FENIX RESOURCES LTD — Capital/Financing Update 2010

Mar 11, 2010

==> picture [425 x 95] intentionally omitted <==

ASX/MEDIA RELEASE

12 March 2010

ASX Codes: EMG, EMGO

Waiver Request – Listing Rule 14.7

Emergent Resources Limited (ASX: EMG) (Emergent) has applied to ASX for a waiver of Listing Rule 14.7 to allow Emergent to issue securities approved in general meeting on 11 December 2009 beyond the 3 month timeframe required by the Listing Rules.

The deadline for the issue of securities under the Listing Rules was 11 March 2010. The securities have not been issued because the conditions of issue have not yet been fully satisfied. The Board believes that the conditions described in the notice of meeting will be satisfied and the securities issued by 30 April 2010.

If ASX rejects the waiver application the Company will seek shareholder approval in general meeting a second time, once all the conditions of issue have been satisfied.

The Company advises that the required documents from CMIC, is currently in the process of being finalized. The target completion date for this documentation is 30 April. The conditions precedent for the completion of the subscription agreement for the placement of shares to CMIC is EMG Shareholder approval and approval of the FIRB application which has been lodged with, and is presently under consideration by FIRB.

ENDS

For further information please contact:

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

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

1