Artemis Resources Limited — Capital/Financing Update 2012

Apr 17, 2012

ASX Announcement 18 April 2012

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ARTEMIS TO COMMENCE DRILLING AT YANDAL GOLD

About Artemis Resources

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

Key Gold Projects

Yandal (WA) Mt Clement (WA)

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.

Highlights

• 47 drill targets identified

• IP anomalies indicate potential to host large gold resource

• 4000m first pass drilling programme is planned

• Surrounding mines include world class Jundee (5.4 Moz au) and Bronzewing (2.3 Moz au)

Artemis Resources Ltd (ASX: ARV) is pleased to announce the completion of the planning for the drilling programme at Yandal Gold Project located on the Yandal Greenstone Belt (Figure 3) in the Western Australian Goldfields region, scheduled to commence in April/May 2012.

Artemis has identified 47 drill targets of which it will drill 27 high priority targets for a total of 4,000 metres of Reverse Circulation (RC) drilling (Figure 2).

Australian Securities Exchange

Code: ARV

These targets have been identified following a comprehensive review and further supporting geophysical work which was undertaken between October 2011 and February 2012.

Artemis Contact

Guy Robertson Executive Director Tel: +61 2 9078 7670

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

www.artemisresources.com.au

Drilling will be carried out in three areas. The rationale for each of these target areas is briefly discussed below.

1) Lowlands :

Review of historical drilling highlighted the possibility that the known Lowlands shallow gold mineralisation may be controlled by largely untested steep north‐south mineralised structures which are intersected by north west‐trending shear zones.

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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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The results of the induced polarisation (IP) survey strongly support the existence of these deep‐seated steep structures as these features coincide with a very pronounced chargeability anomaly outlined along all four IP traverses. These anomalies are interpreted to represent disseminated sulphides with an excellent potential to host a large gold resource such as at Bronzewing (2.3moz), Jundee (5.4moz) and Darlot (2.9moz).

Initially Artemis plans to drill a total of 17 RC holes in the Lowlands area to drill test the most promising targets.

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Figure 1. Lowlands Surface Plan and Cross Section 7007,675N(+/‐12.5m) Showing Interpreted Steep North‐South High Grade Structures and three of the Proposed drill Holes

2) Palaeochannel Areas:

At three locations between the Forked Stick and Sandalwood gold prospects, a total of five orientation IP lines were completed to test beneath palaeochannels which are thought to have developed over large intersecting linear features. A total of 8 induced polarisation (IP) anomalies were detected below these channels and these may reflect structurally controlled sulphide concentrations associated with gold. These areas have never been tested by drilling.

Artemis has selected the four most pronounced areas of high chargeability for drill testing.

3) Sandalwood Nickel Gossan

Artemis plans to drill a total of six holes at Sandalwood where geological mapping and sampling have identified nickel sulphide gossans associated with a pronounced aerial magnetic high. A subsequent ground geophysical survey outlined four conductive bodies which will be tested by drilling. Nickel sulphide deposits in the area include Mount Keith (2.7Mt nickel) (BHP), Perseverance (1.3Mt Nickel) (BHP) and Honeymoon Well (1.1Mt nickel) (Norilsk).

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Figure 2: Yandal Project – Drill Targets for Q2 2012

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Figure 3. Location map ‐ Artemis Yandal Project, Yandal Greenstone Belt

ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on gold and base metals. Artemis’ Yandal and Mount Clement gold projects in Western Australia have significant exploration potential and close proximity to existing world class deposits and 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 Tony Dawe Office: +612 9078 7670 Professional Public Relations Email: info@artemisresources.com.au +61 8 9388 0944 Web Site: www.artemisresources.com.au Email: tony.dawe@ppr.com.a

Competent Person’s Statement

The information in this document that relates to Exploration Results 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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