AMERICAN URANIUM LTD — Capital/Financing Update 2009

Dec 3, 2009

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04 December 2009

The Manager Company Announcements Office Australian Securities Exchange Limited Royal Exchange Plaza 2 The Esplanade PERTH WA 6000

Dear Sir/Madam

COMPLETION OF ARTEMIS RESOURCES LIMITED JOINT VENTURE

Further to the ASX announcement of 7[th] October 2009, the Company is pleased to advise that following the completion of due diligence, Artemis Resources Limited (ASX – ARV) has elected to proceed with the Joint Venture over the Company’s Cambridge Creek, Yangibana and Bali Hi Projects (“the Projects”).

ARV has now paid a final cash payment of $100,000 (in addition to the initial deposit of $50,000) and has issued 3 million fully paid ordinary shares in ARV to GTI. The ARV shares will be held in voluntary escrow for 12 months.

Key terms of the Joint Venture are as follows:

• ARV will meet all first year minimum expenditure commitments in relation to the Projects (totaling $205,000) to maintain their 70% interest in the Projects;

• GTI will have a free carry interest until the commencement of any bankable feasibility study, at which time GTI may elect to contribute based on the percentage interest in the joint venture held by GTI at that time.

Yours faithfully

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Murray McDonald Executive Chairman GTI Resources Ltd

GTI Resources Ltd 13 Colin Street West Perth WA 6005 Phone: +61 8 9215 0400 www.gtiresources.com.au

ABN 33 124 792 132 PO Box 287 West Perth WA 6872 Facsimile: +61 8 9321 3628