Corazon Elects to Conclude Exploration at Santo Domingo, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2012) - Corazon Gold Corp. ("Corazon" or the "Company") (TSX VENTURE:CGW)(OTCBB:RMZFF) announces that it has elected not to make the final payment of $2,500,000 of its option agreement to acquire 100% of the Santo Domingo concession in central Nicaragua. Corazon recently announced the addition of 3 new concessions for the Company in northern Nicaragua, located 2 kilometres north of the historic mine at Coco Mina. The Coco Mina deposit was explored and partially developed by Rosario Resources in the mid 1970's. Field crews have already begun to compile data aimed at developing a work program for the new concessions to be initiated in the near term. The Company remains well financed and will focus on the exploration of these properties and will continue looking at potential acquisitions.

Corazon entered into the option agreement with the Cooperativa de Pequenos Mineros de Santo Domingo in April 2010. Since then, the Company has completed geologic mapping and sampling, trenching and two phases of drilling, the first ever performed on the 6 km² Santo Domingo concession. Drill testing of the numerous veins identified in the mapping and trenching program began on February 6, 2011 and drilling was concluded on March 29, 2012. During this time, a total 7,450 metres of HQ core was drilled in 47 holes. Hole depths ranges from 59.80 to 367.65 metres with an average depth of 158.51 metres. Drill targets spanned the entire district and were selected on the basis of surface assays, vein strength (width & length), structural setting and surface production history by local miners. The Santo Domingo property lies within B2Gold's La Libertad project where gold is hosted and mined from high-grade quartz veins and shears. The veins on B2Gold's concession continue through the Santo Domingo project and the goal of Corazon's exploration program was to test the potential at Santo Domingo for hosting an economic vein deposit.

The vein/shear targets were encountered in 46 of the 47 holes, although in several of the holes, all or part of the vein had been exploited by surface mining leaving either a void or backfill in the drill intercept. A review of the results, shown in Table 1 below, reveals that 4 of the vein intercepts exceeded a grade thickness (grade in grams of gold per tonne multiplied by thickness of intercept in meters - GT) of 20 with the highest GT being 25.78 (4.80 metres of 5.37 g/t Au), however, further step out drilling along these veins could not confirm continuity along strike. Deeper (>100m below surface) tests of the veins revealed diminishing widths and gold grades. Corazon followed a rigorous QA/QC program consisting of inserting blanks every tenth sample and certified standards every 25^th sample; the results for the QA/AC program were satisfactory, and no "red flag" issues were identified related to sample handing, preparation or analysis.

John Spurney, M.Sc. Geology, is the qualified person for the Santo Domingo project, as defined by National Instrument 43-101, and has reviewed and approved the contents of this news release. Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into all core samples submitted for assay. All samples were bagged and sealed on site, then securely stored temporarily at Corazon's field office in Santo Domingo prior to transport by company personnel to Inspectorate Exploration and Mining Services Ltd.'s preparation facility in Managua, Nicaragua. From Managua, they were sent by air-freight to Inspectorate's assay laboratory in Richmond, B.C., Canada. Samples are analyzed by 30-gram fire assay with AA finish. Silver, base metals and trace elements are analyzed as part of a multi-element ICP package.

On Behalf of the Board of Directors, Corazon Gold Corp.

Patrick Brauckmann, President and CEO

Disclaimer for Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.