EMMERSON RESOURCES LIMITED — Capital/Financing Update 2009

May 17, 2009

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ASX Announcement ASX: ERM ABN: 53 117 086 745

18 May 2009

Emmerson Commences Geo h sical Surve at Trinit p y y y

Highlights

• Emmerson has commenced an infill geophysical survey over the Trinity Project Area (“Trinity”) and along a highly mineralised structure in the Northern Project Area (“NPA”).

• This survey will consist of detailed gravity geophysics to provide better resolution over the large (21km x 7km) Trinity area and along part of an 18km regional gravity ridge in the NPA, ahead of selecting drill targets.

• The NPA gravity survey will be focussed on the non-magnetic, hematite endmember of the iron-oxide copper-gold deposits (IOCG). Emmerson considers this regional gravity ridge to be highly prospective for the following reasons:

  • the southern end hosts the historic (non-magnetic) Golden Slipper Mine (produced from 19371949 with a grade of approximately 18g/t gold).

  • the northern end hosts a number of gold and gold - copper deposits and prospects including the North Star Group, Marathon, Troy and Thrace – many of which have high grade gold and/or copper that have yet to be explored with new exploration technologies and concepts.

  • the gravity ridge likely represents a major structure (D1) that has provided a focus for later oxidised (and mineralised) fluids.

• Trinity is a mostly undercover, virgin greenfields project identified by Emmerson from the Company’s investment in new geophysics, structural studies and proprietary processing technologies – all designed to better map and explore the subsurface geology of the Tennant Creek Mineral Field.

• Emmerson considers Trinity to be highly prospective for reasons including:

• the subsurface geology and structure suggests it is the triple junction of three major mineralised corridors that have historically produced in excess of 2.6mozs of gold;

• the Company’s recently completed very encouraging geochemical RAB drilling over the Troika prospect (figure 1) during the wet season produced:

  • 4m @ 17.5g/t Au from 32m (Troika 7)

  • 4m @ 0.26g/t Au from 36m (Troika 7)

  • 4m @ 0.30g/t Au from 52m (Troika 3)

• an historic prospector’s mine called the Extension within the only known outcrop.

Emmerson Resources Limited 3 Kimberley Street, West Leederville, Western Australia, 6007 PO Box 1573, West Perth, Western Australia, 6872 Telephone: (+61 8) 9381 7838 Facsimile: (+61 8) 9381 5375

Email: info@emmersonresources.com.au Website: www.emmersonresources.com.au

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Emmerson has awarded contractor, Atlas Geophysics to undertake a 4,000 gravity station survey at 50 metre intervals over the entire Trinity area, and a further 3,000 gravity station survey in the NPA.

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The principal aim of the survey is to provide high resolution data ahead of selecting specific drill targets for the 2009 drilling program and will assist in refining the number and depth of targets.

It will also enable 3D geophysical modelling of the host iron-oxide mineral assemblages. Importantly, gravity geophysics was instrumental in discovering similar iron-oxide copper gold deposits (IOCG) such as the giant Olympic Dam and Prominent Hill deposits in South Australia.

The infill geophysical survey will be funded by Ivanhoe Australia, pursuant to the $28m Farm in and Joint Venture recently announced.

Media Enquiries: Nicholas Read Read Corporate Telephone: (+61-8) 9388 1474

Released by: Mr Rob Bills Managing Director & Chief Executive Officer Emmerson Resources Ltd Telephone: (+61-8) 9381 7838 www.emmersonresources.com.au

Competency Statement

The information in this report relating to Exploration Results is based on information compiled by Mr Steve Russell who is a Member of the Australian Institute of Geoscientists and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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’. Mr Russell is a full time employee of Emmerson Resources Ltd. Mr Russell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.(attachment Figure 1)

Emmerson Resources Limited 3 Kimberley Street, West Leederville, Western Australia, 6007 PO Box 1573, West Perth, Western Australia, 6872 Telephone: (+61 8) 9381 7838 Facsimile: (+61 8) 9381 5375 Email: info@emmersonresources.com.au Website: www.emmersonresources.com.au

Figure 1 – Trinity project Area with Troika Targets

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----- Start of picture text ----- Figure 1: Emmerson Trinity and TroikaProspects with Structure and Gravity----- End of picture text -----

Emmerson Resources Limited 3 Kimberley Street, West Leederville, Western Australia, 6007 PO Box 1573, West Perth, Western Australia, 6872 Telephone: (+61 8) 9381 7838 Facsimile: (+61 8) 9381 5375 Email: info@emmersonresources.com.au Website: www.emmersonresources.com.au