JAMESON RESOURCES LIMITED — M&A Activity 2011

Oct 19, 2011

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20 October 2011

ASX RELEASE

JAMESON RESOURCES LTD

Jameson to acquire Canadian Coal Projects and appoint new Chairman

Highlights

• Jameson has entered into a sale and purchase agreement to acquire Dunlevy Energy Inc and its asset, the Dunlevy coal project

• The Company will also be acquiring certain assets of Nexx Coal Inc. which includes the Graham River, Peace Reach, and Carbon East coal projects

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) 687 2038

• The Dunlevy and Nexx Projects are located in the Peace River Coalfields in northeast British Columbia, Canada and encompass approximately 46,700 hectares of exploration ground

• David Fawcett to be appointed as Chairman of Jameson upon completion of the acquisitions

__________

CONTACT:

JOHN HOLMES

Managing Director john.holmes@jamesonresources.com.au

ART PALM

Executive Director - Operations art.palm@jamesonresources.com.au

DAVID PRENTICE

Jameson Resources Limited (“Jameson” or the “Company”) is pleased to announce that it has entered into a sale and purchase Agreement (“SPA”) to acquire Dunlevy Energy Inc. (“Dunlevy”) which includes the Dunlevy coal project (“Dunlevy Project”). In addition the Company has entered into a binding Letter of Intent (“LOI”) to acquire certain assets of Nexx Coal Inc. (“Nexx”) which includes the Graham River, Peace Reach and Carbon East coal projects (“Nexx Projects”) located in northeast British Columbia, Canada.

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

WEBSITE

www.jamesonresources.com.au

DIRECTORS:

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

In conjunction with the acquisition of the Dunlevy Project and the Nexx Projects (“the Projects”), the Company is very pleased to announce that it has strengthened its management team with the pending appointment of Canada-based coal mining executive Mr. David Fawcett as Non-Executive Chairman of the Company. Mr. Fawcett is a highly regarded coal mining engineer, developer and executive credited with playing a major role in reviving the coal industry in northeast British Columbia. Amongst his many prominent roles in developing Canada’s coal industry, Mr. Fawcett was Co-Founder and President of Western Canadian Coal Corp for 6 years. The Board is delighted to welcome Mr. Fawcett and believe his appointment will assist the Company in advancing Jameson’s coal business in Canada.

ASX CODE:

JAL (Fully paid Ordinary Shares)

Appointment of Chairman

Mr. David Fawcett will be appointed Non-Executive Chairman of Jameson Resources Limited upon completion of the acquisition of both the Dunlevy Project and the Nexx Projects which is proposed to occur simultaneously. Mr. Fawcett is a mining engineer with 36 years’ experience in the coal industry, primarily in Western Canada and has played a major role in reviving the industry in northeast British Columbia through coal property acquisitions and development strategies. Mr. Fawcett has extensive knowledge of coal in Western Canada with experience extending to early stage geology and exploration, feasibility and regulatory processes, coal processing, coal marketing support, company promotion, and managing operations including executive positions for several developed and developing coal companies. Highlights of his career include:

• Co-Founder and President of Western Canadian Coal Corp. (“Western Coal”) - 1997 to 2003. Participation in the acquisition, exploration, and development of a number of coal properties, two of which have become substantial mine operations. Involved with investor relations, financing, and marketing of future coal products to potential customers, primarily in Japan and Korea. Western Coal was recently taken over by US based Walter Energy Inc. for C$3.5 billion.

• Chief Operating Officer of NEMI Northern Energy & Mining Inc - 2003 to 2004. Responsible for the advancement of the Trend coal project, which subsequently became the Trend Mine operated by Peace River Coal Limited. Peace River Coal Limited was acquired by Anglo American in October 2011, for approximately C$630 million.

• Senior Vice President of Hillsborough Resources Limited - 2005 to 2009. Led the advancement of coal projects, particularly Wapiti and Horizon projects, culminating in a joint venture with Anglo American plc and, subsequently, the merger of Hillsborough, Anglo American and NEMI Northern Energy & Mining Inc’s northeast British Columbia coal projects to form Peace River Coal Limited. Hillsborough was acquired by Vitol Anker International in 2009.

• Awarded the Canadian Institute of Mining, Metallurgy and Petroleum Coal Award for 2011.

Mr. Fawcett’s immediate focus will be to advance the Dunlevy Project through the management and completion of staged drilling programs, a resource estimation and a feasibility study. He will also play a major role with the assessment and potential acquisition of new coal projects. Mr Fawcett’s proven commercial and operational experience gained in the Western Canadian coal industry will be key in the Company’s vision of development potential and strategy.

The appointment of Mr. Fawcett will compliment current Executive Director of Operations, Art Palm who has 35 years’ experience, including management positions, in the coal mining industry. Mr. Palm’s US-based experience includes designing and managing mines (surface and underground) and coal preparation plants. Highlights of his career are:

• Mr. Palm was President and COO at a West Virginia coal operation and was responsible for 3 underground and 2 surface mines, two operating coal preparation plants, and was instrumental in bringing new technology into commercial use to facilitate safer and more productive operations.

• As the lead underground consultant, he helped design and bring into commercial production BHP Billiton’s large San Juan Underground Mine in New Mexico.

Mr Palm earned his BS in Mining Engineering from Colorado School of Mines and later his MBA from the University of Wyoming. He is a Certified Mine Safety Professional and Registered Professional Engineer.

Overview

The Projects overlie the northwest extension of the Peace River Coal Fields District of northeast British Columbia (Figure 1). Some of Canada’s major coking coal and PCI coal mines (Willow Creek, Brule, Wolverine, and Trend) are located along strike from the property. Major resource projects including Cardero Resource Corp’s Carbon Creek Project and Canadian Kailuan Dehua’s Gething Project are located within 15 km of the Project area. To the south, Xstrata Coal is developing several coal tenements, including the Lossan Coal Project that it acquired in October for C$40 million.

The Dunlevy Project and the Nexx Projects are located in a well-developed area, approximately 90 km from Fort St. John, a regional commercial centre. All weather roads and good quality secondary roads link the Projects to Fort St. John and Chetwynd, where Canadian National Railway’s track is located. The rail leads to the Westshore, Neptune and Ridley coal terminals. There is also potential to reduce transportation costs by utilising waterways bordering the property to transport coal by barge to rail access.

Exploration activities, including geological mapping and trenching, have been undertaken within the Dunlevy Project area. Previous owners of Dunlevy completed 53 hand trenches in 2009 discovering 9 coal occurrences ranging in thickness from 0.8m to 3.5m. The Company plans to commence drilling and other exploration activities as soon as regulatory approvals are in place.

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Figure 1 –Project Locations

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Figure 2 – Coal License Locations

Project	Coal Tenure	Coal Tenure	Area (Ha)	Land
	Application	Type		District
	Number
Dunlevy	417666	Application	3,000	Peace River
Dunlevy	417689	Application	4,500	Peace River
Dunlevy	417691	Application	5,800	Peace River
Dunlevy	417694	Application	4,205	Peace River
Dunlevy	417703	Application	5,800	Peace River
Dunlevy	417704	Application	870	Peace River
Dunlevy	417742	Application	3,843	Peace River
Carbon East	417727	Application	2,674	Peace River
Graham River	417739	Application	3,480	Peace River
Graham River	417740	Application	4,350	Peace River
Graham River	417741	Application	3,625	Peace River
Peace Reach	417743	Application	4,568	Peace River
	Total		46,714

Table 1 - Coal License Applications

Geology

The Canadian Rocky Mountains north of Peace River consist of two linear belts or sub-provinces: the Foothills structural sub-province and the Rocky Mountains structural sub-province. The Projects are located within the Rocky Mountain Foothills belt of northeastern British Columbia where the Lower Cretaceous Gething Formation is found to contain economic medium volatile bituminous coal seams of the Gething Formation.

Coal in the Dunlevy Project area is in the Gething Formation. The coal mineralisation potential in the Dunlevy Project area is contained within the Dunlevy Creek syncline, which is a broad, open fold, bounded by tighter anticline folds to the southwest and to the northeast. The Dunlevy Creek syncline plunges gently to the southeast at about 4 degrees. The west limb of the fold has dips generally less than 12 degrees, while the northeast limb has dips that appear to increase up to sub-vertical. In the south and central areas, the shallow dipping coal measures appear to be about 5 km wide. Multiple coal occurrences ranging in thickness from 0.8m to 3.5m have been mapped within the project area.

Exploration History

Exploration in what is now known as the Peace Reach area of Williston Lake (immediately upstream of Peace River canyon) dates back to the 1700’s when the Peace River served as a major transportation corridor for fur traders. By 1910, the economic potential for coal within the Peace River region was noted through government funded geological expeditions. Subsequently, there has been relatively continuous geological interest, common to both industry and government that centred largely on the oil, gas and coal potential.

The present Dunlevy Project coal license applications comprise selected portions of what was once known as the Dunlevy Project (Utah Mines Ltd) and the Williston Property (Hudson’s Bay Oil and Gas Ltd.). Only minor exploration including geological mapping, prospecting, and drilling was undertaken within the project area. Utah Mines Ltd completed 1 diamond drill hole totaling 246 metres on the east limb of the Dunlevy Creek syncline. The hole was drilled to test the Gething Formation. It is unclear whether the hole actually intersected the Gething Formation. Hudson’s Bay Oil and Gas Ltd. and Cyprus Anvil Mining Corp. drill tested parts of the Dunlevy Creek syncline with 8 holes totaling 1256 metres. All of these holes were drilled outside and to the south east of the Project boundary. The holes appear to have tested the stratigraphic interval below the Gething Formation in what is known as the Cadomin Formation. At that time access to the current coal target area was limited; subsequently, however, new forestry roads have been cut across the coal measures exposing multiple occurrences. The Gething coal measures are recessive and generally have a cover of unconsolidated overburden that limits bedrock exposure.

In 2009 Dunlevy Energy Inc. completed reconnaissance field work over the Dunlevy Project including hand trenches and exposed a number of separate occurrences of potential economic interest. A total of 53 hand trenches were completed along new and existing road cuts and trails exposing coal seams of potential economic thickness. Mapping from these trenches yielded 9 coal occurrences ranging in thickness from 0.8m to 3.5m. As these samples were weathered, assessment of any metallurgical coal properties could not be accurately determined.

Commercial Terms – Acquisition of Dunlevy Energy Inc. and its Dunlevy Project

The Company and the three shareholders of Dunlevy, David Fawcett, Ken Murfitt and Kevin James (together the “Dunlevy Shareholders”), entered into a sale and purchase agreement (“SPA”) under which the Company, through its wholly owned Canadian subsidiary, NWP Coal Canada Ltd. (“NWPC”) has agreed to acquire all of the shares in Dunlevy Energy Inc. (“Dunlevy”) (“Dunlevy Shares”) and accordingly the Dunlevy Project, subject to the satisfaction of certain conditions precedent set out below.

The consideration for the acquisition of the Dunlevy Shares and the Dunlevy Project is:

• a) the payment of C$51,000 to each Dunlevy Shareholder (a total of C$153,000) on the date of settlement under the SPA (“Settlement Date”); and

• b) the issue of 4,000,000 non-voting, convertible, redeemable, preferred shares (“Exchangeable Shares”) to be created in the capital stock of NWPC to each Dunlevy Shareholder (being a total of 12,000,000 Exchangeable Shares), all of which will be issued on the Settlement Date and will be exchangeable for fully paid ordinary shares of Jameson (“Jameson Shares”) on a one for one share basis, upon the performance of the following milestones:

• (i) 1,000,000 Exchangeable Shares per Dunlevy Shareholder will be permitted to be exchanged for 1,000,000 Jameson Shares by each Dunlevy Shareholder, at any time after the Settlement Date, at the election of each Dunlevy Shareholder by delivering to Jameson and NWPC 60 days prior written notice;

• (ii) a further 1,000,000 Exchangeable Shares per Dunlevy Shareholder will be permitted to be exchanged for 1,000,000 Jameson Shares by each Dunlevy Shareholder, at any time after the expiration of 18 months from the Settlement Date, at the election of each Dunlevy Shareholder by delivering to Jameson and NWPC 60 days prior written notice;

• (iii) if Jameson has not issued a Termination Notice (defined below) prior to 36 months from the Settlement Date, a further 1,000,000 Exchangeable Shares per Dunlevy Shareholder will be permitted to be exchanged for 1,000,000 Jameson Shares by each Dunlevy Shareholder, at any time after the expiration of 36 months from the Settlement Date, at the election of each Dunlevy Shareholder by delivering to Jameson and NWPC 60 days prior written notice; and

• (iv) if Jameson has not issued a Termination Notice (defined below) prior to 54 months from the Settlement Date, a further 1,000,000 Exchangeable Shares per Dunlevy Shareholder will be permitted to be exchanged for 1,000,000 Jameson Shares by each Dunlevy Shareholder, at any time after the expiration of 54 months from the Settlement Date, at the election of each Dunlevy Shareholder by delivering to Jameson and NWPC 60 days prior written notice,

• c) each Dunlevy Shareholder must elect to exchange their respective Exchangeable Shares for Jameson Shares if the relevant milestones in paragraphs (b)(i) to (iv) are met within five years from the Settlement Date; and

• d) any Exchangeable Shares which have not been exchanged for Jameson Shares on the earlier of:

• (i) Jameson’s delivery of a Termination Notice (defined below) to the Dunlevy Shareholders, the expiry date of the Repurchase Option (defined below) being 180 days from the date of the Termination Notice (“Repurchase Option Expiry Date”); or

• (ii) 5 years from the date of the meeting of Jameson’s shareholders (“Jameson Meeting”) to approve the issue of the Jameson Shares to the Dunlevy Shareholders,

will be automatically redeemed by NWPC for the sum of $0.000001 within ten business days of the earlier of: (i) Jameson’s delivery of a Termination Notice to the Dunlevy Shareholders, the Repurchase Option Expiry Date; or (ii) 5 years from the date of the Jameson Meeting, except for any Exchanged Shares that are tendered by the Dunlevy Shareholders in accordance with the Repurchase Option (set out below).

Jameson may elect to terminate or abandon the Dunlevy Project if it does not meet Jameson’s economic hurdles. If it elects to terminate or abandon the Dunlevy Project, it must issue a termination notice to the Dunlevy Shareholders (“Termination Notice”), and one or more of the Dunlevy Shareholders may, at their option (“Repurchase Option”), tender to NWPC all of their un-exchanged Exchangeable Shares in exchange for such number of then-issued Dunlevy Shares as is equal to:

• a) if only one of the Dunlevy Shareholders exercises the Repurchase Option, then Jameson will transfer the remaining issued Dunlevy Shares held by NWPC to the one Shareholder who exercises the Repurchase Option; or

• b) if either two or three of the Shareholders exercise the Repurchase Option, then Jameson will transfer the remaining issued Dunlevy Shares held by NWPC to the two Dunlevy Shareholders or three Dunlevy Shareholders, as applicable, who exercise the Repurchase Option in proportion to the un-exchanged Exchangeable Shares they tendered on exercise of the Repurchase Option.

Under the SPA, Jameson also agrees to assume the responsibility of the repayment of:

• a) Dunlevy’s obligations to Ken Murfitt (“Ken”) consisting of:

• (i) the payment to Ken from Dunlevy of C$100,000, in consideration of the transfer of coal licence application No. 417666, payable in the following increments for the redemption of 100 preferred shares held by Ken in Dunlevy (“Preferred Shares”):

  • (A) C$25,000 for the redemption of 25 Preferred Shares on the Settlement Date;

  • (B) C$20,000 for the redemption of a further 20 Preferred Shares on 9 October 2011;

  • (C) C$25,000 for the redemption of a further 25 Preferred Shares on 9 October 2012; and

  • (D) C$30,000 for the redemption of the final 30 Preferred Shares on 9 October 2013; and

• (ii) C$250,000 (plus Canadian HST) to be paid upon commencement of commercial production from the Dunlevy Project as further consideration for the Preferred Shares in Dunlevy held by Ken; and

• b) within six months after the Settlement Date under the SPA, Jameson will loan Dunlevy C$200,000 in order for Dunlevy to pay C$100,000 each to Kevin James and David Fawcett in full repayment and satisfaction of their Shareholders’ loans to Dunlevy.

Completion of the acquisition of Dunlevy is conditional on a number of conditions precedent including:

• a) upon execution of the SPA, two of the Dunlevy Shareholders, will file duly completed assignments their coal licence applications to Dunlevy with the Ministry of Energy, Mines and Petroleum Resources for British Columbia;

• b) Jameson will obtain all necessary shareholder approvals in accordance with the Corporations Act and ASX Listing Rules to perform the transaction contemplated by the SPA; and

• c) Jameson will obtain any necessary regulatory and third party consents, waivers and approvals to perform the transaction contemplated by the SPA.

Under the SPA, the Company has also agreed to pay to each of the Dunlevy Shareholders a 0.40% FOB mine site royalty on all coal produced and sold from any of the tenements which comprise the Dunlevy Project.

The SPA contains standard representations and warranties given by Jameson and the Dunlevy Shareholders which would be expected for an agreement of this type.

Commercial Terms - Acquisition of the Nexx Projects

The Company, Nexx and David Fawcett have entered into a binding Letter of Intent (“LOI”) under which the Company has agreed to acquire, through NWPC, 100% of the exclusive rights to and ownership of the Nexx Projects, subject to the satisfaction of certain conditions precedent as set out below.

The consideration for the acquisition of the Nexx Projects is:

• a) the reimbursement of the license application fees to Nexx of C$132,700.50 immediately on the date of settlement under the LOI (“Nexx Settlement Date”);

• b) the issue of 10,000,000 non-voting, convertible, redeemable, preferred shares (“Nexx Exchangeable Shares”) to be created in the capital stock of NWPC, all of which will be issued to Nexx on the Nexx Settlement Date and exchangeable by Nexx for Jameson Shares on a one for one share basis, upon the performance of the following milestones:

• (i) 2,500,000 Nexx Exchangeable Shares will be immediately exchanged for 2,500,000 Jameson Shares following the Nexx Settlement Date;

• (ii) a further 2,500,000 Nexx Exchangeable Shares in NWPC will be exchanged for another 2,500,000 Jameson Shares, upon the granting of tenure (issuance of coal licenses which comprise the Nexx Projects coal license applications) by the British

Columbia Ministry of Forests, Lands, and Natural Resource Operations to Jameson or its nominee;

• (iii) a further 2,500,000 Nexx Exchangeable Shares in NWPC will be exchanged for 2,500,000 Jameson Shares, 12 months following the granting of tenure as referenced in paragraph (c)(ii) above; and

• (iv) a final 2,500,000 Nexx Exchangeable Shares in NWPC will be exchanged for 2,500,000 Jameson Shares, 24 months following the granting of tenure as referenced in paragraph (c)(ii) above;

• c) Nexx must elect to exchange its respective Nexx Exchangeable Shares for Jameson Shares if the relevant milestones in paragraphs (c)(i) to (iv) are met within five years from the Nexx Settlement Date; and

• d) any Nexx Exchangeable Shares which have not been exchanged for Jameson Shares on the earlier of:

• (i) in the event Jameson has delivered a Nexx Termination Notice (defined below) to Nexx, the expiry date of the Nexx Repurchase Option (defined below) being 180 days from the date of the Nexx Termination Notice (“Nexx Repurchase Option Expiry Date”); or

• (ii) 5 years from the date of the Jameson Meeting to approve the issue of the Jameson Shares to Nexx,

will be automatically redeemed by NWPC for the sum of $0.000001 within ten business days of the earlier of: (i) in the event Jameson has delivered a Nexx Termination Notice to Nexx, the Nexx Repurchase Option Expiry Date; or (ii) 5 years from the date of the Jameson Meeting, except for any Exchanged Shares that are tendered by Nexx in accordance with the Nexx Repurchase Option (set out below).

Under the LOI, Jameson has also agreed assume Nexx’s obligations pursuant to a royalty agreement between Nexx and Pika Geological Inc. (“Pika”) (a corporation controlled by Kevin James), to pay to Pika a 0.40% FOB mine site royalty on all coal produced and sold from coal licence application tenure no. 417727 (which is currently held by Pika before and will be transferred to Nexx).

Jameson may elect to terminate or abandon the Nexx Projects if it does not meet Jameson’s economic hurdles. If it elects to terminate or abandon the Nexx Projects, it must issue a termination notice to Nexx (“Nexx Termination Notice”), and Nexx may, at its option (“Nexx Repurchase Option”), tender to NWPC all of its un-exchanged Exchangeable Shares in exchange for in exchange for full ownership of the Nexx Projects.

Completion of the acquisition of the Nexx Projects is conditional on a number of conditions precedent:

• a) completion of legal and technical due diligence by Jameson in respect of the Nexx Projects and the results of such investigations being to the sole and absolute satisfaction of Jameson;

• b) Jameson will obtain all necessary shareholder approvals in accordance with the Corporations Act and ASX Listing Rules to perform the transaction contemplated by the LOI;

• c) Jameson will obtain any necessary regulatory and third party consents, waivers and approvals to perform the transaction contemplated by the LOI; and

• d) Jameson acquiring all of the issued and outstanding shares of Dunlevy.

Upon settlement of the LOI, David Fawcett will also be appointed as a Non-Executive Chairman of the Company. Settlement of the LOI and the SPA are proposed to occur at the same time.

The LOI contains standard representations and warranties given by the Company, Nexx and David Fawcett which would be expected for an agreement of this type.

Board Changes

Following completion of the acquisition of the Dunlevy Project and the Nexx Projects (which are proposed to occur at the same time), Mr. David Fawcett will be appointed as Non-Executive Chairman and current Chairman Mr. Jeff Bennett will stay on as Non-Executive Director.

Shareholder approval

The Company will also be seeking shareholder approval for the acquisition of the Dunlevy Project, the Nexx Projects and its Crown Mountain Project (previously announced as acquired to ASX on 21 July 2011) pursuant to ASX Listing Rule 11.1.2. Completion under the SPA and LOI are conditional on the receipt of this shareholder approval.

Capital Raising

• In conjunction with the acquisition of the Projects, the Company proposes to undertake:

• a) a placement to predominantly institutional investors of 10,700,000 ordinary shares at $0.12 each (“Placement Shares”), with one (1) free option attached to every three (3) Placement Shares totaling 3,566,667 options (“Options”), to raise $1,284,000 before associated costs (“Placement”). The free attaching Options will be exercisable on or before 30 October 2014 at $0.15; and

• b) pursuant to a full form prospectus, a fully underwritten non-renounceable entitlement issue to allow existing shareholders to participate (“Entitlement Issue”). The Entitlement Issue offer will be on a one (1) for six (6) basis for existing fully paid ordinary shares held on the record date (“New Shares”), at an issue price of $0.10 (“Offer”). Based upon the capital structure subsequent to the placement the maximum number of New Shares to be issued pursuant to the Offer is 17,754,811 New Shares. The Offer will raise up to $1,775,481 before associated costs.

Total Funds raised through the combined Entitlement Issue and Placement of just over $3 million before associated costs, will be used to pay for the acquisition, development of the Company’s existing and newly acquired projects and provide additional working capital.

The Company intends to finalise the Placement prior to the record date for the Entitlement Issue. Accordingly, subscribers to the Placement will be able to participate in the Entitlement Issue.

The Placement is to be managed by Capital Investment Partners Pty Ltd (“CIP”) who will be entitled to a 6% fee. CIP will also be underwriting the Entitlement Issue (“Underwriter”). The Company has agreed to pay the Underwriter an underwriting fee of 6% of the value of the Underwritten Shares under the Entitlement Issue and, subject to Shareholder approval, issue 4,000,000 Options exercisable on or before 30 October 2014 at $0.15.

Mr Art Palm and Mr John Holmes (and/or their nominees) have each agreed to subscribe for 250,000 Shares, subject to shareholder approval, pursuant to a separate placement which will be on the same terms as those offered in the initial Placement detailed above (“Second Placement”). Accordingly, the price of the Shares under the Second Placement will be $0.12 per Share, with one (1) free Option attached to every three (3) Shares.

Timetable*

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

Lodge prospectus with ASIC and ASX	8 Nov 2011
Notice sent to Shareholders with the Notice of Meeting for the Extraordinary General Meeting	10 Nov 2011
Placement conducted	10 Nov 2011
Shares quoted on an “ex” basis	11 Nov 2011
Record date for determining Shareholder entitlements	17 Nov 2011
Opening Date and dispatch of Prospectus to Shareholders	23 Nov 2011
Closing Date of Entitlements Issue	8 Dec 2011
Securities quoted on a deferred settlement basis	9 Dec 2011
Notify ASX of under subscription	12 Dec 2011
Allotment and dispatch of holding statements for new shares	13 Dec 2011
Extraordinary General Meeting and Annual General Meeting	13 Dec 2011
Second Placement (subject to shareholder approval to be obtained at the Extraordinary General Meeting)	14 Dec 2011

• The dates in respect of the Entitlement Issue are determined based upon the current expectations of the Directors and may be changed with 6 Business Days prior notice.

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

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John Holmes

Exploration or technical information in this release 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 report of the matters based on his information in the form and context in which it appears.