JAMESON RESOURCES LIMITED — Capital/Financing Update 2010

Nov 23, 2010

==> picture [240 x 82] intentionally omitted <==

24 November 2010

Dear Shareholder

Non-Renounceable Entitlements Issue

On 19 November 2010, Jameson Resources Limited ( Company ) announced to the Australian Securities Exchange ( ASX ) the details of a non-renounceable entitlements issue of new shares to shareholders of the Company ( Offer ).

The Company has lodged a Prospectus with the Australian Securities and Investments Commission ( ASIC ) for the issue of up to 31,942,955 new shares on the basis of one (1) new share for every two (2) shares held by shareholders at an issue price of $0.045 per new share ( Prospectus ).

Full details of the issue will be contained in the Prospectus. Shareholders eligible to participate should read the Prospectus carefully.

All shareholders registered as at 5.00pm (WST) on 1 December 2010 are entitled to participate in the Offer . The Prospectus and a personalised acceptance form will be dispatched to eligible shareholders (registered on the record date of 1 December 2010) on or around 2 December 2010.

Eligible shareholders who wish to subscribe for new shares will need to complete and return the personalised acceptance form that will accompany the Prospectus. The closing date for acceptances is anticipated to be 5.00pm (WST) on 16 December 2010 (unless the Offer is extended) and the Company will apply to ASX for official quotation of the new shares.

The Offer is fully underwritten by Capital Investment Partners Pty Ltd (“CIP”). CIP will be entitled to an underwriting fee of 6% of the underwritten amount. The Offer will raise a total of $1,437,433 (before expenses) to be applied towards the ongoing project evaluation activities and working capital.

An indicative timetable in respect of the Offer is as follows:

Event	Date
Lodgment of Prospectus with ASIC	22 November 2010
Notice to Shareholders	24 November 2010
Shares quoted on an “ex” basis (date from which securities commence trading without the entitlement to participate in the Offer)	25 November 2010
Record Date for determining Shareholder entitlements (date for determining entitlements of eligible shareholders to participate in the Offer)	1 December 2010

PO Box 1424, West Perth WA 6872

Ph: +61 8 9200 4473 Fax: +61 8 9200 4463 www.jamesonresources.com.au

Opening Date and dispatch of Pro spectus to Shareholders	2 December 2010
Closing Date of Offer	16 December 2010
Shares quoted on a deferred settl ement basis	17 December 2010
Notify ASX of under subscription	20 December 2010
Allotment and dispatch of holding statements	24 December 2010

The capital structure of the Company on completion of the issue will be as follo w s:

Shares

Shares on issue at date of Prospe Shares offered pursuant to theO Total Shares on issue after comp ctus ffer letion of the Offer	Numb er
	63,885,910
	31,942,955
	95,828,865

Options

Options
	Numb er
Unlisted exercisable at $0.20 ono r before 30 November 2010*	8,783,334
Unlisted exercisable at $0.35 ono r before 31 May 2012	175,000
Unlisted exercisable at $0.50 ono r before 31 March 2013	175,000
Total Options on issue after com pletion of the Offer	9,133,334

*To be exercised or expire prior to completion of the Offer.

In calculating entitlements und e r the entitlement issue fractions will be round e d up to the nearest whole number.

The Prospectus will be a vailable at the Jameson Resources Limited website at www.jamesonresources.com.au

Any queries in respect of the Of f er should be directed to the Company on (08) 9 2 00 4473.

Yours sincerely

==> picture [117 x 38] intentionally omitted <==

John Holmes Executive Director Jameson Resources Limited

2