JAMESON RESOURCES LIMITED — Capital/Financing Update 2009

Sep 17, 2009

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18 September 2009

ASX RELEASE

JAMESON RESOURCES LTD ACN 126 398 294

79 Hay Street, Subiaco 6008 Western Australia Phone +61 (8) 9200 4473 Fax +61 (8) 9200 4463

Suite 800, 1199 West Hastings St Vancouver, BC V6E 3TS +1 (604) 687 2038

Test Work Confirms Export Quality Thermal Coal at Basin

Highlights

• Birtley Laboratories have now completed extensive coal quality test work from the trenching program undertaken at Basin Coal Mine

• Coal classified as a high volatile bituminous (ASTM) thermal coal

• Typical coal quality of 5,660kcal/kg (as received) 12% ash, 10.8% moisture, and 0.56% sulphur returned from bulk sample test work

• Preliminary evaluation indicates potential to market Basin coal as a PCI blending product

CONTACT:

JOHN HOLMES Executive Director john.holmes@jamesonresources.com.au

DAVID PRENTICE Non Executive Director david.prentice@jamesonresources.com.au

• Norwest Corporation anticipate completion of 250,000 tpa recommissioning study early in 4[th] quarter

• Drilling and trenching program in preparation to quantify reserves for the 1Mtpa feasibility study

WEBSITE

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www.jamesonresources.com.au

DIRECTORS:

Jeff Bennett (Non Exec. Chairman) John Holmes (Executive Director) David Prentice (Non Exec.Director) Stephen Anastos (Non Exec.Director) Art Palm (Non Exec.Director)

ASX CODE:

Jameson Resources Limited (“Jameson” or the “Company”) is pleased to announce analytical test work from the trenching program at the Basin Coal Mine (“Basin” or the “Project”) in British Columbia has been completed.

Norwest Corporation (“Norwest”) will be utilising the results from the washability and other tests undertaken to assist in the plant design as part of the recommissioning study, now anticipated to be completed early in the 4[th] quarter.

JAL (Fully paid Ordinary Shares)

COAL QUALITY TESTWORK AND SPECIFICATIONS

Coal quality test work from the trenching campaign across the main seam within the currently exposed pit has now been completed.

All samples were sent to Birtley Coal and Minerals Testing Laboratories in Calgary (“Birtley”). Coal quality test work included proximate and ultimate analysis, screen size analysis, washability, liberation, and composite analysis.

Norwest has composited the washability results obtained during the 2009 trenching program to achieve a simulated Run-of-Mine (ROM) material. In addition to the compositing, liberation test work undertaken by Birtley has shown positive yield benefits are achievable.

Results from composite analysis at a simulated 12% product ash are projected in Table 1.

In addition to the assessment of the thermal coal product, preliminary evaluation is being undertaken to assess the marketability of the Basin coal as a potential PCI blend. The Company has retained the services of a leading independent expert in assessing metallurgical coal quality and marketability.

PROJECT UPDATE

Norwest is now in the final stages of the re-commissioning study on the Basin Coal mine. Mine designs and schedules for the 250,000tpa operation are now being finalised. Bids from mining contractors will be sought on completion of the proposed mining schedules.

Results from the coal quality test work are now being used for the coal process plant design. The wash plant will be designed to produce a clean coal product at 12% ash from ROM material at approximately 36% ash.

The Company is awaiting permitting approval to undertake a diamond drilling and trenching program to the north of the existing open pit. Drilling contractors have been engaged to commence the program. Results from this program will be utilised to quantify reserves from the currently defined 123Mt raw coal resource base for the proposed 1Mtpa staged expansion. Prefeasibility studies on the 1 Mtpa expansion are being undertaken in parallel with the recommissioning study.

It is anticipated that the Company will be in production at the permitted capacity within 12 months of decision to mine.

Any enquiries regarding this announcement should be directed to Jameson’s Executive Director, John Holmes.

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John Holmes

The information pertaining to the technical content of this report has been reviewed by Mr John Holmes, who is a member of the Australian Institute of Geoscientists. Mr. Holmes is employed by Jameson Resources Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Holmes consents to the inclusion in the report of the technical information in the form and context in which it appears.

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Table 1

TYPICAL COAL QUALITY SPECIFICATION BASIN MINE

Proximate Analysis	Proximate Analysis
	As-received	Air-dried	Dry	DAF
Ash	12.2	13.1	13.7
Volatile Matter	29.7	32.0	33.3	38.60
Fixed Carbon	47.3	50.9	53.0	61.4
Moisture	10.8	4
Sulphur	0.56	0.60	0.63
Btu/lb	10188	10960	11421	13228
kcal/kg	5660	6090	6350	7350

Mineral Analyses of	Ash			Ultimate Analysis
SiO2		70.46		Ash		13.7
Al2O3		16.14		Carbon		66.3
Fe2O3		5.65		Hydrogen		4.2
CaO		1.16		Oxygen		13.8
MgO		0.6		Nitrogen		1.4
Na2O		0.05		Sulphur		0.6
K2O		3.42
TiO2		1.2
P2O5		0.24		Base/Acid Ratio		0.124
SO3		0.45
other		0.63		Fuel Ratio		1.59
Hg, ppb		66		HGI		49
FSI		0		Light Transmittance		16.6
P in Coal, % (db)		0.014		Alkalies, % (as Na2O)		0.31
Ash Fusion Temperatures		Oxidizing °F	Oxidizing °C Reducing °F Reducing °C
Initial Deformation		2417	1325	2291	1255
Softening (Spherical)		2514	1379	2404	1318
Softening (Hemispherical)		2593	1423	2408	1320
Fluid		2721	1494	2674	1468
Particle Size Distribution
+1 1/2	16.40%
1 1/2 x 3/4	11.90%
3/4 x 16M	45.80%
16M x 100M	23.70%
100M x 0	2.20%