AusAmerican Mining raising $1 million to further develop US uranium assets May 31, 2010

Australian-American Mining Corporation N.L (“AusAmerican”) announces a placement to institutional and sophisticated investors of 25 million shares at 4 cents to raise $1 million.

Highlights:

• Raising of $1 million under 15% placement capacity to be completed in two tranches
• Funds to be used to
  • Progress drilling programmes
  • Advance feasibility studies
  • Acquire additional uranium properties
• Placement made to sophisticated and institutional clients of DJ Carmichael
• US investors take stock for the first time indicating an increased awareness and appreciation of AusAmerican’s strategic assets

The placement was strongly supported among a range of institutional and sophisticated investors and was well oversubscribed. The placement was issued pursuant to section 708 of the Corporations Act.

The funds raised will be for drilling programmes at the Company’s US uranium properties, and to acquire addition uranium properties in the US.

Click here to view the full announcement.

For further information, please contact:

Jim Malone, Executive Chairman on +61 419 537 714

Investor & Media Enquiries:
Fortbridge
+61 2 93310655
Bill Kemmery +61 400 122 449
bill.kemmery@fortbridge.com
Luke Dean +61 414 535 433
luke.dean@fortbridge.com