Emergent Resources Limited (ASX:EMG) Completes Phase III Drill Program At Beyondie Iron Project

Perth, Oct 23, 2009 AEST (ABN Newswire) - Emergent Resources Limited (ASX:EMG) is pleased to announce that it has completed its Phase III, resource expansion drill program at the Beyondie Magnetite Project in Western Australia's mid-west Iron Ore region.

Emergent has now completed three drill programs at the Beyondie Iron Project, since listing on the ASX in August last year, achieving the substantial total of 14,311 metres across 116 holes.

Based on the recent drilling the Company now looks forward to announcing a significant JORC resource upgrade at the project in the near future.

The Phase III drill program comprised 39 Reverse Circulation drill holes for 7,964 metres bringing the RC total to 11,405 metres and 14 Diamond drill holes for 2,906 metres over a 12km segment of the known 60km total strike length at the Beyondie Project. The program was designed to confirm earlier strong thickness and continuity of the wide Beyondie Magnetite Schist (BMS) and to provide high quality metallurgical and engineering samples for testwork and upgrade the Inferred Resource.

Half of the results have now been received (from 28 of the 56 RC holes; BDC048 to BDC075 inclusive totalling 4,789 metres (roughly 50%), and highlights of the latest intersections show consistency of grade for the envisaged bulk mining operation:

Significant Results------------------------------------------------------Hole_ID  From   To  Interval   Grade    Intercept------------------------------------------------------BDC065     0    135      135   27.63  135m @ 27.63% FeBDC066    60    199      139   27.65  139m @ 27.65% FeBDC072    38    151      113   27.55  113m @ 27.55% FeBDC 70     0    109      109   26.90  109m @ 27.81% FeBDC061    72    159       87   27.85   87m @ 27.85% FeBDC056    86    161       75   28.01   75m @ 28.01% Fe------------------------------------------------------

The reported results predominantly infill the existing resource at Beyondie, and also include extra results for strike and depth extensions to the resource.

Drilling at the project has continued to intersect wide, consistent bands of magnetite-bearing BMS with widths locally exceeding 150 metres. Significantly, the thickest intersections drilled to date lie outside the previously drilled areas used to define the maiden resource. The intersections confirm the continuity of the mineralisation and the potential for the project to host large tonnages of mineralization.

Emergent Managing Director Garry Hemming said: "The latest results demonstrate further proof of the potential for the Beyondie Magnetite Project to be developed into a world class iron magnetite deposit."

"We continue to be encouraged by drilling results from Beyondie which have been designed to define and extend the extent of mineralisation at the project and we look forward to being able to announce a major resource update in the near future," Mr Hemming said.

Further Recent Advances

The Company announced last week that that Chinese State Owned Enterprise China Metallurgical Investment Co Ltd (CMIC) has successfully completed its Due Diligence on its proposed A$200 million Development Joint Venture with Emergent for the Beyondie Project.

The Company is meeting with CMIC in Beijing to further the formal contract process to establish the Beyondie Development Joint Venture, which provides for a 50:50 Joint Venture, A$200 million funding by CMIC, and a placement of shares and options to CMIC to raise around $5 million and give CMIC an approximate 15% holding in Emergent.

Contact

Garry Hemming Managing Director Emergent Resources Mob: +61-419-835-757 Email: ghem@westnet.com.au Website: www.emergentresources.com.au