Corazon Reports Positive Drill Results at Santo Domingo, Nicaragua; Mobilizes Second Drilling Rig to Site

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2011) - Corazon Gold Corp. ("Corazon" or the "Company") (TSX VENTURE:CGW) is pleased to present encouraging results from the first 13 holes in its Phase 1 drilling at the Santo Domingo gold property in central Nicaragua. The 6.5 km² Santo Domingo concession is located approximately 200 km east of the capital city of Managua and wholly within B2Gold's La Libertad property, which contains the La Libertad mine and exciting Jabali vein discovery. Veins at Corazon's Santo Domingo project have been mined by local miners for hundreds of years but had never been mapped, drilled or explored by modern techniques. Since starting field work in 2010, Corazon has mapped fifteen kilometers of parallel veins at Santo Domingo. The Santo Domingo concession is only 200 metres north of B2Gold Corp.'s recent Jabali Vein discovery (522,000 ounces of gold at 4.58 g/t)* announced March 31, 2011. The historic La Libertad-Santo Domingo mining district is considered the heart of Nicaragua's gold exploration and mining heritage. Corazon's maiden drill program has confirmed that vein mineralization continues at depth in all five veins tested to date on the Santo Domingo project. A map of the current drill holes is available at http://www.corazongold.com/section.asp?pageid=16752.

Corazon President, Patrick Brauckmann commented on the results, "Corazon is pleased that initial results at Santo Domingo point to widespread mineralization in the structures tested. Encountering ore grade values over minable widths in holes 1, 6, and 13 is a significant development. Additional drill holes will be required to adequately evaluate our property's potential. When compared to the early testing of other epithermal vein systems, the results clearly indicate that further exploration is warranted. We are mobilizing a second drill rig immediately as numerous veins or structures remain untested. The "bonanza" grades encountered in B2Gold's nearby Jabali vein occurred more than 150 metres down-hole and therefore our Phase 2 drilling program will include holes to depths below 100 metres from surface."

Initial geologic mapping, trenching, and rock chip sampling at Santo Domingo in 2010, delineated at least 7 principal veins and more than 15 subsidiary veins for a cumulative 15 kilometres of strike. Surface sampling returned assays up to 31.82 g/t Au across 2.2 metres (see Feb. 7^th news release). In February of this year, a scout-drilling program commenced to selectively test some of the many targets over the concession. To date, 18 core holes have been drilled for a total of 2,321 metres and several additional holes are proposed as part of Phase 1. The Company awaits assay results for holes 14 to 18. As no previous drill data exists for Santo Domingo, this reconnaissance drill program has been designed to develop an initial understanding of the vein systems within 30 to 100 meters from the surface, using target criteria including: surface grades, continuity of the structure, vein widths, and textures. At least 14 kilometres of surface strike remain to be tested as part of future drill programs. A summary of the significant intercepts is presented in Table 1.

Table 1. Significant Drill Hole Intercepts

**Note: Interval widths are drilled not actual.

Preliminary drilling analysis reveals that the veins are dominated by breccia textures containing angular fragments of the andesitic host rocks enclosed in a quartz-chalcedony matrix. Colloform banded, vuggy, comb-textured, and amethystine quartz are noted locally. The vein structures are variably oxidized to the depths explored. Sulfides are present locally, including pyrite, sphalerite, galena and chalcopyrite, yet combined copper-lead-zinc values are generally low, less than one percent. Vein widths of up to 8 metres were intercepted by the drilling, and assay results indicate that only portions of the structure contain strongly elevated gold. Broader zones of quartz stockwork, intersected in some of the shallow drill holes, may coalesce at depth into a high-grade coherent feeder structure.

John C. Spurney, M.Sc. Geology is the Qualified Person for the Santo Domingo project, as defined by National Instrument 43-101 ("NI 43-101"), 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 & Mining Services Ltd.'s preparation facility in Managua, Nicaragua. From Managua, they were sent via airfreight to Inspectorate's assay laboratory in Richmond, BC, Canada. Samples are analyzed via 30 gram fire assay with AA finish. Silver, base metals, and trace elements are analyzed as part of a multi-element ICP package. For further information about the Santo Domingo project, please see our NI 43-101 compliant report entitled, "NI 43-101 Technical Report on the Santo Domingo Concession, Nicaragua", dated October 25, 2010 and authored by Paul Pelke, California Registered Geologist, which is available on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Corazon Gold Corp.

Patrick Brauckmann, President

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. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements that: (i) an ongoing trenching and sampling program is expected to further delineate drill targets for an initial drilling program on the Santo Domingo property; (ii) that numerous high quality drill targets have been defined by the mapping and sampling program and it is the Company's intent to prioritize and test these targets in early 2011; and (iii) that the Company believes its relationship with the community of Santo Domingo will be mutually beneficial going forward. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things: (i) an inability by the Company to undertake or complete its initial drilling program; (ii) any adverse occurrences that prevent the Company from prioritizing and testing high quality drill targets in early 2011; (iii) a breakdown in the relationship between the Company and the community of Santo Domingo; (iv) a downturn in economic conditions in Nicaragua or internationally; (v) the inherent uncertainties and speculative nature associated with mineral exploration; (vi) any number of events or causes which may delay exploration and development of the Santo Domingo property, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (vii) an inability by the Company to finance operations and growth; and (viii) other factors beyond the Company's control. 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.

*Note: On March 31, 2011, B2 Gold Corp. announced in a news release that 55 diamond drill holes had been drilled at the Jabali Zone approximately 10 kilometres east of the La Libertad mine for an inferred resource of 3.55 million tonnes at 4.58 grams per tonne of gold containing 522,000 ounces of gold.