Artemis Resources Limited — Capital/Financing Update 2013

Nov 28, 2013

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ASX Announcement 29 November 2013

MAIDEN JORC RESOURCE ACHIEVED AT EASTERN HILLS Additional potential exists in adjacent high grade zones

EASTERN HILLS ANTIMONY-LEAD (Sb - Pb) DEPOSIT

• Maiden JORC resource at Eastern Hills Taipan Zone exceeds grade expectations

• Indicated Mineral Resource = 0.8 million tonnes @ 2.0% Sb & 3.1% Pb (1.0% Sb cutoff grade)

• Total Mineral Resource contains 1.3 million tonnes (Indicated + Inferred)

• High confidence resource: 71% of antimony Mineral Resource in “Indicated” category

• Taipan Zone 850m strike length, remains open at depth and to the east

• Potential for resource additions with the recently discovered Dugite, Tiger and Gwardar Zones

• Dugite Zone of high grade Sb-Pb-Ag-Au results expected to add to resource inventory

• Potential mineralisation extends for another 2km strike length in these zones

• Scoping Study to commence early 2014

• Artemis to attend World Antimony Conference in Guilin, China – December 4-6

Artemis Resources Limited (ASX: ARV) is pleased to announce that it has achieved a significant milestone by releasing its maiden JORC compliant Mineral Resource for the Eastern Hills Antimony-Lead Project located in the Ashburton region of Western Australia (Figure 6). This follows the identification of the project early this year and the Company’s successful reverse circulation (RC) drilling program that was completed in October.

The combined Indicated and Inferred resource exceeded size expectations, comprising 1.3 million tonnes at 1.7% Sb and 2.5% Pb (see Table 1 and Figure 1). Importantly, the higher confidence Indicated resource category returned higher grades than expected in antimony (2.0%), lead (3.1%) and gold (0.41g/t) compared to the Company’s Exploration Target estimated earlier this year[1] .

			Grades	Grades		Contained Metal	Contained Metal
	Tonnes
		Sb(%)	Pb(%)	Ag (g/t)	Au(g/t)	Sb(t)	Pb(t)
Indicated	812,348	2.0	3.1	26	0.41	15,900	25,200
Inferred	500,000	1.3	1.5	16	0.20	6,500	7,500
Total	1,312,348	1.7	2.5	24	0.34	22,400	32,700

Table 1: Eastern Hills Mineral Resource estimate based on a 1.0% Sb cutoff grade

The Mineral Resource summarised in the table above was estimated by an independent mining consultancy group and has been compiled in accordance with the guidelines of the JORC Code (2012).

This resource estimate only includes mineralisation from the Taipan Zone, with drill testing of the recently identified high grade Dugite Zone[2] (up to 35.7% Sb, 29% Pb, 1335g/t Ag and 3.36g/t Au), scheduled for the 2014 field season.

Artemis General Manager-Exploration, Trevor Woolfe, commented: “The Artemis team is to be commended on the progress of the emerging Eastern Hills Antimony-Lead Project during 2013, culminating in a maiden JORC compliant resource. We now look forward to building on this strong foundation in 2014, with a focus on drill testing the very high rock chip grades recently reported on the adjacent Dugite Zone. ”

1 ASX Announcements dated 16 and 18 January 2013

2 ASX Announcement dated 12 November 2013

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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

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Figure 1: Eastern Hills Mineral Resource, Antimony Zones and Drillhole Locations

RESOURCE ESTIMATION METHODOLOGY

The Eastern Hills JORC (2012) compliant Mineral Resource was estimated based on RC drill hole data obtained from 14 historical holes (1,469m) drilled by Taipan Resources NL in 1996-97, and 15 holes (2,470m) drilled by Artemis in September-October this year. Hole depths ranged from 40 to 246 metres, with all holes dipping at approximately 60 degrees and orthogonal to strike (Figure 1).

Mapping of the surface outcrop of the Taipan Zone has outlined a number of narrow sinuous quartz and sulphide rich sub parallel zones, reflecting the surface expression of intersections observed in the drilling (Figure 1). Additional zones (Dugite, Gwardar and Tiger) displaying similar characteristics have recently been identified through surface mapping and sampling but have not been included in the current resource. These new mineralised zones, with a total strike length of ~2,000m, have the potential to significantly increase the metal inventory at Eastern Hills.

Sectional interpretation at a nominal 0.5% Sb cut off was completed with the interpreted zones then wireframed to form coherent shapes. Eight individual wireframes were constructed to create the resource model. The grade estimation method was the “inverse distance cubed” of values lying within the validated wireframes (solids) with only the assays constrained within the individual wireframes/solids used for the interpolation. Parent block sizes populating the model were set at 2m (x), 2m (y) and 2m (z), with the sub‐cell size down to half of the parent cell size.

Two interpolation passes were run. The first used a large search of 240m (strike) x 140m (down dip) x 8m (down hole) to ensure the wireframe solids were totally filled with blocks. The second search used a smaller search ellipse to ensure the grades adjacent to the drill sample locations accurately reflected the grades without too much smoothing with an adopted search ellipse of 120m x 100m x 2m. The block models were merged to replace interpolated values.

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The azimuth and dip of the search ellipse varied depending on the individual wireframe and ranged from an azimuth of 62 to 78 degrees with a dip of -66 to -84 degrees. An assumed in situ bulk density (ISBD) of 3.0t/bcm for the fresh material and a conservative 2.4t/bcm for the oxide material was used. The oxidation boundary was interpreted from the geological logs, a DTM created and assigned into the block model.

The Indicated resource estimate has been classified based on data density, data quality, confidence in the geological interpretation and confidence in the estimation. The Inferred resource estimate is based on the continuity of the main zones extending a further 50 metres down dip to an assumed RL of -100m, approximately 300 metre below surface. The grade is based on interpolation of the assay values and extrapolated to the base of the model.

RESOURCE ESTIMATION RESULTS

The Eastern Hills Antimony-Lead Project Mineral Resource, covering the Taipan Zone, consists of Indicated and Inferred resources, as described in the accompanying Methodology section. The higher confidence Indicated resource has been estimated at different antimony cutoff grades to demonstrate the sensitivity of the resource (Table 2). At a nominal 1.0% Sb cutoff grade, the Indicated Mineral Resource is estimated to be:

INDICATED 0.8Mt at 2.0% Sb, 3.1% Pb, 26g/t Ag and 0.41g/t Au (1.0% Sb cutoff grade)

Given its inherently lower confidence level, the Inferred resource has been estimated using just the 1.0% Sb cutoff grade (Table 2). The combined or Total Mineral Resource is estimated to be:

INDICATED + INFERRED 1.3Mt at 1.7% Sb, 2.5% Pb, 22g/t Ag and 0.33g/t Au (1.0% Sb cutoff grade)

Indicated Resource	Indicated Resource	Indicated Resource
							Contained Metal (Sb) t.
Sb % Cut-off Grade			Grades
	Category	Tonnes
			Sb (%)	Pb (%)	Ag (g/t)	Au (g/t)
2.00	Indicated	285,986	2.9	5.4	44	0.73	8,400
1.50	Indicated	498,805	2.4	4.2	34	0.56	12,100
1.00	Indicated	812,348	2.0	3.1	26	0.41	15,900
0.75	Indicated	1,080,107	1.7	2.6	23	0.33	18,200
0.50	Indicated	1,412,892	1.4	2.1	19	0.27	20,300
0.10	Indicated	1,821,649	1.2	1.7	16	0.22	21,700

Inferred Resource	Inferred Resource	Inferred Resource
							Contained Metal (Sb) t.
Sb % Cut-off Grade			Grades
	Category	Tonnes
			Sb (%)	Pb (%)	Ag (g/t)	Au (g/t)
1.0	Inferred	500,000	1.3	1.5	16	0.20	6,500

TOTAL MINERAL RESOURCE

							Contained Metal (Sb) t.
Sb % Cut-off Grade				Grades
	Category	Tonnes
			Sb (%)	Pb (%)	Ag (g/t)	Au (g/t)
1.0	Indicated	812,348	2.0	3.1	26	0.41	15,900
	Inferred	500,000	1.3	1.5	16	0.20	6,500
	Total	1,312,348	1.7	2.5	22	0.33	22,400

Table 2: Eastern Hills Mineral Resource Estimate - based on a range of lower antimony cutoff grades

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A range of cutoff grades was used to report grades and tonnages, as shown in Table 2. The sensitivity of the resource grade and tonnage at those various antimony cutoff grades is illustrated in Figure 2.

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Figure 2: Eastern Hills Indicated Mineral Resource – grade/tonnage relationship at various cutoff grades

Sb % Cut-off Grade
			Contained Metal
	Category
		Sb(t)	Pb(t)	Ag (oz)	Au(oz)
1.0	Indicated	15,900	10,800	687,000	25,200
	Inferred	6,500	3,600	257,000	7,500
	Total	22,400	14,400	945,000	32,700
Table 3: Eastern Hills Total Mineral Resource – contained metal

The Total Mineral Resource contains 22,400 tonnes of antimony (Table 3). Over 70% of the Total Mineral Resource[3] is within the Indicated category. The remaining 29% of the resource estimate is within the Inferred category, highlighting the potential for mineralisation to continue at depth. Antimony continues to trade at just under US$10,000/tonne. While the individual average grades of Pb, Ag and Au within the resource (Table 2) are relatively low, the corresponding metal contents within the resource are as shown in Table 3 (above).

Detailed studies have yet to be completed to assess the viability of economically extracting and processing the Eastern Hills Mineral Resource however, this Mineral Resource estimate will form the basis of a Scoping Study which is due to be undertaken early in 2014.

Examples of the resource model, in both bench plan and cross section view are shown in Figures 3 and 4. Figure 5 is a long section of the Taipan Zone deposit, displaying contours of Sb grade x thickness from drillhole intercepts. This represents the distribution of antimony along the length and depth of the deposit and indicates that the higher grade areas of the deposit are most likely controlled by sub vertical cross cutting structures, with a significant higher grade section around the middle and to the east of the deposit, all the way to depth. The long section also displays the potential for additional mineralisation both down dip and along strike to the east where the resource is open.

3 Calculated on the contained Sb metal tonnes at a 1% Sb lower cutoff grade – refer Table 3

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Figure 3: Eastern Hills Resource – Taipan Zone block model at 70m RL

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Figure 4: Eastern Hills Resource – Taipan Zone block model cross section examples (Sections 9 and 6 - See Figure 1 for section locations)

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Figure 5: Eastern Hills – Taipan Zone long section and grade x thickness contours

PROPOSED PROJECT TIMELINE

With successful completion of the JORC resource estimation, planning is now underway for follow up activities to advance the Eastern Hills deposit. A field campaign to further map and sample new zones identified adjacent to the Taipan Zone, including the recently announced high grade Dugite Zone, has recently finished. Results of this work will lead to drill target generation for potential resource expansion. A scoping study to assess the economic parameters around the deposit is scheduled for early 2014 (Table 4), while planning is underway for follow up drilling to commence in 2014 following the regional wet season.

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Table 4: Proposed activities and progress for Eastern Hills Project

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ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on its prospective Mount Clement (gold), Eastern Hills (antimony), Yandal (gold) and West Pilbara (gold and base metals) 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 Executive Director Phone: +61 2 9078 7670 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au

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Figure 4
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Figure 6

James Moses

Mandate Corporate Mob: 0420 991 574 Email: james@mandatecorporate.com.au

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

Competent Person Statements

The information in this document that relates to Exploration Results is based on information compiled by Mr Trevor Woolfe, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Woolfe is a consultant to the Company, and is employed by Alexander Cable Pty Ltd. Mr Woolfe 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woolfe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this document that relates to Mineral Resources is based on information compiled by Mr Simon Coxhell, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Coxhell is a consultant to the Company, and is employed by CoxsRocks Pty Ltd. Mr Coxhell 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Coxhell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis’ control. Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

Section 1	Sampling Techniques and Data	Sampling Techniques and Data
(Criteriainthis	sectionapply to allsucceeding sections.)
Criteria	JORC Code explanation		Commentary
Sampling		Nature and quality of sampling (eg cut channels,		Reverse circulation drilling was used to obtain 1m
techniques		random chips, or specific specialised industry		drill chip samples from which a 2-4kg sample was
		standard measurement tools appropriate to the		collected for submission to the laboratory for ICP
		minerals under investigation, such as down hole		and XRF analysis. Mineralised zones were
		gamma sondes, or handheld XRF instruments,		identified visually and supported by Sb-Pb
		etc). These examples should not be taken as		readings from a hand-held X-ray Fluorescence
		limiting the broad meaning of sampling.		(XRF) tool.
		Include reference to measures taken to ensure		Samples from each metre were collected in a
		sample representivity and the appropriate		cyclone and split using a 3 level riffle splitter.
		calibration of any measurement tools or systems		Artemis used a hand-held XRF to obtain an instant
		used.		qualitative geochemical analysis of each sample
		Aspects of the determination of mineralisation that are Material to the Public Report.		during the drilling. The hand-held XRF was calibrated against standards after every 20 readings. Current QAQC protocols include
		In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1		analysis of field duplicates. Based on statistical analysis of these results, there is no evidence to suggest the samples are not representative.
		m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or		As the hand-held XRF tool provides only a preliminary qualitative, rather than quantitative, indication of Sb presence, only final laboratory assay results will be reported publicly.
		mineralisation types (eg submarine nodules)
		may warrant disclosure of detailed information.
Drilling		Drill type (eg core, reverse circulation, open-hole		Reverse Circulation drilling utilising a nominal 4½
techniques		hammer, rotary air blast, auger, Bangka, sonic,		inch diameter face-sampling hammer
		etc) and details (eg core diameter, triple or
		standard tube, depth of diamond tails, face-
		sampling bit or other type, whether core is
		oriented and if so, by what method, etc).
Drill sample		Method of recording and assessing core and		Recoveries are recorded by the geologist in the
recovery		chip sample recoveries and results assessed.		field at the time of drilling/logging.
		Measures taken to maximise sample recovery		If poor sample recovery is encountered during
		and ensure representative nature of the		drilling, the geologist and driller have endeavored
		samples.		to rectify the problem to ensure maximum sample
		Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.		recovery. Visual assessment is made for moisture and contamination. A cyclone and splitter were used to ensure representative samples and were routinely cleaned.
				Sample recoveries to date have generally been
				high, and moisture in samples minimal. Insufficient
				data is available at present to determine if a
				relationship exists between recovery and grade.
				This will be assessed once a statistically valid
				amount of data is available to make a
				determination.
Logging		Whether core and chip samples have been		All drill chip samples are geologically logged at 1m
		geologically and geotechnically logged to a level		intervals from surface to the bottom of each
		of detail to support appropriate Mineral		individual hole to a level that will support
		Resource estimation, mining studies and		appropriate future Mineral Resource studies.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		metallurgical studies.		Logging is considered to be semi-quantitative
		Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.		given the nature of reverse circulation drill chips and the inability to obtain detailed geological information.
		The total length and percentage of the relevant intersections logged.		All RC drill holes in the current program are logged in full.
Sub-		If core, whether cut or sawn and whether		The RC drilling rig was equipped with an in-built
sampling		quarter, half or all core taken.		cyclone and triple tier riffle splitting system, which
techniques and sample preparation	 	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.		provided one bulk sample of approximately 20kg, and a sub-sample of 2-4kg per metre drilled. All samples were split using the system described above to maximise and maintain consistent representivity. The majority of samples were dry. For wet samplesthecleanliness of the cyclone
		Quality control procedures adopted for all sub- sampling stages to maximise representivity of		and splitter was constantly monitored by the geologist and maintained to avoid contamination.
		samples.		Bulk samples were placed in green plastic bags,
		Measures taken to ensure that the sampling is representative of the in situ material collected,		with the sub-samples collected placed in calico sample bags.
		including for instance results for field duplicate/second-half sampling.		Field duplicates were collected by re-splitting the bulk samples from large plastic bags. These
		Whether sample sizes are appropriate to the grain size of the material being sampled.		duplicates were designed for lab checks as well as lab umpire analysis.
				A sample size of 2-4kg was collected and
				considered appropriate and representative for the
				grain size and style of mineralisation
Quality of		The nature, quality and appropriateness of the		ALS Laboratory (Perth & Brisbane) was used for
assay data		assaying and laboratory procedures used and		all analysis work carried out on the 1m and 4m
and		whether the technique is considered partial or		composite drill chip samples. The laboratory
laboratory		total.		techniques below are for all samples submitted to
tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument		ALS and are considered appropriate for the style of mineralisation defined at the Eastern Hills Antimony-Lead Project:
		make and model, reading times, calibrations		o PUL-32 & CRU-21 (Sample
		factors applied and their derivation, etc.		Preparation Codes)
		Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		o ME-ICP61 Ag-As-S-Pb-Zn (4 Acid Digest; AES Finish) Sb by ME- ICP61 for twinned drillholes only. o OG62 over-range Ag-Pb o Au-AA23 Au (Fire Assay Gold) o ME-XRF05 Sb (Pressed Pellet
				XRF)
				o ME-XRF15b for Sb >10,000 ppm;
				Sb Only (Fusion XRF)
				Hand held XRF was used in field for qualitative
				assessment only and results are not to be
				reported publicly.
				Blind field duplicates were collected at a rate of 1
				duplicate for every 20 samples that are to be
				submitted for ALS laboratory analysis. Field
				duplicates were split using an external splitter
				once the sample intervals were determined by the
				geologist in the field.
				Additional field duplicates were also collected at a

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				rate of 1 in 40. These samples were submitted to
				SGS Laboratory (Perth) as umpire samples and
				results were found to be within acceptable ranges.
				The laboratory techniques detailed below are for
				all samples submitted to SGS and are considered
				appropriate for the style of mineralisation defined
				at the Eastern Hills Antimony-Lead Project.
				 The following sample methods were used for
				all samples sent to SGS:
				o PRP86 (Sample Preparation)
				o ICP40Q Ag-As-S-Pb-Zn (4 Acid
				Digest; OES Finish)
				o FAA505 Au (Fire Assay Gold)
				o XRF75V Sb (Pressed Pellet XRF)
				o ASH01/XRF78S Sb Where XRF75V
				> 4000 ppm Sb Only (Fusion XRF)
Verification		The verification of significant intersections by		At least two company personnel verify all
of sampling		either independent or alternative company		significant intersections.
and assaying		personnel.		All geological logging and sampling information is
		The use of twinned holes.		completed firstly on to paper logs before being
		Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.		transferred to Microsoft Excel spreadsheets. All electronic field data is then transferred into a Microsoft Access database for validation and compilation. Physical logs and sampling data are
		Discuss any adjustment to assay data.		returned to the Artemis head office for scanning and storage. Electronic copies of all information
				are backed up daily.
				No adjustments of assay data are considered
				necessary.
Location of		Accuracy and quality of surveys used to locate		A Garmin GPSMap62 hand-held GPS is used to
data points		drill holes (collar and down-hole surveys),		define the location of the drill hole collars.
		trenches, mine workings and other locations		Standard practice is for the GPS to be left at the
		used in Mineral Resource estimation.		site of the collar for a period of 10 minutes to
		Specification of the grid system used.		obtain a steady reading. Collar locations are considered to be accurate to within 5m. Collars
		Quality and adequacy of topographic control.		will be picked up by DGPS in the future. Down hole surveys are conducted by the drill contractors
				using a Reflex electronic multi-shot camera with
				readings for dip and magnetic azimuth taken every
				30m down hole. The instrument is positioned
				within a stainless steel drill rod so as not to affect
				the magnetic azimuth.
				Grid system used is MGA 94 (Zone 50)
				Topographic control is obtained from surface
				profiles created by close spaced historical
				aeromagnetic survey data and calibrated with
				GPS surface measurements. It will be necessary
				to undertake more detailed topographic controls
				later in the program.
Data spacing		Data spacing for reporting of Exploration		Data spacing (drillhole spacing) is variable and
and distribution		Results.		appropriate to the geology and historical drilling.
		Whether the data spacing and distribution is
		sufficient to establish the degree of geological		A drillhole section spacing of 60-100m is used
		and grade continuity appropriate for the Mineral		while hole spacings are variable, further details

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Resource and Ore Reserve estimation		are provided in the collar co-ordinate table
		procedure(s) and classifications applied.		contained in the 6 November 2013 ASX release.
		Whether sample compositing has been applied.
				No sample compositing is used in this report, all
				results detailed are the product of 1m down hole
				sample intervals. 4m compositing in the upper
				levels of the twinned hole did not return significant
				results and as such they are not discussed further
				in this report.
Orientation		Whether the orientation of sampling achieves		Most drill holes are planned to intersect the
of data in		unbiased sampling of possible structures and		interpreted mineralised structures/lodes as near to
relation to		the extent to which this is known, considering		a perpendicular angle as possible (subject to
geological		the deposit type.		access to the preferred collar position).
structure
		If the relationship between the drilling orientation		Hole AREHRC007 was intended to test the
		and the orientation of key mineralised structures		“Northern Conductor” is a feature previously
		is considered to have introduced a sampling		interpreted from EM geophysics to be dipping
		bias, this should be assessed and reported if		NNW. Further evaluation of this area now suggest
		material.		that a near vertical, south dipping, mineralised
				structure occurs within 5 metres of the collar
				location of AREHRC007, however given the near
				vertical nature of that body it is not considered that
				sampling bias has occurred in that hole.
Sample		The measures taken to ensure sample security.		The chain of custody is managed by the project
security				geologist who places calico sample bags in
				polyweave sacks. Up to 10 calico sample bags are
				placed in each sack. Each sack is clearly labelled
				with:
				 Artemis Resources Ltd
				 Address of laboratory
				 Sample range
				Samples were delivered by Artemis personnel to
				the Paulsens mine site freight dispatch area in
				order to be loaded on the next available truck of a
				reputable freight provider. The freight provider
				delivers the samples directly to the laboratory.
				Detailed records are kept of all samples that are
				dispatched, including details of chain of custody.
Audits or		The results of any audits or reviews of sampling		No audit of sampling data has been completed to
reviews		techniques and data.		date but a review will be conducted once all data
				from ALS Laboratory (Perth and Brisbane) has
				been compared with umpire laboratory results.
				Data is validated when loading into the database
				and will be validated again prior to any Resource
				estimation studies.

Section 3 Estimation and Reporting of Mineral Resources

(Criterialistedinsection 1also apply to this section.)	(Criterialistedinsection 1also apply to this section.)
Criteria	JORC Code explanation	Commentary
Database	 Measures taken to ensure that data has not been		Data was provided as a validated Access
integrity	corrupted by, for example, transcription or keying		Database and digitally imported into Micromine
	errors, between its initial collection and its use for		Mining Software. Microminevalidation routines

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Mineral Resource estimation purposes.		were run to confirm validity of all data.
		Data validation procedures used.
Site visits		Comment on any site visits undertaken by the		No site visits have been undertaken, the
		Competent Person and the outcome of those visits.		competent person is familiar with the general
		If no site visits have been undertaken indicate why this is the case.		area and geological model and sufficient data and documentation has been provided to negate a site visit.
Geological		Confidence in (or conversely, the uncertainty of )		The confidence in the geological interpretation
interpretation		the geological interpretation of the mineral deposit.		is good.
		Nature of the data used and of any assumptions		Detailed geological logging and surface
		made.		mapping allows extrapolations of drill
		The effect, if any, of alternative interpretations on		intersections from section to section.
		Mineral Resource estimation.		Alternative interpretations will result in similar
		The use of geology in guiding and controlling		tonnage and grade estimation techniques
		Mineral Resource estimation.		Geological boundaries are determined by the
		The factors affecting continuity both of grade and geology.		spatial locations of the various mineralised structures
				Quartz rich zones associated with sulphide
				accumulations and corresponding increase in
				Sb, Pb, Ag and Au are the key factors affecting
				continuity
Dimensions		The extent and variability of the Mineral Resource		The Indicated Mineral Resource is 850 metres
		expressed as length (along strike or otherwise),		long (NE) by 75 metres wide (series of stacked
		plan width, and depth below surface to the upper		parallel minerals veins) by 250 metres deep.
		and lower limits of the Mineral Resource.		The Inferred Mineral Resource has similar
				dimensions except is extrapolated below the
				base of the Indicated Resource a further 50
				metres vertical extent.
Estimation and		The nature and appropriateness of the estimation		Grade estimation using Inverse Distance
modelling		technique(s) applied and key assumptions,		Cubed was used for Sb%, Pb%, Ag (ppm) and
techniques		including treatment of extreme grade values,		Au (ppm). Eight Individual wireframes were
		domaining, interpolation parameters and maximum		used to subset and constrain the data points
		distance of extrapolation from data points. If a		used in the interpolation and only individual
		computer assisted estimation method was chosen		grades from individual wireframes were used.
		include a description of computer software and parameters used.		A previous non JORC compliant resource has been made and is consistent given the drilling
		The availability of check estimates, previous		at the time in comparison with this latest
		estimates and/or mine production records and		estimate.
		whether the Mineral Resource estimate takes appropriate account of such data.		No assumptions have been made regarding recovery of by-products.
		The assumptions made regarding recovery of by- products.		No estimation of any deleterious elements have been made
		Estimation of deleterious elements or other non- grade variables of economic significance (eg sulphur for acid mine drainage characterisation).		The block model was constructed using a 2m x 2m x 2m block size, constrained by 8 individual wireframes.
		In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.		Two interpolation passes were made, the first with a 200m x 160 m x 8 m search orientated parallel to the azimuth and dip of the
		Any assumptions behind modelling of selective		mineralised zones (no plunge component
		mining units.		assumed) to ensure all portions of the
		Any assumptions about correlation between		wireframe were filled and a second interpolationpass tofine tune the grade

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		variables.		estimation in the immediate vicinity of the drill
		Description of how the geological interpretation		holes.
		was used to control the resource estimates.		Geological interpretation of a series of narrow
		Discussion of basis for using or not using grade cutting or capping.		stacked silica and sulphide fault structures was constrained by 8 individual wireframes.
		The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.		Visual validation of comparing block grades with drill hole assay values, via cross sections, plans and long sections was completed.
Moisture		Whether the tonnages are estimated on a dry basis		Tonnages are estimated on a dry basis.
		or with natural moisture, and the method of
		determination of the moisture content.
Cut-off		The basis of the adopted cut-off grade(s) or quality		A nominal cut off 0.5% Sb corresponds with
parameters		parameters applied.		the visual mineralisation as determined by
				quartz and sulphide and effectively maps the
				mineralised zones.
Mining factors		Assumptions made regarding possible mining		The mining scenario if the deposit is shown to
or assumptions		methods, minimum mining dimensions and internal		be economically viable would likely be a small
		(or, if applicable, external) mining dilution. It is		open pit followed by a boxcut and underground
		always necessary as part of the process of		development. Further studies are planned to
		determining reasonable prospects for eventual		address possible mining scenarios.
		economic extraction to consider potential mining
		methods, but the assumptions made regarding
		mining methods and parameters when estimating
		Mineral Resources may not always be rigorous.
		Where this is the case, this should be reported with
		an explanation of the basis of the mining
		assumptions made.
Metallurgical		The basis for assumptions or predictions regarding		Representative samples have been collected
factors or		metallurgical amenability. It is always necessary as		from the recent drilling campaign to conduct
assumptions		part of the process of determining reasonable		metallurgical testwork.
		prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting		It is thought that simple flotation techniques may be applicable for the production of a high grade Sb/Pb concentrate +/- Ag, Au.
		Mineral Resources may not always be rigorous.
		Where this is the case, this should be reported with
		an explanation of the basis of the metallurgical
		assumptions made.
Environmen-tal		Assumptions made regarding possible waste and		No assumptions at this stage in regards to
factors or		process residue disposal options. It is always		environmental factors or assumptions have
assumptions		necessary as part of the process of determining		been made.
		reasonable prospects for eventual economic
		extraction to consider the potential environmental
		impacts of the mining and processing operation.
		While at this stage the determination of potential
		environmental impacts, particularly for a
		greenfields project, may not always be well
		advanced, the status of early consideration of
		these potential environmental impacts should be
		reported. Where these aspects have not been
		considered this should be reported with an
		explanation of the environmental assumptions
		made.
Bulk density		Whether assumed or determined. If assumed, the		An in situ bulk density of 3.0 tonnes per cubic
		basis for the assumptions. If determined, the		metre has been assumed for the fresh rock
		method used, whether wet or dry, the frequency of		and2.4tonnes percubicmetreforthe

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		the measurements, the nature, size and		oxidised rock. Past experience with similar
		representativeness of the samples.		mineralisation is the basis for the assumption.
		The bulk density for bulk material must have been		A digital terrain model (DTM) has been used to
		measured by methods that adequately account for		discriminate between the oxide and fresh
		void spaces (vugs, porosity, etc), moisture and		boundaries and is based on geological logging
		differences between rock and alteration zones		of the drill holes.
		within the deposit.
		Discuss assumptions for bulk density estimates
		used in the evaluation process of the different
		materials.
Classification		The basis for the classification of the Mineral		The Mineral Resources are based on different
		Resources into varying confidence categories.		categories according to the drill density. The
		Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal		indicated resources are within 60 metres of existing drilling, while the inferred resource is the main mineralised zone extrapolated down dip a further 50 vertical metres.
		values, quality, quantity and distribution of the		The result of the Resource Estimation reflects
		data).		the view of the Competent Person
		Whether the result appropriately reflects the
		Competent Person’s view of the deposit.
Audits or		The results of any audits or reviews of Mineral		This is the maiden JORC compliant Resource
reviews		Resource estimates.		Estimate for Eastern Hills.
Discussion of		Where appropriate a statement of the relative		The relative accuracy of the Mineral Resource
relative		accuracy and confidence level in the Mineral		is reflected in the reporting of the Mineral
accuracy/		Resource estimate using an approach or		Resource as per the guidelines of the 2012
confidence		procedure deemed appropriate by the Competent		JORC Code.
		Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence		The statement relates to global estimates of tonnes and grade.
		limits, or, if such an approach is not deemed
		appropriate, a qualitative discussion of the factors
		that could affect the relative accuracy and
		confidence of the estimate.
		The statement should specify whether it relates to
		global or local estimates, and, if local, state the
		relevant tonnages, which should be relevant to
		technical and economic evaluation. Documentation
		should include assumptions made and the
		procedures used.
		These statements of relative accuracy and
		confidence of the estimate should be compared
		with production data, where available.

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