EMR Emergent Metals Corp

Emgold Mining Corporation ("Emgold" or the "Company") (TSX
VENTURE:EMR)(OTCQB:EGMCF)(FRANKFURT:EML) is pleased to announce that it proposes
to seek approval to re-price and extend the expiry date of existing common share
purchase warrants ("warrants") for the Company's warrant holders. Warrants
having a conversion price above CDN$0.15 per share will have such price reduced
to CDN$0.15. In addition, the expiry date of eligible warrants will be extended
by a 12 month period from their current expiry dates. 


Emgold has 35.3 million warrants outstanding, convertible at prices ranging from
CDN$0.15 to CDN$0.35 per share. A total of 33.6 million of these warrants will
be eligible for the 12 month extension, and 19.4 million will be eligible for
re-pricing at $0.15 per share, subject to restrictions outlined below. 


Emgold is also offering the 33.6 million eligible warrant holders an "Early
Conversion Option" whereby they can convert their warrants to shares at CDN$0.10
per share if exercised by August 31st, 2012. This is also subject to
restrictions outlined below. 


Warrants will be separated into five separate groupings, representing the
different financings when the warrants were originally issued. The re-pricing of
the warrants in each separate "Group" is subject to 100 percent approval of the
warrant holders in that Group, as well as to the approval of the TSX Venture
Exchange (the "Exchange"). 


The amended warrants, in accordance with the policies of the Exchange, will
include a provision requiring the warrants to be exercised, if at all, within 30
days if the Company's shares trade on the Exchange for ten consecutive trading
days at or above 1.25 times the amended warrant price. 


Also according to Exchange policies, if insiders hold more than 10 percent of
the warrants in any one Group, insiders will be limited to re-pricing only 10
percent of the warrants in that Group, which will be distributed pro rata among
insiders holding warrants in that Group. Warrants issued to agents or finders
will not be amended.


Emgold management will be contacting eligible warrant holders by mail and
providing a Warrant Amendment Agreement over the next week. We request that all
eligible warrant holders respond on or before August 10, 2012. 


David Watkinson, President and CEO of Emgold stated, "Re-pricing of the warrants
will give our existing warrant holders an opportunity to convert their warrants
into Emgold stock as a time when the junior mining sector is depressed. This
will provide upside when the junior mining sector recovers. The warrant
extension shows our appreciation to those investors who have participated in
Emgold financings in the past and this will provide some relief from the current
market conditions." 


About Emgold Mining Corporation

Emgold is in the process of completing an Environmental Impact Report ("EIR")
for the Idaho-Maryland Project in California, with a targeted completion date of
2013, subject to financing. The Idaho-Maryland Mine produced 2.4 million ounces
of gold at an average recovered grade of 0.43 ounces per ton between 1862 and
1956. Once the EIR is complete and permits are obtained, the Company plans to
dewater and rehabilitate the historic underground workings, conduct underground
exploration, and ultimately construct a high grade underground gold operation
capable of producing over 200,000 ounces of gold per year. 


Management believes the exploration target at Idaho-Maryland is 3 to 5 million
ounces of gold, subject to additional diamond drilling that will be completed
from underground once the mine is permitted and dewatered. Note that this target
is conceptual in nature, and there has been insufficient exploration to define a
mineral resource other than as disclosed in the table above, and it is uncertain
if further exploration will result in any further delineation of a mineral
resource. The target is based on projecting historic production and current
resources to a depth of 5,000 feet. 


Emgold has several other early to mid stage exploration properties. These
include the Buckskin Rawhide and Koegel Rawhide gold properties in Nevada and
the Stewart and Rozan poly-metallic properties in British Columbia where it is
conducting exploration activities.


Note that technical information in this press release has been reviewed and
approved by Mr. Robert Pease, P.Geo., a Qualified Persons as defined in National
Instrument 43-101. Mr. Pease is responsible for supervising the technical work
related to the Idaho-Maryland Project. 


On behalf of the Board of Directors

David G. Watkinson, P.Eng., President & CEO

This release was prepared by the Company's management. For more information on
the Company, investors should review the Company's filings that are available at
www.sedar.com or the Company's website at www.emgold.com. This news release
includes certain statements that are "forward-looking statements" within the
meaning of applicable securities laws including statements regarding the
re-pricing and extension of the warrants, the timing of completion of the Final
EIR on the Idaho-Maryland Project, the Company's planned work programs,
exploration potential, expected results, and other statements. Forward-looking
statements are based on certain assumptions of the Company, including that the
warrant holders and the Exchange will approve the re-pricings, that the City of
Grass Valley and its consultants, which are funded by Emgold, will complete the
EIR in a reasonable timeframe, the City of Grass Valley will certify the EIR as
complete, and the City of Grass Valley will approve the Conditional Use Permit
for the mine and approve other entitlements under their authority. They assume
other permitting agencies overseeing the project on a local, state and federal
level will grant the permits needed for mining construction and operation. They
assume that actual results of exploration, development, and production
activities are consistent with management's expectations, that assumptions
relating to mineral resource estimates and exploration targets are accurate, and
that necessary financing is available to complete the required exploration work.

They include assumptions about production rates, production grades, and gold
recoveries. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
are not guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements. Factors that
could cause actual results to differ materially from those in forward-looking
statements include the failure to obtain Exchange or warrant holder approval for
the re-pricing of one or more of the Groups, exploration results that are
different than those anticipated, inability to raise or otherwise secure capital
to fund planned permitting, exploration, mine construction and development, and
mine operations. Other risk factors include changes in metal prices, the price
of the Company's shares, the costs of labour, the cost of equipment, the cost of
supplies, actual development and mining operation successes, exploitation and
exploration successes, approvals by federal, state, and local agencies,
permitting delays, legal challenges to permits, general economic, market or
business conditions, and other factors beyond the control of the Company.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. The Company does not intend to
update or revise any forward-looking information whether as to a result of new
information, future events or otherwise, except as required by law. 


U.S. 20-F Registration: 000-51411

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