Artemis Resources Limited — Capital/Financing Update 2009

Sep 16, 2009

17 September 2009

Artemis announces Private Placement,

and Share Purchase Plan and Share Option Rights Issue to Shareholders

==> picture [137 x 105] intentionally omitted <==

KEY POINTS

• Commitments received for a placement to raise approximately $2.35 million before costs at a price of $0.05 per share, plus a free attaching option (exercise price $0.05, expiry date 30 June 2011) on a one for two basis. The issue was strongly supported by major shareholders and was over subscribed.

• Placement of the committed shares will occur in two tranches, with the balance of the Placement shares and all the free attaching options to be issued following shareholder approval of resolutions at the EGM.

• Proposed Share Purchase Plan (“SPP”) to acquire shares on similar terms to those subscribed for in the Placement.

• Proposed rights issue of options (“Option Issue”) at a price of 0.1 cents ($0.001) per option on a 1 for 5 basis to all shareholders on similar terms to those subscribed for in the Placement.

• SPP and Option Issue are subject to all necessary approvals and waivers.

Artemis Announces Placement and Proposed Share Option Rights Issue and Share Purchase Plan

Artemis Resources Limited (“Artemis” or the “Company”) is pleased to advise that it has obtained commitments for a placement of approximately 47 million fully paid ordinary shares at $0.05 per share, plus a free attaching option (exercise price $0.05, expiry date 30 June 2011) on a one for two basis, raising approximately $2.35 million before costs (“Placement”). The final number of shares to be issued under the Placement, and the total amount raised, will be confirmed once all monies are received.

The Company will issue the Placement shares in two tranches, initially issuing approximately 11.8 million shares (up to the Company’s remaining 15% threshold under ASX Listing Rule 7.1) on or about 22 September 2009, with the balance of the Placement shares and all the free attaching options to be issued following the extraordinary general meeting of the Company on 7 October 2009 (subject to shareholders approving the resolutions put to the meeting).

In addition to the Placement, the Company is pleased to announce a proposed share option rights issue (“Option Issue”) and Share Purchase Plan (“SPP”) which, subject to receipt of all necessary approvals and waivers from the ASX, are

2

intended to enable all eligible shareholders to acquire shares and options on similar terms to those subscribed for in the Placement.

Under the proposed SPP, eligible shareholders will be entitled to acquire up to a maximum of $15,000 worth of fully paid ordinary shares in the Company. The Company’s current intention is to raise a maximum of $1,000,000 pursuant to the SPP. Accordingly, if shareholders subscribe in total for more than $1,000,000 worth of shares, each shareholder’s entitlement will be scaled back. The SPP is subject to receipt of the necessary waivers from the ASX under the Listing Rules.

Under the proposed Option Issue, eligible shareholders will be entitled to subscribe for share options in Artemis on a 1 for 5 basis at a subscription price of 0.1 cents per option. Options will have an exercise price of 5 cents and an expiration date of 30 June 2011. Subject to ASX requirements being met, quotation of the options on ASX will be sought.

A prospectus for the proposed Option Issue, plus complete terms and conditions of the SPP, together with application forms, will be sent to shareholders in due course. This will include confirmation of the record date to determine shareholders’ eligibility to participate in the proposed Option Issue and SPP. Shareholders are advised not to take any investment decision in relation to the Option Issue or SPP until they have received and carefully considered that documentation.

Sevag Chalabian Chairman Mobile: +61 (0) 407 816 758 Email: schalabian@artemisresources.com.au Website: www.artemisresources.com.au

About Artemis Resources

Artemis Resources Limited (ASX code ARV) was listed on the ASX in 2007. Artemis has uranium, molybdenum, base metals and gold exploration projects in Western Australia and West Africa. 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).

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.

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