ELEMENTOS LIMITED — Capital/Financing Update 2011

Aug 14, 2011

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15 August 2011

MANANTIALES PHASE II DRILLING PROGRESS

Highlights

• 4,000 metres of diamond drilling completed in 25 holes

• Drilling is ongoing to test the Manantial Norte, Manantial Este and La Puerta Este targets

• One diamond drill rig will continue to operate until the end of winter

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) is pleased to report the progress of Phase II drilling at the Manantiales gold-silver project in San Juan Province, Argentina.

The Phase II diamond drilling program has reached 4,000 metres in 25 holes. Drilling progress includes 3,184 metres in 18 holes at the Manantial vein and 816 metres in 7 holes at La Puerta. Drilling progress has been slower than anticipated due to the bad weather conditions. The Company currently anticipates that assay results and interpretation of the data will be completed in the next six weeks.

Drilling will continue with one drill rig operating one shift per day for the next few months until it is safe to resume working at night. The drilling program will test new targets generated by the recent geophysical survey and fieldwork, as well as previous targets that have not been tested to date.

Four different targets will be the focus of the on-going drilling program:

• Manantial - continue expanding the size of the known mineralisation identified in the previous drilling, and continue testing for parallel blind vein structures around the main vein system. This system is open to the north and south along strike, and at depth;

• Julieta Norte – testing at depth for extensions of the vein system where lowgrade gold and silver mineralisation was intersected at shallow levels in the Phase I drilling program;

• Manantial Este - a new vein structure identified through surface mapping, geophysical survey and geochemical anomalies; and

• Manantial Norte – two main vein systems and coincident geophysical anomalies recently identified through the geophysics program.

For more information, please contact:

Corey Nolan

Managing Director Phone: +61 (7) 3871 3985 or Email: admin@elementos.com.au Please visit us at www.elementos.com.au

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