Artemis Resources Limited — Capital/Financing Update 2011

Jun 19, 2011

20 June 2011

==> picture [226 x 66] intentionally omitted <==

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 Resources to receive up to $4m from Sale of Non Core Asset

• Agreement to sell majority interest in Yangibana Project for up to $4m.

• Sale realises a significant profit.

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

• Sale provides Artemis with additional funds for gold exploration and acquisitions.

• Further divestment of non-core assets planned for Qld Lithium / Rare Metals and Uranium Projects.

Artemis Resources Ltd ( ASX: ARV ) is pleased to announce it has sold its majority interest in the Yangibana Rare Earths Project in Western Australia for up to $4 million. The initial payment is for a total of $2 million with a further $2 million payable on achievement of a project milestone.

The sale is part of Artemis’ strategy, announced last year, to divest itself of non-core assets where it can achieve significant value for those assets.

Artemis is also seeking expressions of interests for other non-core assets including:

• Queensland Lithium /Rare Metal Project;

www.artemisresources.com.au

• WA Uranium Projects; and

• West African Uranium Projects.

Commenting on the successful sale, Artemis’ Chief Operating Officer, Guy Robertson, said “The sale to Hastings Rare Metals Limited confirms Artemis’ targeted focus on gold projects – including our two promosing gold projects at Mt Clement and Yandal in Western Australia. Importantly, the proceeds will bolster the Company’s

==> picture [65 x 63] intentionally omitted <==

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

==> picture [226 x 66] intentionally omitted <==

finances, providing it with additional resources to accelerate exploration on these projects with a view to building our gold inventory through exploration and acquisitions.”

Transaction Terms

Of the sale proceeds, $1 million is payable on completion and a further $1 million will be received by 31 October, 2011. A further $2m will be payable to Artemis on Hastings achieving a bankable feasibility study for the project and obtaining a formal offer for project financing.

The sale of Artemis’ 60% interest, which was acquired in December 2009 for $150,000 and 3 million Artemis shares, represents a significant return on the initial purchase price.

Artemis has retained an ongoing interest in the project by acquiring a 10% free carried interest.

ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a maturing resources exploration company with a focus on its prospective Mount Clement and Yandal gold projects in Western Australia. These projects are being targeted because of their quality, exploration potential and close proximity to existing important deposits or producing mines.

On June 16, 2011 Artemis announced it has assembled a world-class technical team to drive the Company’s Western Australian gold projects at Mt Clement and Yandal and engaged international mining consulting firm Behre Dolbear which has over 100 years experience in the mining and exploration businesses. Behre Dolbear will provide Artemis with the full spectrum of technical, operational, and financial expertise in gold exploration and mining.

For further information, please contact:

Guy Robertson Tony Dawe Artemis Resources Ltd Investor Relations Office: +612 9078 7670 +61 8 9388 0944 Email: info@artemisresources.com.au Email: tony.dawe@ppr.com.au Web Site: www.artemisresources.com.au

==> picture [65 x 63] intentionally omitted <==

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