Artemis Resources Limited — Capital/Financing Update 2009

Sep 23, 2009

24 September 2009 Drilling Planned at the T2 anomaly Mt Clement Gold Project

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HIGHLIGHTS

• 600m of RC to be drilled into anomaly T2 to test magnetic features never before drilled at Mt Clement

• A further 425m of RC drilling will target the current gold resource in order to infill the resource and test for continuity

• Drilling is planned to commence in the Fourth Quarter

Artemis Resources Limited (ASX code ARV) today announced its plan to commence drilling at the T2 anomaly to test magnetic features never before drilled at Mt Clement in the December Quarter once the drilling rig becomes available.

The Mt Clement Project comprises three granted mining leases (valid until 2020), and two recently granted exploration licences that cover a total area of 14.55km[2] in the Ashburton area of Western Australia ( Figure 1 ) .

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Figure 1: Mt Clement location, basic geology and major gold projects

The most recent resource calculation estimate at Mt Clement was completed in May 2005 where a shallow Indicated Resource of 526,000 tonnes grading at 2.40 g/t gold for 40,600 contained ounces was calculated. The project is located approximately 30km south of Intrepid Mines (ASX:IAU) Paulsens gold mine.

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Approximately 1km (north south east) from the Mt Clement deposit is the Eastern Hills Prospect which is situated within exploration licence E08/1841 which contains an Inferred Resource of 607,000 tonnes grading at 2.4% lead (12,000 tonnes of lead), 1.7% antimony, 0.22 g/t gold and 26 g/t silver has been calculated.

Most Recent Exploration Work

Late last year a 25m airborne magnetic survey was completed over the Mt Clement Project and identified three bullseye magnetic features (Figure 2) immediately to the south of all existing drilling and the current Mt Clement Indicated Resource.

This year magnetic modelling of the three magnetic features was undertaken to determine the depth from surface. The magnetic features identified as T1 toT3 are interpreted to have depth to top ranges from 60 to 90 m below surface with dip extents up to 600 m. None of the existing drilling to-date at Mt Clement has tested these magnetic features.

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Figure 2: Mt Clements magnetic modelling targets, existing drill collars and 6 new proposed drillholes

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Geology and Drill Programme

The geology of the three magnetic bullseye features is not known and several models are possible, including porphyry and sedimentary exhalative (SEDEX). At T2 two separate 200 m spaced ellipsoids have been used for the forward model with minimum modelled depths to the top of the anomalies of approximately 60 m estimated. As the T1 to T3 magnetic features are considered to be of equal priority, testing one feature, T2, should give a reasonable assessment of what the other features represent.

Two drill holes have been initially designed to test T2 based on the magnetic modelling. T2 can be drilled using current access and tracks. The feature is also along strike of the current resource and may represent a feeder to the resource.

The drill holes that are proposed for T2 will be cased for down hole electromagnetics (DHTEM) as this will test the areas around the drill holes for electromagnetic (EM) conductors and will test the magnetic bullseye features for conductive mineralisation potentially associated with a porphyry or SEDEX geological model.

Five drill holes for 425 m have been designed to infill the current gold resource and test for continuity of known mineralisation.

About Artemis Resources

Artemis Resources Limited which listed on the ASX in 2007 has uranium, molybdenum, base metals and gold exploration projects in Western Australia and Niger. The company has resources of over 75,000 oz of gold (at Mt Clement and Yandal) and over 12,000 tonnes of lead (at Mt Clement).

Sevag Chalabian Chairman

Phone: +61 (0) 407 816 758 Email: sevagchalabian@artemisresources.com.au Web Site: www.artemisresources.com.au

The information in this Report that relates to Exploration Results is based on information compiled by Ed Mead who is a member of the Australian Institute of Mining and Metallurgy and an independent consultant. Ed Mead has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ed Mead consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.