Acquisition and option over Uranium concentrates

For immediate release: 12 November 2010

                            Emerging Metals Limited                            

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

               Acquisition and option over Uranium concentrates                

Emerging Metals Limited (AIM: EML), the mining company focused on minor and
emerging metals, is pleased to announce that it has contracted for the physical
delivery of 25,000lbs triuranium octocide ("U3O8") and has entered into an
option agreement for the physical delivery of a further 200,000lbs U3O8.

The contracts are in line with the Company's investing policy approved by
shareholders at its meeting of shareholders on 16 April 2010 which encompasses
exposure to Investment Metals including but not limited to the acquisition of
physical quantities of Investment Metals commodities.

The physical delivery contract is priced at US$58.00 for each and every pound
of U3O8 delivered and is in respect of 25,000lbs U3O8. Delivery to a conversion
facility in Canada is due on 17 January 2011 with cash payment (equivalent to £
898,723 at £/$ 1.6134) by no later than 18 January 2011.

The option contract is in respect of 200,000lbs U3O8 for physical delivery by
book transfer at a designated facility and expires on 31 January 2011. An
option premium of US$500,000 (equivalent to £309,905 at £/$ 1.6134) is payable
on 17 November 2010 and the additional option strike price is US$59.00 per
pound U3O8, or a total US$11,800,000 (equivalent to £7,313,747 at £/$ 1.6134).

Stephen Dattels, Emerging Metals Co Chairman commented:

"Uranium pricing prospects remain strong. The ability for the Company to invest
in physical quantities of investment metals as well as mining projects gives us
the flexibility to capitalise on shorter term pricing movements with the
objective of generating meaningful returns to shareholders. Whilst cash
available for investments remains strong, we are confident this first physical
commodity investment will rapidly demonstrate the value of our broader
investing policy to shareholders."

                                  -- Ends --                                   

Contact details

  Emerging Metals    Religare Capital   Fox-Davies Capital          GTH        
      Limited             Markets             Limited                          
                                                              Communications   
                                                                               
Denham Eke                 Peter         Daniel Fox-Davies       Toby Hall     
                      Trevelyan-Clark                                          
                                                             Christian Pickel  
                       Emily Staples                                           
                                                                               
[phone]   [phone]     [phone]     [phone]  
                           0800                5200                3900