FENIX RESOURCES LTD — Capital/Financing Update 2008

Aug 3, 2008

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ASX/MEDIA RELEASE 4 August 2008

EMERGENT RESOURCES TO MAKE ASX DEBUT

Company to list today after completing highly successful $4m IPO

Perth-based exploration company Emergent Resources Limited (ASX: EMG) will commence trading on the Australian Securities Exchange (ASX) today at 1.00pm EST following the recent closure of its highly successful Initial Public Offer (IPO).

The Emergent Resources IPO raised A$4m through the offer of 20 million shares at 20c each and the company will trade under the ASX code EMG.

The Company’s headline project is the Beyondie Iron Project just south of the major iron ore town of Newman in the Pilbara region of Western Australia. Emergent has the right to earn up to 80% of the project in a joint venture with De Grey MiningLimited. The Beyondie Project is located immediately adjacent to the Great Northen Highway and Goldfields Gas Pipeline.

The project has a 30km strike length and sampling has produced results of 10m @ 63.37%Fe and 140m @ 53.18%Fe. The company will commence exploration activities with an airborne magnetic survey of the project immediately upon listing.

Emergent also has a portfolio of projects in the mid-West region of WA, highly prospective for large base metals, precious metals and uranium deposits. The lead project in this area is the North Pool base metals project, where the company will commence drilling straight after listing.

The Offer opened May 20 and closed on July 24, after strong demand from investors.

Emergent’s managing director Mr Garry Hemming said he was extremely happy at the high level of demand from investors for the company’s high quality portfolio of projects.

“We believe very strongly in the quality of our assets and the company will hit the ground running on its exploration programs, with an airborne magnetic survey to be flown at the Beyondie Iron Ore Project and drilling to commence at North Pool immediately on listing,” Mr Hemming said.

There will also be an option issue for Emergent shareholders three months after the Company’s listing date of one option, at an issue price of one cent, for every two shares held. The options will be exercisable at 20 cents each by 30 September 2010.

ENDS

For further information please contact:

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

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

Website: www.emergentresources.com.au

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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 uraniumdeposits 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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