Artemis Resources Limited — Capital/Financing Update 2011

Jun 22, 2011

23 June 2011

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ASX Announcement

About Artemis Resources

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

Key Gold Projects

Mt Clement (WA) Yandal (WA)

Artemis to acquire Weerianna Gold Deposit

• Option to acquire 80% interest in Weerianna Gold Project in Pilbara

• 70,200 oz gold JORC Resource

• Potential to host 250,000 + oz. gold

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

Guy Robertson Chief Operating Officer Tel: +61 2 9078 7670

Tony Dawe Investor Relations Tel: +61 8 9388 0944 Mob: 0405 989 743

www.artemisresources.com.au

• Acquisition of Weerianna to boost Artemis’ gold inventory

Artemis Resources Ltd ( ASX: ARV ) is pleased to announce it has secured an option to acquire the Weerianna Gold Project located in the Pilbara, Western Australia (the “Project”).

The project was previously owned by Homestake Australia having been acquired in 1998 from Canadian mining group Noranda.

The project currently hosts a JORC compliant inferred resource of 1,005,159 tonnes at 2.17 g/t Au for a total of 70,201 ounces of gold using a 1.0 g/t Au cut-off.

Excellent potential exists for a substantial increase in tonnage as the current resource is open at depth and along strike.

The proposed acquisition is part of Artemis’ strategy of focusing on gold and building its gold inventory.

Artemis’ Chief Operating Officer, Guy Robertson, said:

“The acquisition of a third gold project will immediately bolster Artemis’ known gold resources inventory. With our technical team, we can move quickly to develop and increase the value of these projects through infill and resource definition drilling.”

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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7670 | Facsimile: +61 2 9078 7661 | 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

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Figure 1: Weerianna Gold Project, Pilbara WA

The Weerianna gold project has a number of advantages including:

• Allowing fast track development as Weerianna lies within a granted Mining Lease.

• Located close to regional centres Karratha and Roebourne

• Located just off the North West Coastal Highway

• Previous gold production in the 1930’s

• Significant exploration upside

Gold was first discovered at Weerianna in 1896. Recorded production from seven workings at Weerianna up until 1938 was approximately 3,000 ounces at a grade of close to 35g/t Au (over 1 ounce per tonne). A gold battery was in operation in 1938 but production records after that year are not available.

Two global mining companies have previously owned Weerianna. In 1978, Canadian mining company Noranda pegged twelve gold mining leases around Weerianna. Between 1986 and 1988 a drilling programme comprising 132 Reverse Circulation holes and 5 diamond drill holes was carried out. In addition, 30 costeans were excavated and extensive shallow RAB drilling was undertaken. In 1997 a further 15 drill holes were drilled.

Homestake acquired the prospect in 1998 after a takeover. Due to low gold prices and the project not meeting the criteria of a major global gold company, Homestake resolved not to conduct further exploration at the time.

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A geostatistical resource estimate of the Weerianna deposit was undertaken in August 2009 by Geostat Services Pty Ltd. The study concluded that infill drilling was needed to test for extensions of the four main mineralisation zones or lodes. The deposit was found to be open at depth because of the restricted depth of drilling completed. There are also areas between these lodes and along strike where there is insufficient drilling.

Artemis is of the view that the deposit has excellent potential to host 250,000 plus ounces of gold.

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Figure 2 Weerianna Geology and Mineralisation (Mining Lease Boundary in Black)

Artemis is currently undertaking due diligence on the project.

The key terms of the transaction are as follows:

• Artemis has paid an option fee of $50,000, entitling it to a 45 days exclusivity period in order to carry out confirmatory due diligence;

• Subject to Artemis confirming that it wishes to proceed, it shall be entitled to acquire 80% of the Project from the vendor for 68,000,000 fully paid Artemis shares and $300,000 in cash. The vendor shall be entitled to a free carried interest (in respect of its 20% share) up to a decision to mine and a net smelter royalty of 1.75%.

• Completion of the transaction is subject to such regulatory approvals as are required to be obtained by Artemis, including in respect of the issue of shares in excess of its 15% capacity.

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ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on its prospective Mount Clement and Yandal gold projects in Western Australia. These projects have significant exploration potential and close proximity to existing important deposits or producing mines. Artemis aims to develop a significant gold inventory through exploration and acquisitions which have the potential to become mines and create shareholder value.

For further information, please contact:

Guy Robertson Artemis Resources Ltd Office: +612 9078 7670 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au

Tony Dawe Professional Public Relations +61 8 9388 0944 Email: tony.dawe@ppr.com.au

The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Frans Voermans, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Voermans 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’. Mr Voermans, who is a non-executive Director of the Company, consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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