Exploration

The Akarca gold-silver property (pronounced "ak-ar-jaa") is located in northwestern Turkey, and was discovered by Company geologists during a 2006 following-up of regional stream sediment anomalies. The property is comprised of 135 square kilometers of EMX exploration licenses. Arkarca is part of a larger joint venture agreement with Centerra Gold Inc. (TSX: CG) on the Akarca, Samli, and Elmali properties in Turkey (see news release dated January 6th, 2009).

The geology at Akarca is dominated by Neogene-aged basin fill sedimentary rocks that unconformably overlie Paleozoic-aged schists and re-crystallized limestones. There are multiple zones of gold-silver vein mineralization that trend both northeast-southwest and northwest-southeast. The zones consist of parallel to sub-parallel epithermal quartz veins and veinlets.

Initially EMX conducted a 3 square kilometer soil grid consisting of 675 samples. From this, a series of gold-in-soil anomalies greater than 0.1 ppm outline a 1.2 by 1 kilometer area. Within this area, 427 rock chip samples returned 69 samples assaying over 1 ppm gold (maximum of 36.4 ppm gold) and 42 samples over 20 ppm silver (maximum of 641 ppm silver). Also with this zone, EMX mapped and sampled three primary, low sulfidation vein zones within an area of anomalous gold and silver geochemistry (Kucukhugla Tepe, Hugla Tepe and Fula Tepe) . The veins in this zone have a surface expression ranging from 0.5 to 15 meters in thickness and with strike lengths of 100 to 400 meters. The veins display combinations of banding, lattice, colloform, crustiform and massive textures characteristic of the upper levels of gold-silver vein deposits. Akarca has well developed soil and vegetative cover with a number of areas of dense quartz vein float which represent additional targets. During the 2009 field season, EMX has identified two new gold-silver mineralized zones; Arap Tepe and Baglarbasi Tepe. These new zones are located three kilometers east of the main target area. The five primary targets consist of:

• The Kucukhugla Tepe zone delineated by a 450 X 540 meter soil and rock chip sample gold anomaly. Within this zone are 13 soil samples averaging 0.70 ppm Au, with higher grade samples yielding 2.09, 2.05, and 1.45 ppm. The Kucukhugla vein currently has 150 m of known strike length with an exposed thickness of 2 to 15 m. The EMX exploration staff has taken 176 rock samples averaging 1.73 g/t gold, including high-grade samples such as 36.4, 25.7, 21.2, 17.65, and 17.25 g/t with silver averaging 23.45 g/t, and a maximum 641 g/t.
  
  
• The Hugla Tepe zone is highlighted by a 620 X 370 m soil anomaly with 18 samples averaging 1.37 ppm Au, with a maximum of 3.28 ppm and nine samples over 1 ppm. Separately, with 400 m of strike length, the Hugla vein displays an exposed width of 0.5 to 10 m. The 150 rock samples taken average 0.53 g/t gold, with a maximum of 3.17 g/t. and silver assays averaging 6.91 g/t, with a maximum of 85.10 g/t.
  
  
• The Fula Tepe zone, explored in more detail during 2009 revealed 260 meters of strike length with an average width of 10 meters and a maximum 18 meters. This vein displays classic low-sulfidation epithermal textures similar to those observed in other gold-silver bearing veins identified on the property. Over 50 rock samples were collected from the Fula Tepe vein with an average grade of 1.78 g/t gold, and a maximum of 12.15 g/t.
  
  
• The Arap Tepe vein systems run between one to two meters wide, and can be mapped along strike for approximately 100 meters. In addition, EMX has mapped and sampled a 10 by 11 meter outcrop of quartz veining located 250 meters south of Arap Tepe. Reconnaissance rock sampling returned values averaging 1.24 g/t gold, and a maximum of 54.80 g/t Au and 24.70 g/t silver. Float material in the vicinity of the vein indicates that the zone may extend beneath cover.
  
  
• The Baglarbasi Tepe vein zone is located 400 meters west of Arap Tepe. This zone is 200 meters long and one to five meters wide. Initial results from surface sampling have returned up to 2.1 g/t gold.

EMX conducted an IP (induced polarization) geophysical survey on 14 northwest-southeast lines over the gold-in-soil anomaly area in order to delineate additional vein targets beneath soil cover. This survey produced several shallow IP anomalies to the north of Kucukhugla Tepe indicating possible concealed sub-parallel veins. The Hugla Tepe vein zone is clearly indicated by a shallow (0-50 meters) IP anomaly, with deeper parallel and sub-parallel anomalies indicating additional vein targets at depth.



EMX's 2007 drill program tested the vertical continuity of gold-silver mineralization on the Kucukhugla Tepe and Hugla Tepe vein zones, and consisted of five core holes totaling 615.5 meters (see table below). The drilling also demonstrated that the mineralization is persistently anomalous with elevated levels of gold and silver. Holes AKC-1 and AKC-2, were drilled at Kucukhugla Tepe. AKC-1 intersected a broad zone of quartz veining, returning 63.7 meters averaging 1.54 g/t gold and 14.52 g/t silver including subintervals of two meters at 13.8 g/t gold with 117.0 g/t silver, and one meter averaging 19.95 g/t gold with 241 g/t silver. AKC-2, located along strike 35 meters southeast of AKC-1, intersected significant mineralization of 12.8 meters averaging 1.32 g/t gold with 12.46 g/t silver and 11.1 meters averaging 0.79 g/t gold with 13.1 g/t silver. The Kucukhugla Tepe holes confirmed a significant zone of gold-silver mineralization both at depth and along strike, while remaining open for extension.

At Hugla Tepe, drill holes AKC-3, 4 and 5 also delineated a broad zone of significant gold-silver mineralization. AKC-3 intersected 22.7 meters averaging 1.67 g/t gold and 18.63 g/t silver. AKC-4, collared along the Hugla Tepe vein intersected 34 meters averaging 0.54 g/t gold and 7.7 g/t silver, with two additional deeper intercepts. AKC-5 returned 45.8 meters averaging 1.05 g/t gold and 18.61 g/t silver, also with two additional deeper intervals. The Hugla Tepe holes delineate gold-silver mineralization along 350 meters of strike length that remains open for expansion to the northeast, southwest and down dip.


The 2008 drill program was intended to follow-up on the 2007 results with eleven reverse circulation holes totaling 1,392 meters. Holes ARC-101 through 105 were located in the Hugla Tepe vein zone. ARC-101 and 102 added approximately 230 meters of strike length to the southwest, and ARC-103 through 105 confirmed strike continuity between zone core holes drilled in 2007. Holes ARC-106 and 109 tested extensions along the Kucukhugla Tepe vein zone, which is now defined by 300 meters of strike length. Holes ARC-109 to 111 tested geophysical targets beneath cover and intersected anomalous gold-silver mineralization.



EMX has filed a 43-101 report titled "Akarca Gold-Silver Project Technical Report" which may be found at www.sedar.com, dated January 5th 2009.

With the surface and drill results achieved thus far, in conjunction with geophysical targets beneath cover, the Akarca project represents a vein system with promising upside exploration potential. Additional exploration work is currently underway for the 2010 field season.