Artemis Resources Limited — Capital/Financing Update 2011

Mar 30, 2011

ASX Announcement 31 March 2011

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Yandal Drilling Update

About Artemis Resources

HIGHLIGHTS

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

Key Projects

Gold Mt Clement (WA) Yandal (WA)

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

Uranium Mundong Well (WA) TAG II/IV (Niger, Africa)

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

Australian Securities Exchange

Code: ARV Options: ARVOB

Artemis Contact

Andrew Johnstone Project Director

Guy Robertson Company Secretary

Tel: +61 2 9078 7670

www.artemisresources.com.au

Media Contact

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

• Yandal Phase 1 Drilling 80% complete

• 13 holes completed for 1997m

• JORC Inferred Resource at Lowlands

• Numerous gold prospects being re-assessed

Australian resources company, Artemis Resources Limited (ASX: ARV), is pleased to announce that drilling at Lowlands prospect on its Yandal project in Western Australia is completed. 13 holes for 1997m were drilled at a rate of 175 meters per shift. Samples have now been dispatched to SGS in Perth for analysis.

At Lowlands a historical JORC inferred resource of 320,000t at a grade of 2.29g/t for 23,560 ounces has been previously reported by Artemis. Of the 13 holes drilled, 8 holes were targeted around the existing Lowlands resource to test for possible extensions to the east and west, while 4 holes were targeted to the north to test for repetitions. Additionally, one deep vertical hole was drilled to also test for repetitions at depth.

The Yandal Gold Project is situated in the highly productive Yandal gold belt in Western Australia, which has historically produced more than 12 million ounces of gold. The Yandal tenement package lies between the 5.4 million oz Jundee Gold Mine (90km to north) and the 2.3 million oz Bronzewing Gold Mine (30km to the south).

Drilling at Yandal is now over 80% complete but has suffered from some weather delays. There are no penalties to Artemis due to weather delays. Targets still to be drilled at Yandal include Dan’s Find and Forked Stick.

The development of the Yandal project at a time of record gold prices (over US$1400 per oz) is designed to confirm high grade mineralisation amenable for sale to operating mines in the area. This approach is in line with Artemis new gold strategy to maximise return to shareholders by developing projects with an aim to achieve cash flow with limited capital investment.

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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 9, 50 Margaret Street, SYDNEY NSW 2000 | PO Box R933 Royal Exchange, NSW 1225 Australia

www.artemisresources.com.au

Yandal Drilling Update (continued)

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Yandal, WA location map surrounded by multi million ounce mines including Bronzewing (2.3m oz)

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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. The Company also has exposure to rare earths through its Yangibana (Western Australia) and Buchanan’s Creek (Queensland) projects and uranium through its Mundong Well and TAG II/IV projects in Western Australian and West Africa respectively. Its projects were targeted because of their quality, exploration potential and close proximity to existing important deposits or producing mines.

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For further information, please contact:

Guy Robertson Company Secretary Office: +61 (0)2 82212255 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au

David Brook Professional Public Relations T: 61 8 9388 0944/ 0415 096 804 E: david.brook@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. Andrew Johnstone, who is a Member of the Australian Institute of Geoscientists. Mr. Johnstone 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. Johnstone, who is an officer 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