CORAZON MINING LIMITED — Regulatory Filings 2011

May 23, 2011

ASX ANNOUNCEMENT

24 May 2011

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The Manager Company’s Announcements Australian Securities Exchange

Nickel/copper sulphide breccia intersected at EL Deposit, Lynn Lake

Corazon Mining Limited ASX : CZN

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

Highlights

• Drilling intersects approx 23m of semi-massive sulphide breccia from 731.25m downhole, with visible nickel and copper sulphides

• Mineralisation lies below current resource and may constitute a new zone of massive breccia as mined at the historic EL Mine

• Processing and assaying of core is in progress

• Drilling planned to depth of 1,250m, providing a platform for downhole geophysics and additional drilling

• Current hole to be completed in early June, with all assay results and downhole geophysics expected by early July.

Capital Structure

101.86 M ordinary shares 66.57 M options

MCap ~A$6.6 M (@ 6.5 cps)

Board of Directors

Clive Jones Non-Executive Chairman Brett Smith Managing Director

Jonathan Downes Non-Executive Director

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Australian exploration company Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is pleased to announce initial results from hole XND001W1 currently being drilled at the EL Deposit, within the Lynn Lake nickel sulphide project in Canada.

The Company advises that hole XND001W1 has intersected approximately 23 metres of semi-massive sulphide breccia from 731.25m downhole . This intercept is followed by another 37 metres of matrix/stringer sulphide mineralisation.

Visual analysis 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.

This style of the mineralisation is analogous to the semi-massive breccia ore extracted from the historic EL Mine to a depth of 210m and hence may represent another body of high grade sulphide within the ultramafic pipe structure.

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 EL Mine was the highest grade deposit in the Lynn Lake district and produced 1.9Mt @ 2.5% nickel and 1.15% copper (combined metal of approximately 3% nickel equivalent [(1)] ) until it closed in 1976.

Drilling is currently at a depth of 870m and will continue to approximately 1,250m to test for further mineralisation and to provide a platform for downhole EM (scheduled to begin early July). EM is proposed to test for additional massive sulphide zones not intersected by the drilling but within the ultramafic pipe.

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Hole XND001W1 is a wedge off hole XND001 at approximately 500 metres. XND001 was abandoned at 767m following equipment failure. The precise location of the intercepts in these holes will be determined once downhole surveys have been received.

Assay results from the hole XND001 are expected late May. This hole intersected several small zones of semi massive sulphide from 729m downhole, now interpreted to be the edge of the zone hit in XND001W1.

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Figure 1 – XND001W1 drill core photo - semi-massive sulphide breccia mineralisation 731.25m – 742.69m

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Figure 2 – XND001W1 drill core photo - semi-massive sulphide breccia mineralisation 742.69m – 754.75m

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.

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

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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