Artemis Resources Limited — Capital/Financing Update 2009

Oct 11, 2009

9 October 2009

2[nd] Tranche of Placement Allotted Completing Raising of $2.4 million

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Artemis Resources Limited (“ Artemis ”) (ASX:ARV) is pleased to announce that, following the approval of shareholders at the extraordinary general meeting on 7 October 2009, it has today allotted to subscribers in the Company’s recent placement the second tranche of 36,322,779 shares (being the balance of the placement shares to be issued) plus all the 24,054,820 free attaching options due to be issued. In addition, refer to the Appendix 3B issued today.

As previously announced, Artemis raised approximately $2.4 million in the placement, before costs. The funds raised will assist Artemis to advance its existing projects as well as to complete the recently announced acquisitions. As announced on 6 and 7 October 2009, Artemis has reached conditional agreements to acquire interests in Mundong Well (E08/1609) (“Mundong Well”) and in the Cambridge Creek, Yangibana and Bali Hi projects (“ Gascoyne/Ashburton Projects ”).

Artemis is currently completing due diligence on these projects and expects to complete the acquisitions shortly, once all conditions of the agreements are satisfied. Mundong Well represents a potentially exciting high grade uranium project located in the Gascoyne Region of Western Australia. The Gascoyne/Ashburton Projects are located in the same region as Mundong Well and have the potential for uranium and other metals.

Artemis has agreed to pay a non-refundable deposit of $10,000 and a further $390,000 (total consideration of $400,000) to KTL Technologies Limited upon completion of Mundong Well.

In relation to the Gascoyne/Ashburton Projects, Artemis will pay a total of $150,000 (including $50,000 which will be paid as a deposit) plus 3,000,000 Artemis shares to GTI Resources Ltd. Further terms of these agreements are set out in the recent announcements.

2

The effect of the placement and these acquisitions on the capital structure of Artemis following the completion of these transactions is as follows:

Shares*	Shares*	Number	Number
Sh	ares on issue following the placement	128,699,952
Sh	ares to be issued to GTI Resources Limited	3,000,000
Shares to be issued to consultants in relation to acquisitions1,2,3		7,000,000
Total Shares**		138,699,952
Options
Options on issue prior to the placement (unlisted, exercise price $0.15)		2,000,000
Options to be issued pursuant to the placement (quotation to besought, exercise price $0.05)		24,054,820
Total Options†		26,054,820

1. 7 million fully paid Artemis shares will be issued on completion of Artemis’s acquisition of Mundong Well and Gascoyne/Ashburton Projects ( Acquisitions );

2. A further 5 million fully paid Artemis shares will be issued to consultants on the share price of Artemis, based on a 5 day VWAP, reaching $0.15 or more at any time following the Acquisition;

3. A further 5 million fully paid Artemis shares will be issued to consultants on the delineation of a resource target or a report from a suitably qualified geologist confirming a uranium deposit at Mundong Well or a deposit at Gascoyne/Ashburton.

• The purpose of this table is to provide an overview of the capital structure of Artemis following the announced share placement and assuming the completion of the Acquisitions. It is not intended to incorporate any further allotments which may be made by Artemis in the near future, in respect of which the company will issue further Appendices 3B in the normal course.

** “Total Shares” does not include shares to be issued pursuant to the Share Placement Plan announced on 17 September 2009, but does include 3,070,000 shares issued in lieu of corporate fees and 300,000 shares issued at 5 cents in an additional share placement.

† Does not include options to be issued pursuant to share option rights issue announced on 17 September 2009.

On completion Artemis will hold a 90% interest in Mundong Well and a 60% interest in the Gascoyne/Ashburton Projects, with 10% of the projects being held by the consultants involved in the acquisitions and which will be assisting the Company in the further development and exploration of the projects.

Sevag Chalabian Non Executive Chairman

Phone: +612 9299 8820 Web Site: www.artemisresources.com.au

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Telephone: +61 2 9299 8820 Facsimile: +61 2 9262 2885 Email: info@artemisresources.com.au Level 10, 1 Margaret Street, Sydney, NSW, 2000, AUSTRALIA ABN: 80 107 051 749 www.artemisresources.com.au