JAMESON RESOURCES LIMITED — Major Shareholding Notification 2012

Dec 16, 2012

17 December 2012

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|---|---|
|Fast Facts|ASX: JAL|
|Share Price Range (6mths)|$0.21 ‐ $0.36|
|Shares on issue|154,867,009|
|Options|9,325,000|
|($0.15 ‐ $0.35)|
|Market Capitalisation|~$32M|
|Cash Position (Dec 2012)|~$4.8M|
|Major Shareholders|
|(as at Dec 2012)|
|Macquarie Bank|9.7%|
|Nefco Nom PL|6.5%|
|Lord Robert Simeon|3.9%|

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Major Shareholders (as at Dec 2012)

Dunlevy Project Update

Highlights

• The British Columbia Ministry of Energy and Mines (MEM) is resolving issues that have been delaying approvals for the Dunlevy project, thereby paving the way for granting of coal licences and exploration approvals, and the subsequent commencement of exploration

• MEM has designated a Coal Land Reserve for caribou habitat which will impact areas within the Dunlevy and Graham River Projects

Directors & Management

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

Key Projects

Crown Mountain Coal Project, 90% Elk Valley Coalfields, Canada Dunlevy Coal Project, 100% Peace River Coal Fields

Investment Highlights

• Positioned in world class metallurgical coalfields

• Significant development expertise on board with successful track record

• Modern rail and port facilities

• Strong financial position

Newsflow / Catalysts

• A priority exploration target of at least 100 to 150 million tonnes¹ of potential metallurgical coal has been identified by an independent geologist within the Dunlevy project outside of a newly established Coal Land Reserve to protect caribou habitat. Albeit a bit smaller, this target area has been the primary focus for Jameson’s maiden coal resource at Dunlevy

• With about 80 percent of the targeted multi‐seam Gething Formation not affected by the Coal Land Reserve, the prospectivity of the Dunlevy project remains high

• Recently completed geological field mapping on the Dunlevy project has allowed the Company to better define the extents of the coal bearing Gething Formation

• MEM has indicated that coal licenses outside of the designated Coal Land Reserve will be approved in a timely manner

• Exploration drilling will commence on receipt of regulatory approvals

Dunlevy coal licenses Q1 2013 Crown Resource Q1 2013 Crown PEA/Scoping Study Q1 2013

Contact Details

Australia

L 2, 79 Hay Street, Subiaco WA, 6008 P +61 (8) 9200 4473 F +61 (8) 9200 4463 E admin@jamesonresources.com .au Canada

¹ Exploration Targets: The estimates of exploration target sizes in this announcement are in accordance with the guidelines of the JORC Code (2004) and should not be misunderstood or misconstrued as estimates of Mineral Resources. The potential quantity and quality of the exploration targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

S8, 1900 West Hastings, Vancouver P + 1 (604) 629‐8605

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www.jamesonresources.com.au

Overview

Jameson Resources Ltd (“Jameson” or “the Company”) reports that the British Columbia Ministry of Energy and Mines (MEM) is resolving an on‐going issue involving the protection of caribou habitat in northeast British Columbia. The resolution of this issue will now clear the path for the granting of tenure to several coal operators in the area, one of those being Dunlevy Energy Inc. (“Dunlevy Energy”) a wholly owned subsidiary of Jameson. Jameson’s portfolio consists of four project areas, the largest being the Dunlevy project.

Figure 1: Jameson’s Peace River Projects

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www.jamesonresources.com.au

MEM has been in discussions with First Nations in the region to arrive at a solution which addresses the caribou issue. Concurrently, over the past several months, Jameson has been discussing various options with the MEM to accommodate First Nations concerns while still allowing the Company to explore the prospective areas of the Dunlevy project.

Recently completed geological field mapping on the Dunlevy project has delineated the most likely boundaries of the target Gething coal‐bearing formation. This information, and the critical caribou habitat zones identified in the region, allowed Jameson to make a proposal to the MEM whereby significant portions of the application area could be reserved as caribou habitat without compromising the project’s potential coal resource.

On December 12 the MEM notified Jameson of its decision regarding the designation of the Coal Land Reserve which will preserve the caribou habitat. Importantly this designation does not affect the majority of Jameson’s targeted exploration area. An independent geological evaluation states that a conservative exploration target ranging from at least 100 to 150 million tonnes¹ of potential metallurgical coal could be defined outside of the designation by MEM. Whilst no definitive resource or coal quality data is available from within the Project area, the coal bearing Gething Formation is host to a number of coking coal operations and advanced resource projects to the south of Dunlevy.

Whilst Jameson is not content with the implementation of the Coal Land Reserve without proper consultation with the Company and industry, the MEM has indicated to Jameson that it can now move forward with approving revised tenure boundaries in a timely manner for the project (as described above). Jameson is pleased that a resolution is now at hand to remove caribou habitat and other issues as delays and move toward granting of coal licences for the Dunlevy project. At the very least management believes at about 80 percent of the targeted Gething Formation within the Project has been preserved.

Since there is significant coal potential within the Coal Reserve area, the Company will continue discussions with MEM with respect to amending Reserve boundaries. With exploration to take place on area adjacent to the Reserve, coal potential can be better demonstrated and quantified.

It should be noted that the Company’s southern Peace River projects, Peace Reach and Carbon East, are not affected by the MEM’s proposed Coal Reserve area.

While the exact timing of regulatory approvals is not known, the Company is preparing to undertake an exploration drilling program commencing during the first half of 2013, and as previously announced anticipates an initial resource to be determined for the project by year‐end 2013.

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Exploration Target

Recently completed geological mapping has resulted in the definition of an initial Exploration Target of at least 100 to 150 million tonnes¹ of potential metallurgical coal outside of the newly established Coal Land Reserve. Whilst geological mapping has identified several coal seams, the Exploration Target assumes only one seam ranging between 1.5 metres and 2.5 metres in thickness. The Exploration Target was prepared by Ken MacDonald (P.Geo) following completion of a detailed geological mapping program over Dunlevy and Jameson’s other Peace River projects.

Regional geological mapping by the Geological Survey of British Columbia indicates the property is underlain mainly by a broad central carapace of coal‐bearing Lower Cetaceous Gething Formation overlying coarse clastic rocks of the Cadomin Formation. The Lower Cretaceous Gething Formation is a regionally significant coal exploration target in the northern part of the Peace River Coalfield. As demonstrated in several of the coal mines and resource projects along strike from Dunlevy, the Gething Formation is host to multiple coal seams. Much of the coal within the Gething Formation has been shown by historical analysis to be an excellent coking coal.

The Dunlevy property straddles the Dunlevy syncline, a gentle fold structure that exposes Gething Formation coal seams in a number of occurrences, particularly on the western limb. Steeply dipping anticlines mark the extreme western and eastern limits of the property and are occupied at least in part by east directed thrust faults. A veneer of glacial debris and heavy overgrowth obscures bedrock and limits the effectiveness of field mapping except where bedrock is exposed in road and stream cuts.

There is a limited history of coal exploration on the property, including a few historical boreholes near the southern boundary that targeted thick coal seams known from several past producing underground mines located near Dunlevy Inlet. Reconnaissance mapping and hand trenching in 2009 resulted in the identification of several thick seams ranging in thickness from 1.45 metres to 3.56 meters. Some of the thicker coal seams observed in the 2012 field mapping program may represent the regionally important Trojan seam, but the correlation is speculative. The coal seams within the project area have metallurgical coal properties demonstrated from preliminary analysis.

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Figure 2: Dunlevy Revised Tenure Outline and Target Area

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On Behalf of the Board of Directors,

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John Holmes

About Jameson Resources Limited

Jameson Resources Limited (ASX:JAL) is a junior resources company focused on the acquisition, exploration and development of strategic coal projects in western Canada. The Company has 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

¹Exploration Targets: The estimates of exploration target sizes in this announcement are in accordance with the guidelines of the JORC Code (2004) and should not be misunderstood or misconstrued as estimates of Mineral Resources. The potential quantity and quality of the exploration targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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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