FENIX RESOURCES LTD — Capital/Financing Update 2010

Dec 14, 2010

ASX/MEDIA RELEASE

15[th] December, 2010

BEYONDIE DRILLING PROGRAM UPDATE

Key points:

• 383 holes (3,388 metres of Aircore chip samples) drilled on tenement E52/1806

• 1,296 metres of Aircore chips and 1,730 metres of Reverse Circulation chips, drilled on E52/2215

• 4,684 Aircore samples and 1,730 Reverse Circulation samples collected and submitted for iron assay

• Reporting of assay results expected in February 2011

Emergent Resources Limited (ASX:EMG) is pleased to provide the following update on the drilling program at the Beyondie Iron Ore Project in the mid west region of Western Australia.

Emergent's strategy is to further explore and define the potential Near Surface Hematite, targeted to deliver positive cash flow in the near term, while also progressing the development of Emergent's large scale magnetite deposit at Beyondie.

Emergent has completed initial drilling of two iron prospects on a nominal 800 metres line spacing with holes located every 50 metres along the line. A total of 4,684 Aircore samples and 1,730 Reverse Circulation samples have been collected and submitted for iron assay.

The program aim was to evaluate the potential shallow hematite enriched material that is distributed along the flanks of the Beyondie magnetite deposit in addition to the iron enriched sub crop material on the ridges.

Two prospective targets were explored. In the west, 383 holes for 3,388 metres of Aircore chip samples were drilled in tenement E52/1806 along with 1,296 metres of Aircore chips and 1,730 metres of Reverse Circulation chips, drilled in E52/2215, located 20km east, along strike of the Beyondie magnetite deposit.

The 28 Reverse Circulation holes targeted the hematite enriched material that is expressed as surface subcrop on the moderately elevated ridge which is co-incident with the magnetite deposit.

The drilling program was a success and metallurgical evaluation is now underway to determine the suitability of the iron enriched material for beneficiation to a saleable product. The reporting of results is anticipated in February following the festive season and associated shut downs during the period.

The attached maps outline the location of the prospect areas in relation to the magnetic trend which highlights the location of the magnetite deposit at Beyondie.

For further information please contact:

Nathan Lude Wolfgang Fischer Chief Executive Officer Executive Chairman Emergent Resources Limited PH: 08 94816600 E: admin@emergentresources.com.au Website: www.emergentresources.com.au

Competent Persons Statements

Technical information in this report has been prepared under the supervision of Mr Jonathan King, Chief Geologist for the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr King 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 King consents to the inclusion in this report of the Information, in the form and context in which it appears.

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E 69/2669E 69/2669E 69/2669E 69/2669E 69/2669EEE 69/2669 69/266969/2669
E 69/2625E 69/2625E 69/2625E 69/2625E 69/2625EEE 69/2625 69/262569/2625
E 52/2215E 52/2215E 52/2215E 52/2215E 52/2215EEE 52/2215 52/221552/2215
E 52/1806E 52/1806E 52/1806E 52/1806E 52/1806EEE 52/1806 52/180652/1806
77 7 7,7,7,7, 7, ,,,22 2 2222 2 5555555 5 22 2 2222 2 ,0,0,0,,,, , 0000 0 00 0 000000 0 00000 0 mmmmmmm m NN N NNNN N
E 52/2474E 52/2474E 52/2474E 52/2474E 52/2474EEE 52/2474 52/247452/2474
E 52/2559E 52/2559E 52/2559E 52/2559E 52/2559EEE 52/2559 52/255952/2559
77 7 7,7,7,7, 7, ,,,22 2 2222 2 5555555 5 00 0 0000 0 ,0,0,0,,,, , 0000 0 00 0 000000 0 00000 0 mmmmmmm m NN N NNNN N
77 7 7,7,7,7, 7, ,,,22 2 2222 2 4444444 4 88 8 8888 8 ,0,0,0,,,, , 0000 0 00 0 000000 0 00000 0 mmmmmmm m NN N NNNN N AC Drilling
RC
Track
Tenement
Emergent Resources
77 7 7,7,7,7, 7, ,,,22 2 2222 2 4444444 4 66 6 6666 6 ,0,0,0,,,, , 0000 0 00 0 000000 0 00000 0 mmmmmmm m NN N NNNN N
BEYONDIE IRON PROJECT
E 52/2215E 52/2215E 52/2215E 52/2215 Date:9/12/2010 Wonthaggi Prospect
Beyondie
Project
Drilling Activity Map
0 1.000 Office: West Perth
kilometers
Scale: 1:300,000 Projection: MGA Zone 50 (GDA 94)
Scale: 1:50,000
000 mE000 mE784,000 mE784784mEmE0 0000,0448877 E mEmE0 0 0 0 0 0 ,00044 4, 88 8 77 7m ,,,, 000 mE000 mE786,000 mE786786mEmE0 0000,0668877 E mEmE0 0 0 0 0 0 ,00066 6, 88 8 77 7m ,,,, 000 mE000 mE788,000 mE788788mEmE0 0000,0888877 E mEmE0 0 0 0 0 0 ,00088 8, 88 8 77 7m ,,,, 000 mE000 mE790,000 mE790790mEmE0 0000,0009977 E mEmE0 0 0 0 0 0 ,00000 0, 99 9 77 7m ,,,, 000 mE000 mE792,000 mE792792mEmE0 0000,0229977 E mEmE0 0 0 0 0 0 ,00022 2, 99 9 77 7m ,,,, 000 mE000 mE794,000 mE794794mEmE0 0000,0449977 E mEmE0 0 0 0 0 0 ,00044 4, 99 9 77 7m ,,,, 000 mE000 mE796,000 mE796796mEmE0 0000,0669977 E mEmE0 0 0 0 0 0 ,00066 6, 99 9 77 7m ,,,,
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7777777 7 ,, , ,2,2222,2,2 ,2 44 4 4444 4 4,4,4,4444 4 ,,00 0 ,, , 0000 0 0000000 0 00 0 0 0 0 0 0 mm m mNmNmNmN mN NNN
7777777 7 ,, , ,2,2222,2,2 ,2 44 4 4444 4 2,2,2,2222 2 ,,00 0 ,, , 0000 0 0000000 0 00 0 0 0 0 0 0 mm m mNmNmNmN mN NNN
7777777 7 ,, , ,2,2222,2,2 ,2 44 4 4444 4 0,0,0,0000 0 ,,00 0 ,, , 0000 0 0000000 0 00 0 0 0 0 0 0 mm m mNmNmNmN mN NNN
561 MTonne561 MTonne561 MTonne561 MTonne
Inferred MagnetiteInferred MagnetiteInferred MagnetiteInferred Magnetite
Resource BoundaryResource BoundaryResource BoundaryResource Boundary
E 52/1806E 52/1806E 52/1806E 52/1806
7777777 7 ,, , ,2,2222,2,2 ,2 33 3 3333 3 8,8,8,8888 8 ,,00 0 ,, , 0000 0 0000000 0 00 0 0 0 0 0 0 mm m mNmNmNmN mN NNN
Near Surface Hematite Exploration Hole
Emergent Resources
Magnetite Holes
BEYONDIE IRON PROJECT
Track
Date:9/12/2010 Bungarra Prospect
Beyondie
Natural Gas Pipeline Project
Drilling Activity Map
7777777 7 ,, , ,2,2222,2,2 ,2 33 3 3333 3 6,6,6,6666 6 ,,00 0 ,, , 0000 0 0000000 0 00 0 0 0 0 0 0 0 mm m mNmNmNmN mN NNN 1.000 Office: West Perth
Tenement
kilometers
Scale: 1:300,000 Projection: MGA Zone 50 (GDA 94)
Scale: 1:50,000
Marymia RoadMarymia RoadMarymia RoadMarymia Road
Natural Gas PipelineNatural Gas PipelineNatural Gas PipelineNatural Gas Pipeline
766,000 mE766,000 mE766,000 mEE000 mE000667667E E 0 mE0 0 0000 00 6 6 6 6 7667 7 mm m ,,,, , 768,000 mE768,000 mE768,000 mEE000 mE000867687E E 0 mE0 0 0000 00 8 8 6 6 7687 7 mm m ,,,, , 770,000 mE770,000 mE770,000 mEE000 mE000077077E E 0 mE0 0 0000 00 0 0 7707 7 7 7 mm m ,,,, , 772,000 mE772,000 mE772,000 mEE000 mE000277277E E 0 mE0 0 0000 00 2 2 7727 7 7 7 mm m ,,,, , 774,000 mE774,000 mE774,000 mEE000 mE000477477E E 0 mE0 0 0000 00 4 4 7747 7 7 7 mm m ,,,, , 776,000 mE776,000 mE776,000 mEE000 mE000677677E E 0 mE0 0 0000 00 6 6 7767 7 7 7 mm m ,,,, ,
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