Acquisition of significant interest in Kalahari Minerals

    For immediate release: 0700hrs 10 December 2008

                            Emerging Metals Limited                            

                 ("EML", "Emerging Metals" or "the Company")

         Acquisition of significant interest in Kalahari Minerals Plc          

The Directors of Emerging Metals Limited (AIM: EML), the mining company focused
on minor and emerging metals, are pleased to announce that under the terms of a
conditional placing agreement ("the Placing") dated 09 December 2008 the
Company has subscribed for 6,250,000 new ordinary shares in Kalahari Minerals
Plc ("Kalahari Minerals") at a price of 32 pence per share ("the
Subscription"). The Placing, which was announced yesterday by Kalahari
Minerals, was for a total of 12,353,125 new ordinary shares in Kalahari
("Placing Shares"), under the terms of the Placing the Subscription is
conditional on the admission of the Placing Shares to trading on AIM.

In addition the Company had previously made on-market purchases of 4,995,000
ordinary shares in Kalahari Minerals ("Kalahari Ordinary Shares") at an average
price of 38.8 pence per Kalahari Ordinary Share representing approximately 2.99
per cent of Kalahari's existing share capital prior to the Placing.

On admission of the Placing Shares to trading on AIM Emerging Metals will own a
total of 11,245,000 Kalahari Ordinary Shares representing approximately 6.28
per cent of the enlarged issued share capital of Kalahari Minerals.

The total cost of the on-market purchases was £1,939,387.87, including
commissions, and the cost of the Subscription was £2,000,000 giving a total
investment cost of £3,939,387.87, all of which is being funded from the
Company's existing cash balances. Following these transactions, the Company
will have remaining cash resources of approximately £7.3 million equivalent.

The Directors of Emerging Metals believe that the acquisition of a substantial
stake in Kalahari Minerals provides Emerging Metals with exposure to a world
class uranium deposit in Namibia and a further diversification of its exposure
to the class of minor and emerging metals. Namibia is already a well
established uranium producer with a reputation for a positive approach to the
development of mining projects.

Information on Kalahari Minerals

Kalahari Minerals is an AIM traded exploration and development company whose
principal asset is a 39.1 per cent interest in Extract Resources Limited
("Extract Resources"), an ASX listed uranium exploration and development
company with significant uranium assets in Namibia, namely the Husab uranium
project comprising the Rossing South, Ida Dome and Hildenhof deposits. Recent
exploration results reinforce the Company's belief that the area has the strong
potential to host an economic uranium deposit. Kalahari Minerals' two largest
shareholders (prior to the Placing) were Niger Uranium Ltd. (16.7%) and Rio
Tinto International Holdings Australia Pty. Ltd. (14.9%). For more information
on Kalahari Minerals or Extract Resources, visit www.kalahari-minerals.com or 
www.extractresources.com, respectively.

Kalahari Minerals reported an audited gain before taxation of £7,559,000 in its
year ended 31 December 2007, which included a profit of £12,047,000 in respect
of its share of profits from associates. In the six months ended 30 June 2008,
Kalahari Minerals reported an un-audited loss before taxation of £3,481,000.
Audited total shareholders' equity as at 31 December 2007 amounted to £
15,599,000 and as at 30 June 2008 amounted to an unaudited £33,324,000. The
acquisition is not expected to have a material impact on Emerging Metals'
earnings in the current year.

On 25 November 2008, Extract Resources announced extensions to the known strike
length of both Zone 1 and Zone 2 of Rossing South. Further, the continued
return of significant widths of high grade uraniferous alaskite confirm that
the initial Rossing South, Zone 1 resource is expected to be close to the upper
range of the 57.3 to 92.5 M lb U3O8 exploration target as announced by Extract
Resource on 30 July 2008.

Zone 1 update

Downhole spectrometer results from Zone 1 reported on 25 November 2008 were as
follows:

Hole ID       From    To        Mineralised zones   
                                                    
               (m)    (m)            (eU3O8)        
                                                    
RRC126          30    150         120m @    1042 ppm
                                                    
RRC127          32    176         144m @     339 ppm
                                                    
RRC129          53    111          58m @     514 ppm
                                                    
RRC132          53    178         125m @     416 ppm
                                                    
RRC150          50    139          89m @     600 ppm
                                                    
RRC153          39    143         104m @     394 ppm
                                                    
RRC173          34    211         177m @     370 ppm

Ongoing RC and diamond drilling continue to intersect multiple zones of
strongly mineralised alaskite and sediment, along the entire strike length of
Zone 1. Additional holes are planned to test the limits of this massive system,
now defined over a strike length in excess of 2.4 kilometres and still open to
the south and east.

All drilling completed on Zone 1, up to end November 2008, will be incorporated
in an initial Mineral Resource estimate following JORC Code guidelines. This
resource remains on track for completion in January 2009.

Six rigs will continue to operate on site until the Christmas break.

Zone 2 update

One RC rig has recommenced drilling on Zone 2 and confirmed the presence of
anomalous uranium mineralisation 400 metres south of the previously defined
southern strike extent. The strike extent of Zone 2 has now been increased to
1.7 kilometres with mineralisation open along strike and at depth.

Two core holes have recently been completed at Zone 2; these confirm the
geological model and both have intersected strong zones of uranium
mineralisation, indicated by hand held spectrometer surveys and visual
indicators such as biotite clusters and smoky quartz. Intensive resource
definition drilling, on a 100 x 100 metre spacing, will commence on Zone 2 in
2009 with an initial resource anticipated in July/August 2009.

Mitch Alland, Chief Executive Officer of Emerging Metals said:

"Emerging Metals continues its strategy of acquiring exposure to a high quality
portfolio of minor and emerging metals. The acquisition of this interest in
Kalahari Minerals gives Emerging Metals exposure to a world class uranium
resource, an emerging metal with a very favourable supply-demand outlook. It
also leverages on Emerging Metals existing platform and operations at Tsumeb in
Namibia. "

- Ends -

Contact details

  Emerging Metals   Blomfield Corporate Fox-Davies Capital          GTH        
      Limited         Finance Limited         Limited                          
                                                              Communications   
                                                                               
   Mitch Alland         Toby Howell      Daniel Fox-Davies       Toby Hall     
                                                                               
                           Peter                                               
                      Trevelyan-Clark                                          
                                                                               
[phone]   [phone]     [phone]     [phone]  
                           4500                5200                8035        



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