JAMESON RESOURCES LIMITED — Capital/Financing Update 2010

Nov 18, 2010

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19 November 2010

ASX RELEASE

JAMESON RESOURCES LTD

ACN 126 398 294

L2, 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

CONTACT:

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

DAVID PRENTICE

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

ART PALM

Non Executive Director art.palm@jamesonresources.com.au

Fully Underwritten NonRenounceable Entitlements Issue

The Directors of Jameson Resources Ltd (“Jameson” or The Company”) are pleased to announce a pro-rata nonrenounceable entitlements issue (“Entitlements Issue” or “the Issue”) to existing shareholders to raise approximately A$1.45 million (before costs of issue).

The Entitlements Issue offers one (1) new fully paid ordinary share for every two (2) existing ordinary shares held by shareholders on the record date, at an issue price of $0.045 per share. The issue is available for acceptance by Company shareholders that reside in, or have a registered office in, Australia or New Zealand at the Record Date. Shareholders resident outside of Australia or New Zealand should seek professional advice in respect of their entitlement under the Issue.

The Entitlements Issue 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 Company proposes to conduct the Entitlements Issue according to the following timetable:

Lodge prospectus with ASIC	23 Nov 2010
Notice of Issue sent to eligible Shareholders	24 Nov 2010
Shares quoted on an“ex”basis	25 Nov 2010
Record date for determining Shareholder entitlements	1 Dec 2010
ClosingDate of Entitlements Issue	16 Dec 2010
NotifyASX of under subscription	20 Dec 2010
Allotment and dispatch of holding statements for new shares	23 Dec 2010

Funds raised from the Entitlements Issue will be applied to working capital and ongoing project evaluation.

WEBSITE

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:

JAL (Fully paid Ordinary Shares)

The Offer Document relating to the Entitlements Issue will be available at the Company’s website www.jamesonresources.com.au after lodgement with ASIC.

Jameson is continuing its focus on the coal sector in Western Canada and is currently evaluating several highly prospective metallurgical and thermal coal opportunities.

Any enquiries regarding this announcement should be directed to Jameson’s Company Secretary, Suzie Foreman or Executive Director, John Holmes.

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John Holmes