JAMESON RESOURCES LIMITED — Management Reports 2012

Nov 19, 2012

20 November 2012

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|Fast Facts|ASX: JAL|
|Share price range (6mths)|$0.23 ‐ $0.36|
|Shares on issue|154,867,009|
|Options|9,325,000|
|(0.15 ‐ $0.35)|
|Market Capitalisation|~$35M|
|Cash Position (Nov 2012)|~$5.1M|
|Major Shareholders|
|(as at Nov 2012)|
|Macquarie Bank|9.7%|
|Nefco Nom PL|6.5%|
|Lord Robert Simeon|3.9%|

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Directors & Management

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

Crown Mountain Preliminary Results

Highlights

• Exploration program including forty reverse circulation drill holes completed at Crown Mountain

• Significant coal intersections from three major seams with up to nine individual members indicating potential for an open pit project

• Best coal seam intercepts included;

• 14.7m of coal from 13.6m depth (CM12‐01B)

• o 12.5m of coal from 36.2m depth (CM11‐03B) o 12.1m of coal from 52.7m depth (CM12‐31) o 17.8m of coal from 85.0m depth (CM11‐02B)

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

• Multiple coal seams intercepted including 13.2m of coal from 10.4m depth (CM12‐34B) in the previously untested Southern Extension prospect

• Preliminary coal quality results show coal has metallurgical properties below the limited oxidised zone normally associated with coal outcrops

• Seam 8, a thick seam uppermost in the sequence is showing potential for metallurgical volumes which was not expected

• Strong financial position

Newsflow / Catalysts

Dunlevy coal licenses Q4 2012 Crown drill results Q4 2012 Crown Resource Q1 2013 Crown PEA/Scoping Study Q1 2013

• Ash content (ad) of the clean coal float at 1.5 SG ranges from 5 to 15%, volatile matter 19% to 23%

• Resource modelling is underway with completion of the Crown Mountain NI43‐101 resource expected early Q1 2013 once final coal quality data has been received

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

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

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Overview

Jameson Resources Ltd (“Jameson” or “the Company”) is pleased to announce that its wholly owned Canadian subsidiary NWP Coal Canada Ltd (“NWP”) has successfully completed its exploration program on the Crown Mountain coal project. The final phase of drilling, which focused on the previously untested Southern Extension prospect, was concluded November 19th, 2012.

In total, the 2012 program included forty reverse circulation drill holes for an advance of 5,707m, along with several trenches and property‐wide geological mapping (Figure 2). Drill holes ranged in depth from 62m to 231m, with the average depth being 143m. Down hole wire‐line geophysical logging has been completed on the majority of the holes.

In excess of 2,000 samples have been collected on half metre increments across the coal bearing zones. Over 250 composite samples were selected for coal quality testwork and submitted to Birtley Laboratories (GWIL) in Calgary. Preliminary coal quality results show coal from Crown has metallurgical properties below the limited oxidised zone normally associated with coal outcrops. Analysis is progressing and it is anticipated to have the majority of test work by year end.

Figure 1 : Crown Mountain Drilling Activity

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Figure 2 – Drill Hole Location Plan

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Coal Seam Intercepts ‐ North Block

The Crown Mountain property can be divided in to two main areas, the North block and the South block. Both of these areas were subjected to limited exploration drilling in 1969 and 1979. Norwest Corporation (Norwest) of Calgary, Alberta created a model of the Crown Mountain project before the 2012 drilling commenced based on legacy holes from 1969 and 1979 as well as surface mapping. This model was used to predict coal seam thickness and depths.

The 2012 drilling in the North block, for the most part, confirmed Norwest’s model in terms of location and thickness of the coal seams. Of the 17 holes drilled in the North block, four of these were angled holes.

In the North block three major coal zones were intercepted that can be further subdivided into individual members. The summary of apparent seam thickness ranges and interburden thickness ranges can be seen in Table 1. Seam 8 was encountered in seven out of 17 holes and is further broken down into Seam 8 Upper, Seam 8 Middle, Seam 8 Lower, and Seam 8 Rider. Seam 8 Upper was present in five of the holes, while Seam 8 Middle, Seam 8 Lower and Seam 8 Rider were present in seven of the holes.

Seam 9 and Seam 9 Rider were encountered in fourteen out of 17 holes, indicating a wide distribution across the area. 9 Seam in the North contains a parting that ranges from 0.4 m to 1.75 m thick; with the separate Seam 9 Rider occurring below this. Drill holes CM11‐02 and CM11‐02B were left out of the ranges displayed for 9 Seam and Seam 9 Rider in Table 1 because these two holes (drilled on the same pad, vertical and angled respectively) were found to have a repeating Seam 9 and Seam 9 Rider due to local thrust faults.

Seam 10 is divided into Seam 10 Upper, Seam 10 Middle and Seam 10 Lower and was encountered in fifteen out of seventeen holes. It can be assumed that Seam 10 was present in all holes as two holes were abandoned before Seam 10 was intercepted.

The Moose Mountain marker bed is located in the basal sandstone and is present regionally, although it was only intercepted in seven of the holes as the remaining holes were terminated before reaching this member.

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TABLE 1

NORTH BLOCK APPARENT THICKNESS AND INTERBURDEN THICKNESS RANGES

Coal Seam	Apparent Thickness Range *Including Partings	Zone Average Thickness(m)	Interburden Thickness Range
8 Upper Seam	11.4m to 14.7m	12.7
			2.75m to 4.55m
8 Middle Seam	1.95m to 9.9m	4.6
			4.2m to 9.9m
8 Lower Seam	3.1m to 5.9m	4.0
			2.3m to 14.6m
8 Rider Seam	0.9m to 3.5m	1.3
			45.85m to 59.6m
9 Seam	3.2 to 7.35m	5.6
			6.9m to 16.7m
9 Rider Seam	1.1m to 4.15m	2.4
			7.1m to 29.35m
10 Upper Seam	6.55m to 17.8m	11.6
			3.7m to 7.8m
10 Middle Seam	0.7m to 1.7m	1.1
			8.4m to 19.25m
10 Lower Seam	1.1m to 5m	1.7
			14.3m to 21.55m
Moose Mtn Marker Bed	0.9m to 4.1m		NA

The data presented in this summary reflects the preliminary data available at the time of writing. Subsequent analysis and updates to the current model may result in modifications to the data and conclusions.

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Coal Seam Intercepts ‐ South Block

The 2012 drilling in the South block found that Seam 10 was typically thinner than Norwest’s model predicted, and that the faulting particularly at the north of the block is more complex than originally believed. One of the 18 holes drilled in the South block was an angled hole. The summary of apparent seam thickness ranges and interburden thickness ranges is shown in Table 2.

The major coal seams found in this block are Seam 9 and Seam 10. Portions of Seam 8 are found in two holes in the south. Seam 8 Rider was encountered in nine holes.

Seam 9 was found in sixteen out of 18 holes. Seam 9 Rider is present in only five of the holes and is thus less continuous than what was seen in the North block.

In addition to Seam 10 Upper, Seam 10 Middle and Seam 10 Lower; there are also local seams between Seam 10 Upper and Seam 10 Middle and/or Seam 10 Middle and Seam 10 Lower, encountered in four holes. These local seams found within Seam 10 are not included in Table 2 as they typically do not exhibit lateral continuity past one or two holes. Seam 10 Lower is repeated in CM12‐18 due to a thrust fault.

Two holes, CM12‐21 and CM12‐24 yielded no coal, and are assumed to be west of the major thrust fault in this area. These holes were drilled on the very fringe of the modelled area.

As with the North block, the Moose Mountain marker bed is located in the basal sandstone and is present regionally, although it was found in only nine of the holes since the remaining holes were terminated prior to intercepting this marker bed.

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TABLE 2

SOUTH BLOCK APPARENT THICKNESS AND INTERBURDEN THICKNESS RANGES

Coal Seam	Apparent Thickness Range *Including Partings	Zone Average Thickness (m)	Interburden Thickness Range	Interburden Thickness Range
			9 Rider Present	9 Rider Absent
8 Seam	3.9m to 8.3m	6.1
			14.9m to 15.35m
8 Rider Seam	0.6m to 10m	4.3
			7.0m to 33.65m
9 Seam	2.0m to 6.1m	3.4
			6.3m to 8.65m	16.3m to 27.85m
9 Rider Seam	0.3m to 2.3m	0.9
			5.7m to 13.25m
10 Upper Seam	0.9m to 11.2m	8.3
			3.4m to 17.1m
10 Middle Seam	3.9m to 14.45m	6.6
			6.3m to 21.5m
10 Lower Seam	1.1m to 4.8m	1.7
			12.0m to 16.1m
Moose Mtn Marker Bed	0.3m to 1.5m		NA

The data presented in this summary reflects the preliminary data available at the time of writing. Subsequent analysis and updates to the current model may result in modifications to the data and conclusions.

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Coal Seam Intercepts – Southern Extension

Five holes were drilled in the South Extension of the Crown Mountain Project. Two holes (12‐33B and 12‐38B) were drilled in the northernmost resource block of the south extension and encountered Seam 10 Upper and Seam 10 Middle, plus the Moose Mountain marker bed. A single hole, 12‐36B, was drilled in a small block to the south of the northernmost block, isolated by two faults, and found no coal. Two southernmost holes (12‐34 and 12‐ 34B) encountered Seam 9 in significant thickness near surface, Seam 9 Rider, Seam 10 Upper, Seam 10 Middle and the Moose Mountain marker bed. The data from these holes will be correlated with surface mapping data to allow modelling of the geology in this South Extension Area and facilitate planning for next year’s exploration program.

TABLE 3

SOUTHERN EXTENSION BLOCK APPARENT THICKNESS AND INTERBURDEN THICKNESS RANGES

Coal Seam	Apparent Thickness Range *Including Partings	Zone Average Thickness (m)	Interburden Thickness Range
9 Seam	12.2m to 13.2m	12.7
			7.6m to 8.6m
9 Rider Seam	5.35m to 5.6m	5.5
			28.7m to 30.45m
10 Upper Seam	3.2m to 6.25m	4.4
			11.95m to 14.35m
10 Middle Seam	1.2m to 1.75m	1.4
			9.6m to 15.8m
Moose Mtn Marker Bed	0.9m to 1.7m		NA

The data presented in this summary reflects the preliminary data available at the time of writing. Subsequent analysis and updates to the current model may result in modifications to the data and conclusions.

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Sampling and Preliminary Assessment on Coal Quality

Reverse Circulation (RC) samples were taken on 0.5m intervals across all coal bearing zones and commenced immediately after coal was identified. To assure coal was not missed two or three additional RC samples were taken after the last coal sample appeared. Dry RC samples were taken whenever possible in the first several holes. However, due to the presence of ground water, the majority of samples collected were wet. All cuttings and water was collected via a rig mounted cyclone into buckets and placed onto a 100 mesh screen for sampling.

Several trenches were excavated in the Crown Mountain exploration program, including three permitted deep trenches (3.0m deep) and roadside cut trenches (which are usually less than 1.2m). When the trench intercepted major coal seams, coal samples were collected.

In excess of 2,000 samples have been collected on half metre increments across the coal bearing zones. Over 250 composite samples were selected for coal quality test work and submitted to Birtley Laboratories (GWIL) in Calgary. Coal Tech in Pennsylvania was selected to do subsequent petrography analysis of specified samples. Analysis is progressing and based on the results received to date preliminary indications on the coal quality are as follows:

The oxidization zone of the coal seams is from surface down to as deep as 40 m depth, depending on the location. As with other properties in the region, the depth of oxidation is affected by various parameters, including: groundwater; structure; exposure aspect of the topography; and rank of the coal. Seam 8, a thick seam uppermost in the sequence, is showing potential for metallurgical volumes, which was not expected.

Coal below the oxidized zone is showing metallurgical properties. Categorizing these coals will be done after the balance of the lab data is available. Data seen to date shows that the unoxidized coals have a variety of FSI’s. Some of these coals have had lower FSI’s, but the use of Light Transmittance testing has shown there is no oxidation in these samples. Various Western Canadian coals have exhibited lower than expected FSI’s, often due to increased levels of inert components in the petrographic make‐up. These coals are often successfully blended with other coals from the same property, resulting in marketable metallurgical coal products. It will be important to review other rheological and metallurgical parameters from the lab testing in order to make any comments on the marketing potential for various blends of the different seams.

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The coal in the oxidization zone appears to be suitable for potential thermal coal utilization.

The ash content (ad) of the float (clean coal) at 1.5 SG by float and sink test from RC samples are 7 to 15%; the majority are 9 to 12%. However, the ash content (ad) of the float (clean coal) at 1.5 SG by float and sink test from some of the trench samples are 5 to 10%. The higher ash values for the drillhole samples is generally due to dilution during drilling. Under these conditions, the trench samples are expected to be more representative of clean coal ash. Trench samples are weathered or highly oxidized but have been used for determination of the undiluted raw ash for each of the main seams, as well as their petrography.

The volatile matter (daf) are 20 to 23% in the North part of property and 19 to 22% in the South part of property, thus indicating low to medium volatile coals.

Preliminary sulfur analyses indicate that these seams are typical of Western Canadian coals in Southeast BC in that total sulfur ranges from 0.3 to 0.6%.

The coal quality data to date presented in this document is preliminary and based on limited data; it may change materially once the complete lab results are available.

Figure 3 : Coal Seam 8 Outcrop

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Next Steps

Norwest Corporation has commenced resource modelling and expect to have the NI43‐101 resource completed early Q1 2013 once all the outstanding coal quality data has been received.

Based on the results to‐date, and anticipating a positive resource report, the Company is prepared to commence work on a Preliminary Economic Assessment study.

On Behalf of the Board of Directors,

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 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

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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