EMMERSON RESOURCES LIMITED - Capital/Financing Update 2012

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ASX Announcement ASX: ERM ABN: 53 117 086 745 7 May, 2012

New Goanna drilling expands Tennant Creek project potential

New drilling on the Goanna copper/gold discovery at Emmerson Resources Tennant Creek project has hit more, high grade copper and provided a vital new clue in unlocking the region’s potential to return to commercial production.

Drilling within the Southern shear zone (hole GODD0015) at the Goanna project has produced intersections including:

24.1m at 4.12% copper and 0.19g/t gold (from 357.9m); including
1.25m at 12.5% copper, 0.18g/t gold and 29.8% iron (from 368.25m)

And a further lower zone of:

5.6m at 2.27% copper (from 417.4m) and,
0.75m at 0.97% bismuth (from 436.25m)

The very high bismuth grade and a change in drill rig orientation has taken the project a significant step towards locating an expected high grade gold zone in addition to the very high grade copper zone closer to the surface.

Emmerson managing director, Rob Bills, said, “Information drawn from this year’s program of extending the existing Reverse Circulation (RC) drill holes with diamond tails has provided a new understanding of the geometry of this ore body. The high grades found in hole GODD0015 represent, what we now believe, is a true-width intersection of the ore body (i.e. the drill hole has intersected the mineralisation perpendicular to the interpreted plunge). This is a vital step in gaining a proper understanding of the ore body. This hole has revealed that, not only is this mineralisation open up and down plunge, but, given the previous intersections in the other three shear zones nearby, is likely to be repeated” (Figures 1 & 2).

“Importantly, for the future discovery of high grade gold ore at Goanna, bismuth veins were intersected in the lower most zone (the footwall of the copper mineralisation) of drill hole GODD0015. The presence of bismuth in ore zones at Tennant Creek is typically a good pathfinder for gold and suggests great potential for bonanza gold in the vicinity,” Mr Bills said.

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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Utilising this new understanding, Emmerson Resources is now drilling the Central shear zone, where previous drilling in the vicinity (but not optimised for defining the true width) intersected 21m at 2.63% copper and 0.69% bismuth, including 7m at 4.96% copper and 0.25% bismuth (drill hole GODD004).

The latest drilling continues to provide strong encouragement that the emerging Goanna and Monitor discoveries, combined with the updated resource calculation from the nearby Gecko mine, form the basis for a future, high grade resource base, for resumption of mining and subsequent copper and gold production from the 100% owned Emmerson mill.

Two drill rigs are currently working within the Goanna – Monitor projects with the aim of adding to the previously announced resources at Gecko by year end.

Goanna drill hole GODD0015

Designed to test the Southern shear zone, this hole intersected a very thick zone of talc-chlorite brecciation before entering approximately 31m of intense talc-chlorite-hematite alteration with chalcopyrite in cross cutting quartz vein arrays. The ore zone consisted of 24.1m at 4.12% copper, 0.19g/t gold and 19.8% iron but included zones of higher grade copper (up to 12.5%), iron (up to 29.8%) and bismuth (up to 0.14%).

A further zone of mineralisation assaying 5.6m at 2.27% copper (from 417.4m) was encountered some 47m below in the footwall of the upper high grade copper zone. This mineralisation consisted of pervasive chlorite altered, chalcopyrite-quartz vein arrays and within the immediate footwall, discrete bismuth veins which assayed 0.75m at 0.97% bismuth (Table 1).

As indicated above, bismuth is a good pathfinder element for gold and typically signals high grade gold in the near vicinity.

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Looking Forward

Drill hole GODD0016 which is in a similar orientation to GODD0015, but tests the adjacent Central Shear Zone has just been completed.

The diamond rig is now extending an RC drill hole (GRC 1356) at the Monitor project where we aim to extend a previously intersected gold zone in GODD008.

Following this, the diamond rig will move back to Goanna and continue the resource delineation program.

A new, regional, greenfields project called Horner, within the highly prospective Gecko corridor, will also be drill tested later this month.

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 nonexecutive chairman, and former senior BHP Billiton and WMC executive Rob Bills as managing director and CEO.

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Media Enquiries: Released by: Ian Howarth Mr Rob Bills Collins Street Media Managing Director & CEO Ph: (+61-3) 9223 2465 Emmerson Resources Ltd [email protected] 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, Table 1).

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Figure 1: Plan view of the drill holes and recent mineralization at Goanna on a background of the HeliTEM geophysics.

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Figure 2: Long section looking along the Goanna Southern Shear Zone.

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Table 1: Significant Intercepts

Hole ID	East (MGA94_53)	North (MGA94_53)	RL AHD	Dip (deg)	AZI mag (deg)	From (m)	To (m)	Width (m)	Au (g/t)	Ag (ppm)	Bi (ppm)	Cu (%)	Fe (%)	Pb (ppm)	Zn (ppm)	Sample Type	Zone
GODD015WR2	403323.47	7851005.90	350.75	-50	297.5 including including including	357.90	382.00	24.1	0.19	0.83	283	4.12	19.8	12.6	131	½ NQ2	Southern Shear
						364.35	369.50	0.60	1.09	2.36	0.14%	10.5	24.8	29	80	½ NQ2	Southern Shear
						367.00	379.00	12.00	0.15	1.06	300	5.13	22.6	16.5	103	½ NQ2	Southern Shear
						368.25	369.50	1.25	0.18	3.36	503	12.5	29.8	57	67	½ NQ2	Southern Shear
						417.40	423.00	5.60	0.05	0.27	15.1	2.27	18.4	4.50	137	½ NQ2	Southern Shear
						433.00	434.00	1.00	0.04	0.14	251	1.70	20.8	4.00	134	½ NQ2	Southern Shear
						436.25	437.00	0.75	0.02	0.27	0.97%	0.43	21.4	125	153	½ NQ2	Southern Shear

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

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

AI assistant

EMMERSON RESOURCES LIMITED Capital/Financing Update 2012

64876_rns_2012-05-06_328e2784-5444-4246-81cb-1c7e2ba3f95d.pdf

New Goanna drilling expands Tennant Creek project potential

Goanna drill hole GODD0015

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Significant Intercepts

AI assistant

EMMERSON RESOURCES LIMITED — Capital/Financing Update 2012

64876_rns_2012-05-06_328e2784-5444-4246-81cb-1c7e2ba3f95d.pdf

New Goanna drilling expands Tennant Creek project potential

Goanna drill hole GODD0015

Looking Forward

About Tennant Creek

About Emmerson Resources

Table 1: Significant Intercepts

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EMMERSON RESOURCES LIMITED Capital/Financing Update 2012