Artemis Resources Limited — Capital/Financing Update 2010

Oct 10, 2010

ASX Announcement 11[th] October 2010

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About Artemis Resources

Artemis Resources is an ASX-listed mineral exploration company with a focus on gold:

Drilling restarts at Mt Clement Gold Project

Key Projects

Gold Mt Clement (WA) Yandal (WA)

Rare Metals Yangibana (WA) Buchanan's Creek (QLD)

Uranium Mundong Well (WA) TAG II/IV (West Africa)

Artemis’ corporate strategy is to maximise shareholder returns through a combination of exploration success and quality project acquisition.

The Company's focus on gold is viewed as an important growth strategy for the company.

Australian Securities Exchange

Code: ARV Options: ARVOB

Artemis Contact

David W. Price Executive General Manager Tel: +61 2 8221 2255

www.artemisresources.com.au

Media Contact

David Brook Professional Public Relations Tel: +61 8 9388 0944 Mob: +61 (0) 415 096 804

• RC and Diamond Drilling recommences at Mt Clement

• 4,000m planned for this second phase of drilling

• Artemis targeting extensions to the near-surface gold and deeper, highgrade gold, silver, copper mineralisation

Australian resources company, Artemis Resources Ltd. (80%) ( ASX: ARV ), operator of the Mt Clement Joint Venture with Northern Star Resources Ltd. (20%) ( ASX: NST ), is pleased to announce that RC and Diamond drilling has recommenced at its Mt Clement Gold Project in the Ashburton Gold Province of Western Australia.

Up to 4,000m of drilling (comprising both RC and Diamond drilling methods) is expected to be completed in this phase of drilling. Drilling is aimed at extending the deep, high grade gold, silver, copper mineralisation associated with massive sulphide “Type 1” style of mineralisation.

The drilling will also extend and in-fill the near-surface, “Type 2” gold mineralisation which is potentially amenable to open cut mining extraction. This style of mineralisation, which is not associated with silver and copper, is generally restricted to the top 50m from surface.

High grade gold, silver and copper mineralisation has been intersected in 4 holes drilled by Artemis during the recent RC drilling program. This high grade mineralisation is expected to continue beyond the limits of these 4 holes and the current phase of drilling is designed to increase the known mineralised area and to build the overall gold and silver ounce inventory.

For further information, please contact:

David W. Price

Executive General Manager Office: +61 (0)2 82212255 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au

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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9299 8820 | Facsimile: +61 2 9262 2885 | Email: info@artemisresources.com.au Level 10, 1 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia

www.artemisresources.com.au