Fortbridge Media Release

AusAmerican Mining [ASX: AIW] - Quarterly Activities Report

Australian-American Mining Corporation Limited (ASX: AIW) has reported on the Company�s activities for the quarter ended 30 September 2011.

HIGHLIGHTS:

Uranium
* Current 43-101/JORC Uranium resources 12.85 million pounds
* Resource target is 23-26 million pounds

Rare Earths
* Results of the maiden resource estimation and the metallurgical and extraction scoping study at the La Paz Rare earth project expected this year
* Large 5,120 metre, 195 hole drilling programme completed at La Paz in July
* 3,000 samples collected for maiden resource estimate
* Additional drilling program expected to commence this December quarter

Specialty Metals
* Mineralogy study on the White Picacho pegmatite specialty metals project (Lithium, cesium and rubidium) commenced

Gold
* Phase 1 drilling program has recommenced at the San Marcos Gold Project
* Results from completed Phase 1 programme highly encouraging
* Phase 2 drilling expected to commence this December quarter
* Mineralisation in all holes, close to surface (surface to 100 metres), strike extends along 1,200 metres by 600 metres and is open in all directions

Corporate
* TSXV dual listing on track for late November 2011
* Company share consolidation completed

Please find the details in the attached announcement.

For further information, please contact:

Jim Malone, Executive Chairman
+61 419 537 714 or

Investor and Media Enquiries:
Fortbridge +61 2 9003 0477
Luke Dean +61 414 535 433