CADOUX LIMITED — Capital/Financing Update 2009

Sep 30, 2009

ACN 092 471 513

Thursday October 1, 2009

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ASX Release

EMPIRE FIRMS SALE OF W.A. URANIUM PROJECT TO

EMERGE WITH 30% EQUITY IN NEW EXPLORER

Copper-gold explorer, Empire Resources Limited (ASX: “ERL”), has firmed the sale of its 100%-owned Yarlarweelor uranium project in Western Australia and will emerge with a direct 30% stake in the project’s new owner.

Empire announced today that the 492sq km Yarlarweelor exploration licence, E52/2095, 125 kilometres north of Meekatharra, would now be sold to ASX listed Freedom Eye Limited (ASX: “FYI”) which plans to change its name and become a pure uranium exploration play.

The final sale terms were agreed as part of favorable ongoing due diligence by Freedom on the prospectivity of the uranium acreage, a move first flagged last month.

Two of Empire’s senior management, Managing Director Mr David Sargeant and Executive Director, Mr Adrian Jessup, will be appointed to the Freedom Board.

The Board will be reduced to three – the other being current Freedom Chairman, Mr Russell Barnett, after completion of the agreement.

The sale, name change and change in business are subject to shareholder and regulatory approval and Freedom intends to put this transaction to its shareholders at the November general meeting. Freedom Eye is currently a biotechnology and pharmaceutical business.

If approved, the sale agreement envisages that Freedom will immediately restructure via consolidation of its shares on issue and move to raise a minimum of A$1 million to fund near-term exploration initiatives at Yarlarweelor and other exploration acquisition or joint venture opportunities.

Project sale terms

The sale terms announced today were enshrined in a Tenement Acquisition Agreement signed overnight by both Empire and Freedom. The terms of the all-scrip deal include:

• Freedom Eye to acquire 100% of the Yarlarweelor Exploration Licence E52/2095

• Empire to be initially issued 40% of the post-reconstructed share capital of Freedom in consideration for the acquisition

• Empire to be offered two Board positions on a new Freedom Board reduced to three Directors.

The terms also contemplate Freedom consolidating its current 577 million ordinary shares on issue following the approval of its shareholders at the general meeting.

Following the proposed reconstruction of Freedom’s issued capital and the company’s capital raising, Empire’s 40% sale proceeds entitlement would be reduced to approximately a 30% holding in Freedom. It is envisaged that Empire shareholders will be given an opportunity to participate in Freedom’s proposed capital raising should they wish to do so.

Empire conducted a detailed airborne radiometric and magnetic survey over most of the Yarlarweelor project area last year, resulting in the outlining of numerous uranium anomalies.

Previous exploration in the Yarlarweelor area undertaken prior to 1982, located numerous airborne radiometric anomalies and numerous rock samples assaying greater than 1,000 parts per million (ppm) uranium.

Percussion drilling of various targets identified primary uranium mineralisation in the form of uraninite from six separate areas. These included intersections of 8m assaying 708 ppm U3O8 and 4m assaying 726 ppm U3O8.

Empire has in place current near-term plans to undertake a further 2,000 metres of Reverse Circulation drilling at Yarlarweelor to enable calculation of initial resources.

Mr Sargeant said the sale unlocked additional value for Empire shareholders from the Company’s noncore uranium interests as its primary focus is to build a copper and copper-gold mining house, particularly around its advanced and high quality Yuinmery and Troy Creek copper gold projects in Western Australia.

DAVID SARGEANT MANAGING DIRECTOR

October 1, 2009

For further information on the Company, visit www.resourcesempire.com.au

David Sargeant – Managing Director Phone: +61 8 9361 3100 Adrian Jessup – Executive Director Phone: +61 8 9361 3100

The information in this report that relates to Exploration Results has been compiled by Mr. David Ross B.Sc. M.Sc., who is an employee of the Company and is a member of the Australian Institute of Geoscientists (AIG) and the Australasian Institute of Mining and Metallurgy (AIMM). David Ross has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity to 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”. David Ross consents to the inclusion in the public release of the matters based on his information in the form and context in which it appears.

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Project location map

Empire Resources Ltd is a gold and copper focused exploration company.

Since listing in February 2007, the Company has discovered a new gold resource near Kalgoorlie at the Penny’s Find project, and which has a JORC compliant resource of 314,000 tonnes @ 5.2g/tAu.

In addition, high grade copper-gold zones have also been discovered at the Yuinmery project, south of Sandstone, WA. Intercepts such as 23m @ 2.68% Cu, 1.28g/t Au; 14m @ 2.63% Cu, 1.91g/t Au; 13m @ 2.55% Cu, 1.67g/t Au; 6m @ 3.79% Cu, 12.85g/t Au and 10m @ 4.23% Cu, 6.01g/t Au at the Just Desserts prospect were announced during the December 2007, March 2008 and June 2008 quarters.

During the December 2008 quarter, a discovery of high grade copper sulphide mineralisation was made at the Troy Creek project, 180km northeast of Wiluna in Western Australia. The drill intersections consisted of 2m @ 4.65% Cu and 3m @ 1.97% Cu - forming part of a 36m intersection grading 0.76% Cu .

The information is this report concerning the Mineral Resources for the Penny’s Find Deposit and the Just Desserts Deposit at Yuinmery have been estimated by Mr Peter Ball B.Sc who is a director of DataGeo Geological Consultants and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Ball has sufficient experience which is relevant to the styles of mineralization and types of deposit under consideration and qualifies 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 Ball consents to the inclusion in the public release of the matters based on his information in the form and context in which it appears.

Notes on the Penny’s Find Resource

An updated resource estimate for the Penny’s Find gold mineralisation was completed and announced to the market on 8 August 2007 and 12 October 2007. There has been no change to the resource since that time.

The mineral resource by category is 314,000 tonnes averaging 5.2 g/t gold down to a vertical depth of 150m below surface. The mineral resource above 0.5 g/t gold is summarised in the following table.

Penny’s Find - Classified mineral resources – August 2007

Category	Tonnes	Grade*	Ounces
Measured	79,000	4.40	11,177
Indicated	132,000	3.98	16,893
Inferred	103,000	7.33	24,276
TOTAL	314,000	5.18	52,316

*grades are based on a minimum cut-off of 0.5g/tAu and high assays cut to 25g/tAu

Resource modelling consultants Datageo calculated a JORC compliant in situ resource estimate, utilising all drill hole information available on mining lease M27/156 up to the end of June 2007.

The resource grade was estimated using ordinary kriging based on the drill hole data composited downhole to 1m intervals within constraining shapes representing the mineralisation. Assumed specific gravity values used were:- oxide 2.0t/m[3] ; transitional 2.2t/m[3] ; fresh 2.5t/m m[3] .

Notes on the Yuinmery Resource

A resource estimate for the Just Desserts prospect at Yuinmery was completed and announced to the market on 9 April 2009. There has been no change in the resource since that time.

The mineral resource by category to a depth of 250m below surface is reported below. The resource comprises no oxide mineralization, only transitional and fresh.

Just Desserts Classified Mineral Resources – March 2009 Category Tonnes Grade Grade Grade* Cu% Au g/t Ag g/t 1%Cu cutoff** Indicated 104,000 1.65 0.86 1.32 Inferred 966,000 1.84 0.77 2.12 TOTAL 1,070,000 1.82 0.78 2.06 1.5%Cu cutoff Indicated 46,000 2.11 1.14 1.58 Inferred 536,000 2.34 0.92 2.68 TOTAL 582,000 2.33 0.93 2.61

*High assays have been cut to 9%Cu, 20g/tAu and 10g/tAg.

Resource modelling consultants Datageo calculated a JORC compliant in situ resource estimate, utilising all drill hole information available on Prospecting Licence P57/1215 up to the end of June 2008.

The resource grade was estimated using ordinary kriging based on the drill hole data composited downhole to 1m intervals within constraining shapes representing the mineralisation. Assumed specific gravity values used were:- transitional 2.7t/m[3] ; fresh 3.2t/m[3] .