CORAZON MINING LIMITED — Regulatory Filings 2012

Apr 16, 2012

ASX ANNOUNCEMENT

17 April 2012

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The Manager Company’s Announcements Australian Securities Exchange

ASX : CZN

Corazon Discovers New Sulphide Zone

• Exploration drilling identifies a new zone of nickel-copper sulphide mineralisation at the EL Deposit within Corazon’s Lynn Lake Project in Canada

“A new high grade nickelcopper sulphide discovery ... in a major Canadian mining camp.”

• The new zone comprises ~51 metres of disseminated to massive sulphide mineralisation, ~50 metres east of the sulphide breccia previously discovered

Capital Structure

Ordinary shares 137.89M Options 71.54M M.Cap (@9cps) ~A$13.1M

• Discovery identifies the southeastern margin of the intrusion as a priority target, an area recently highlighted by geophysics as potentially prospective

• Drilling is continuing and results will be released as they become available

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Nickel sulphide exploration company, Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”), is pleased to announce it has discovered a new zone of sulphide mineralisation at its Lynn Lake nickel-copper sulphide project in Canada.

Drill-hole CRZ017 has defined sulphide mineralisation with approximately 51 metres of disseminated nickel-copper sulphides, including zones of up to 4 metres of highergrade semi-massive to massive sulphide.

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

Mineralisation was intersected at 670 metres down-hole, located at a shallower level and approximately 50 metres to the east of the strong sulphide mineralisation which has been the target of drilling since its discovery in 2011 (refer to previous announcements and Figure 1 attached).

CRZ017 is the first drill hole into the eastern margin of the EL Plug, an area that has recently been highlighted as prospective by electromagnetic (EM) geophysics. It is extremely encouraging that this hole has intersected such a broad zone of mineralisation proximal to a strong geophysical anomaly.

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The identified conductor is significantly stronger than any off-hole conductor defined to date within the EL Deposit and as such is a priority target.

While determining the exact location and dimensions of this conductor will require additional work, modelling suggests that the conductor lies east of and at a similar level to mineralisation defined by Corazon’s drilling and is possibly a parallel feature between 700 and 850 metres below surface.

www.corazon.com.au

Brett Smith Manging Director Ph: +61 (8) 6364 0518

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

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

www.corazon.com.au

ASX ANNOUNCEMENT

17 April 2012

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EM is effective in identifying massive sulphide typical of the high-grade mineralisation at Lynn Lake. Within these deposits, massive high-grade nickel-copper mineralisation produces a stronger conductive anomaly than lower-grade semi-massive to disseminated mineralisation.

Drilling at the EL Deposit is continuing and in the short-term the eastern and south-eastern margin of the intrusion will be a priority focus. Corazon will continue to define the potential of the EL Deposit at depth and progress the Project towards development.

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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 P: +61 (8) 6461 6350 M: +61 420 991 574 E: james@mandatecorporate.com.

Level 1, 350 Hay Street, SUBIACO WA 6008.

PO BOX 8187, Subiaco East WA 6008.

www.corazon.com.au

ASX ANNOUNCEMENT

17 April 2012

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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 EL Mine was the highest grade deposit at Lynn Lake and produced 1.9Mt @ 2.5% nickel and 1.15% copper. Mining was conducted to a depth of 210 metres below surface, with development to 270 metres.

In May 2011 Corazon discovered a high-grade nickel-copper sulphide breccia in drilling below the EL Mine. The discovery hole (XND001W2) returned:-

• 23.91m @ 2.27% Ni, 0.80% Cu & 0.055% Co from 715.09 m;

Including

• 4.53m @ 3.34% Ni, 1.05% Cu & 0.081% Co from 715.09 m and

• 1.82m @ 4.38% Ni, 0.37% Cu & 0.101% Co from 726.18 m

Recent drilling has defined this sulphide zone between approximately 700m and 820m below surface. Mineralisation remains open at depth, with the deepest hole to date (CRZ012W5) intersecting:-

• 10.75m @ 2.10% Ni, 1.03% Cu & 0.066% Co from 807.72 m.

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, at an average grade of 1% nickel and 0.5% copper. The size and continuity of the Lynn Lake deposits provide large tonnage – low cost mining opportunities.

There has been minimal exploration in the region since this time. Mining at adjacent deposits has shown that mineralisation extended to more than 1,100 metres below surface. Metal recoveries for nickel, copper and cobalt are historically very good, averaging above 85-90%.

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.

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.

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

www.corazon.com.au