01.03.11 - 00:54 Uhr

Fortbridge Media Release

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Australian-American Mining Corporation Limited [ASX: AIW] - AusAmerican gives and update on uranium & gold projects

Australian-American Mining Corporation Limited (“AusAmerican” or “Company”) is pleased to announce that it has signed a drilling contract and intends to commence drilling at its Rio Puerco uranium project in New Mexico within the next two weeks. The drilling programme which will consist of 20 holes for 5,000 metres.

The drilling is a combination of RC and diamond drilling designed to validate historic drilling; increase the current JORC resource on this project (which is in the inferred category and is currently 11.4 million pounds at 900 ppm (0.09%) U3O8 using a 300 ppm cut); test mineralisation open along strike; increase a large percentage of the resource from inferred to the indicated and measured categories ;to obtain core for further metallurgical test work and to confirm the amenability for the ore from Rio Puerco to Insitu Recovery (ISR) extraction.

South Texas uranium project:

The company is also pleased to announce that it plans to commence drilling at the Baumbach Area in South Texas. This project is leased by its 90% owned subsidiary Uranium Company of Texas LLC (‘UCT”) and is part of what has been referred to as the Lone Star properties.

San Marcos gold project Arizona:

AusAmerican is pleased to announce that tenements have been acquired over the old San Marcos mine and surrounding lands located in La Paz County, Arizona consisting of 126 contiguous lode mining claims over 4 square miles (10.5 square kilometers).

Please find more details in the attached announcement.

For further information, please contact:

Jim Malone
+61 419 537 714

Investor and Media Enquiries:
Fortbridge: +61 2 93310655
Bill Kemmery: +61 400 122 449

Luke Dean: +61 414 535 433

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