FENIX RESOURCES LTD — Capital/Financing Update 2008

Nov 26, 2008

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ASX/MEDIA RELEASE 25 November 2008

DRILL RESULTS CONFIRM WIDESPREAD BASE METAL MINERALISATION AT NORTH POOL PROJECT

Key Points

• Widespread base metal mineralisation at North Pool Project in Western Australia,

• • Highlights include; 12 metres down hole of 373 ppm Zn in the shallow reconnaissance aircore drillholes,

• Recent airborne programs also confirm strong base metal prospectivity at North Pool,

• • Chief geologist recently appointed to the team to drive the company’s exploration activities.

Perth-based exploration company Emergent Resources Limited (ASX: EMG) is pleased to announce encouraging results from its maiden exploration and drilling program at the company’s North Pool Base Metals Project in the mid-west region of Western Australia. The drilling has returned widespread base metal mineralization, particularly zinc, the outermost pathfinder of the halo around significant mineralisation. The target large scale base metal deposits sought in the leases are blind, that is they will not intersect the weathering zone, and will be at depth. Therefore the airborne programs, drilling and MMI geochemistry are designed to priortise deep drilling targets.

The attached 4 panel diagram shows the extent of the airborne programs, drilling and MMI geochemical program. Alteration patterns extending for 15 kilometres to the north east of the drilling (apparent on the Hyper-spectral images) are significant again indicating deeper targets.

Emergent Managing Director, Mr Garry Hemming, said that the company was making rapid progress on exploration activities at its base metal projects and also at the company’s headline project, the Beyondie Iron Project in the Pilbara region of WA, where commencement of drilling is imminent.

The drilling results come from a recently completed 30 hole drill program, across a 3 kilometre width, at the North Pool Base Metal Project (from 209954E,7069180N to 212396E,7070673N), which returned widespread values associated with high levels of sulphide mineralisation. The results also indicate that the area of mineralisation is more widespread than originally thought.

The encouraging zinc drill results indicate zonation of mineralization which will be defined with other data from recent airborne HyVista, magnetic, and radiometric programs to determine drill targets for large scale base metal deposits similar to other Proterozoic settings, like Mt Isa and Cobar. Results from the drill program include;

• 12 metres averaging 373 ppm Zn (0 to 12 metres depth -Hole NPAC 21, 210198E,7069371N)

• 20 metres averaging 241 ppm Zn (32 to 52 metres depth -Hole NPAC 04, 210599,7069728N)

• • 12 metres averaging 336 ppm Zn (28 to 40 metres depth -Hole NPAC 05, 210808E,7069850)

Emergent has also completed an extensive Mobile Metal Ion (MMI) soil geochemical survey, and when the results are received, will be the subject of detailed interpretation to help further prioritise drill targets. The company recently appointed Jonathan King to the position of chief geologist, and he is an expert in this field and will conduct the data interrogation and interpretation to assist in priortising the deeper drill targets.

The North Pool Project is the main focus of Emergent’s portfolio of base metals projects in the mid-west region of WA. It is highly prospective and is highlighted by outcropping base metal mineralised acid volcanics (with outcropping gossans) in an under explored area that has now been drilled for the first time.

The company is of the view that the proximity of the North Pool Project to the Magellan Lead Deposit is significant in that corresponding large zinc (and/or copper) deposits would normally be expected in this geological environment, but as yet have not been found.

Also, the anomalous copper, lead and silver values distributed through a variety of host rocks at the project area are consistent with the exploration model of large graben associated massive sulphide deposits similar to other world class Proterozoic deposits.

For further information please contact:

Garry Hemming James Moses Managing Director Media and Investor Relations Emergent Resources Fortbridge Consulting Mob: 0419 835 757 Mob: 0420 991 574 E: ghem@westnet.com.au E: james.moses@fortbridge.com Website: www.emergentresources.com.au

Technical information in this report has been prepared under the supervision of Mr Garry Hemming, a director of the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr Hemming has sufficient experience which is relevant to the style of mineralisation 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” (the JORC Code). Mr Hemming consents to the inclusion in this report of the Information, in the form and context in which it appears.

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About Emergent Resources

Emergent Resources has a portfolio of five high priority projects in Western Australia, headlined by the Beyondie Iron Project in the Pilbara region of the state. The company’s other projects are in WA’s midWest region and are highly prospective for large base metals, precious metals and uranium deposits in a largely under-explored area.

The Company plans to explore and develop its projects (commencing with Beyondie, and the North Pool and Mount Bartle Base Metal Projects) and also pursue appropriate joint venture and partnering arrangements to enhance shareholder value.

Approvals have been granted for the first drilling campaign at the Beyondie Iron Project, planned for 1[st] week of December 2008.

The Beyondie Project is located south of the major iron ore town of Newman, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. Results of up to 10metres @ 63.37%Fe and 140metres @ 53.18%Fe have been reported at the project area, over 10km of the 30km strike length sampled. Emergent has the right to earn up to an 80% interest at the project in a joint venture with De Grey Mining Limited.

The Board has strong skill sets in prospecting, technical, geological, and financial disciplines.

Project Location Map

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