Jameson Resources Limited (ASX:JAL) Appoints Experienced Coal Executive Mr Arthur Palm As Director

Perth, Aug 13, 2009 AEST (ABN Newswire) - The Directors of Jameson Resources Limited (ASX:JAL) are pleased to announce the appointment of highly respected North American coal industry executive Mr Arthur Palm as non-executive director of the Company. Mr Palm will also be appointed as a full time Executive Director of Operations upon recommissioning of the Basin Coal Mine.

As a Director of Operations Mr Palm will be responsible for overseeing the operational aspects of the Company's Basin Coal project in Canada during the plant recommissioning and construction period and through to production. Upon his appointment as an executive, Mr Palm will receive a fixed salary and an option package with performance hurdles related to the project development.

Mr Palm brings to Jameson a wealth of knowledge gained from a career spanning 30 years as a mining engineer and executive in the coal industry. He has a broad operational, engineering, administrative and financial background in both surface and underground mining. Highlights of his career include;

- Mr Palm played a lead role in the feasibility and construction of one of the most recent large underground coal mines in the western United States;

- Vice President and General Manager of several coal mines including Star Point, Illinois Operations, and Orchard Valley with Cyprus Amax Minerals Company in the United States;

- General Manager of Mining Operations for Wolf Creek Collieries, Marrowbone, and Kermit Coal with Zeigler Coal Holding Company;

- President and Chief Operating Officer for the Shrewsbury Coal Co and Donaldson Mine Company, operations owned by the Valley Camp Coal Company.

The Board is delighted that a person with Mr Palm's proven commercial and operational coal experience has agreed to join the Company at such a pivotal time in the development of the Basin Coal Project. His decision to commit to the Company is further testament to the quality of the Project.

Mr Palm's appointment to the Board as a non-executive is effective immediately.

Non-Executive Director - Mr Arthur Palm

Mr Palm is a professional mining engineer with 30 years of mining related operational experience, including responsibilities in open-pit and underground coal mining in North America.

From May 1999 to present, Mr Palm has focused on consulting activities with Mencon LLC, providing operations support, engineering and environmental services, and technical support to the mining industry.

Projects successfully completed include, productivity improvement programs, mine planning and design, acquisitions, feasibility studies, and mine design and construction. He recently completed a comprehensive feasibility study and assisted in mine development for a new coal mining operation in the western United States. Mr Palm has played a key role providing technical support to Jameson since the acquisition of the Basin Coal Mine.

From 1993 to 1999, Mr Palm held positions as General Manager and Vice President with several major coal mines operated by Cyprus Amax Minerals Company in the United States. During this time, Mr Palm was responsible for the operation of several coal mines, both surface and underground. Duties included mine design and implementation, marketing, and transport.
Mr Palm has also held General Manager roles with Zeigler Coal Holding Company and also the Valley Camp Coal Company in the United States.

Mr Palm is a former Executive Board member, and past President of the West Virginia Coal Mining Institute. He is also a former Board member of Illinois Coal Association.

Mr Palm graduated from the Colorado School of Mines with a B.S. Mining Engineering degree in 1976.

He has also successfully completed a Master of Business Administration degree in 1983. He is currently a Registered Professional Engineer, a member of the AIME, a member of International Society of Mine Safety Professionals, and is also a Certified Mine Safety Professional.

Remuneration

Prior to Decision to Mine

Prior to the recommissioning of the mine, Mr Palm will be appointed as a non-executive director with an annual fee of US$50,000 per annum. Mr Palm will provide consulting technical services during the feasibility stage, at a fee negotiated on normal commercial terms, of US$12,000 per month.

Following Decision to Mine

Mr Palm will receive a fixed base salary of US$200,000 upon appointment as an Executive and directors fee of US$50,000. The term of the contract will be for 2 years, and then renewed and extended on an annual basis thereafter.

Mr Palm will also be granted the following options upon appointment as an Executive, subject to the necessary approvals:

- 750,000 incentive options exercisable at A$0.35 each on or before 31 May 2012, vesting upon commencement of commercial production;

- 750,000 incentive options exercisable at A$0.50 each on or before 31 May 2013, vesting upon production of 500,000 tonnes of saleable coal;

- 750,000 incentive options exercisable at A$0.75 each on or before 31 May 2014, no vesting conditions.

Any options which are unvested will expire if the contract is terminated during the initial 2 year contract term.

Contact

John Holmes Executive Director Tel: +61-8-9200-4473 Fax: +61-8-9200-4463