FENIX RESOURCES LTD — Capital/Financing Update 2011

Feb 8, 2011

ASX/MEDIA RELEASE

9th February 2011

FIELD EXPLORATION ACTIVITIES COMMENCE ON EMERGENT’S GLENGARRY BASE METALS AND URANIUM PROJECTS IN WESTERN AUSTRALIA

Key points:

• 2011 field season has commenced, with MMI soil geochemistry surveys to be completed at several prospects.

• Testing of priority base metal and uranium exploration targets, identified in a collaborative study with the CSIRO’s Minerals and Environmental Sensing Group.

• Drilling of validated targets within the project group expected to commence Q2 2011.

Diversified exploration and development company, Emergent Resources Limited (ASX:EMG, “Emergent” or “the Company” ) is pleased to announce the commencement of its 2011 exploration field season at its Glengarry Projects, near Wiluna in Western Australia. The Company will use Mobile Metal Ion (MMI) soil geochemistry to test priority base metal and uranium exploration targets identified in a collaborative study with the CSIRO’s Minerals and Environmental Sensing Group. The targets are concentrated in the Mount Bartle area, adjacent to the Magellan Lead Deposit, owned by international base metals miner, Ivernia Inc. An MMI soil geochemical survey will also be completed at the Company’s Diamond Well Project.

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TECHNICAL DETAILS

Mt Bartle and Diamond Well

The initial MMI[1] survey involves the collection of 1500 soil samples (including standards and duplicates) on 5 separate 200 x 200 m grids. Each grid lies over a specific target, which includes redox and pH‐driven uranium mineralisation and several spot occurrences of alunite, which is possibly associated with base metal mineralisation. The targets were identified in a collaborative study between the Company and the CSIRO’s Minerals and Environmental Sensing Group. The CSIRO was tasked with using the Company’s hyperspectral imagery to produce and interpret a series of mineral maps (which highlight the mineralised fluid migration pathways from source rocks to depositional sites). The mineral maps were subsequently overlain over the lithostructural framework (the structures which promote and/or arrest fluid migration) established by Emergent, which was used to prioritise targets.

The aim of the survey is to identify areas that are geochemically anomalous in the target commodities which are base metals, uranium and gold. Areas showing a concentration of “anomalous” and “highly anomalous” samples, are categorised as highly prospective and form priority areas for further exploration including infill sampling, geophysics and drilling.

MMI soil geochemistry surveys will be completed at Mt Bartle and Diamond Well.

NEXT STEPS

At Mount Bartle and Diamond Well, detailed analysis of all MMI soil geochemistry results will be undertaken once all assays are received to define areas for drilling.

It is anticipated that drilling of validated targets will commence in Q2 2011.

END

1 MMI geochemistry is a cost effective surface exploration tool. MMI measures mobile metal ions in surface soils. These mobile metal ions are released from ore bodies and travel upward toward the surface. Using sophisticated chemical processes and instrumentation, MMI is able to measure these ions, in surface soils, to accurately determine where buried mineralisation is located.

For further information please contact:

Nathan Lude Chief Executive Officer Emergent Resources Limited Tel: (+61) 8 94816600 E: admin@emergentresources.com.au

Wolfgang Fischer Executive Chairman

Website: www.emergentresources.com.au

Media contact:

David Brook Professional Public Relations Tel: (+61) 8 9388 0944 E: david.brook@ppr.com.au

About Emergent Resources:

Emergent Resources Limited (ASX: EMG) is a multi‐commodity exploration and development company which listed on the Australian Stock Exchange in August 2008. Emergent has secured over 4500 square kilometres of highly prospective acreage in Western Australia, including the Company’s prospective flagship Beyondie Iron Project, with an undeveloped JORC Inferred Magnetite Resource of 561 million tonnes at 27.5% Fe. The Company has significant potential to increase the resource base as it explores more than 60 kilometres of available strike in the magnetite‐bearing unit.

The Yerrida Basin, which forms a part of the Capricorn Orogen, hosts the Company’s Glengarry Project. Emergent is quickly establishing new Base Metal and Uranium targets in this under‐explored region of Western Australia near Wiluna. Sandfire’s Doolgunna Copper‐Gold Project lies within this important orogenic domain. The Company’s Mt Bartle Project lies adjacent to the world largest pure lead mine, Ivernia Inc’s, Magellan Lead Mine.

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.