CORAZON MINING LIMITED — Regulatory Filings 2011

Aug 9, 2011

ASX ANNOUNCEMENT

10 August 2011

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The Manager Company’s Announcements Australian Securities Exchange

Major targets defined from down-hole geophysics program at Lynn Lake

Corazon Mining Limited ASX : CZN

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

Highlights

• Down-hole EM geophysics targeting high-grade mineralisation completed

• Multiple conductors indicative of sulphide mineralisation defined

• Conductors associated with high-grade sulphide breccia extend into areas untested by drilling

Capital Structure

101.89 M ordinary shares 66.54 M options

MCap ~A$11.2M (@ 11 cps)

Board of Directors

• Drilling targeting conductors has commenced

________

Corazon Mining Limited (ASX: CZN ) (“Corazon” or “the Company”) is pleased to announce that drilling of geophysical (EM) conductors has commenced at its EL Deposit within the Lynn Lake nickel sulphide project in Canada. The EM conductors were identified in Corazon’s recently completed down-hole geophysical program at the EL Deposit.

The recent geophysical surveys defined strong conductors over 50 - 100 metres to the south and at depth from the high grade sulphide breccia drilled in June this year. These anomalies extend to the full effective range of the geophysical method, into areas not previously tested by drilling.

Drilling is currently underway to test the targets and first results are expected by the end of the month.

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.

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

The Company recently announced the discovery of high-grade, semi-massive nickel/copper mineralisation below the EL Mine (refer to announcements dated 8[th] and 28[th] June, 2011). Corazons’ current exploration is focused on better defining the size and potential of the sulphide breccia mineralisation at this 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.

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Geophysical Targets

Two drill holes have been surveyed using down-hole EM. These holes were drilled down-dip, parallel to the mineralised mafic/ultramafic intrusive plug, with a “wedge” (“daughter hole”) from one hole (XND001W1) intersecting a nickel-copper sulphide breccia:-

o 23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co from 731.25 m

Including

• 13.0m @ 4.27% Ni, 0.89% Cu & 0.099% Co from 732 m

• 2.46m @ 3.80% Ni, 0.34% Cu & 0.089% Co from 751.94 m

This drill intercept produced a very strong “in-hole” EM conductor and provided a good basis from which “off-hole” conductors could be vectored and identified.

Two strong conductors have been defined extending from the known sulphide breccia (Figures 1 and 2). The dimensions of the targets are constrained by the geophysical method, which is reportedly effective in defining strong conductors up to approximately 50 - 70 metres from the drill hole. The two conductors discovered extend into areas untested by drilling.

The high-grade sulphide intersected in drill hole XND001W1 (reported above) is at the northern extremity of the defined conductors. Historical drill hole EL-U227, which returned 35.81 m @ 1.50% Ni & 0.47% Cu, is outside and north of the main conductors (Figures 1 and 2). All indications are that the core of the EM conductors are south of where previous drilling has targeted.

The size of the sulphide breccia has yet to be defined. Similar mineralisation at surface has a diameter of between 80 and 120 metres, and was mined to a depth of 210 metres. Mapping in underground exploration workings at approximately 600 metres below surface (about 100 metres above the drilled sulphide breccia) identifies the ultramafic core (favourable host rock) of the plug is of a similar size to that mined at surface (Figure 2).

Current Exploration

Corazon has commenced drilling, targeting the conductors associated with the newly discovered sulphide breccia. The preference is to drill a hole from surface and better define the upper area of the breccia, before targeting deeper mineralisation. Once this has been achieved, the deeper targets may be drilled via “wedge” or “daughter” holes from the deeper holes already completed.

Drilling of the current hole is expected to be completed this month.

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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Figure 1:- Cross-section looking grid west – EM conductor plates and drilling

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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Figure 2:- Plan – 2,000’ Level mapped geology, EM conductor plates and drilling

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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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.

The Company has defined an Exploration Target[(2)] for the EL Mine of between 3.5Mt and 4.6Mt, which includes the existing Inferred Resource[(3)] . 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 target has not been re-assessed since the intersection of high-grade mineralisation in the June 2011 drilling.

The 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.

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.

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.

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.

(3)

Mineral Resource

The EL Mine was one of the highest grade nickel mines in the district, having operated between 1954 and 1962 and produced 1.9Mt @ 2.5% nickel and 1.15% copper to a mined depth of only 210 metres. Whilst the defined boundary of the mineralised host unit is well established, drilling in areas of the resource has not been of sufficient density to accurately define the distribution of high-grade sulphide mineralisation. For this reason, the influence of the high grade material within the resource has been restricted and consequently the resource is categorised as inferred. This resource provides a very good base from which to focus on-going exploration, and it is the Company’s opinion that it is conservative in terms of the full potential of the deposit and that additional drilling will provide a more accurate model particularly for the distribution of high-grade mineralisation.

Mineral Resources have been estimated using standard accepted industry practices. All Resources have been estimated via Block Ordinary Kriging using 2m composite samples. No top cuts have been applied which was considered appropriate for the nature and style of the mineralization. Directional Variography was modeled for all zones based on 2m composites. Geological and mineralization modeling has been achieved by 3D modeling of the inner and outer core of the intrusive mafic/ultramafic plug and the mined voids. A Block model was developed for the deposit incorporating a suitable parent and sub block dimension to allow adequate volume resolution of modeled geology and mineralization. Grade interpolation (via Block Ordinary Kriging) was then undertaken using a multiple estimation pass strategy.

Mineral Resources are classified on a basis of drill-hole spacing, geological continuity and predictability, sampling, analytical, spatial and density QAQC criteria.

Where quoted, Mineral Resource and Ore Reserve tonnes, pounds or ounces are rounded to appropriate levels of precision.

Past mining utilized very simple open stope with sublevel mining methods. The historical EL Mine main stope is up to 100 metres in diameter, plus 200 metres in depth, and provides a large tonnage - low cost mining opportunity.

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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Inferred Mineral Resource, October 2010

CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010	CORAZON MINING LTD EL Plug, Lynn Lake , Manitoba CA Inferred Mineral Resource, October 2010
COG	Tonnes		Grade					**Contained Metal **
Ni% Equiv (3)	k tonnes		Ni%	Cu%	Co%	Ni% Equiv (3)		Tonnes Ni	Tonnes Cu	Tonnes Co
0.5	2,300		0.7	0.4	0.02	0.9		16000	9000	500
0.6	1,800		0.8	0.4	0.02	1.0		14000	7000	400
0.7	1,300		0.9	0.4	0.03	1.1		12000	6000	340
0.8	900		1.0	0.5	0.03	1.3		9000	4000	260
0.9	700		1.1	0.5	0.03	1.3		8000	4000	230
1.0	600		1.2	0.5	0.03	1.4		7000	3000	200

Corazon have yet to complete mining studies or metallurgical/processing analysis on the EL Mine mineralisation. However, Lynn Lake is an historical nickel, copper and cobalt mining camp which operated for more than 20 years. Reported historical mine base cut-off grades were between 0.5% and 0.7% nickel. Metal recoveries reported were approximately 85% for nickel, 93% for copper and 80% for cobalt.

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 metal assays 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.

Assays from Corazon drilling and re-assayed historic drill-holes used in the Mineral Resource have undergone full QA/QC whereas assays from the 2007-2008 drilling by Western Areas did not have field standards used. The spatial location of samples from surface holes is derived from a combination of 3D differential GPS collar survey pickups and Reflex Maxibore® II downhole surveys. Historic underground hole included in the resource have not been surveyed by modern methods collars were digitized and converted from historic level plans.

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