CORAZON MINING LIMITED — Regulatory Filings 2011

Nov 1, 2011

ASX ANNOUNCEMENT 2 November 2011

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The Manager Company’s Announcements Australian Securities Exchange

Corazon drilling proves new high-grade nickel-copper deposit

Highlights

• Step out drilling of EL Mine extensions confirms a major new high-grade nickel-copper sulphide deposit

• Current drill hole intercepted ~50 metres of visual nickel-copper sulphides, including three zones of intense mineralisation (photo below) – awaiting chemical analysis

• High-grade semi-massive sulphides now defined for more than 100 metres vertical and remains open at depth and to the south

• Intensity of breccia and tenor of the sulphide mineralisation appears to be increasing with depth

• Drilling to determine size and extents of mineralisation continues as a priority

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Figure 1 – CRZ012 drill core photo - massive sulphide breccia mineralisation – approx 786m down-hole

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

ASX ANNOUNCEMENT 2 November 2011

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Australian exploration company Corazon Mining Limited (ASX: CZN ) (“Corazon” or “the Company”) is pleased to announce that current drilling has intersected approximately 50 metres of sulphide mineralisation from 771 metres down-hole, including three zones of high-grade semi-massive to massive nickel-copper sulphide breccia, at the Lynn Lake nickel sulphide project in Canada.

This outstanding result comes from exploration hole CRZ012, which is currently being drilled (Figure 2). The intensity of the mineralisation is some of the strongest observed at the Lynn Lake Project to date, and is significantly greater than anything the Company has drilled in the upper parts of the EL Deposit and resource area.

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Discovery hole XND001W1
23.75 m @ 3.34% Ni & 1.54% Cu
Current drilling - CRZ012
50m sulphide interval
3 high-grade zones
Drill hole cross-section
looking west – 25m grid pattern
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Corazon Mining Limited ASX : CZN

“An Australian company ... developing nickel sulphides in Canada.”

Capital Structure

101.86 M ordinary shares 66.57 M options

MCap ~A$20.4 M (@ 20 cps)

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

Contact Us

www.corazon.com.au

Brett Smith Ph: +61 (8) 6364 0518

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

Figure 2 – Drill hole cross-section looking west. 25m grid.

ASX ANNOUNCEMENT 2 November 2011

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Figure 3 – CRZ012 core photo - massive sulphide breccia mineralisation – approximately 810-814m down-hole

Visual analysis of CRZ012 along with results from a hand-held XRF instrument supports the existence of nickel and copper mineralisation (sulphide assemblage of pyrrhotite, pentlandite and chalcopyrite) within a breccia internal to the ultramafic intrusion.

CRZ012 is a follow up drill hole to the discovery hole XND001W1, which was drilled in May this year, returning 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co from 731.25 m (Figure 2 & 4), targeting down plunge extensions to the historic EL Mine.

The hole establishes a down-plunge extent to mineralisation of at least 100 metres between XND001W1 and CRZ012, and remains open to the south and at depth. This is a significant discovery and supports the existence of a breccia body similar to the high grade nickel/copper/cobalt sulphide mineralisation mined at surface within the EL mafic/ultramafic pipe (Figure 4). The EL Mine was the highest grade deposit in the Lynn Lake district, producing 1.9Mt @ 2.5% nickel and 1.15% copper until it closed in 1976.

The reported intercept does not represent a true width for the mineralisation . At this stage the orientation of the mineralisation is uncertain. Analogous mineralisation outcropped at surface and was mined to 210 metres depth at a consistent diameter of between 80 and 120 metres, pertaining to the ultramafic core of the intrusion.

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

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ASX ANNOUNCEMENT

2 November 2011

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North
Mined Geology
Conceptual
Exploration Drive 2,000 ft Level
X-section looking West
Fault 1.9 Mt @ 2.5 % Ni & 1.15 % Cu
Fault
Fault
Truncated Mineralisation
Surface Core
Sulphide Breccia Mafic Ultramafic
Intrusion
XND001W1
South
High-grade discovery nickel/copper breccia
North
Plan
awaiting assays
awaiting assays
Recent Drilling Results
EM geophysics
Effective range of
EM Conductor Plate CRZ012 approx location
XND001W2 & W3 approx location
23.5m @ 1.50% Ni & 0.50% Cu 23.75 m @ 3.34% Ni & 1.54% Cu incl 13 m @ 4.27% Ni & 0.89% Cu 2.3m @ 3.84% Ni & 0.41% Cu 1.42m @ 3.99% Ni & 0.36% Cu 6.0m @ 1.89% Ni & 1.17% Cu 26m of strong sulphide– awaiting assays 6m of strong sulphide– 50m of strong sulphide –
Figure 4 - EL Deposit Interpreted Geology – Sulphide Breccia Target
High-Grade Discovery -
CRZ011A
CRZ011AW1 XND001W1 XND001
XND001 XND001W1 CRZ011A CRZ011AW1 XND001W2 XND001W3 CRZ012
Historical drill holes X-section looking East
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Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

ASX ANNOUNCEMENT 2 November 2011

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Seven holes have now been drilled into this target, initially defined by drilling and verified by downhole EM geophysics. All holes have intersected high grade mineralisation and support the interpretation that the EM conductors recently defined are likely to represent substantial zones of high-grade nickel/copper sulphide. .

Results of drilling within the EM conductors include:-

• XND001 23.53m @ 1.46% Ni, 0.54% Cu & 0.036% Co from 718.47 m

• XND001W1 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co from 731.25 m (including 13 m @ 4.27% Ni & 0.89% Cu)

• CRZ011A 2.30m @ 3.84% Ni, 0.41% Cu & 0.092% Co from 715.25 m

• CRZ011AW1 1.42m @ 3.99% Ni, 0.36% Cu & 0.027% Co from 724.00 m 6.00m @ 1.89% Ni, 1.17% Cu & 0.048% Co from 739.00 m

• XND001W2 26m including zones of strong sulphide – awaiting assays

• XND001W3 6m of strong sulphide – awaiting assays

• CZN012 50m of sulphide – including 3 zones of strong mineralisation - awaiting assays

All holes except for CZN012 are believed to have intersected the upper-northern parts of the targeted EM conductor.

The Company is progressing exploration of the EL Deposit as a priority. Drilling is proposed to define the size and extents of the mineralisation. This work will continue through to the end of the March Quarter in 2012 and will re-define both the Exploration Target[(2)] and Resource for the EL Deposit.

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

ASX ANNOUNCEMENT 2 November 2011

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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 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.

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.

The EL Nickel-Copper Sulphide 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 [(1)] ). The EL Mine mineralised host rocks are a defined geological unit with good predictability down plunge. 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.

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 and averaging above 85-90%.

Prior to the discovery of this new breccia zone below the EL Mine, Corazon had defined an Exploration Target[(2)] for the EL Mine of between 3.5Mt and 4.6Mt, which includes an interim Inferred Resource. The target has grade ranges of between 0.8% and 1.45% nickel, 0.4 and 0.7% copper, along with 0.01% and 0.03% cobalt. At these grade ranges, the contained metal for this Exploration Target[(2)] equates to between 28,100t & 66,000t nickel, 14,000t & 31,400t copper and 770t to 1,730t cobalt.

This Exploration Target[(2)] is conceptual in nature, there has been insufficient exploration (namely drilling) 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 2 November 2011

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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

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.

Analytical Method

Assay results are obtained from ALS Mineral Services in Thunder Bay, Ontario, Canada. Samples are prepared using single stage pulverization of the entire sample. Base metals are obtained by 4 Acid digestion using ICP with either Atomic emission spectrometry (AES) or atomic absorption spectrometry (AAS) analysis techniques. Full analytical quality assurance - quality control (QAQC) is achieved using a suite of certified standards, laboratory standards, laboratory duplicates, blanks and grind size analysis. Assays quoted in announcements may be of a preliminary nature.

(1)

Nickel Equivalent

Ni% Equiv (1) = Nickel equivalent has been estimated within the Resource Block Model and in other instances using the formula:-

Ni% Equiv = 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.

Exploration Target [(2)]

This exploration target is conceptual in nature, there has been insufficient exploration (namely drilling) to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The basis for this target includes:-

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

• Historical mine development to at least 270 metres below surface

• Exploration drilling to a depth of approximately 600 metres below surface

• An inferred resource has been calculated to approximately 600 metres below surface

• 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.

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