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Porgera Sale Completion and Capital Return Update

Friday, August 17th, 2007

Emperor Mines Limited has reported the completion of the sale of the Company’s 20% interest in the Porgera Joint
Venture to Barrick Gold Corporation for a cash consideration of US$255 million.

Emperor Mines Chief Executive Officer, Brad Gordon, said that the completion of the sale meant that Emperor had now paid out its debt facilities in full, and was well placed to pursue growth opportunities.

“As of today, the Company has retired all of its debt facilities, and has, as previously announced, closed out all
forward gold hedging, leaving the company debt and hedge free and with free cash in excess of A$125 million.”

“Our significant net cash position following the completion of this transaction provides us with considerable flexibility in harnessing growth options and to pursue select opportunities identified over recent months,” Mr
Gordon said.

The completion of the Porgera transaction allows Emperor to now undertake a proposed capital return to
shareholders of 5c for every ordinary share held, which was approved by shareholders at a General Meeting
conducted on 30 July. Subsequent to the completion of the Capital Return, the Company anticipates holding a net
cash position in excess of A$70 million

The Capital Return was subject to the following conditions:

• Shareholder approval; and

• completion of the sale of Emperor’s 20% interest in the Porgera Joint Venture in Papua New Guinea.

Following completion of the Porgera transaction, the conditions for the Capital Return are now fully satisfied.

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