CORAZON MINING LIMITED — Regulatory Filings 2011

Apr 4, 2011

ASX ANNOUNCEMENT

5 April 2011

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The Manager Company’s Announcements Australian Securities Exchange

Corazon’s drilling at the EL Deposit identifies additional nickel sulphide mineralisation

Highlights

• Initial results from drilling at the Corazon’s flagship nickel-copper sulphide deposit has returned broad intercepts of mineralisation, defined by two main zones:-

• 29m @ 1.25% Ni, 0.40% Cu & 0.04% Co from 158m (including a 3.05m void)

• 18.14m @ 1.30% Ni, 0.65% Cu & 0.04% Co from 251m (ending in a 10.86m void)

• This drilling targeted a 100 metre vertical gap between existing drilling and is expected to add significant value to the EL Deposit resource.

• Results highlight the potential of near-surface mineralisation to facilitate opencut mining as part of the project’s development strategy.

• Drilling currently underway to test extensions to defined mineralisation at the EL Deposit.

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$11.2 M (@ 11 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

• Results of drilling at the 150 Nickel Sulphide Prospect and the Francis Lake VMS deposit expected this month.

Contact Us

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www.corazon.com.au

Australian exploration company Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is pleased to announce results of the first resource definition drill hole in the current exploration phase at the Lynn Lake nickel sulphide project in Canada.

Assay results have been received from drill hole CRZ001 at the EL Deposit, the Company’s flagship nickel sulphide deposit at the Lynn Lake Project. This hole targeted a large gap in the drilling at the EL Deposit, and is expected to contribute to a significant increase in the JORC resource for the EL Deposit.

Brett Smith Ph: +61 (8) 6364 0518

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

The results from hole CRZ001 also highlight the near-surface potential of remnant mineralisation at the EL Deposit, and allows the Company to consider an open cut mining operation as part of the strategy to develop the nickel-copper sulphide project.

The drill hole intersected voids associated with historical development, access and underground crushing facilities. Stoping in this area appears to have been less than suggested in historical mine plans, possibly due to its close proximity to this critical underground infrastructure.

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Drill hole intercepts include:-

o 29m @ 1.25% Ni, 0.40% Cu & 0.04% Co from 158m (including a 3.05m void)

Including:

• 5m @ 1.67% Ni, 0.43% Cu & 0.05% Co from 160m

• 2m @ 1.80% Ni, 0.34% Cu & 0.06% Co from 165m

• 3m @ 2.14% Ni, 0.45% Cu & 0.06% Co from 169m

• 4m @ 1.57% Ni, 0.32% Cu & 0.05% Co from 179m

o 18.14m @ 1.30% Ni, 0.65% Cu & 0.04% Co from 251m (ending in a 10.86m void)

• Including:

• 2.95m @ 2.54% Ni, 0.72% Cu & 0.07% Co from 252.05m

• 3.00m @ 1.30% Ni, 0.76% Cu & 0.04% Co from 258m

• 4.12m @ 1.72% Ni, 1.09% Cu & 0.05% Co from 262m

o 3.00m @ 1.16% Ni, 0.42% Cu & 0.04% Co from 290m

This drill hole targeted a 100 metre vertical gap in drilling on the southern side of the deposit, between holes previously drilled by Corazon. These holes returned:-

 XND003 (upper hole)

o 19.85m @ 1.58% Ni, 0.54% Cu & 0.04% Co from 137.73 m

Including

o 1.57m @ 4.03% Ni, 0.22% Cu & 0.11% Co from 139.43 m o 1.52m @ 4.51% Ni, 0.53% Cu & 0.12% Co from 145.65 m o 3.30m @ 3.67% Ni, 0.72% Cu & 0.10% Co from 149.10 m

 XND002 (lower hole)

o 95.07m @ 0.78% Ni, 0.33% Cu & 0.024% Co from 228.93 m.

Including

• 17.21m @ 1.01% Ni, 0.38% Cu & 0.03% Co from 228.93 m

• o 28.00m @ 1.07% Ni, 0.53% Cu & 0.03% Co from 252.00 m o 9.89m @ 1.12% Ni, 0.35% Cu & 0.03% Co from 310.11 m

This tenor of mineralisation is expected to halo the historical workings, where the existing open stope has a diameter of between 60 and 80 metres. The upper areas of the deposit are not well drilled. Apart from Corazon, the only other modern drilling includes exploration by Western Areas NL (ASX: WSA) in 2008, who drilled a hole on the eastern margin of the deposit which returned:-

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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 LL007

o 24 m @ 1.10% Ni, 0.7% Cu & 0.03% Co from 126 m

Including

o 7m @ 2.1% Ni, 1.20% Cu & 0.05% Co.

The Company is currently completing a 1,200 metres deep hole at the EL Deposit, testing extensions to nickel-copper-cobalt mineralisation that has only been mined to 210 metres. This drilling is expected to be completed by mid-April and upon completion will be tested with down-hole Electro-magnetics (EM). It is expected higher-grade areas within the deposit will be massive sulphide mineralisation, typically identifiable using EM.

Other recent exploration by Corazon includes drilling at the 150 nickel prospect and the Francis Lake VMS deposit. Results of this exploration drilling will be released to the market as they become available during April.

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.

Corazon has defined an Exploration Target[(2)] for the EL Mine of between 3.5Mt and 4.6Mt, which includes the existing 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

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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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.

The nickel sulphide deposits at Lynn Lake are polymetallic with metals such as copper and cobalt easily recovered and providing extremely valuable production credits. The entire Lynn Lake Nickel Camp operated for 23 years and produced 22.2Mt at 1% Ni and 0.5% Copper. These deposits are largetonnage/low-grade in nature and at such grades can provide a very robust mining project.

Lynn Lake VMS Deposits

The VMS deposits within Corazon’s project area include Francis Lake, Eldon Lake East, Nicoba, Y Deposit, Z Deposit and Gods Lake (FL).

These deposits were mostly discovered in the 1940’s and since then have only had intermittent exploration in the 1970’s and 1990’s. They are predominantly zinc/copper mineralisation with variable amounts of lead, silver and gold. Not all metals have been historically reported.

Further details regarding these deposits can be found in the Company announcement made on the 26 November, 2010

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.

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