FENIX RESOURCES LTD — Capital/Financing Update 2009

Jul 20, 2009

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ASX/MEDIA RELEASE

July 21 2009

EMERGENT RESOURCES ACQUIRES NEW EXPLORATION TENEMENT AT BEYONDIE MAGNETITE PROJECT

• Acquires additional exploration tenement immediately adjacent to project area

• Extends continuous strike length by 7km – to 52km in total

Perth-based exploration company Emergent Resources Limited (ASX: EMG) is pleased to announce it has acquired a new exploration tenement at its flagship Beyondie Magnetite Project in Western Australia’s mid-west iron ore region.

The new tenement (ELA 69/2625: Kendenura Hill) is located immediately adjacent to the eastern edge of the Beyondie project area and provides the Company with an additional 7km of continuous strike length at the project, which extends the total strike length at Beyondie from 45km to 52km and expands the potential size of resource base at the project.

The new tenement comprises a total area of 134km[2] and is made up of 43 blocks.

Aeromagnetic survey of the new ground highlights the continuation of the magnetite-rich horizons that characterise the Beyondie Project (refer Figure 1, attached) and the addition of the new tenement to the project’s asset base will enhance the long term, large scale profile of the project.

Emergent’s Managing Director, Garry Hemming, said: “We are pleased to be in a position to add the new tenement to the Beyondie project area. It gives us an additional, continuous 7km extension of high potential strike length, which fits the Company’s model to develop Beyondie into a world class, long term, large scale, high grade magnetite project.”

Emergent recently confirmed a maiden JORC Inferred Resource of 127Mt @ 28.15% Iron (Fe) over only an 11 kilometre portion of the total 52 kilometres strike length within the tenements at the Beyondie Project. In addition to the Inferred Resource, a further 500-600Mt @ 25-30% Fe has been reported by the independent geologist and is classified as Target Mineralisation.(refer asx releases dated 14 July 2009) The Company will commence its next phase of drilling at Beyondie later this month, which will focus on the company’s objective of upgrading the total of the Inferred Resource plus the Target Mineralisation to 1 billion tonnes of continuing comparable grade Iron to that already reported. It is anticipated that the next phase of drilling will lead to an increase in the previously stated Inferred Resource figures.

The company has also recently entered into a non-binding MOU with China Metallurgical Investment Co Ltd (CMI) for the development of the Beyondie Project which includes a 50:50 Development JV and A$200m funding at the project, as well as a A$4.9m placement to CMI. Emergent has also completed a A$2.5m placement to sophisticated and professional investors to fund the next stage of development at Beyondie.

Metallurgical test work to date has shown the potential for the project to produce a high grade magnetite concentrate of +68%Fe, with very low impurities (aluminium, titanium, phosphorous and sulphur).

Emergent has the right to earn up to an 80% interest in the project by way of a joint venture with De Grey Mining Limited. The Beyondie Project is located immediately adjacent to the Great

Northern Highway and Goldfields Gas Pipeline (see Figure 2, Location map attached) and potential shared rail and port infrastructure developments for the project are in progress.

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 Mandate Corporate Mob: 0420 991 574

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.

Figure 1. Magnetics of Beyondie Magnetite Project including new tenement area

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Figure 2. Emergent Resources Limited Project Location Map

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