Emperor announces Formation of Advisory Board

Vancouver, B.C., May 24, 2012 - Emperor Minerals Ltd. (TSXV: EM) (“Emperor” or the “Company”) is pleased to announce the formation of a strategic Advisory Board, which will include John Percival and Desmond Balakrishnan (collectively, the “Advisors”).

John Percival:

Mr. Percival has over 50 years experience in the financial markets and is considered a specialist in investment strategies with a particular interest in precious metals, commodity markets and global investments. He started his career as a stockbroker with Daysh Renouf & Co. in New Zealand and was selected to represent the firm as an analyst in Australia following the Poseidon Nickel Boom.

Mr. Percival returned to New Zealand in 1972 where he worked as an Investment Manager with the ‘Merchant Bank – NZ United Corporation’ which became ‘Barclays Bank New Zealand’. Rising to the position of ‘General Manager Investments’ he advised and managed over $450,000,000 of superannuation and private funds.

Mr. Percival is currently the managing Director of Goldsearch Limited and acts as a director and advisor to several public and private companies. He is closely associated with a number of private asset management groups and uses his extensive contact base to support numerous companies in their capital financing.

Desmond Balakrishnan:

Desmond Balakrishnan has been a Partner of McMillan LLP since 2004 and is a member of the firm’s Corporate Finance/Securities Law Group. Mr. Balakrishnan’s current areas of focus include mergers, acquisitions, listed company maintenance, international public listings, gaming and entertainment law. He was called to the British Columbia Bar in May 1997and is a Member of the Vancouver Bar Association and the Canadian Bar Association. Mr. Balakrishnan received a BA in April 1994, CLA from Simon Fraser University and an LLB from University of Alberta in August, 1997.

Mr. Balakrishnan has served in a variety of positions with a number of public companies in the oil and gas sector including; Petro Basin Energy Corp, Big Sky Petroleum Corporation, Aroway Energy Inc. and Probe Resources Ltd. He has also been the recipient of several notable awards including: “Business in Vancouver's Top 40 Under 40”, “Lexpert Rising Star – Top lawyers under 40” and “Lexpert’s Lawyer to Watch”.

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.