CORAZON MINING LIMITED — Regulatory Filings 2011

Aug 29, 2011

ASX ANNOUNCEMENT

30 August 2011

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The Manager Company’s Announcements Australian Securities Exchange

Further strong Nickel/Copper mineralisation intersected at Lynn Lake Project

Highlights

• Drilling at Lynn Lake hits massive sulphides, coincident with upper edge of geophysical EM conductor

• Drilling provides further evidence that the recently generated EM target conductors represent nickel-copper sulphide mineralisation

Corazon Mining Limited ASX : CZN

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

Capital Structure

101.89 M ordinary shares 66.54 M options

MCap ~A$14.3M (@ 14 cps)

Board of Directors

• Target conductors extend further south and at depth into areas not tested by drilling

• Drilling of conductors is continuing

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Corazon Mining Limited (ASX: CZN ) (“Corazon” or “the Company”) is pleased to announce that further strong nickel/copper sulphide mineralisation has been intersected in the drilling of geophysical (EM) conductors at its EL Deposit within the Lynn Lake nickel sulphide project in Canada.

Drill hole CRZ011A has intersected 2.4 metres of high-grade massive sulphide breccia from approximately 715.4 metres down hole. The high grade nature of the nickel/copper mineralisation has been interpreted visually and validated using a handheld Niton XRF.

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

CRZ011A deviated off target and is interpreted to have hit the fault bounded upperedge of an EM conductor. All indications are that the bulk of the EM conductor is deeper and to the south from this intercept. The northern extents of the target are defined by XND001W1, which returned 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co (announced by Corazon in June, 2011).

Brett Smith Ph: +61 (8) 6364 0518

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

While CRZ011A deviated from target, the result proves that the EM conductors are likely to represent zones of high-grade nickel/copper sulphide. Two strong EM conductors have been defined, extending over 50-100 metres to the south, and at depth, from the sulphide breccia intersected in drill hole XND001W1. These anomalies extend to the full effective range of the geophysical method, into areas not previously tested by drilling.

The current hole is within disseminated sulphides at 778 metres and will continue to the target depth of at least 800 metres. On completion of this hole (in the next few days) the Company will commence a wedge (off-shoot) hole, targeting the same EM

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conductor deeper and to the south of both the XND001W1 and CRZ011A sulphide breccia intersections. Drilling of this target is expected to be completed by mid-September.

Background

Corazon is exploring for high-grade nickel-copper sulphides below the EL Mine at the Lynn Lake Project in Manitoba, Canada. The EL Mine was the highest grade mine in the district and produced 1.9Mt @ 2.5% nickel and 1.15% copper between 1954 and 1962.

The Company announced the discovery of high-grade, semi-massive nickel/copper mineralisation below the EL Mine in June this year. Corazons’ current exploration is focused on better defining the size and potential of the sulphide breccia mineralisation at the new discovery. This strategy has involved the use of electromagnetic geophysics (EM) within drill holes recently completed at the EL Deposit. EM has historically been effective in defining the strong nickel-copper-cobalt sulphide mineralisation typical of the Lynn Lake deposits.

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. There has been minimal exploration in the region since this time.

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 900 metres (from recent drilling by CZN). Mining at adjacent deposits has shown that mineralisation extended to more than 1,100 metres below surface.

Corazon is the largest land holder in the Lynn Lake Camp, and in addition to the EL Mine, the project area contains several drill defined base metal deposits and numerous un-tested geophysical anomalies. The region 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 concentrators approximately 250km to the south.

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

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au

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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.

Nickel Equivalent (1)

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.

Suite 5, Level 1, 350 Hay Street, SUBIACO WA 6008. PO BOX 8187, Subiaco East WA 6008. www.corazon.com.au