Emperor Mines Limited has raised Aus $40 million with the placement of 100 million shares at 40 cents per share.

The capital raised will be used to fund redevelopment plans for the company's Vatukoula and Tolukuma gold minesin Fiji and Papua New Guinea; fund an exploration program on the company's extensive tenement holdings in Papua New Guinea and Fiji, and reduce debt.

The placement has been made to international and domestic institutional investors as well as sophisticated retail investors.
This capital raising will enhance the structure of the Emperor share register which is expected to facilitate an improvement in liquidity in the trading of Emperor shares.

The placement has been structured in two tranches - tranche 1 comprises of 97.6 million shares; and tranche 2 comprises of 2.4 million shares for company directors, subject to shareholder approval.
A shareholders meeting is likely to be held in early July 2006.