CORAZON MINING LIMITED — Regulatory Filings 2011

Jun 27, 2011

ASX ANNOUNCEMENT

28[th] June 2011

==> picture [190 x 81] intentionally omitted <==

The Manager Company’s Announcements Australian Securities Exchange

Corazon Mining Limited ASX : CZN

Exploration Update

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

Highlights

• Ongoing drilling confirms exploration model at Lynn Lake

• Further assay results for deeper portions of XND001W1 show significant nickel-copper-cobalt mineralisation

Capital Structure

101.86 M ordinary shares 66.57 M options

MCap ~A$15.6 M (@ 15 cps)

• Down-hole geophysical (EM) survey targeting additional mineralisation to begin in July.

________

Corazon Mining Limited (ASX: CZN ) (“Corazon” or “the Company”) confirms that recent drilling supports the potential for a substantial nickel deposit below the historic EL Mine at Lynn Lake in Canada.

The Company recently announced the discovery of high-grade, semi-massive nickel/copper mineralisation below the EL Mine at Lynn Lake (8[th] June, 2011). The high-grade mineralisation within drill hole XND001W1 returned;

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

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

Corazon has now received final assay results to a depth of 918m (Appendix 1). Results to date define a significant discovery that may represent a breccia body similar to the high grade nickel/copper/cobalt sulphide deposit mined at surface within the EL mafic/ultramafic pipe.

XND001W1 is the deepest hole drilled at the EL Deposit and will continue to a depth of 1,200m. This drilling is the first test for repeats of high-grade mineralisation at depth below the historic EL Mine, operated by Sherritt Gordon in the 1960’s and 1970’s. 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 1962 (Figure 1 and 2).

Contact Us

www.corazon.com.au

Brett Smith Ph: +61 (8) 6364 0518

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

Results of this recent drilling have shown that the style of mineralisation over considerable depth (to date 185 metres down hole) is analogous with the high-grade sulphide deposit mined at surface. Mineralisation within the hole has varied in style from semi-massive sulphide, to blebby/stringer and then disseminated sulphides as the drill hole moves away from the ultramafic core of the intrusive plug. These styles of mineralisation are well documented from the historical mine areas and are summarized in the table below.

==> picture [568 x 88] intentionally omitted <==

Geological/Exploration Model

The following illustrates mineralisation from Corazon’s drilling. Accompanying matching descriptions and terminology is taken from a comprehensive report by Pinsent (1980), Manitoba Department of Mines and Energy, on the work at EL mine and Lynn Lake.

XND001W1 740 to 745m	Semi-massive sulphide cemented breccia consisting of pyrhhotite, pentlandite (Ni), chalcopyrite (Cu) and pyrite. Inclusions of large, sub-rounded clasts of mafic and ultramafic rock and quartz. Host rock – ultramafic/amphibolite. Typical grades over metre intervals range; 3-6% Ni, 1-3% Cu + Cobalt (Co)	Mineralisation “Type 3” Semi-massive sulphide breccia
XND001W1 782 -785m	Stringer and blebby sulphide mineralisation within a breccia pipe of ultramafic / amphibolite rich rocks. Host rock – ultramafic/amphibolite. Typical grades over metre intervals range; 1-2% Ni, 0.5-1% Cu + Cobalt (Co)	Mineralisation “Type 2” Plutonic breccia
XND001W1 906-910m	Disseminated sulphides within the matrix of a gabbroic texture. Host rock – mafic Typical grades over metre intervals range 0.5-0.8% Ni, 0.4-0.7% Cu + Cobalt (Co)	Mineralisation “Type 1” Disseminated

The large intercept (23 metres) of semi-massive, high-grade “Type 3” mineralisation is fault bounded at the top and very similar in tenor and size to some of the discovery holes within the mined areas of the EL Deposit.

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

www.corazon.com.au

==> picture [568 x 88] intentionally omitted <==

It should be noted that during the extensive mining history of the Lynn Lake field by Sherrit Gordon, Pinsent (1980), “Type 2” mineralisation was a key indicator of proximal high-grade nickel/copper mineralisation (described as “Type 3”). Within XND001W1 “Type 2” mineralisation was intersected intermittently over an extensive down hole interval of approximately 145 metres (from 755 metres).

The presence of extensive amounts of mineralised “Type 2” and the transition into “Type 1” over a broad zone within XND001W1, is interpreted by Corazon geologists to be indicative of a large, strongly mineralised system , analogous to the higher levels in the EL Mine (Figure 3).

==> picture [371 x 493] intentionally omitted <==

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

==> picture [568 x 88] intentionally omitted <==

==> picture [458 x 610] intentionally omitted <==

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

==> picture [568 x 88] intentionally omitted <==

==> picture [439 x 586] intentionally omitted <==

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

==> picture [568 x 88] intentionally omitted <==

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.

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.

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.

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

www.corazon.com.au

==> picture [568 x 88] intentionally omitted <==

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.

Appendix 1

Assay results for the entire mineralised intercept in XND001W1 at depth (below the upper bounding fault) have averaged:-

• 185.69m @ 0.68% Ni, 0.36% Cu & 0.021% Co from 731.25 m

Results recently received from the lower-grade stringer/matrix/disseminated sulphide zone, marginal to the high-grade core of the mafic/ultramafic plug, have returned individual results up to 1.35% nickel and 1.57% copper. Averaged results at plus 0.5% nickel are listed below:-

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

• 7.00m @ 0.63% Ni, 0.31% Cu & 0.019% Co from 755 m

• 8.00m @ 0.57% Ni, 0.56% Cu & 0.018% Co from 782 m

• 6.24m @ 0.53% Ni, 0.29% Cu & 0.018% Co from 798 m

• 6.00m @ 0.66% Ni, 0.44% Cu & 0.020% Co from 852 m

• 6.00m @ 0.50% Ni, 0.27% Cu & 0.018% Co from 891 m

• 5.00m @ 0.51% Ni, 0.45% Cu & 0.015% Co from 906 m

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.

HOLE_ID	Depth_m	NAD_Grid_ID	NAD83_E	NAD83_N	RL_m	NAD COLLAR AZIMUTH	DIP
XND001	761.4	NAD83_Z14	375829.18	6299131	1528	30.3	-78.58
XND001W1	957*	NAD83_Z14	375829.18	6299131	1528	30.3	-78.58

* Hole in progress

XND001 has been downhole surveyed by Maxibore 2 to 545m.

XND001W1 was wedged at 500m and is steeper in dip than the parent. Full Downhole survey of XND001W1will be completed in late June 2011

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

www.corazon.com.au