EMMERSON RESOURCES LIMITED - Capital/Financing Update 2012

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ASX Announcement ASX: ERM ABN: 53 117 086 745

30 August, 2012

Potential strike extent at Goanna doubles after latest drilling

Drilling at the Goanna discovery, 100% owned by Emmerson Resources, has revealed two new, thick, copper intersections with the potential to double the strike extent of the already defined copper zones.

Further drilling is required to confirm the continuity of the ore body but the new holes GRC1388 - 100m east from previous drilling (“Goanna East”) and GRC1391 - 300m east from previous drilling (“Horner 3”), now indicate a total strike extent of over 600m for the Goanna discovery.

Mineralisation remains open both along strike to the east and down plunge in all five of the previously defined shear zones (figs 1 & 2). With further drilling it is believed there is good potential to intersect similar high-grade ore shoots to those recently announced in drill holes GODD020 (24m at 2.18% copper and 4.7m at 3.37% copper and 0.13g/t gold) and GODD017 (24m at 1.95% copper including 9m at 3.18% copper).

Initial 3m composite assays (table 1) from Reverse Circulation drill hole GRC1388 at Goanna East has produced a very thick zone of copper mineralisation of:

81m at 0.45% copper from 420m (~ 300m below the surface) which includes;
3m at 1.57% copper from 420m; and
3m at 2.14% copper from 432m

Initial 3m composite assays (table 1) from Reverse Circulation drill hole GRC1391 at the new Horner 3 prospect has produced a very thick overall 114m zone of copper mineralisation with higher grade intervals as follows:

15m at 0.49% copper from 333m
15m at 0.32% copper from 432m

Emmerson Managing Director, Rob Bills, said, “This latest drilling has the potential to add significant tonnes to the Goanna Resource. We remain on track to update our previously announced resource (2.46Mt at 2.1% copper equivalent or 5g/t gold equivalent) by first quarter in 2013.

We believe there is excellent potential to define high-grade copper and gold ore zones as we increase the drilling density throughout the remainder of this year. These extensions add to the

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: [email protected] Website: www.emmersonresources.com.au

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ASX Announcement ASX: ERM ABN: 53 117 086 745

overall size of the Monitor-Gecko-Goanna complex, which now represents the largest mineralised system encountered in the Tennant Creek Mineral Field. We have succeeded in “cracking the code” on this new style of mineralisation that was blind to previous explorers by applying state of the art detection technology such as HeliTEM combined with an innovative exploration model.

As such, we remain confident that further discoveries will be made and not just in the immediate Monitor-Gecko-Goanna mine environment but also further afield in the green field areas.

Goanna East drill hole GRC 1388 (figure 3)

This drill hole was designed to test a combined HeliTEM, Induced Polarisation (IP) and structural target. It intersected 81m at 0.45% copper from 420m down the hole consisting of chalcopyritepyrite hematite ironstone and chlorite altered sediments – similar to other intersections within the Goanna discovery. This intersection is interpreted to represent an extension of the Northern and Far North Shear Zones and if like Goanna, has excellent potential for high grade extensions as it remains open in all directions.

Horner 3 drill hole GRC 1391 (figure 4)

This hole was drilled beneath a small hematite ironstone outcrop and was based on multiple datasets including a deep HeliTEM anomaly, a shallower IP response and similar structural setting to the main Goanna Discovery. Interestingly the drill hole defined a very thick continuous copper intersection of over 114m, which included some higher grade intervals of up to 1% copper. Similar to Goanna East, we believe there is excellent potential to define higher grade extensions as it remains open in all directions. In this hole the mineralisation consists of sediment hosted, late stage quartz-chalcopyrite vein arrays with pervasive chlorite alteration – again similar to what has been intersected at Goanna.

Looking Forward

The second RC drill campaign, largely focussed on understanding the structural setting at Monitor has now been completed. In addition, the diamond drill rig remains on site and has finished a number of diamond tails - in particular a deep hole that tested for gold beneath the copper zone in the Southern Shear Zone at Goanna and also a shallow diamond hole that tested up plunge of the bonanza gold intersected at Monitor (GODD008 which assayed 12m at ~17g/t gold and 2.0% copper but included 4m at 37.4g/t gold and 3m at 17.4g/t gold with 4.33% copper). These holes have been logged and samples dispatched for assay.

The diamond rig is now drilling a deep hole beneath the unmined R54 orebody at Gecko, testing for gold zones associated with or beneath the copper mineralisation.

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ASX Announcement ASX: ERM ABN: 53 117 086 745

We remain on track with respect to our 2012 Business Plan, and have two more RC drilling campaigns scheduled for the remainder of the year. The next will commence in October and consist of around 5000m. In light of the above results it is anticipated that this campaign will consist of infill drilling between Goanna and Goanna East, further drilling at Monitor to expand the gold zone, then move onto some exciting new gold-copper targets at Orlando – but more on this later.

All of the planned drilling is within the 100% Emmerson sole fund blocks.

About Tennant Creek

Emmerson Resources is using a new generation of high technology search techniques to explore the Tennant Creek Mineral Field (TCMF), which historically produced over 5.5 Mozs of gold and 470,000 tonnes of copper. Emmerson Resources 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.

Two high-grade discoveries at Goanna and Monitor have revealed a new style of mineralisation undetected by previous explorers. The value of these discoveries is enhanced by their proximity to the historic underground Gecko mine. Emmerson owns the Warrego ore processing facility, currently on care and maintenance, just 24 km from the new discoveries.

About Emmerson Resources

Emmerson Resources (ASX: ERM), is exploring the TCMF in joint venture with Ivanhoe Australia Limited pursuant to a Farm-in agreement whereby Ivanhoe is sole funding $28 million in exploration to acquire and retain 51%.

Within the TCMF Emmerson also owns the only gold ore treatment facility in the region (the Warrego carbon-in-pulp processing plant) and a substantial geological database plus extensive infrastructure and equipment. 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.

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: [email protected] Website: www.emmersonresources.com.au

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ASX Announcement ASX: ERM ABN: 53 117 086 745

Media Enquiries: Ian Howarth Collins Street Media Ph: (+61-3) 9223 2465 [email protected]

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 (attachments Figures 1, 2, 3, 4 & 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: [email protected] Website: www.emmersonresources.com.au

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Figure 1: Goanna Discovery with latest drill holes and interpreted strike potential (background = HeliTEM anomaly with the white colour representing rocks with highest conductivities)

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Figure 2: Plan view of the Monitor-Gecko-Goanna complex showing the proximity to the Gecko shaft and underground development.

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Figure 3: Cross-section A-A’ (see Figure 2) with single drill hole GRC1388 (background contours = geophysical IP anomaly)

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Figure 4: Cross-section B-B’ (see Figure 2) with single drill hole GRC1391
(background contours = geophysical IP anomaly)
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Hole ID	East (MGA94_53)	North (MGA94_53)	RL (AHD)	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Lithology
GRC1388	403175.16	7850970.27	353.01	-57	incl. incl. incl. incl. incl.	123	126	3.0	10.0	0.09	110	0.11	5.41	6.00	58.0	3m comp	Siltstone/sandstone with fine disseminatedpyrite
						387	390	3.0	10.0	0.08	2.91	0.12	17.6	10.0	180	3m comp	Chlorite-magnetie ironstone with chalco andpyrite veins
						420	501	81.0	10.0	0.19	73.4	0.45	15.9	3.07	85.8	3m comp	Siltstone/sandstone, plus heamatite- magnetite ironstone
						420	423	3.0	10.0	0.46	265	1.57	9.78	5.00	82.0	3m comp	Siltstone with cross-cutting chalcopyrite veins
						432	435	3.0	20.0	0.16	2.50	2.14	14.7	5.00	103	3m comp	Siltstone/sandstone with chlacopyrite veins
						447	450	3.0	10.0	0.15	9.02	1.01	25.5	5.00	89.0	3m comp	Siltstone with cross-cutting chalcopyrite veins
						471	474	3.0	30.0	0.13	65.9	1.12	32.3	10.0	39.0	3m comp	Specular heamatite ironstone
						495	498	3.0	10.0	0.71	122	1.63	11.9	10.0	111	3m comp	Siltstone/sandstone with chlacopyrite veins
Hole ID	East (MGA94_53)	North (MGA94_53)	RL (AHD)	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (ppb)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Lithology
GRC1391	403602.88	7851127.28	347.77	-60	204.2 incl.	102	105	3.00	10.0	0.07	1.37	0.26	6.09	54.0	353	3m Comp	Siltstone with minor quartz and chalcopyrite veining.
						333	348	15.00	10.0	0.12	86.4	0.49	6.33	5.40	50.2	3m Comp	Chlorite altered, silicified siltstone with chalcopyrite vein cross cutting bedding.
						336	339	3.00	10.0	0.12	23.6	1.09	7.75	5.00	56.0	3m Comp	As above with up to 10% quartz veining. Chalcopyrite as selvages to quartz.
						393	402	9.00	10.0	0.15	10.4	0.17	5.08	5.00	47.0	3m Comp	Fault zone, minor sericite-chlorite altered sediments covellite selvage on veinqtz
						432	447	15.00	10.0	0.28	81.5	0.37	5.22	5.40	36.6	3m Comp	Veinlets of chalcopyrite in moderately silicified and weakly chlorite altered sediments.

Note: (1) Al GRC1388 & GRC1391 samples are 3m composite cone split RC samples.

(2) Gold analysis method by 25g Aqua Regia with AAS finish.

(3) Multi-element analysis method by four acid digestion with ICP-OES finish.

(4) Intersections are reported as downhole lengths and not true width.

(5) Minimum cut-off of 0.1% Cu. No maximum cut-off.

(6) Maximum internal dilution of 2 metres.

AI assistant

EMMERSON RESOURCES LIMITED Capital/Financing Update 2012

64876_rns_2012-08-29_1d691e4e-1c60-4622-b68c-7e764ac4db28.pdf

Potential strike extent at Goanna doubles after latest drilling

Goanna East drill hole GRC 1388 (figure 3)

Horner 3 drill hole GRC 1391 (figure 4)

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Significant Intercepts

AI assistant

EMMERSON RESOURCES LIMITED — Capital/Financing Update 2012

64876_rns_2012-08-29_1d691e4e-1c60-4622-b68c-7e764ac4db28.pdf

Potential strike extent at Goanna doubles after latest drilling

Goanna East drill hole GRC 1388 (figure 3)

Horner 3 drill hole GRC 1391 (figure 4)

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Significant Intercepts

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EMMERSON RESOURCES LIMITED Capital/Financing Update 2012