FENIX RESOURCES LTD — Capital/Financing Update 2008

Aug 5, 2008

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ASX/MEDIA RELEASE 6 August 2008

EMERGENT RESOURCES TO COMMENCE EXPLORATION PROGRAMS AFTER SUCCESSFUL ASX LISTING

• Airborne magnetic survey at headline Beyondie Iron Project in Pilbara region of WA

• 2000m, 50 hole drill programme at North Pool Base Metals Project, in WA’s mid-west

Perth-based exploration company Emergent Resources Limited (ASX: EMG) is pleased to announce that its exploration programs will commence with immediate effect after the company’s successful listing on the ASX, on Monday August 4.

An airborne magnetic survey will be flown over Emergent’s headline Beyondie Iron Project in the Pilbara region of Western Australia, and a drilling programme will commence shortly at the company’s North Pool base metals project in WA’s mid-West region.

The Beyondie project is located south of the major iron ore town of Newman and immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline. The airborne magnetic survey is planned to be carried out over the next few weeks and will be designed to detail the Banded-Iron Formation (BIF) targets for structurally thickened areas and multiple bands over the known 30 kilometres strike length. The company expects results to be available in September and to then conduct an initial drilling programme in the same month.

The Beyondie project has produced results of up to 10metres @ 63.37%Fe and 140metres @ 53.18%Fe over 10 kilometres of the 30km strike length sampled and Emergent has the right to earn up to an 80% interest at the project in a joint venture with De Grey Mining Limited.

At the North Pool Base Metals Project the company plans to commence a 2,000m air-core drilling programme for a total of 50 holes. The programme is scheduled to commence in mid-August and the results will be used to test base metal mineralised acid volcanics with outcropping gossans, which have never been drilled. As a precursor to the drilling, survey results have now been delivered from a HyVista airborne multi-spectral programme flown recently and will be assessed to refine the drilling programme.

The North Pool Project is the leading base metal project in Emergent’s portfolio of projects in the Glengarry region of WA.

Emergent managing director Mr Garry Hemming said the company was keen to hit the ground running with its exploration programs and had made plans well in advance to commence activities at its key projects upon the company’s ASX listing.

“We are very focused on exploring and developing our ground, to add value for our shareholders at the earliest opportunity, and are confident that with the quality of our projects we will be able to deliver on this,” Mr Hemming said.

The Emergent IPO raised $4m via the issue of 20 million shares at 20c each.

ENDS

For further information please contact:

Garry Hemming Managing Director Emergent Resources Mob: 0419 835 757 E: ghem@westnet.com.au Website: www.emergentresources.com.au

James Moses Media and Investor Relations Fortbridge Consulting Mob: 0420 991 574 E: james.moses@fortbridge.com

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.

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

Project Location Map

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