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Emperor Mines Limited

Monday, July 30th, 2007

Emperor Mines Limited release its Quarterly activity report for the three months ended June 30 2007, which shows that while the company has had a tumultuous year, results from the turnaround program at Tolukuma are starting to show significant improvements.
Following the sale of the Company’s Fiji assets in March, and the announcement in April that the Company had agreed to sell its 20% stake in the Porgera Joint Venture, total group production from the Quarter was derived solely from the Tolukuma mine in Papua New Guinea.
During the Quarter the mine milled 49,516 tonnes of ore (up from 47,455 tonnes in the previous Quarter) at a head grade of 7.54g/t, producing 10,561oz of gold at a cash cost of US$807/oz.
This represents a 10% increase in gold produced over the previous Quarter result, due largely to an increase of 21% in grade in milled material. Costs have also declined significantly, decreasing by 17% over the Quarter from an adjusted figure of US$975/oz to US$807/oz.
The Quarterly statement also reported that Emperor’s exploratory drilling of the near-mine Zine structure from both surface and underground has again returned a range of very positive results.
The most encouraging data was returned from hole ZN093, where a bonanza grade intersection was recorded of 1.66m @ 204.08g/tAu and 63.2g/tAg.
Good results were also returned from hole ZN094, which intersected the Zine structure approximately 70m above hole ZN093, and 30m below current development drives, and returned 1.66m @ 63.58g/tAu and 257.3g/tAg.
Emperor Mines Chief Executive Officer, Brad Gordon, said that the Quarter results, while reflecting the significant changes to the Company’s arising from the divestment of Vatukoula and Porgera, also showed that Tolukuma had started to turn the corner after major operational changes and capital investment during the past year.
“These figures show that the significant effort and resources we have put into Tolukuma are starting to have an effect – the mine is safer and more productive than it has been for some time, with production for the month of June totalling more than 5,000oz – almost double the production of previous months, and at a Cash Cost of approximately US$630/oz, far lower than in recent months” he said.
“Tolukuma is starting to turn the corner, and I am confident that it will continue to reach and exceed production targets for the Quarter to come,” Mr Gordon said.

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