Emperor Provides Drilling Update for Catalca License, Thrace Basin, Turkey

Vancouver, B.C., July 23, 2012 - Emperor Minerals Ltd. (TSXV: EM) ("Emperor" or the "Company") announces that the Company's partners (Azure Resources Corporation and Merty Enerji Petrol Arama) on the Catalca Licence in Turkey's 'Thrace Basin' have provided the General Directorate of Petroleum Affairs (GDPA) with the required 'Notice of Drilling' for the Baglar-1 Well in accordance with Turkey's Petroleum Law and the well will be drilled within the required GDPA parameters.

Azure Resources Corporation reports that due to the availability of the equipment designated for the 'Catalca - Baglar-1 Well' the spudding of the well will commence within the next three (3) weeks. The well will primarily target natural gas in the Tertiary, Mezardere Formation which is approximately 3 km. from the pipeline tie-in point. The planned total well depth is 800.0M.

The Catalca Licence covers 36,429 hectares and is situated 30 km. west of Istanbul in the European part of Turkey where natural gas is currently priced between $10.00 to $10.40/MCF. The Thrace Basin is the most important gas producing basin in Turkey with more than 15 gas fields and 3 oilfields. 70 % of this basin remains unexplored.

President & CEO Andrew McCarthy stated:

"This is an exciting time for our company and our partners. We understand and appreciate that natural gas prices remain especially strong in this region and this has resulted in an inordinate amount of exploration activity. The Company is fortunate to have competent partners who are capable of advancing the project in a timely fashion."

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

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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.