JAMESON RESOURCES LIMITED — Capital/Financing Update 2009

Jun 3, 2009

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4 June 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

CONTACT:

JOHN HOLMES

Executive Director john.holmes@jamesonresources.com.au

DAVID PRENTICE

Non Executive Director david@redforkenergy.com.au

WEBSITE

www.jamesonresources.com.au

A$1,700,000 RAISED TO ASSIST WITH RECOMMISSIONING OF THE BASIN COAL MINE

• Placement to overseas based institutional investors provides first tranche of working capital required for recommissioning of the Basin Coal Mine

• Chess Capital Partners acting as lead managers to the issue, placing 6,770,000 shares at A$0.25 (a premium to the 30 day VWAP) raising A$1,692,500

• JORC compliant resource upgrade in progress, with the recommissioning study to be completed in August 2009

• Approvals in place to re-start mining and processing operations within 12 months

• Interest expressed from potential off-take partners

• Several existing coal transportation options available with capacity at ports

DIRECTORS:

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

ASX CODE:

Jameson Resources Limited (“Jameson” or the “Company”) is pleased to announce that it has agreed to place 6,770,000 shares at A$0.25 (a premium to the 30 day VWAP) to predominantly overseas based institutional investors to raise approximately A$1,692,500 (“the Placement”). The Placement provides the first tranche of working capital required for the recommissioning of the Basin Coal Mine (“Basin” or the “Project”) in British Columbia.

JAL (Fully paid Ordinary Shares)

BASIN PROJECT VIDEO

Can be viewed at

www.jamesonresources.com.au

Chess Capital Partners Pty Ltd (“Chess Capital Partners”) will act as lead managers to the Placement.

The funds raised will be used to continue with the recommissioning study and to provide working capital. The Placement is to be made available to investors under section 708 of the Corporations Act and as such no disclosure document is required.

Recommissioning Study Update

Norwest Corporation (“Norwest”), a leading international consulting group is undertaking the recommissioning study on behalf of Jameson on the Basin Coal Mine. The objective of the study will be to develop a project implementation schedule to recommission the project as a low cost open pit coal mine under the existing 250,000 tonnes per annum.

The Basin Coal Mine has an existing NI43-101 resource of 19 million tonnes of raw thermal coal. The resource is confined to the 17 metre (average) main seam (over 5 times the Australian coal seam average) extending over a 1.5km strike length. An upgrade of the existing resource base is currently underway and will be incorporating both the along strike extension of the main seam and also a second coal seam (7 metres thick) which lies in the existing pit design beneath the main coal seam. Resources and initial reserve calculations will be undertaken to JORC reporting standards. Significant exploration upside remains both along strike and down dip. Current resources are tabled below.

NI43-101 Compliant Resource Table (McKnight Report)
Category	In-Situ Tonnes
Measured (Surface Mineable)	18,100,000
Indicated (Surface Mineable)	900,000
Measured and Indicated Resource	19,000,000

Previous operators Compliance Energy Corporation consistently produced clean coal with specifications, after washing, of: calorific value of 6,080 kcal/kg (adb), 12-16% ash, total moisture content of 10%, and 0.5% sulphur. Samples taken by Norwest for coal quality and specification test work are currently undergoing analysis at Birtley Laboratories in Calgary. The revised coal specifications will be used for marketing studies for both domestic and overseas markets.

Alternative haulage routes identified as part of the study will significantly reduce the transportation distance to the rail load out facility. The proposed route bypasses all population centres and comprises 50km of forestry roads and 60km of an all weather highway. Discussions with three independent rail networks to haul the coal to Vancouver are underway.

Initial estimates on the capital expenditure requirements to recommission the existing 250,000tpa wash plant facility are in line with initial expectations. Estimated timeframe to recommission the existing plant is 4 months.

Prospective buyers of thermal coal include international utilities and local cement manufacturers. Recent discussions with both potential overseas and domestic off-take partners have confirmed interest in the thermal coal produced from the Basin Coal Mine.

Jameson anticipates completion of its re-commissioning study of the Project in August 2009. Pending decision to mine, the Company is aiming to commence production on a 250,000 tonnes per annum trial mining plan with staged expansion under the existing mining permit up to 1 million tonnes per annum.

The Jameson Board believes that the Basin Coal Mine Project, has the potential to develop into a +1mtpa coal operation and should deliver significant upside for Jameson shareholders.

A video presentation of the Basin Coal Project is available on the Company website www.jamesonresources.com.au

Any inquiries regarding this announcement should be directed to Jameson’s Executive Director, 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. Consent for the inclusion of the resource has been provided by Mr Robert T. McKnight. Mr McKnight has completed the Resource Estimation to NI43-101 and JORC reporting standards. Mr McKnight 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’.

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Figure 1: Norwest Corporation undertaking sampling program for Coal Specification testwork as part of feasibility study

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Figure 2: Project Location Map