EMMERSON RESOURCES LIMITED — Capital/Financing Update 2012

Nov 26, 2012

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ASX Announcement ASX: ERM ABN: 53 117 086 745

27 November, 2012

Emmerson Resources and Ivanhoe Australia Joint Venture

• Ivanhoe earns 51% over the majority of Emmerson’s 3,300km[2] Tennant Creek portfolio

• A further $10m sole fund to be spent by Ivanhoe within the Joint Venture area

• Both companies to participate in a joint targeting exercise to identify new tier 1 copper-gold projects ahead of the 2013 field season

Emmerson Resources Ltd (Emmerson) has reaffirmed the terms of its Tennant Creek, Northern Territory, exploration joint venture with Ivanhoe Australia Ltd (Ivanhoe) that will advance regional green fields exploration within its extensive package of tenements.

Ivanhoe has spent $18m in the past 3 years to earn its 51% on certain tenements in the historic and prolific Tennant Creek Mineral Field. A further $10m sole fund by Ivanhoe during the Joint Venture will accelerate testing of a portfolio of new projects.

Commencing in the 2013 field season, two parallel exploration programs will be undertaken.

These include;

1. The continuation of drilling at Emmerson's 100% owned and sole-funded areas including the Goanna, Monitor discoveries and the Gecko and Orlando deposits which contain current JORC resources of 50,800t copper and 70,000oz gold (as per ASX release: 24 October 2011 and Table 1). These deposits are in close proximity to the 100% owned Warrego mill which is currently on care and maintenance ;

2. Exploration on regional greenfields areas funded by Ivanhoe but managed by Emmerson.

The joint venture provides financial security for Emmerson shareholders through the utilisation of the Ivanhoe balance sheet for the remainder of the Joint Venture but excludes Emmerson’s “sole fund” areas.

Emmerson managing director, Rob Bills, said, “We are very pleased that Ivanhoe Australia continues to strongly support the Tennant Creek exploration program and maintain the faith that the region can produce globally significant mineral discoveries. We believe the recent discoveries of Monitor and Goanna by Emmerson within our sole fund blocks is an indicator of the potential within the wider Joint Venture area.”

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

ASX Announcement ASX: ERM ABN: 53 117 086 745

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Emmerson and Ivanhoe Australia will continue to share technical capabilities. A joint ‘targeting workshop’ will be held early in 2013 to identify a portfolio of “Tier 1” projects as priority drill targets for future exploration within the jointly owned areas.

A minimum $500,000 (funded by Ivanhoe) will be spent in 2013 on drilling and geophysics to test these targets. The remainder of the $10m will be spent on identifying and drill testing a portfolio of tier 1 targets during the following years.

Emmerson Resources will retain all rights to take out further sole-fund blocks from the Joint Venture areas and Emmerson will continue to act as agent for the JV.

About Tennant Creek and Emmerson Resources

The Tennant Creek Mineral Field (TCMF) is one of Australia’s most prolific gold-copper districts producing over 5.5 Mozs of gold and 470,000 tonnes of copper from a variety of deposits including Gecko, Orlando, Warrego, White Devil, Chariot, Golden Forty - all of which are within Emmerson Resources (ASX: ERM) exploration and joint venture portfolio.

Emmerson holds 3,300km[2] of ground in the TCMF, owns the only gold mill in the region (the Warrego carbon-in-pulp processing plant) and holds a substantial geological database plus extensive infrastructure and equipment. Emmerson has consolidated 95% of the highly prospective TCMF where only 8% of the historical drilling has penetrated below 150m. Some of the most prospective rocks in the field lie hidden beneath recent cover.

Emmerson Resources is exploring the TCMF both in its own right and with Ivanhoe Australia Limited pursuant to a Farm-in and Joint Venture agreement whereby Ivanhoe is sole funding $28 million in exploration to acquire and retain 51%. As part of the agreement, ERM retains the right to nominate areas of “sole fund sole risk” under which IVA retains certain clawback rights.

Emmerson Resources is using a new generation of high technology search techniques to explore the TCMF and in late 2011 made two high-grade discoveries-called Goanna and Monitor – not only demonstrating the efficacy of this new approach but importantly ushering in a new style of mineralisation that has gone undetected by previous explorers. The value of these discoveries is enhanced by their proximity to the underground mine development at the historical Gecko deposit and also because they are within the 100% owned ERM sole fund blocks.

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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ASX Announcement
ASX: ERM
ABN: 53 117 086 745
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Emmerson is led by a board and management group of experienced Australian mining executives including former MIM and WMC mining executive Andrew McIlwain as non-executive chairman, and former senior BHP Billiton and WMC executive Rob Bills as Managing Director and CEO.

Classification	Tonnes ('000)	Gold grade (g/t)	Copper grade (%)	Gold equivalent grade (g/t)	Gold ounces (‘000)	Copper metal (t)	Gold equivalent ounces('000)
Gecko - Anomaly 3, L25 and K44 Lower (reported above a 1% copper cut-off)
Indicated Inferred	1,400 80	- -	2.5 1.6	5.2 3.2	- -	35,600 1,300	230 10
Sub-total Gecko	1,480	-	2.5	5.1	-	36,900	240
Orlando - Lenses 2 and 7 (reported above a 1.0 g/t gold equivalent cut-off)
Indicated Inferred	680 300	2.1 1.6	1.3 1.7	4.7 5.1	50 20	8,800 5,100	100 50
Sub-total Orlando	980	2	1.4	4.8	70	13,900	150
TOTAL	2,460	2*	2.1	5.0	70*	50,800	390

• Grade of gold ore at and quantity of gold metal reported for Orlando only

Table 1: JORC compliant resource as released to ASX on 24 October 2011

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

ASX Announcement ASX: ERM ABN: 53 117 086 745

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Media Enquiries: Ian Howarth Collins Street Media Ph: (+61-3) 9223 2465 ian@collinsstreetmedia.com.au

Released by: Mr Rob Bills Managing Director & CEO 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.

The information in this report which relates to Mineral Resources is based upon information compiled by Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Ian Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity 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. Ian Glacken consents to the inclusion in the report of a summary based upon his information in the form and context in which it appears (Table 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