Emergent Resources Limited (ASX:EMG) Quarterly Report For The Period Ending 30 September 2009

Perth, Nov 2, 2009 AEST (ABN Newswire) - Emergent Resources Limited (ASX:EMG) continued to carry out a high level of exploration work. At Beyondie, the flagship project, the company commenced its 3rd phase of exploration drilling. The program was designed to lift the resource base at the Beyondie Project to 1 Billion tonnes. The program drilled 69 holes for 12,109 metres, over 12km segment of the known 60km total strike length, and was completed post the Quarter, on 23 October 2009. The company's diamond drill programme remains ongoing.

The Company also acquired three new exploration tenements adjacent to the Beyondie Project. These provide an additional 15 km of continuous strike to the prospective Beyondie Magnetite Schist, bringing the covered total strike length to 60km.
A comprehensive revision of the internal Business Plan for the project was prepared in conjunction with independent engineering firms, ProMet Engineers Pty Ltd and MSP Engineering Pty Ltd, to assist with scheduling the development program. It covered all aspects of mining, metallurgy, environment, hydrology, as well as process and engineering aspects and transport options. Rockwater Pty Ltd and EnviroWorks Consulting were retained to respectively assist with the hydrology and environmental studies.

A non-binding MOU was signed with China Metallurgical Investment Co Ltd (CMIC) on 3 July 2009 for the development of the Beyondie Iron Project, which includes a 50:50 Development JV and provision of A$200m funding at the project, and a A$4.9m placement to CMIC. Subsequent to the Quarter, CMIC successfully completed due diligence and signed a binding Subscription and Option Agreement to proceed with the previously announced share and option placement in Emergent and a A$200m Development JV with EMG for the Beyondie Project (refer ASX announcements on 15 and 28 October 2009).

The company's base metal projects at Glengarry, near Wiluna, were advanced with completion of a collaborative targeting study between the CSIRO, geophysical consulting firm Resource Potentials Pty Ltd, and Emergent. Commitment to field testing of targets will commence once target prioritization is finalized.

JOINT VENTURE WITH CMIC TO DEVELOP BEYONDIE PROJECT

On 3 July 2009, the Company entered into a non-binding MOU with Chinese State Owned Enterprise (SOE) China Metallurgical Investment Co Ltd (CMIC) for the development of the Beyondie Iron Project. The MOU includes a 50:50 Development JV and provision of AUD$200m funding at the project, and a A$4.9m placement to CMIC. Subsequently CMIC successfully completed its due diligence and a binding A$200m Development JV with Emergent for the Beyondie Project was announced on 28 October 2009.

CORPORATE

The Company successfully completed a placement of 6.3 million shares to professional and sophisticated investors in Australia at a placement price of A$0.40, to raise A$2.52 million. For every two shares placed the Company issued an attaching option exercisable by payment of 20 cents each on or before 30 September 2010.

For the complete Emergent Resources Quarterly Report for the period ending 30 September 2009, please click the link below:

http://www.abnnewswire.net/media/en/docs/61681-ASX-EMG-467223.pdf

Contact

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