Emperor Minerals to change name to Emperor Oil Aug. 24

Vancouver, B.C., August 23, 2012 - Effective Aug. 24, 2012, Emperor Minerals Ltd.'s name will change to Emperor Oil Ltd.

At the opening of trading on the TSX Venture Exchange on Friday, August 24, 2012, the Company will commence trading under its new name and the trading symbol for the Company will remain as "EM". The new CUSIP number will be 29159B103 and the new ISIN number will be CA29159B1031. The share capital of the Company remains unchanged.

The Company is currently in negotiations regarding the acquisition of oil and gas assets in the Republic of Sudan. The Company will provide further update upon conclusion of the negotiations. There can be no assurance that negotiations will lead to a definitive agreement.

The Company also announces that it is hiring consultant Eric Schjelderup. Mr. Schjelderup has 27 years of International Merchant banking experience. He has raised funds for several mega projects in the Sudan and China and has taken numerous US companies through the IPO process (Jewett Cameron Trading Company, United Collision Centers of America, Amtronics Inc.); primarily listing in Canada. Most recently Mr. Schjelderup was Senior Advisor for Primeline Energy Corporation (an Oil and Gas company with significant assets in the East China Sea) helping them raise $25 million. He has consulted for companies in China, Canada, and London that were interested in listing on a number of major public exchanges. Eric is currently the Pres/CEO of Port Mercantile Capital Limited (HONG KONG). Upon approval of the TSX, Emperor will grant 1,500,000 options at $.50 to Mr. Schjelderup.

"I am excited about the opportunity to join the Emperor team and look forward to working with John Mcleod once again. I am especially fortunate to be able to help build Emperor's corporate exposure in London and Asia." stated Mr Schjelderup.

"Mr. Schjelderun's experience in raising capital and his vast network of business relationships will be instrumental in the coming months," stated chief executive officer and President Andrew McCarthy.

Also, further to the Company's news release of July 10, 2012 with respect to the amended farm-in agreement (the "Farm-In Agreement"), the Company has delivered the payment of $150,000 due to Azure Resources Corporation under the Farm-In Agreement. The Company anticipates drilling on the Catalca Licence to commence on September 1, 2012.

About Emperor Minerals Ltd.

Emperor is an international oil and gas company with a late stage exploration and near term production project in Turkey. The Company is directed by an experienced group of business professionals who have leveraged their contacts within the global community to identify significant land parcels and strategic partnerships within regions of influence. The Company's management team boasts a keen understanding of oil and gas exploration, production procedures and market strategies. Management is focused on growing the Company through near term production and an acquisition strategy in Turkey and North Africa.

For further information please contact Wanda Cutler, investor relations for the Company, at (416) 303-6460 or wanda@cutlermccarthy.com.

ON BEHALF OF THE BOARD

"Andrew McCarthy"

Andrew McCarthy

President and Chief Executive Officer

www.emperorminerals.com

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Emperor's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.