FENIX RESOURCES LTD — Capital/Financing Update 2011

Mar 27, 2011

ASX/MEDIA RELEASE

28[th] March, 2011

GOLD POTENTIAL IDENTIFIED AT EMERGENT RESOURCES’ BEYONDIE PROJECT

KEY POINTS

• Significant gold potential lies in the eastern parts of Emergent’s Beyondie tenure.

• Emergent directly controls 21 km of the rich Plutonic Well Greenstone Belt through two 100% owned tenements.

• Numerous 2+ g/t gold intercepts in historical drilling never previously followed up.

• Shallow covers have masked much of the prospective geology.

Diversified explorer Emergent Resources Limited (ASX: EMG) (“Emergent” or the “Company”) advises that the Company has identified significant gold exploration potential in the extensions of the rich Plutonic Well Greenstone Belt that lie in the eastern parts of the Company’s Beyondie tenure in Western Australia. The Company controls a 21 km length, or approximately 25%, of the Plutonic Well Greenstone Belt, which has produced some 5 Moz’s of gold since the 1990’s and hosts Barrick Gold Corporations’ Plutonic deposit along with Dampier Gold’s Marymia Gold Deposit. Emergent identified the gold potential within its Beyondie leases as part of a detailed geological assessment of its current asset portfolio. This forms part of Emergent’s strategy of unlocking value in the tenements the company currently holds.

Emergent CEO, Nathan Lude, said “Gold at Beyondie adds exciting potential to Emergent’s diversified portfolio of assets and could add significant shareholder value. While Emergent remains focussed on the development of its flagship Beyondie Iron Project, this new gold opportunity provides a further attractive project that can be readily developed in tandem with the Company’s adjacent Beyondie Iron Project”.

Historical drilling has generated highly encouraging results with many holes not exceeding 60m, leaving a lot of unfinished business in the ground,” he added.

The Company is advancing with its review of the historical data and following interpretation, additional drilling will be planned.

We look forward to keeping the market informed of future progression.

Gold at Beyondie

The northeast-trending Plutonic Well Greenstone Belt (Plutonic Belt) is the sixth largest gold region in Western Australia. The gold resources identified are at least 7 Moz’s, sourced from over 50 gold deposits of various sizes and grades belonging to the Marymia and Plutonic Gold mines.

The 21 km extension to the Plutonic Belt, northeast of the Marymia gold deposit, is covered by two 100% Emergent exploration licences 52/2474 and 52/2559. Unlike southern parts of the Plutonic Belt, this northern extension has not been subject to any systematic or modern exploration since the early 1990’s.

Emergent has identified several noteworthy, shallow gold intersections within its tenure during its compilation of historical drilling results, including:

3m @ 10 g/t Au from 13m vertical in MRB95 2m @ 5.77 g/t Au from 32m in MRB655 2m @ 34.09 g/t Au from 46m in MRC532 16m @ 1.48 g/t Au from 48m in MRC565 9m @ 12.23 g/t Au from 11m in MRC54 2m @ 5.66 g/t Au from 58m in MRB126 4m @ 1.34 g/t Au from 48m in MRB691 2m @ 3.92 g/t Au from 48m vertical in MRC241 2m @ 1.72 g/t Au from 86m in MRC593 6m @ 5.07 g/t Au from 16m in MRC19 3m @ 7.4 g/t Au from 45m in MRB577 4m @ 1.5 g/t Au from 8m in MRC18 6m @ 2.96 g/t Au from 79m in MRC588

The intercepts are described as supergene gold enrichment in saprolite. Importantly, primary sources have yet to be identified for these intersected gold occurrences and Emergent is eager to progress these potential opportunities. The drilling, completed by Great Central Mines in 1991 just prior to the company refocusing its efforts on diamond exploration, targeted shallow oxide resources, with very little drilling exceeding a vertical depth of 60 m.

Much of the greenstone belt in the northern extension lies under sand cover or shallow sediments associated with the Bangemall Basin. Outcrop of the underlying greenstone is limited. Consequently, historic exploration in the area has been largely inadequate and has left gold targets untested with significant scope to explore using modern exploration techniques and an integrated multidisciplinary approach.

Geological Assessment of the Plutonic Well Greenstone Belt

The Beyondie Iron Project tenements cover parts of the Archaean-aged Plutonic Belt of the Marymia Inlier. The northeast trending Plutonic Belt extends over an 80 km strike-length and is up to 10 km in width. The belt is sub-divided into two volcano-sedimentary sequences, consisting of mafic and ultramafic units which are overlain by predominantly felsic volcaniclastic and sedimentary rocks. These units have been subjected to greenschist and amphibolite facies metamorphism, deformed by polyphase folding, shearing, faulting and intruded by felsic porphyry and granitoid bodies. This has resulted in a strong northeast trending fabric which is paralleled by multiple low-angle thrust faults which occur throughout the belt and are intimately associated with the known gold mineralisation.

The gold mineralisation within the project area is predominantly structurally controlled, occurs in a variety of stratigraphic settings, mainly associated with replacement-style lodes and stockwork quartz veining within a wide variety of host rocks ranging from ultramafic and mafic volcanic rocks, metasediments, felsic intrusives, volcaniclastic units and banded iron formations (“BIF”).

ENDS

For further information please contact:

Nathan Lude Chief Executive Officer

Wolfgang Fischer Executive Chairman

Emergent Resources Limited PH: +61 8 9380 9122 E: admin@emergentresources.com.au Website: www.emergentresources.com.au

MEDIA:

David Brook Professional Public Relations +61 8 9388 0944 Em: david.brook@ppr.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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----- Start of picture text ----- MRC5886m @ 2.96 g/t Aufrom79mMRB0577MRC5933m @ 7.4 g/t Au2m @ 1.72 g/t Au From 45mFrom 86mMRC018 MRC0194m @ 1.5 g/t Au 6m @ 5.07 g/t AuFrom 8m From 16mE52/2474E52/2559MRB00953m @ 10 g/t AuFrom 13m verticalMRC054 MRB06559m @ 12.23 g/t Au 2m @ 5.77 g/t AuFrom 11m From 32mMRB0126MRC532 2m @ 5.66 g/t Au2m @ 34.09 g/t Au From 58mFrom 46m verticalMRB06914m @ 1.34 g/t AuMRC565 From 48m16m @ 1.48 g/t AuFrom 48m vertical----- End of picture text -----