ORBMINCO LIMITED — Interim / Quarterly Report 2011

Jul 27, 2011

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28 July 2011

• ASX RELEASE By e-lodgement

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2011

HIGHLIGHTS

• Drilling commenced at the Rio Puerco uranium project in New Mexico.

• Permits for drilling received for the Lone Star uranium joint venture in Texas; drilling to commence this quarter.

• Drilling completed at La Paz Rare Earth Element project and Rare Earth Element metallurgical scoping study underway with results due in September.

• Initial results from drilling program at San Marcos gold project in Arizona highly encouraging. Results from 4 holes assayed to date show mineralisation in all of the holes including Holes SM01A and SM01B in which continuous mineralisation was found in the range between 0.01 g/t - 0.3 g/t. Intercepts in Holes SM10A and SM10B included 13.5 metres @ 2.25 g/t, including 1.5 metres at 8.94 g/t, and 10 metres at @ 1.88 g/t, including 1.5 meters at 4.23 g/t.

• Application for the Toronto Stock Exchange Venture Exchange (TSX_V) listing lodged.

The Directors of Australian-American Mining Corporation Limited (“AusAmerican”, “AIW” or “Company”) are pleased to report the following activities occurred in the last quarter ended 30 June 2011.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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1.URANIUM PROJECTS

1.1 Rio Puerco project (New Mexico, AIW 100%)

Drilling commenced at the Rio Puerco project last month. A drilling contract was awarded to Holman Drilling for the initial phases of the project. The programme was slightly delayed primarily due to a delivery problem with new drill pipe required for the Reverse Circulation (“RC”) component.

The drilling programme was announced to the market on 24 May 2011. The plan is to drill the Brushy Formation and stop just below with RC as a pre collar. The rest of the hole would then be drilled with diamond core into the Westwater Formation that hosts the majority of the Uranium mineralization.

The aim of the proposed 35 hole, 7,700 metre programme is to;

• Validate /confirm historic data (over 700 drill holes completed in the past 30 years)

• Increase the current resource

• Convert much of the resource from its current inferred status into the

• measured and indicated categories

• Provide core for metallurgical test work which will assist with validating amenability for in situ recovery extraction; and

• Test soil gas hydrocarbon (SGH) methodology over known resource which will assist with greenfield exploration at the project

AusAmerican consultant Dr Jim Fink (Hydrologist and Geophysics Expert) has designed specific wire line receptors to measure water flows and direction of water flows that will add valuable data to the ISR model.

Three holes have been drilled with one hole completed to full depth of 805 feet and will be logged shortly. No results have been received as yet. The Company is currently waiting on quotes from additional drilling companies to assist Holman Drilling and speed up the programme as much as possible.

The SGH survey is nearing completion. Two survey areas have been completed. The first survey area encompassed the ore zones in section 18 of the project. The second survey area encompassed parts of section 19 and 24 of the project. A third survey area on the eastern portion of the land position (extension of the Saucier delineated zone) should be completed in early-mid August. To date approximately 1,700 samples have been collected. The first round of analysis is due in 7-10 days.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872

Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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The Rio Puerco project has a JORC inferred resource of 11.4 million pounds at a grade of 900 ppm (0.09%) using a 300 ppm (0.03%) cut-off:

Cut Off Grade % eU3O8*	Tonnes U3O8 Ore	Average Grade % eU3O8	Tonnes U3O8	Lbs U3O8
0.03	5,994,968	0.09	5,154	11,362,640
0.05	3,584,925	0.12	4,214	9,290,481
0.10	1,298,081	0.27	3,464	5,778,493

There is significant upside on this project in terms of resource for the following reasons:

• (i) Only a small portion (7%) of the project has been used in calculating the current resource.

• (ii) Preliminary test-work carried out by Hazen Laboratories of Denver on ore removed from the project in pre development by Kerr McGee has indicated recoveries of 90% by using ISR methods. If the project is amenable to ISR extraction methods (and further test work and flow work is required) then a considerable portion of lower grade ore would be able to be bought into the resource calculation.

The Company is currently updating the current JORC resource at the Rio Puerco project to be NI 43-101 compliant. This is approximately 75% complete, should be finalised by mid August 2011 and will be submitted to the TSX_V and announced to the market.

Following the completion of the current drilling programme the Company will add the data and update the NI 43-101 resource. The drilling programme is expected to take up to 6 months to complete so the updated NI 43-101 is expected to be completed early 2012.

1.2 Apex / Lowboy project (Nevada, AIW 100%)

No activities were undertaken at this project during the June quarter.

In the March quarter, a NI 43-101 was finalised and released increasing the former JORC inferred resource of 950,000 pounds @ 770ppm (0.07%) U3O8 at Apex by 52% to a NI 43-101 inferred resource of 1.452 million pounds grading 700ppm (0.07%) using a cut-off of 100 ppm (0.01%):

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872

Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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Cut off **(%U3O8) **	Tonnes > than cut-off	Grade> Than cut-off (%U308)	Tonnes **U3O8 **	lbs **U3O8 **
0.01	1,015,999	0.070% (700ppm)	707	1,452,300
0.02	639,995	0.098% (980 ppm)	630	1,276,815
0.05	358,146	0.147% (1,470 ppm)	530	1,057,675
0.1	231,061	0.188% (1,880 ppm)	435	850,440

The report has been prepared by qualified persons David S. Boyer, who works as a consultant for the Company, and Erik Ostensoe, who is an independent Qualified Person.

The report states that “ potential to increase the resource exists along strike of the meta-sedimentary-intrusive contact, as this area is untested to the east and west. Although the defined resource occurs within 550 feet (170 metres) of the surface, the possibility of increasing the resource at depth also exists ”.

The report also recommends further work which includes detailed structured analysis to better understand controls on mineralisation, further metallurgical test work to determine uranium recoveries at low grades, uranium equilibrium determination and additional drilling to validate historical data, define deposits limits and potentially expand the resource.

The report goes on to state “ Considerable exploration potential also exists on the Lowboy uranium prospect, located on the eastern end of the Toiyabe Range and along the WNW trend with the Apex property. The Lowboy property was not addressed in detail in this technical report, however preliminary review of the data by the authors indicates that prospective targets do exist on the Lowboy property and along the WNW trend. Successful testing of these targets would significantly add to the inferred resource defined in this report”

A full copy of the NI 43-101 report is posted on the company website www.ausamerican.com

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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The Company has an exploration target of 3 million pounds U3O8 grading between 500 ppm and 1000 ppm (0.05% and 0.1%) at Apex and between 2 million and 7 million pounds of U3O8 at the Lowboy project at a grade of between 500 and 1000 ppm (0.05% and 0.1 ppm)[(1)] .

1.3 Lone Star Joint Venture (Texas, AIW 90%)

Permits were approved to commence exploration drilling on the Fayette County leases. This is a major development once again showing the very positive support Texas offers in all forms of exploration, including Uranium.

The programme, which we hope to commence in the next month, will initially focus on holes designed to test depth of mineralization, water quality and water flows within the Uranium enriched formation and to confirm grade and depth identified by Union Carbide who originally drilled the project in the late 1960’s and early 1970’s. The next phase of drilling at the project would aim to prove up the historic resource.

The Company has commenced the permitting process for this project with a time line to production of 20-24 months, subject to the availability of access to one of the processing plants in the area. There are currently three fully licensed plants in the area. Negotiations for access continue with the owners of these local uranium processing plants.

AusAmerican consultant geologist Al McNeil has been researching oil and gas wells drilled along trend lines in formations that are known to have hosted major Uranium deposits. He has identified a number of target areas that may present opportunities when the market shows signs of real recovery.

This project was brought to the Company by Lone Star LLC. Lone Star LLC holds a 10% free carry in the project and also receives AIW shares on meeting certain milestones (based primarily on JORC resource targets). This project has an exploration target of 3M lbs to 4Mlbs[ (2)] grading between 700ppm (0.07%) and 1200ppm (0.12%), is shallow and amenable to ISR recovery. These projects are on 5 X 5 year leases and have a royalty of approximately 8% on the net uranium. It is intended to extract using ISR and ion exchange techniques and use existing plants in the area for additional treatment.

AusAmerican is in negotiations with land owners in the Texas area and remains optimistic that they will in this September quarter increase their leasehold land holding position in Texas of properties that have historically hosted uranium mineralisation or are prospective for hosting uranium mineralisation.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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1.4 Apache Basin Uranium Project (Arizona, AIW 100%)

No work performed on this project in the quarter.

The prospectively of this project area is based on the Unconformity model and its similarities with the Canadian Athabasca Basin, one of the world’s premier uranium provinces. Well-developed uranium mineralisation occurs in the Dripping Springs Quartzite, which is the upper target zone and is associated with well-developed structural controls which are expressed as strong linear radiometric anomalies consistent in placement with the known mineralization and structural trends. Based on the currently available information, the project is highly attractive on a conceptual basis as it represents a significant regional “play” with the possibility of yielding multiple targets.

1.5 Exploration target table – Uranium Projects (3)

Project	Location	Current resource	Grade	Target resource	Target grade (ppm)	Target grade (%)
Rio Puerco	New Mexico	11.4 million lbs	900 ppm (0.09%)	18-20 million lbs	500-1200	0.05%- 0.12%
Apex	Nevada	1.45 million lbs	700 ppm (0.07%)	3 million lbs	500-1000	0.05%- 0.1%
Lowboy	Nevada	nil	nil	2-7 million lbs	500-1200	0.05%- 0.12%
Lone Star	Texas	Exploration Target(4)		3-4 million lbs	700-1200	0.07%- 0.12%
Total	NM, TX, NV	12.85 million lbs	700ppm (0.07%)- 900ppm (0.09%)	26-34 million lbs	500-1200	0.05%- 0.12%

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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2. NON URANIUM PROJECTS

2.1 La Paz Rare Earth Elements Project (Arizona, AIW 100%)

The Company released a project update to the ASX on 22[nd] June 2011. All assay data has now been received and is being computed to provide an initial resource volume and grade (see typical cross section in Figure 1 below). A twin hole was drilled in the target zone in which assay data had been received. The material from this hole was shipped to The Saskatchewan Research Council, located in Saskatoon, Saskatchewan, Canada. A detailed agreement has been signed by both companies that define how extensive metallurgical studies will be conducted that are aimed at identifying those Rare Earth Elements that can be economically extracted to produce a concentrate for commercial use. The time frame with a full complement of scientists is expected to be completed in 12 weeks from date of receipt of sample.

The sample arrived in Saskatoon on July 4[th] 2011, so the report is due to be finished late September.

AusAmerican consultants Dr Bernard Free and John Petersen plan to visit the laboratories of SRC in early August to discuss progress to date and to assist the scientists in understanding specific geological parameters that are unique to the La Paz property.

Based on area drilled and the return of assay data mineralisation covers a total area 2500 meters by 1500 meters and 30 meters deep. More than 3000 samples of percussion drill cuttings have been analysed with an average grade of 430 ppm total rare earth oxides. A drill indicated resource will be confirmed over the coming weeks once metallurgical test work has been confirmed. Heavy rare earths elements comprise approximately 16% of the total rare earth content. The resource has few environmental drawbacks as uranium and thorium levels are low.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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Figure 1: La Paz Drill Section B-B’

2.2 White Picacho Strategic Metals Project (Arizona, AIW 100%)

Following on from the initial sampling programme last quarter, a more consistent, large channel sampling programme (approximately 1,300 samples were collected) was carried out on a number of the 28 pegmatites in the White Picacho Strategic Metals Project. Results from analyses of these samples indicated widespread mineralisation, with strong returns of lithium, cesium, and rubidium in particular.

The mineralisation includes spodumene and other lithium-bearing minerals. In addition, cesium and rubidium are found in feldspars. Large crystals of these minerals are commonly found in pegmatites. (The Western Australian lithium project Greenbushes is one of the largest and best known spodumene in pegmatite hosted lithium/tantalum project in the world).

The Company remains very optimistic about the prospectively of this project and will continue to advance this project although it currently does not have the same priority as the uranium, rare earth and gold projects.

2.3 San Marcos Gold Project (Arizona, AIW 100%)

A project update was released to the ASX on 29 June 2011.

Drilling commenced on the site with 16 holes completed by mid-July. The drill rig was then moved from site and is planned to return end of August / early September.

This decision was taken to enable receipt of all assay data necessary to enhance understanding and to reinforce our geological models before the rest of the drill

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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programme commences. Unfortunately laboratories are currently heavily committed and some delays may occur.

Current estimates that the mineralisation occurs in an area 1.2 kilometres on strike and over 200 metres in width. True thickness of mineralisation has yet to be determined but will be confirmed once the majority of drilling in the phase I program is completed.

Results for four holes have been received to date out of 16 drilled. Holes SM01A and SM01B were drilled on the extreme end of what was mapped to essentially bed the rig down and to learn what the mineralization was looking like at this extremity. The entire length of the hole, 120 metres (400 feet), carried detectable gold (grades range from 0.01 to 0.3 grams per tonne (“g/t”) indicating that the mineralised system at San Marcos system is very large. The bottom three metres (10 feet) in each hole contained an average 0.36 g/t, making further tests at this site necessary.

Hole 10A which is situated closer to the original San Marcos Mine was drilled at 45 degrees. The hole intersected 13.7 metres (45 feet) @ 2.25 g/t Au including 1.5 metres (5 feet) @ 8.94 g/t Au.

Hole 10B was angled at 60 degrees with the entire 120 metres (400 feet) mineralized with gold ranging from 0.001gms /t to 4.23 g/t. A 10 metre (30 feet) interval returned an average grade of 1.88 g/t.

The results of just 4 holes are considered extremely encouraging. Results of the remaining 12 holes are expected over the next two to three weeks.

Other information on San Marcos Gold project

• 10.3 square km of ground acquired by AusAmerican with 125 contiguous lode mining claims;

• Located within Arizona’s detachment fault terrain, which hosts the Copperstone gold mine (1 million ounces);

• 23% of reconnaissance surface samples (grab, composite, chip and channel) returned assays of greater than 1 gram per tonne (g/t);

• High grade assays returned results of 98.2 g/t, 52.9 g/t, 26.3 g/t and 17.4 g/t;

• A total field Magnetic survey completed;

• Mapping and sampling indicate mineralized trend is 1,200 metres in length and width is over 200 metres;

• Early mining dates from 1890’s with reported production of high-grade ore;

• Drilling by Westmont (1989-1991) intercepted gold mineralization in all drill holes with values ranging up to 20.57 g/t over 1.5 m. Other Intercepts included 15 m @ 1.4 g/t, 7.6 m @ 2.6 g/t, 3 m @ 11.3 g/t, and 6 m @ 6.1 g/t;

• 2011 drilling will confirm Westmont results and increase the lateral extent of known mineralization.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872

Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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The results so far, especially the results from SMO1A and SMO1B have increased confidence in the extent of mineralization at the project, and additional results from the Phase I drilling project may permit an initial resource estimate.

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Figure 2: Map outlining analytical results from outcrop samples from San Marcos project. Values given in the legend are for g/t.

2.4 Bernard Gold Project (Arizona, AIW 90%)

The Bernard Gold Project is joint ventured with a US private company Cristol LLC. The first drilling programme met with limited success (due to poor drilling and limited recovery of core) but over US$415k was spent by Cristol earning them a 10% interest in the Bernard property. Cristol consequently failed to fund the second part of their commitment and as a result the Company is now conducting further exploration on this project.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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A seismic survey was undertaken in the quarter and identified some new drilling targets. A small drilling programme was undertaken on these targets and results confirmed the geologic setting of the system. Further exploration will be undertaken at the Bernard project, but it is now considered a lower priority than the Uranium, Rare Earth and San Marcos Gold projects.

3. CORPORATE

3.1 Cash and Cash Equivalents

As at 30 June 2011 the Company had cash and cash equilivents of $5.8 million, made up of cash of $4.3million and shares in ASX listed company Forge Resources valued at $1.5 million.

3.2 Canadian Listing

Earlier this year, the Company announced the intention to apply to have its ordinary shares listed for trading on the Toronto Stock Exchange ( TSX ). With the decline in the market capitalisation of the Company resultant from the downturn in the uranium/nuclear market, it was later considered that a TSX Venture Exchange ( TSX_V ) listing was more appropriate.

The Directors of the Company, whilst maintaining their ambition to eventually be listed on the TSX main board, consider that it is still in the best interest of the Company and its shareholders to list on the TSX_V and an application to the TSX_V has been made. We are persuing this listing for the following reasons:

1. Size of market - The TSX is the largest market in the world for mining stocks in terms of dollars invested and number of companies.

2. Proximity of projects - AusAmerican’s resource projects are located 100% in North America which we believe will assist the investors in understanding the projects better; and

3. Valuation - TSX valuation per Enterprise value per pound of JORC /43-101 pound of U3O8 (EV/lb) for uranium junior exploration/development companies is currently between $2.50 and $3 per pound. ASX EV/lb valuation is lower than the TSX’s and AIW’s current EV/lb is less than $0.50 per lb.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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Regards,

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Jim Malone Executive Chairman

Competent person

The review of exploration activities and results contained in this report is based on information compiled by Mr. Denis Geldard, Chief Executive Officer and Executive Director of Australian-American Mining Corporation Limited (“AusAmerican” or “Company”). Mr Geldard is a member of the Australasian Institute of Mining and Metallurgy. Mr Geldard is considered a competent person pursuant to paragraph 8 of the JORC Code and has significant experience relevant to the style of mineralisation and types of deposits under consideration. Mr Geldard consents to the inclusion of this information in the form and context of this announcement.

Further information

Please contact Jim Malone +61 419 537 714 or jim.malone@iinet.net.au

Investor and Media Enquiries: Fortbridge- Bill Kemmery on +61 2 93310655 or +61 400 122 449.

North American Investor Relations Manager: Peter Barnes on +1 646 269 3073.

Precautionary Notes

Notes (1),(2),(3) &(4) - These exploration targets are speculative in nature and are not yet classified a resource JORC or NI 43-101. There is insufficient data or work completed by the company to define a mineral resource other than that already reported under the JORC or Ni 43-101 and it is uncertain if further exploration will result in the determination of a mineral resource.

Cautionary note to U.S investors

The United States Securities and Exchange Commission limits disclosure for US reporting purposes to mineral deposits that a company can economically and legally extract or produce. We may use terms in the release such as “reserves”, “resources”, “geological”, “proven”, “probable”, “measured”, “indicated” or “inferred” which may

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574

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not be consistent with the reserve definitions established by the SEC. US investors are urged to consider closely the disclosure in our annual reports. You can review and obtain copies of these filings from our website.

This announcement contains forward looking statements. These statements relate to future events, or our future financial performance. We have attempted to identify forward looking statements by terminology including “anticipates”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “should” or “will” or the negative of these terms or other comparable terminology. The statements are only predictions and involve known and unknown risks, uncertainties and other factors. The following factors, among others, could cause our actual results and performances to differ materially from the results and performance projected in, or implied by, the forward looking statements:

• Our history of losses and expectation of further losses.

• The effect of poor operating results on our company.

• Our ability to expand our operations in both new and existing prospects and our ability to develop or acquire new prospects.

• Or ability to develop new prospects and our performance in detecting and producing uranium for yellow cake.

• Our ability to raise capital.

• Our ability to fully utilize and retain new executives.

• Negative publicity surrounding our product.

• Trends in consumer tastes in energy.

• The impact of litigation.

• The impact of Federal, state, local or foreign government regulations.

• The effect of competition in our industry.

• Economic and political conditions generally.

Australian-American Mining Corporation Limited ABN 99 073 155 781 572 Hay Street, Perth, WA, Australia, 6000 PO Box 1788, West Perth, WA, Australia, 6872 Telephone: (08) 9325 5568 Facsimile: (08) 9325 5574