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Australian-American Mining Corporation Limited (ASX:AIW) Quarterly Activities Report

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31
MARCH 2011
 
HIGHLIGHTS
- The Company announced the intention to apply to have its ordinary shares listed for trading on the TSX. The company anticipates conditional approval being received from the TSX in the next few weeks and trading is anticipated in May 2011.
- The Company announced changes to the Board and management of the Company with Don Falconer and Simon Jackson, both experienced Canadian based resource veterans, agreeing to join the Board of Directors and Nerida Schmidt becoming Company Secretary.
- The Company announced a NI 43-101 resource on the Apex uranium project. This report upgraded the JORC resource at Apex by 52% to 1.452 million pounds grading 700ppm.
- The NI 43-101 recommended more drilling to further increase the resource. Exploration target at Apex is 3 million pounds U3O8. (See Note (1) in attached release)
- The NI 43-101 states that considerable exploration potential exists at the adjoining Lowboy uranium prospect. The exploration target at Lowboy is between 2 million and 15 million pounds U3O8. (See Note (2) in attached release)
- Company exploration target is between 28 million and 42 million pounds U3O8 JORC/ 43-101 at the three uranium projects by the end of 2011. (See Note (3) in attached release)
- Drilling permits for the Rio Puerco uranium project have been received and drilling can commence at any time and is anticipated to commence in June 2011.The Company has commenced a NI 43-101 report on the Rio Puerco uranium project. The Company has a JORC compliant inferred resource of 11.4 million pounds U3O8 grading 900 ppm at a cut-off of 300 ppm.
- The discovery of the San Marcos gold project and also the results of an intensive sampling exercise at this project where 24 of the 86 samples returned gold grades of greater than 1 gram per tonne (g/t). The highest return was 98.2g/t. Drilling permits are being obtained and drilling is expected to commence at this project in May 2011
- A large channel sampling programme (approximately 1,300 samples collected) was carried out on the White Picacho Strategic Metals Project. Results from all of the samples are expected by the end of April 2011.
- Preliminary sampling was undertaken on an exciting Rare Earth Element project held by the Company in Arizona. This sampling identified a large low grade Rare Earth Element mineralised zone believed to be 10 to 30 meters in depth from surface. Preliminary results are expected in the following 4 to 8 weeks.
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