JAMESON RESOURCES LIMITED — Capital/Financing Update 2012

Jun 24, 2012

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25 June 2012

ASX RELEASE

JAMESON RESOURCES LTD ACN 126 398 294

Level 2, 79 Hay Street Subiaco, WA , 6008 Phone+61 (8) 9200 4473 Fax +61 (8) 9200 4463

Suite 800, 1199 West Hastings St Vancouver, BCV6E 3TS Phone +1 (604) 629 8605

Exploration approvals issued for Crown Mountain coal project

Highlights

• British Columbia Ministry of Energy and Mines has approved Notice of Work to drill up to 33 holes

• Norwest Corporation retained to manage the exploration program

• Preparatory work including geological modelling is well advanced

• Baseline environmental fieldwork underway

• Drilling expected to commence in August 2012

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CONTACT:

DAVID FAWCETT Chairman david.fawcett@jamesonresources.com.au

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

ART PALM Executive Director ‐ Operations art.palm@jamesonresources.com.au

WEBSITE

www.jamesonresources.com.au

DIRECTORS:

David Fawcett (Chairman) John Holmes (Managing Director) Art Palm (Executive Director ‐ Operations) David Prentice (Non Exec. Director) Jeff Bennett (Non Exec. Director)

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ASX CODE:

Figure 1 – Crown Mountain Location Map

JAL (Fully paid Ordinary Shares)

Summary

Jameson Resources Limited (“Jameson” or the “Company”) is very pleased to announce that the British Columbia Ministry of Energy and Mines has issued exploration approvals (“Notice of Work” or “NOW”) for the Crown Mountain coal project. The NOW will allow the Company to undertake a drilling program which will include up to 33 holes from 22 pads (Figure 3) .

The primary objective of the drilling program will be to confirm coal quality, seam thickness and acquire all necessary data for resource estimation purposes. The Company expects to file its inaugural JORC/NI43‐101 compliant resource for the Crown Mountain Project by the end of 2012.

Norwest Corporation (Calgary office) has been retained to manage the exploration program for the Company. Preparatory work including geological modelling, site logistics and program planning is well advanced. Access and site preparation will commence immediately with drilling expected to commence in the first week of August 2012.

Drilling will target two high priority areas, the first being the North prospect situated at Crown Mountain Peak and the other being the South prospect situated on the southern side of the Crown Mountain thrust (Figure 3). Previous exploration within these two areas has intersected coal seams ranging in thickness from 0.5m to 7.5m. The seams are part of the Mist Mountain Formation and appear to correlate with the No. 8, No. 9 and No. 10 seams, all of which are mined at the Line Creek Mine situated 12km north of Crown Mountain.

Drill holes are designed to penetrate the entire coal bearing stratigraphic sequence and will be terminated in the basal sandstone (Moose Mountain Formation). Holes will range from 120m to 225m with the average depth being 175m. A combination of reverse circulation and diamond drill core is planned and will be undertaken using a multi‐purpose track‐mounted rig. A drilling contract has been executed and all other required services are in place.

Down‐hole geophysics will be undertaken on all holes. Coal quality test work will be carried out on selected samples and will include proximate analysis, ultimate analysis, petrography, washability and a selection of other tests for metallurgical coal.

Other exploration activities including mapping and additional geological modelling will be undertaken as part of the program. Baseline environmental monitoring including hydrology, surface water quality, wildlife and fisheries studies, will also be undertaken as the project advances.

About Jameson Resources Limited

Jameson Resources Ltd (ASX:JAL) is a junior resources company focused on the acquisition, exploration and development of strategic coal projects in western Canada. The Company has acquired a 90% interest in the Crown Mountain coal project, and a 100% interest in the Peace River coal projects located in British Columbia. Jameson’s tenement portfolio in British Columbia is positioned in coalfields responsible for the majority of Canada’s metallurgical coal exports and are all close to railways connecting to export facilities.

To learn more, please contact the Company at +61 89200 4473 visit: www.jamesonresources.com.au On Behalf of the Board of Directors,

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John Holmes

Managing Director – Jameson Resources Ltd

The information pertaining to the ASX Announcement to which this statement is attached that relates to exploration results is based on information compiled by Mr John Holmes, who is a member of the Australian Institute of Geoscientists. Mr. Holmes is a full time employee of 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 ASX Announcement of the matters based on his information in the form and context in which it appears.

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Figure 2 – Crown Mountain Project

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Figure 3 – Drill Hole Location Plan