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FENIX RESOURCES LTD Capital/Financing Update 2010

Mar 15, 2010

64910_rns_2010-03-15_1d711e8d-0fef-473b-bf29-86e14712c43f.pdf

Capital/Financing Update

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ASX/MEDIA RELEASE 16 March 2010

ASX Codes: EMG, EMGO

VARIATION TO AGREEMENT TO PURCHASE DE GREY’S INTEREST IN THE BEYONDIE IRON PROJECT

On 6 October 2009, Emergent Resources Limited (‘Emergent’) announced the acquisition by agreement with De Grey Mining Limited (‘De Grey’) to acquire 100% ownership of the Beyondie Magnetite Iron Project through the purchase of De Grey’s right to a 20% free carried interest in the project. The Agreement is conditional on China Metallurgical Investment Co Ltd (CMIC) investment under Emergent’s proposed Development Joint Venture with CMIC for the development of the Beyondie Project, being approved by the Australian Foreign Investment Review Board.

Emergent and De Grey have agreed to extend the date for completion of the acquisition to 30 April 2010.

ENDS

For further information please contact:

Garry Hemming Managing Director Emergent Resources Mob: 0419 835 757 E: [email protected] Website: www.emergentresources.com.au

James Moses Media and Investor Relations Mandate Corporate Mob: 0420 991 574