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1 The Manager Company s Announcements Australian Securities Exchange Highlights Corazon Exploration Up-date Drilling continues at the nickel-copper sulphide EL Deposit at the Lynn Lake Project, Canada ASX : CZN A new high grade nickelcopper sulphide discovery... in a major Canadian mining camp. Two EM platform holes are in progress to test for massive sulphide between 800 and 1,200 metres below surface. This is expected to provide immediate drill targets for ongoing work Latest results returned (for hole CRZ012W7) include:- 1.26% Ni, 0.72% Cu & 0.032% Co from Capital Structure M ordinary shares M options MCap ~A$13.8 M (@ 10cps) Within a greater zone of:- 0.81% Ni, 0.50% Cu & 0.022% Co from Review of historical mining and processing data for Lynn Lake deposits indicates copper and cobalt may provide a valuable credit, a benefit in excess of CAD$2.00/lb of nickel First pass review of Canadian underground mining costs indicate approximately 30% reduction in comparison to Australian costs Nickel sulphide exploration company, Corazon Mining Limited (ASX:CZN) ( Corazon or the Company ), is pleased to provide an update on exploration at its Lynn Lake nickel-copper sulphide project in Canada. Board of Directors Clive Jones Non-Executive Chairman Managing Director Jonathan Downes Non-Executive Director Adrian Byass Non-Executive Director Rob Orr Company Secretary Drilling is continuing at Lynn Lake on the nickel-copper sulphide EL Deposit. The Company is currently completing two drill holes that will act as platforms for geophysical surveys between 800 and 1,200 metres below surface. Corazon s current exploration is focused on better defining the size and potential of the sulphide breccia mineralisation at the EL Deposit. This strategy involves the use of electromagnetic geophysics (EM) within deep drill holes recently completed at the EL Deposit. EM has been effective in defining the strong nickel-copper-cobalt sulphide mineralisation typical of the Lynn Lake deposits. The Company made a significant new discovery at the EL Deposit in May The discovery hole intersected 3.34% Ni, 1.54% Cu & 0.079% Co (from m). Drilling since then has focused on the zone between 700 and 820 metres Contact Us Ph: +61 (8) James Moses Media & Investor Relations Ph: +61 (0)

2 below surface, targeting existing EM conductors. This drilling has identified a significant sulphide body and evidence of a high-energy mineralisation event. Drill results The latest drill results to be returned are from hole CRZ012W7, which was drilled between the discovery hole XND001W1 and hole CRZ012 (Figure 1). CRZ012W7 returned:- 1.26%Ni, 0.72%Cu & 0.032%Co from m; within a greater mineralised intercept of 0.81%Ni, 0.50%Cu & 0.022%Co from m. The Lynn Lake deposits are poly-metallic in nature and intersections of this tenor carry enormous value and are well above the historic run of mine grades for the district. Total metal equivalent grades (see table below for nickel and copper) provide an indicator of value for the poly-metallic mineralisation. Lynn Lake has a long history of nickel, copper and cobalt mining camp. It is the Company s view that all elements included in the metal equivalent calculations have a reasonable potential to be recovered. Metal recoveries reported historically were approximately 85% for nickel, 93% for copper and 80% for cobalt. Hole Number Interval (m) Ni % Cu % Co % Ni Eq % Cu Eq % XND XND001W XND001W CRZ CRZ012W CRZ012W CRZ012W Table 1:- Selected drill hole results from recent exploration, with Nickel and Copper metal equivalents Ni Eq % = Ni%+(Cu% x (3.00/8.75))+(Co% x (18.00/8.75)) where Ni = 8.75$ US/lb Cu = 3.00 $US/lb Co = $US/lb Cu Eq % = Cu%+(Ni% x (8.75/3.00))+(Co% x (18.00/3.00)) where Ni = 8.75$ US/lb Cu = 3.00 $US/lb Co = $US/lb

3 Preliminary mining and processing studies High-level mining and processing studies have commenced as a pre-cursor to scoping mining and processing options at Lynn Lake. Preliminary results from this work have shown:- Canadian mining costs are generally substantially lower than those in Australia. Early indicators are for a benefit from operating in Canada of approximately 30%. This may be improved as more detailed work is completed and costs/processes are refined. The size and shape of the EL Deposit is conducive to modern mining methods that can support a mining operation of between 600kt and 1.7Mt pa. Although the EL Deposit is primarily a nickel deposit, both copper and cobalt provide valuable credits. A 2007 pre-feasibility study on the nearby low-grade A Plug deposits (average grade 0.66%Ni, 0.35%Cu, 0.02%Co) put this credit at CAD$2.16/lbNi, for metal prices of US$9.01/lbNi, US$2.13/lbCu and US$18.59/lbCo. In this study the cost per pound of nickel (CAD$7.06/lb) was reduced to CAD$4.90/lb net of copper and cobalt credits. Looking forward The current drilling at Lynn Lake will continue to mid-2012, testing the mineralised potential of the EL Deposit at depth. Corazon s strategy is to initially determine the size and extent of the high-grade nickelcopper sulphide breccia, with a view to quickly progressing the project towards development and production. - ENDS For further information visit or contact: James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) M: E: james@mandatecorporate.com.au

4 Figure 1 EL Deposit Drill hole cross-section

5 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 2.5% nickel and 1.15% copper (combined metal of approximately 3% nickel equivalent 2 ). 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. 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. 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. Analytical Method For Drilling Results 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 metals 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.