EMMERSON RESOURCES LIMITED - Capital/Financing Update 2012

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ASX Announcement ASX: ERM ABN: 53 117 086 745

4 July, 2012

New high-grade copper and bismuth results extend Goanna mineralisation

New, high-grade copper and bismuth intersections, confirming the ore body remains open at depth, have flowed from the latest drilling campaign at the 100% owned Emmerson Resources Goanna discovery near Tennant Creek in the Northern Territory.

Diamond drill hole GODD0020 within the Southern Shear Zone intersected ore zone 1 and produced assays of:

24m at 2.18% copper and 29.3% iron from 423m, which includes;
4.7m at 3.37% copper and 0.13g/t gold; and
0.6m at 7.61% copper and 0.27g/t gold

Diamond drill hole GODD017 intersected ore zone 2 also within the Southern Shear Zone and produced assays of:

24m at 1.95% copper from 424m including
9m at 3.18% copper and 984ppm bismuth from 427m; and
0.7m at 3.67% bismuth from 378m

Ore zone 1 and ore zone 2 are 20m apart, and were drilled in different orientations to build a 3D model to assist in resource estimation by year end (figures 1 & 2). Drilling in ore zone 2 hit exceptionally high bismuth grades (3.67% Bi) which could suggest bonanza style gold close by.

Diamond drill hole GODD016 intersected the Central Shear Zone, with assay results of:

2.8m at 2.18% copper and 0.41g/t gold from 250m and,
6.2m at 1.79% copper and 0.25g/t gold from 419.1m

Emmerson Managing Director, Rob Bills, said, “Our latest technical review in Tennant Creek has lined up a very exciting portfolio of targets for the upcoming drilling programmes. This drilling will focus on the 100% owned Emmerson blocks.

These five sole funded exploration blocks offer Emmerson substantial commercial potential as they are close to our existing infrastructure including underground access and the Warrego ore treatment mill. The focus will be on seeking gold beneath the known copper mineralisation, consistent with the metal zonation exhibited from other historic high-grade gold-copper mines in the Tennant Creek Mineral Field.

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

The first drilling has just started and will initially concentrate on the 100% Emmerson owned Monitor project where drilling will test beneath an earlier, bonanza gold-copper intersection (12m at 16.9g/t gold, 0.13% bismuth, 2% copper and 1.59g/t silver – ASX 9 November 2011).

The rigs will then move to Goanna and drill approximately 85m down plunge of GODD0017, again testing for gold beneath the copper mineralisation.

Some new shallow (copper) targets will also be tested to the east of Goanna where we believe the ~ 3km strike of the Monitor-Gecko-Goanna mineralisation and alteration continues.”

Goanna drill hole GODD0017

This intersection of 24m at 1.95% copper with a high-grade core of 9m at 3.18% copper further confirms the down plunge continuation of ore zone 2 within the Southern Shear Zone. Drill hole deviation resulted in considerable lifting of the hole however it intersected a thick zone of hematite – chlorite alteration, replaced by chalcopyrite-bismuth veins. Exceptionally high grade bismuth veins were encountered higher up the hole suggesting the presence of gold below.

Goanna drill hole GODD0020

This hole was a down-dip test to provide further 3 dimensional geometry ahead of initiating a resource estimation. It intersected ore zone 1 and returned 24m at 2.18% copper including 4.7m at 3.37% copper and 0.6m at 7.61% copper and 0.27g/t gold. Ore zone 1 is 20 metres from ore zone 2 and exhibits similar geology and mineralisation.

Goanna drill hole GODD0016 and GODD0019

The shear zone parallel drilling has been successful in determining the true thickness of the mineralisation in the Southern Shear Zone and was replicated in the Central Shear Zone with drill hole GODD016. This hole intersected quartz-chalcopyrite vein arrays within intense chloritehematite alteration assaying 2.8m @ 2.18 % copper from 250m and 6.2m @ 1.79% Copper. Unfortunately the 150m down plunge GODD0019 drill hole deviated off target and just clipped the mineralisation (assays returned 1m at 1.46% copper from 345m and 1m at 2.14% copper from 386m)

During the drilling of the Southern Shear Zone, new mineralisation in RC drill hole GRC1379 was encountered and indicates the presence of an additional, sub parallel shear to the north (this has been termed the Far North Shear). Although not optimally tested, the initial results are encouraging returning 3m @ 0.50 g/t gold and 1.06 % copper from 258m and 3m @ 1.40 g/t gold

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

and 0.28% copper from 306m – both occur within intense hematite alteration. Further, deeper drilling will be required before the significance of this zone can be fully established.

Goanna drill hole GRC1376

This intersection of 4m at 1.10% copper and 1.63 g/t gold is within the upper section of ore zone 1 in the southern shear zone. It consists of late pyrite-chalcopyrite vein arrays some 70m up plunge of GODD015 (figure 2). Importantly this intersection confirms the presence of gold in the system below the base of oxidation.

Looking Forward

The second drill campaign has just started. The early part of this drilling will consist of pre-collars ahead of diamond tails, with the diamond rig arriving shortly. This particular drill campaign will consist of approximately 6,000m – all within the 100% owned ERM sole fund blocks.

One of the first diamond drill holes will be at Monitor and will test down plunge of previously intersected high grade gold (12m at 16.9g/t gold, 0.13% bismuth, 2% copper and 1.59g/t silver – ASX 9 November 2011). It will be the first hole at Monitor that parallels the shear zone but is aimed to intersect the true width of the mineralisation, and mirrors the successful drill strategy adopted at Goanna.

The rigs will then move to Goanna and drill approximately 85m down plunge of GODD0017, testing the possibility of ore zone 1 & 2 joining up at depth and switching to gold dominant beneath the copper - as per the typical metal zonation from other historic deposits in the Tennant Creek Mineral Field.

In addition, some new shallow (copper) targets will be tested to the east of the present Goanna mineralisation. These targets consist of a combination of HeliTEM, Induced Polarisation (IP) geophysics and structure, and if successful will extend the Monitor-Gecko-Goanna mineralisation and alteration envelope beyond a strike length of 3km – representing the largest mineralised system thus far encountered in the Tennant Creek Mineral Field.

We remain confident that within this large mineralised rock volume, there is excellent potential to not only find additional ore bodies utilising our new approach and technologies, but to also test for bonanza style gold mineralisation beneath the known copper zones. The total drill meters for the 2012 field season is estimated at 26,000m and consists of drilling in the ERM sole fund blocks and also drilling of regional targets within the JV areas.

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ASX Announcement ASX: ERM ABN: 53 117 086 745

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

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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, Tables 1 & 2).

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 Project with recent drilling (background image is HeliTEM – white/red colour = area of highest conductivity)

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Figure 2: Goanna long section through the Southern Shear Zone. Note GODD0020 (ore zone 1) and GODD0017 (ore zone 2) are separated by ~ 20m but projected onto the same plane in this diagram.

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Table 1: Table of Goanna significant intersections – RC Drilling

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GRC1376	403193.67	7851087.35	351.88	-60	297.5	297	301	4.0	1.63	0.46	137	1.10	15.81	13.00	378.00	1m RC	SSZ-Orezone2
GRC1379	403049.80	7851346.69	348.34	-60	204.2	258	261	3.0	0.50	0.15	36.80	1.06	17.25	7.00	41.00	3m RC	FNSZ-New Ore Zone
						306	309	3.0	1.40	0.54	200	0.28	24.88	9.00	60.00	3m RC	FNSZ-New Ore Zone
						360	363	3.0	0.02	1.51	100	1.40	18.42	2.00	139	3m RC	Northern Shear Zone

Note: (1) All samples are riffle split RC samples.
(2) Gold analysis method by 25g Fire Assay with AAS finish.
(3) Copper analysis method by four acid digestion with ICP-OES finish.
(4) Multi element analysis method by Aqua Regia digestion with ICP-MS/OES finish.

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

(6) Minimum cut-off of 1% Cu. No maximum cut-off.
(7) Maximum internal dilution of 2 metres.

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Table 2: Table of Goanna significant intersections – Diamond Drilling

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GODD016	403248.90	7851120.60	350.74	-50	294.0	250	252.8	2.8	0.41	0.32	35.45	2.18	17.18	2.86	532	½ NQ2	Central Shear Zone
						419.1	425.3	6.2	0.25	0.30	281	1.79	16.21	9.84	101	½ NQ3	Central Shear Zone
Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GODD017	403327.68	7851004.14	350.63	-60	289.5 incl.	195.0	198.0	3.0	0.01	0.11	2.52	1.21	5.44	3.00	128	3m COMP	SSZ-New Orezone
						378.1	378.8	0.7	0.48	11.55	3.67%	0.98	20.33	421.00	267	½ NQ2	SSZ-Orezone1
						388.0	390.0	2.0	0.04	0.92	0.51%	1.65	27.33	66.50	99.50	½ NQ2	SSZ-Orezone1
						408.4	413.4	5.0	0.02	0.26	123	1.26	26.08	7.20	207	½ NQ2	SSZ-Orezone1
						422.4	423.0	0.6	0.31	0.65	118	1.20	32.12	13.33	246	½ NQ2	SSZ-Orezone2
						424.0	448.0	24.0	0.06	0.52	691	1.95	15.00	8.02	70.44	½ NQ2	SSZ-Orezone2
						427.0	436.0	9.0	0.09	0.77	984	3.18	18.18	11.29	65.00	½ NQ2	SSZ-Orezone2

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Table 2: Table of Goanna significant intersections – Diamond Drilling (continued)

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GODD019	7851118.34	7851118.34	350.76	-70	282.5	345	346	1.0	0.01	0.15	410	1.46	9.75	3.00	67.00	½ NQ2	Central Shear Zone
						386	387	1.0	0.02	0.12	80.2	2.14	12.68	1.00	67.00	½ NQ2	Central Shear Zone
Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI (mag)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GODD020	403236.75	7851352.43	347.36	-60	204.2 incl.	423.0	447.0	24.0	0.02	0.30	251	2.18	29.32	17.63	9.88	3m COMP	SSZ-Orezone1
						463	464	1.0	0.00	0.05	42.69	1.17	6.35	4.00	55.00	½ NQ2	SSZ-Orezone1
						469	470	1.0	0.02	3.26	0.32%	2.09	6.83	49.00	47.00	½ NQ2	SSZ-Orezone1
						484	487	3.0	0.01	0.23	17.82	2.79	14.95	4.68	88.33	½ NQ2	SSZ-Orezone1
						504.5	509.2	4.7	0.13	0.01	102.00	3.37	7.00	5.11	32.13	½ NQ2	SSZ-Orezone1
						506.5	507.1	0.6	0.27	0.02	163.00	7.61	8.10	9.00	24.00	½ NQ2	SSZ-Orezone1
						527	528	1.0	0.21	0.01	77.95	1.42	6.42	5.00	35.00	½ NQ2	SSZ-Orezone1

Note: (1) All samples are half NQ2 diamond core samples.

(2) Gold analysis method by 25g Fire Assay with AAS finish.

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

(4) Multi element analysis method by Aqua Regia digestion with ICP-MS/OES finish.

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

(6) Minimum cut-off of 1% Cu. No maximum cut-off.

(7) Intersections reported as weighted averages.

(8) Maximum internal dilution of 2 metres.

Emmerson Resources Limited

AI assistant

EMMERSON RESOURCES LIMITED Capital/Financing Update 2012

64876_rns_2012-07-03_69f3aee1-2207-4a14-b2ff-23ed862e0097.pdf

New high-grade copper and bismuth results extend Goanna mineralisation

Goanna drill hole GODD0017

Goanna drill hole GODD0020

Goanna drill hole GODD0016 and GODD0019

Goanna drill hole GRC1376

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Table of Goanna significant intersections – RC Drilling

Table 2: Table of Goanna significant intersections – Diamond Drilling (continued)

AI assistant

EMMERSON RESOURCES LIMITED — Capital/Financing Update 2012

64876_rns_2012-07-03_69f3aee1-2207-4a14-b2ff-23ed862e0097.pdf

New high-grade copper and bismuth results extend Goanna mineralisation

Goanna drill hole GODD0017

Goanna drill hole GODD0020

Goanna drill hole GODD0016 and GODD0019

Goanna drill hole GRC1376

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Table of Goanna significant intersections – RC Drilling

Table 2: Table of Goanna significant intersections – Diamond Drilling (continued)

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EMMERSON RESOURCES LIMITED Capital/Financing Update 2012