper and 1,200t to 3,200t cobalt . Full details of the new Exploration Target[1] are provided in the tables presented in the disclosure statements.

This represents a significant increase on the previously stated Exploration Target[1] (announced 18 November 2010), predominantly due to the discovery of a high-grade nickel sulphide breccia at depth below the historic EL Mine (‘Lower Zone’), as well as the recognition in historical drilling of a substantial amount of near surface low-grade mineralisation (‘Upper Zone’).

The newly discovered high-grade component of the EL Deposit is the primary exploration target for Corazon. The Exploration Target[1] for the Lower Zone is defined as:

0.9Mt to 2.8Mt at 2.4% to 3.8 % nickel, 0.9% to 1.4% copper and 0.06% to 0.11% cobalt

The base case range defines the minimum size and tenor of mineralisation as defined by drilling to date, extrapolated between depths of 800 to 1,200 metres below surface. The top range assumes Corazon will outline another high-grade nickel-copper sulphide breccia (similar to that mined at surface), at depths between 800 and 1,200 metres below surface. The style of mineralisation intersected in drilling at depth, supports this potential.

The Lower Zone is a significant and attractive exploration play. The Lynn Lake mines were largetonnage/low-cost operations that produced for 23 years at an average grade of 1% nickel and 0.5% copper. Some of these mines were developed to 1,200 metres below surface. Bulk mining methods of these wide zones of mineralisation resulted in low operating costs and attractive operating margins.

Drilling is ongoing at Lynn Lake and Corazon will continue this program in 2012. The current strategy is to determine the size and extents of the newly discovered high-grade nickel-copper sulphide breccia. This drilling will be used in the estimation of a new resource for the EL Deposit. A Resource upgrade is expected at the EL Deposit around mid 2012.

1 The Exploration Target is conceptual in nature and, to date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. See the disclosure statement appended to this release for further details

Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

ASX ANNOUNCEMENT

9 December 2011

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The project’s current resource (1.8 Mt at 0.8% Ni, 0.4%Cu & 0.02% Co) is an interim Inferred Resource to approximately 600 metres below surface, and does not include the Lower Zone or much of the targeted mineralisation defined in the Upper Zone. The resource was estimated in 2010 based on limited drilling by Corazon, along with historical holes that could be validated and re-sampled.

- ENDS –

For further information visit www.corazon.com.au or contact:

Brett Smith James Moses Managing Director Media and Investor Relations, Corazon Mining Limited Mandate Corporate Ph: +61 (8) 6461 6350 Mob: +61 420 991 574 E: james@mandatecorporate.com.au

About the Lynn Lake Project

Corazon has an option to acquire 100% equity in the Lynn Lake Nickel Sulphide Project in the central Canadian province of Manitoba, which hosts the historic EL Nickel Mine. The EL Mine was the highest grade deposit at Lynn Lake and produced 1.9Mt @ 2.5% nickel and 1.15% copper (combined metal of approximately 3% nickel equivalent[(2)] ). Mining was conducted to a depth of 210 metres below surface, with development to 270 metres and drilling defined mineralisation to a depth of at least 600 metres.

The Lynn Lake nickel camp is Canada’s third largest nickel mining region, which produced 22Mt of nickel/copper/cobalt ore between 1953 and 1976, at an average grade of 1% nickel and 0.5% copper. There has been minimal exploration in the region since this time. Mining at adjacent deposits has shown that mineralisation extended to more than 1,100 metres below surface. Metal recoveries for nickel, copper and cobalt are historically very good, averaging above 85-90%.

Corazon is the largest land holder in the Lynn Lake Camp, and in addition to the EL Mine, the project area containing several drill defined base metal deposits and numerous un-tested geophysical anomalies.

The area is well serviced with mining infrastructure and support, offering rapid development potential. The Thompson Nickel Refinery is located only 320km from the project and is accessible by all-weather roads. In addition there is rail access (currently under care and maintenance) to the Flin Flon zinc-copper refineries approximately 250km to the south.

Disclosure Statements and Important Information

Competent Person

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew John Thompson, B.Sc Hons (Geol), Member AusIMM an employee of Corazon Mining Limited. Mr Thompson has sufficient experience that 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. Mr Thompson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

1

Exploration Target

This Exploration Target is conceptual in nature, there has been insufficient exploration (namely drilling of verifiable quality) to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

ASX ANNOUNCEMENT

9 December 2011

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The Exploration Target has been estimated to a depth of 1,200 metres below surface. It follows the discovery of a high-grade nickel sulphide breccia at depth below the historic EL Mine, as well as the recognition in historical drilling of a substantial amount of near surface low-grade mineralisation.

B C	Tonnes		Grade			Contained Metal
ase ase		Ni%	Cu%	Co%	Tonnes Ni	Tonnes Cu	Tonnes Co
Upper Zone (0‐200m)	2,200,000	0.7	0.3	0.01	15,000	6,000	200
Mid Zone (200‐800m)	2,100,000	0.8	0.4	0.02	16,000	8,000	500
Lower Zone (800‐1200m)	900,000	2.4	0.9	0.06	21,000	8,000	500
Total	5,200,000	1.0	0.4	0.02	52,000	23,000	1,200
Upper Case	Tonnes		Grade			Contained Metal
		Ni%	Cu%	Co%	Tonnes Ni	Tonnes Cu	Tonnes Co
Upper Zone (0‐200m)	2,600,000	0.7	0.3	0.01	17,000	7,000	300
Mid Zone (200‐800m)	2,100,000	0.8	0.4	0.02	16,000	8,000	500
Lower Zone (800‐1200m)	2,800,000	3.8	1.4	0.11	106,000	40,000	3,200
Total	7,400,000	1.9	0.7	0.05	139,000	55,000	3,900

Table 1 – Exploration Target ranges for the EL Deposit, Lynn Lake Nickel-Copper Sulphide Project. The numbers within the table have been rounded. Some rounding errors may occur.

The basis for this target for the EL Deposit includes:-

• Historical mining at the deposit to a depth of 210 metres below surface

• Historical mine development to at least 270 metres below surface

• Underground exploration drilling, sampling and mapping to a depth of approximately 600 metres below surface

• The regional mining and development depth for the Lynn Lake camp is approximately 1,200 metres

• There has been approximately 72,300 metres of historical surface and underground drilling complete

• At the date of definition of the Exploration Target, Corazon Mining Limited had completed in excess of 10,700 metres of surface core drilling

• Good continuity and predictability of geology down-plunge

• Geological evidence for a deep-seated, explosive mineralising event.

Past exploration and mining records for the EL Mine are extensive and reflects high standards of work.

The Lynn Lake mines were large-tonnage/low-cost operations that produced for 23 years at an average grade of 1% nickel and 0.5% copper. Some of these mines were developed to 1,200 metres below surface.

The zones defined in the Exploration Target include the Upper, Mid and Lower Zones. The Upper Zone includes lower grade material that has the potential to be exploited from lower cost mining methods such as open pit mining. This zone extends to 200 metres below surface. The Mid Zone is the area between 200 and 800 metres below surface, and covers an area defined predominantly by the current Inferred Resource (reported at a 0.6% Ni equivalent[2] bottom cut-off grade). The Lower Zone extends from 800 metres to 1,200 metres below surface, the latter being the maximum depth at which historical underground development was conducted.

Nickel Equivalent [2]

Ni% Equivalent = Nickel equivalent has been estimated within the Resource Block Model (2010) and in other instances using the formula:-

Ni% Equivalent = Ni%+(Cu% x (3/8.75))+(Co% x (18/8.75) ) where Ni = 8.75$ US/lb Cu = 3.00 $US/lb Co = 18.00 $US/lb

Nickel equivalent grades are provided as an indicator of value in a multi-metallic deposit. Lynn Lake has a long history as a nickel, copper and cobalt mining camp. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered.

Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au