EMPIRE RESOURCES LIMITED — Capital/Financing Update 2010

Apr 29, 2010

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ACN 092 471 513

Friday 30 April 2010

ASX Release

SHARE PLACEMENT TO RAISE $0.57 MILLION TO FUND FURTHER DRILLING OF THE YUINMERY COPPER PROJECT

The Directors of Empire Resources Limited (“Empire” or the “Company”) are pleased to announce that it has received firm commitments from sophisticated investors to raise up to $575,900 by way of a share placement of up to 8,227,729 fully paid ordinary shares. New Holland Capital Pty Limited acted as Lead Manager to the capital raising.

The placement will be made in accordance with the Company’s available 15% capacity pursuant to ASX Listing Rule 7.1 at an issue price of $0.07 per share. The new shares will rank equally with existing Empire ordinary share quoted on the ASX. Completion of the placement and receipt of the funds will take place within the next week. The Company intends to make an application to ASX for listing of these securities in due course.

Subscribers for each new share will also be entitled to one free attaching 3-year option exercisable at $0.15, the issue of which will be subject to and conditional upon shareholder approval at a general meeting of shareholders to be held in the second half of June 2010.

The Company anticipates that the voluntary suspension currently in place will now be lifted to allow trading to recommence from the market opening on 30[th] April 2010.

The funds raised will be used to continue drilling the exciting Yuinmery Copper/Gold Project in WA, which has an indicated and inferred JORC resource of 1,070,000 tonnes @ 1.82%Cu, 0.78g/tAu , and for working capital purposes.

For further information on the Company, visit www.resourcesempire.com.au

David Sargeant – Managing Director Phone: +61 8 9361 3100 Adrian Jessup – Executive Director Phone: +61 8 9361 3100

PRINCIPAL AND REGISTERED OFFICE

53 Canning Highway Tel: +61 (0)8 9361-3100 Victoria Park WA 6100 Fax: +61 (0)8 9361-3184

Notes on the Yuinmery Resource

A resource estimate for the Just Desserts prospect at Yuinmery was completed and announced to the market on 9 April 2009. There has been no change in the resource since that time.

The mineral resource by category to a depth of 250m below surface is reported below. The resource comprises no oxide mineralization, only transitional and fresh.

Just Desserts Classified Mineral Resources – March 2009 Category Tonnes Grade Grade Grade* Cu% Au g/t Ag g/t 1%Cu cutoff** Indicated 104,000 1.65 0.86 1.32 Inferred 966,000 1.84 0.77 2.12 TOTAL 1,070,000 1.82 0.78 2.06 1.5%Cu cutoff Indicated 46,000 2.11 1.14 1.58 Inferred 536,000 2.34 0.92 2.68 TOTAL 582,000 2.33 0.93 2.61

*High assays have been cut to 9%Cu, 20g/tAu and 10g/tAg.

Resource modelling consultants Datageo calculated a JORC compliant in situ resource estimate, utilising all drill hole information available on Prospecting Licence P57/1215 up to the end of June 2008.

The resource grade was estimated using ordinary kriging based on the drill hole data composited down hole to 1m intervals within constraining shapes representing the mineralisation. Assumed specific gravity values used were:- transitional 2.7t/m[3] ; fresh 3.2t/m[3] .

The information is this report concerning the Mineral Resources for the the Just Desserts Deposit at Yuinmery have been estimated by Mr Peter Ball B.Sc who is a director of DataGeo Geological Consultants and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Ball has sufficient experience which is relevant to the styles of mineralization and types of deposit under consideration and qualifies 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 Ball consents to the inclusion in the public release of the matters based on his information in the form and context in which it appears.

PRINCIPAL AND REGISTERED OFFICE

53 Canning Highway Victoria Park WA 6100

Tel: +61 (0)8 9361-3100 Fax: +61 (0)8 9361-3184