Artemis Resources Limited — Capital/Financing Update 2009

Sep 1, 2009

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Dear Option Holder

YOUR OPTIONS TO ACQUIRE ARTEMIS RESOURCES LIMITED SHARES AT 25 CENTS PER SHARE EXPIRE ON 30 SEPTEMBER 2009

We are writing to you as a registered holder of 30 September 2009 options in ARTEMIS RESOURCES LIMITED to remind you that the options will expire at 5:00pm (WST) on 30 September 2009.

Your option holding may be exercised in whole or in part by payment of 25 cents for each option by no later than 30 September 2009. If payment is not received by 5:00pm (WST) on 30 September 2009 the options will lapse and all rights under the options will cease at that time.

Some of the courses of action available to you as a holder of these soon to expire options are:

(a ) Exercise the options on or before 30 September 2009.

(b ) Sell your options. Quotation of the options will cease at the close of trading on 23 September 2009.

September 2009 and your right to subscribe for ordinary shares in ARTEMIS RESOURCES LIMITED at 25 cents per share will lapse.

There is no obligation on option holders to exercise their options. However, under paragraph 6.1 of Appendix 6A of the Australian Stock Exchange ( ASX ) Listing Rules, the Company is required to advise option holders of the information contained in this notice.

The market sale price of ordinary shares in ARTEMIS RESOURCES LIMITED on ASX was 11 cents on 31 August 2009, being the last trading day prior to the date of this notice.

During the three (3) months preceding the date of this notice:

• the highest market sale price of ordinary shares on ASX was 15.5 cents on 17 and 18 August 2009; and

• the lowest market sale price of ordinary shares on ASX was 4 cents on 1 July 2009.

• If you wish to exercise your options then you must complete your “Notice of Exercise of Options” form printed on the back of this notice and forward it together with payment of 25 cents per option exercised to be received no later than 5:00pm (WST) on 30 September 2009 to the Company’s share registry, being:

Security Transfer Registrars Pty Ltd

PO Box 535 OR 770 Canning Highway APPLECROSS WA 6953 APPLECROSS WA 6953

Cheques should be made payable to “ARTEMIS RESOURCES LIMITED” in Australian dollars only and should be crossed “Not negotiable”. If you have any further questions please do not hesitate to contact our Registry on telephone (08) 9315 2333, facsimile (08) 9315 2233, or e-mail registrar@securitytransfer.com.au.

You will shortly be receiving by separate mail from the Company material that will give you additional information on Artemis.

Yours faithfully

John M Hartigan SECRETARY

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ABN: 80 107 051 749

Telephone: +61 2 9299 8820 Facsimile: +61 2 9262 2885 Email: info@artemisresources.com.au Address: Level 10, 1 Margaret Street, Sydney NSW 2000 Postal Address: PO Box R933, Royal Exchange NSW 2205

www.artemisresources.com.au

THIS DOCUMENT IS IMPORTANT. IF YOU ARE IN DOUBT AS TO HOW TO DEAL WITH IT, PLEASE CONTACT YOUR STOCK BROKER OR LICENSED PROFESSIONAL ADVISOR.

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NOTICE OF EXERCISE OF OPTIONS

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ARTEMIS RESOURCES LIMITED

REGISTERED OFFICE:

LEVEL 10 1 MARGARET STREET SYDNEY NSW 2000 AUSTRALIA

ABN 80 107 051 749

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SHARE REGISTRY: Security Transfer Registrars Pty Ltd All Correspondence to: PO BOX 535, APPLECROSS WA 6953 AUSTRALIA 770 Canning Highway, APPLECROSS WA 6153 AUSTRALIA T: +61 8 9315 2333 F: +61 8 9315 2233 E: registrar@securitytransfer.com.au W: www.securitytransfer.com.au

Code:

Holder Number:

Number of Options:

Amount Payable:

NOTICE OF EXERCISE OF OPTIONS EXPIRING 30 SEPTEMBER 2009 @ $0.25 EACH

I/We the above named being the registered holder of Options hereby exercise such Options to subscribe for:

NUMBER	NUMBER	NUMBER	OF NEW	OF NEW	OF NEW	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	ORDINARY FULLY	PAID SHARES	PAID SHARES	PAID SHARES	PAID SHARES			AMOUNT	AMOUNT	AMOUNT	AMOUNT	ENCLOSED	ENCLOSED	ENCLOSED	ENCLOSED	ENCLOSED	@	$0.25	$0.25	$0.25	PER SHARE	PER SHARE	PER SHARE	PER SHARE	PER SHARE
				,						,								$				,						,						.

I/We hereby authorise you to place my/our name(s) on the register of members in respect of the number of New Shares allotted to me/us, and I/we agree to accept such Shares subject to the Rules of the Constitution of the Company.

My/Our contact details in case of enquiries are:

NAME

TELEPHONE NUMBER

( )

EMAIL ADDRESS

@

PAYMENT INFORMATION

CHEQUE/MONEY ORDER Biller Code: 117226 Ref: ARTEMIS RESOURCES LIMITED BPAY® this payment via internet or phone banking.

All cheques (expressed in Australian currency) are to be made payable to ARTEMIS RESOURCES LIMITED and crossed "Not Negotiable". Do not forward cash as receipts will not be issued. Sufficient cleared funds should be held in your account as your acceptance may be rejected if your cheque is dishonoured. Cheques or bank drafts drawn on overseas banks in Australian or any foreign currency will NOT be accepted. Any such cheques will be returned and the acceptance deemed to be invalid.

Applicants should be aware of their financial institution's cut-off time (the time payment must be made to be processed overnight).

It is the Applicant's responsibility to ensure funds are submitted correctly by the closing date and time.

REGISTRY DATE STAMP Individual or Securityholder 1 Securityholder 2 Securityholder 3 Sole Director & Company Secretary Director/Company Secretary Director E & O.E.

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2125573151

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2009
THE NEWSLETTER OF ARTEMIS RESOURCES LIMITED ISSUE 1 WINTER
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2009
THE NEWSLETTER OF ARTEMIS RESOURCES LIMITED ISSUE 1 WINTER
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CHAIRMAN’S MESSAGE

Dear Shareholder

I am pleased to introduce the fi rst in a series of newsletters designed to keep you up to date with developments at Artemis Resources.

Artemis has hit the ground running since listing on the ASX in 2007, and currently has uranium, base metals and gold exploration projects in Western Australia and Niger. The company has recently moved to increase its interests in uranium exploration in WA, by announcing that it has taken an option over 100% of the Mundong West, and 20% of the Mundong Well, uranium projects. In West Africa, meanwhile, Artemis has moved to secure an increased interest in the uranium exploration project it manages in Niger.

You may also have seen the company’s recent announcement that magnetic surveying and modelling has resulted in the identifi cation of some attractive magnetic features at Mount Clement. We are proposing to drill these anomalies, targeting gold and base metals with a view to adding to our resources there.

In addition, Artemis’ Bamboo Creek Project is along strike from Moly Mines’ Spinifex Ridge Project, which is the site of one of the largest undeveloped molybdenum deposits in the world. Artemis has conducted a gravity survey at Bamboo Creek to defi ne possible haematite deposits and this work is currently being evaluated. The company also has a gold project in the Yandal Craton, located in the northern part of the Eastern Goldfi elds, Australia’s largest gold producing region.

Despite these testing times for the mining sector, Artemis has made signifi cant steps forward recently in the exploration of its existing projects and in securing new exploration assets. Artemis also continues to be on the acquisition trail for projects that are close to production.

We appreciate the continuing loyal support of our shareholders as we endeavour to grow Artemis and enhance its value.

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Sevag Chalabian

CHAIRMAN

ARTEMIS’ URANIUM INTERESTS

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Mundong Well Uranium Project

• Artemis has acquired an option to purchase a 100% interest in the Mundong West Uranium Project and a 20% free carried interest in the Mundong Well Uranium Project.

• These projects are situated in the Ashburton region of WA known for vein-type uranium deposits.

• Signifi cant historical results at Mundong Well include sampling campaigns undertaken in the early 1970’s which returned unusually high uranium values of up to 3.9% U308 (85lb/t).

• Follow-up drilling in the 1970’s returned encouraging results including 6m at 0.25% U308 and 4m at 0.10% U308 , 30 to 40m below surface.

• Mundong Well is close to Paladin Energy’s Manyingee Uranium Project to the north-west.

Keeping up with Artemis

Receive the latest Artemis announcements and company information in your email inbox immediately, by subscribing to the Artemis e-list at http://www.artemisresources.com.au/ investor_relations/email_alerts.phtml

For further information, please also visit www.artemisresources.com.au

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THE NEWSLETTER OF ARTEMIS RESOURCES LIMITED

2009 ISSUE 1 WINTER

MT CLEMENT GOLD AND BASE METALS EXPLORATION

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• Situated in the Ashburton area of WA, 35km from the Paulsens Gold Mine.

• Mt Clement has an Indicated Resource of 526,000 tonnes grading 2.4 g/t gold for 40,600 ounces contained gold and an Inferred Resource of 607,000 tonnes at 2.4% lead, 1.7% antimony, 0.22 g/t gold and 26 g/t silver.

• Three signifi cant magnetic bulls eye anomalies have been identifi ed immediately adjacent to the current indicated gold resource, 60 to 90 metres below the surface.

• Past drilling did not intercept these targets which appear to be deeper than the existing deposit.

• It is proposed to drill six holes to target these magnetic features which are within granted mining leases.

• Artemis’ joint venture partner, gold producer Intrepid Mines (ASX: IAU), owns Paulsens. Artemis would look to toll treat at Paulsens if Mount Clement proves viable for gold.

ARTEMIS’ URANIUM INTERESTS continued

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Niger Uranium Project

• Artemis has acquired an effective further 24% interest taking its interest up to 49% of the Niger Project.

• The Niger Project is located within the Tim Mersoi Basin in north-east Niger, home to two uranium mines producing 12% of the world’s uranium supply. The Artemis tenements cover approximately 1,000 km[2] and are situated just 800m from another major uranium deposit, Teguidda, which is due to go into production in 2010.

• The Republic of Niger is the world’s fourth largest uranium producer. Over the last 40 years, in excess of 100,000t of uranium has been produced close to Artemis’ project, developing a well established mining infrastructure in the process.

• Artemis is seeking a partner to assist in funding the project and expediting its development.

Extraordinary General Meeting

For further information also please visit An Extraordinary General Meeting of Artemis will be convened shortly, including to seek the approval of shareholders in connection www.artemisresources.com.au with the transactions recently entered into by the company.

Competent Person’s Statement

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 suffi cient 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 defi ned 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.

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