Disposal and Change of Name of Nominated Adviser

For Immediate Release

                            EMERGING METALS LIMITED                            

                           ("EML" or the "Company")                            

                                   Disposal                                    

                      Change of name of nominated adviser                      

The Company is pleased to announce that it has disposed of 50% of its entire
holding of 17,835,294 shares in Kalahari Minerals plc ("KAH Shares") at a price
of 185p per KAH Share and furthermore has entered in to an agreement, subject
only to shareholders consent, to dispose of the remaining 50% of its holding at
a price of 185p per KAH Share. The gross proceeds of the sale of the entire
holding 17,835,294 KAH shares will be £32,995,293.90.

The first tranche of 8,917,647 KAH Shares (being 50% of EML's holding) was
unconditionally sold on 25 March 2010 for a gross cash consideration of £
16,497,646.95 ("Tranche 1") to Nippon Uranium Resources (Australia) Proprietary
Limited, a wholly owned subsidiary of Itochu Corporation for settlement on 1
April 2010.

Under an agreement with Nippon Uranium Resources (Australia) Proprietary
Limited dated 25 March 2010 the Company has agreed terms for the disposal of
the second tranche of 8,917,647 KAH Shares (being the entire balance of EML's
holding) for a gross cash consideration of £16,497,646.95 ("Tranche 2") is
subject to EML shareholder approval at a general meeting of the Company which
is expected to be convened for Friday 16th April 2010 (the "General Meeting")
and will, if approved, be completed within six business days thereafter and in
any event no later than 4 May 2010.

The total gross consideration for Tranches 1 and 2 combined will be £
32,995,293.90 and after associated and direct costs the directors believe that
the total net consideration will be in excess of £32,250,000. Subject to
completion of the sale of both Tranches 1 and 2 the Company intends to
distribute approximately 50% of the net proceeds of the Transaction to
shareholders by way of a special dividend. The Directors anticipate that such
special dividend will be in the region of 4.4 to 4.8 pence per EML share.

Under Aim Rule 15, following the disposal of both Tranches 1 and 2 the Company
will be considered an investing company. A new investing strategy will be put
to shareholders for approval at the General Meeting and the balance of the net
sale proceeds will be applied in accordance with that strategy. The Company
will have a period of twelve months from the date of the General Meeting to
implement such strategy to the satisfaction of AIM.

Further details of the proposed investing strategy and other matters relating
to the transaction will be contained in the notice of general meeting to be
distributed by the Company within seven days of this announcement.

Kalahari Minerals plc 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.

The closing mid market price per KAH share on 25 March 2010 was 181p valuing
EML's total holding of KAH shares at £32,281,882.

Change of name of nominated adviser

The Company's nominated adviser has changed its name from Blomfield Corporate
Finance Limited to Religare Capital Markets (UK) Limited, trading as Religare
Capital Markets.

ENQUIRIES:

Emerging Metals    Religare Capital    Fox-Davies Capital GTH Communications   
Limited            Markets                                Limited              
                                       Daniel Fox-Davies                       
Denham Eke         Toby Howell                            Toby Hall            
                                       [phone]                         
+44 (0) 1624       Peter               5200               [phone] 
639396             Trevelyan-Clark                                             
                                                                               
                   [phone]                                             
                   0800