ELEMENTOS LIMITED — Regulatory Filings 2012

May 14, 2012

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15 MAY 2012

MERCEDES ELVIRA PROSPECT SAMPLING RETURNS FURTHER HIGH-GRADE COPPER VALUES

Highlights

• High-grade copper values of up to 3.8 % from new sampling at Elvira

• Sixteen out of twenty-three samples assayed greater than 1% copper over the magnetic low anomaly

• New copper-oxide structures identified within porphyry area

• Pole-dipole IP geophysical survey over Elvira porphyry prospect in progress

Elementos Limited (ASX: ELT) (“Elementos” or the “Company”) is pleased to provide results from the most recent sampling at the Elvira porphyry prospect at Mercedes, northern Chile.

Assay results from 23 rock-chip samples of exposed mineralisation in outcrop and artisanal mine workings has returned high-grade copper values with anomalous gold, silver and molybdenum – see Figure 1 and Table 1. Highlights include:

• A significant number of new high-angled copper oxide mineralised structures following north-south, east-west and north-west trends;

• Assays of up to 3.8% copper, 27 g/t silver, 0.42 g/t gold, 64 ppm molybdenum and 220 ppm tungsten;

• Sixteen of the samples returned copper values over 1%; and

• The high-grade copper values occur within a magnetic low anomaly, a common geophysical feature of many porphyry deposits in northern Chile.

Widespread copper-oxide rich structures have been identified throughout the footprint of the magnetic low and the transitions to the magnetic highs, indicating the potential to identify near-surface, structurally controlled mineralisation. These structures contain minor credits of molybdenum and tungsten, potentially indicating a high temperature fluid source which could indicate deeper, sulphide mineralisation within the porphyry prospect at Elvira – see Figures 2 and 3.

Detailed mapping and sampling programs are continuing over the near-surface, high-grade oxide targets as well as the porphyry prospect, to aid drill target generation.

The recently completed airborne magnetometry survey and the IP geophysical survey currently underway should provide a rapid indication of the size and depth of the potential porphyry target, as part of the geological evaluation for the identification of drill targets.

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Figure 1 – Distribution of copper grades from recent sampling at Elvira.

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Figure 2 : Sample 4059. Copper oxides and sulphides (chalcopyrite and bornite), 2.7% copper, 0.154 g/t gold, 18.5 g/t silver and 2 ppm molybdenum.

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Figure 3 : Sample 4066. Silicified structure with copper oxides and sulphides (chalcopyrite and bornite), 3.7% copper, 0.121 g/t gold, 33.9 g/t silver and 1 ppm molybdenum.

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Table 1 : Results from the continuing geochemical sampling program at Mercedes.

Sample		Easting UTM WGS84	Northing UTM WGS84				Copper	Gold	Silver	Molybdenum
	Prospect			Altitude (m)	Description	Sample Te
ID						yp	(%)	(ppm)	(ppm)	(ppm)
					Structure with copper oxides	Rock Chip
4051	Elvira	568839	7523045	3160			3.76	0.15	2.8	4
4052	Elvira	568792	7523263	3144	Quartz - calcite vein with copper oxides	Chip Channel	0.03	0.00	<0.5	2
						Rock Chip
4053	Elvira	569506	7523189	3190	Silicified structure		0.62	0.08	7.7	1
4054	Elvira	569516	7523206	3191	Silicified breccia	Rock Chip	1.90	0.06	26.8	1
						Rock Chip
4055	Elvira	569433	7523021	3210	Silicified structure		1.15	0.06	27.4	<1
4056	Elvira	569138	7522468	3173	Mineralised structure	Rock Chip	1.20	0.19	6.8	1
4057	Elvira	569096	7522521	3185	Silicified structure	Float	1.82	0.26	5.5	2
4058	Elvira	569401	7522853	3196	Silicified Structure	Float	3.35	0.07	27.3	2
						Rock Chip
4059	Elvira	569166	7522029	3175	Mineralised fault		2.70	0.15	18.5	2
4060	Elvira	570208	7523618	3152	Mineralised fault breccia	Rock Chip	2.58	0.42	2.3	1
						Chip Channel
4061	Elvira	570195	7523616	3156	Mineralised fault zone		0.47	0.11	1.3	<1
4062	Elvira	570187	7523620	3156	Mineralised fault zone	Rock Chip	1.52	0.09	3.2	64
					Mineralised fault with silica and copper oxides	Rock Chip
4063	Elvira	570217	7523552	3160			0.56	0.03	2.0	<1
4064	Elvira	569827	7522295	3237	Selective material from dump	Rock Chip	3.46	0.05	>100	1
						Rock Chip
4065	Elvira	569961	7522296	3222	Fault contact		1.58	0.00	79.9	6
4066	Elvira	569950	7522509	3219	Silicified structure copper oxides	Rock Chip	3.68	0.12	33.9	1
4067	Elvira	569861	7522536	3216	Mineralised structure	Float	2.07	0.73	20.0	<1
4068	Elvira	569856	7522557	3221	Mineralised structure	Float	0.39	0.01	16.8	<1
					Mineralised structure with silica
4069	Elvira	569882	7522560	3217		Float	0.95	0.20	7.8	1
4070	Elvira	569890	7522539	3220	Mineralised structure in old works	Float	0.66	0.07	9.3	3
						Rock Chip
3968	Elvira	568460	7523421	3118	Mineralised structure		2.11	0.69	3.3	1
					Mineralised structure in andesite	Rock Chip
3969	Elvira	569174	7522239	3185			2.40	0.63	26.2	1
					Copper oxide mineralisation in andesite / dacite contact
						Rock Chip
3970	Elvira	568679	7521739	3137			1.77	0.08	3.1	1

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For more information, please contact:

Corey Nolan

Managing Director Phone: +61 (7) 3221 7770 Email: admin@elementos.com.au

Elementos is an Australian, ASX-listed, exploration company, with a number of projects in Chile, Argentina and Australia, which offer an attractive investment environment. The properties are all in mineral rich, highly prospective provinces, with developed infrastructure nearby. Please visit us at www.elementos.com.au

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Alistair Grahame, a member of the Australian Institute of Geoscientists. Mr Grahame is a full-time employee of Elementos Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Grahame consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

SAMPLE PREPARATION

Samples were prepared and analysed at the ALS Analytical Laboratories (“ALS”) in La Serena, Chile using fire assay (30 gram charge) for gold, ICP-ME 33 elements (15 grams charge) and copper by atomic absorption for copper values above detection limit of ICP, all ISO-9001:2000 certified.

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