Emperor Minerals Ltd. Announces that Cheetah-Yemen Holdings Ltd., has entered into an amendment agreement

Vancouver, B.C., January 4, 2012 - Emperor Minerals Ltd. (NEX: EM) (“Emperor” or the “Company”) announces that further to its news releases of October 6, 2011, October 14, 2011, October 24, 2011, October 31, 2011, November 16, 2011, December 15, 2011 and December 29, 2011, the Company’s wholly-owned subsidiary, Cheetah-Yemen Holdings Ltd. (“Cheetah”), has entered into an amendment agreement (the “Amendment Agreement”) amending certain terms of the farm-in agreement (the “Farm-In Agreement”) dated October 6, 2011.

As amended on October 13, 2011, October 20, 2011, October 28, 2011, November 10, 2011, December 12, 2011, December 29, 2011 and January 3, 2012, among Cheetah, Azure Resources Corporation (TSXV: TMI) (“Azure”), Arctic Petroleum Ltd., a wholly-owned subsidiary of Azure, and Arctic Oil and Gas Ltd., a wholly-owned subsidiary of Arctic Petroleum Ltd. (the “Transaction”). Under the terms of the Farm-In Agreement, Cheetah was obligated to pay US$1,500,000 on or before two days from the date the TSX Venture Exchange approves the Farm-In Agreement (the “Effective Date”), make an additional payment of US$1,500,000 on or before March 1, 2012 and make an additional payment of US$1,500,000 on or before May 1, 2012. Under the terms of the Amendment Agreement Cheetah is now required to pay US$1,200,000 on or before two days from the Effective Date, an additional US$1,300,000 on or before March 15, 2012 and an additional US$2,000,000 on or before June 15, 2012. If the Company fails to make the US$1,300,000 payment on or before March 15, 2012, the Company’s interest in the Catalca Licence will be reduced from 22.5% to 16% or pro rata. In addition, if the Company fails to make the US$2,000,000 payment on or before June 15, 2012, the Company’s interest in the Catalca Licence will be reduced from 16% to 6% or pro rata.

The Transaction is subject to a number of conditions, including, but not limited to, Exchange approval of the Transaction and the receipt of all necessary corporate and regulatory approvals. The completion of the Transaction is subject to the approval of the Exchange. There can be no assurance that the Transaction will be completed as proposed or at all.

ON BEHALF OF THE BOARD

“Brian Gracey”

Brian Gracey Director

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.