Artemis Resources Limited ABN: 80 107 051 749

Telephone: +61 2 9078 7660| Facsimile: +61 2 90787661| 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

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’ 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

Contact Guy Robertson Company Secretary Tel: +61 2 9078 7670

David Brook Investor Relations Tel: +61 8 9388 0944 Mob: +61 (0) 415 096 804 www.artemisresources.com.au

ASX Announcement 4 May 2011

Artemis’ Yandal drilling intersects high grade gold zone at Forked Stick inc. 2m @ 28.3 g/t Au and extends gold mineralisation at Lowlands deposit by 60m

First pass drilling intersects new high grade open gold mineralisation at the Forked Stick prospect within the Yandal Project:

• 9.0m @ 7.15g/t Au from 72m (ARYARC015)

(Inc. 2.0m @ 28.3g/t Au)

• Mineralisation open at depth and along strike. • Follow up drilling planned

At the Lowlands gold deposit within the Yandal Project, new drilling extends gold mineralisation south east of historical resource and repeats mineralisation at depth:

• 9.0m @ 3.53g/t Au from 42m (ARYARC011)

• 24.0m @ 2.02g/t Au from 23m (ARYARC003) • 2.0m @ 3.63g/t Au from 225m (ARYARC003)

• Follow up drilling planned

Artemis Resources Limited (ASX: ARV) is pleased to announce that first pass drilling at its Yandal gold project in the gold rich Yandal-Bronzewing greenstone belt in Western Australia, has intersected a promising high-grade gold zone at the Forked Stick prospect and found exciting southern extensions of the historic Lowlands resource (refer to figure 3 for locations). The results follow a 14 day drilling program which Artemis undertook at Yandal in March during which it completed sixteen holes for 2330m over 4 existing gold prospects. Drilling at Forked Stick intersected new high grade mineralisation (ARYARC015: 9.0m @ 7.15g/t Au from 72m) 60m below the previous intersection (BRC029: 7m @ 11.44g/t Au from 17-24m, EOH 35m). The new mineralisation is open at depth and along strike. Follow up drilling is already planned to commence in late May to further investigate the Forked Stick gold intersections. At Lowlands mineralisation has been intersected ~60m south east of the previous JORC gold envelope. And in addition a deep vertical hole at Lowlands also discovered mineralisation well below the existing resource at a depth of 225m. Hole ARYARC003 was designed to test for stacked gold lenses below Lowlands and returned 5.0m at 1.6g/t from 225m including 2.0m @ 3.63g/t. This result indicates potential for another gold zone below the historic Lowlands resource. Follow up drilling is also planned to investigate these results in late May.

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Figure 1: Location Map, Yandal Project - Western Australia surrounded by multi million ounce mines including Bronzewing (4 million oz)

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Yandal Gold Project, Western Australia

The Artemis 100%-owned Yandal Gold Project has potential to deliver million oz gold resources. The project is situated within the highly productive Yandal gold belt in Western Australia, which has produced more than 12 million ounces of gold (Figure 1). The Yandal Project tenements cover approximately 220km2 and lie 90km south of the Jundee-Nimary Gold Mine (7 million ounces) and 30km north of the Bronzewing Gold Mine (4 million ounces). The Yandal project tenements cover over 25km of greenstone which is host to historic gold resources at Lowlands and Slav Well.

Of the 16 holes drilled during March, 8 holes were targeted around the existing Lowlands resource to test for possible extensions to the south east and west, while 4 holes were targeted to the north to test for repetitions (Lowlands North). Additionally, one deep vertical hole was drilled to test also for repetitions at depth. Two holes were also drilled at Forked Stick and one under the Dan’s Find West prospect. 13 of the 16 holes drilled at Yandal intersected gold above 0.5 g/t Au, see table 1. Phase two drilling is already being planned to commence during the June quarter to further investigate a Lowlands extension and expand the exciting high grade Forked Stick intersection. The new drilling will also target Slav Well resource extensions and test historical results at International and 6 Mile Well. The drill program is planned to include 2500m of RC drilling in addition to surface mapping and rock chip sampling.

• International Prospect: Historic BRC043 returned 2m @ 4.15g/t Au from 51-53m depth • 6 Mile Well Prospect: Historic BRC037 returned 2m @ 3.75g/t Au from 46-48m depth

The development of the Yandal project at a time of record gold prices (over US$1500 per oz) is designed to confirm high grade mineralisation and test for major extensions to this mineralisation.

Figure 2: Plan map displaying the known Lowlands resource, Artemis drilled holes, and potential open extension zone. Section 308020 can be seen in figure 4.

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Figure 3: Yandal Tenements WA, historic prospects and deposits on

tenements, plus recent applications for additional ground.

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Lowlands Deposit Computer-aided modeling of the mineralisation and geology at the Lowlands Gold Deposit within the Yandal Project has highlighted a well-defined and well-drilled deposit hosted by a tightly-folded sequence of mafic rocks which are strongly sheared and moderately veined. The fold has been mineralised with gold which follows the layers and forms bedding-controlled gold lodes (see figure: 3). Gold intercepts from historical drilling at Lowlands include:

L089: 24m @ 3.15g/t Au, L068: 8m @ 6.30g/t Au, L005: 16m @ 2.90g/t Au, 2m @ 9.80g/t, 2.6m @ 8.30 g/t, LDW01: 17m @ 2.30g/t Au, 5m @ 4.30g/t, L048: 3m @ 8.00g/t Au, 16m @ 2.20g/t,

Figure 4: Section 308020E, a schematic geological and mineralisation model of the Lowlands Gold Deposit, gold mineralisation

occurs within the top 50m from surface. ARYARC011 has extended minerlaisation by 60m out of the page towards SE.

S N

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Location  Hole Id  East 

MGA North MGA 

Az  Dip  Depth  Primary  Gold Intercept  2nd Gold Intercept 

Lowlands  ARYARC001  307941  7007410  32o  ‐60  202  1m @ 4.46 g/t from 49m  1m @ 1.50 g/t from 93m Lowlands  ARYARC002  308025  7007422  32o  ‐60  238  1m @ 1.18 g/t from 115m  3m @ 1.60 g/t from 171m Lowlands  ARYARC003  308047  7007636  359o  ‐90  262  24m @ 2.02 g/t from 23m  2m @ 3.63 g/t from 225m Lowlands  ARYARC004  307728  7007703  26o  ‐60  88  1m @ 1.76 g/t from 30m  ‐ Lowlands N.  ARYARC005  308031  7008537  252o  ‐60  148  ‐  ‐ Lowlands  ARYARC006  307739  7007746  26o  ‐60  82  12m @ 0.55 g/t from 9m, 

(inc. 1m @ 2.87 from 10m) ‐ 

Lowlands  ARYARC007  308011  7007811  32o  ‐60  112  8m @ 0.54 g/t from 26m, (inc. 1m @ 1.01 from 33m) 

1m @ 0.91 g/t from 112m 

Lowlands N.  ARYARC008  307815  7008740  252o  ‐60  118  1m @ 4.98 g/t from 39m  ‐ 

Lowlands N.  ARYARC009  308084  7008403  253o  ‐60  166  ‐  ‐ 

Lowlands N.  ARYARC010  307910  7008151  72o  ‐60  154  2m @ 0.52g/t from 119  ‐ 

Lowlands  ARYARC011  308066  7007500  32o  ‐60  190  9m @ 3.53 g/t from 42m  3m @ 1.99 g/t from 138m Lowlands  ARYARC012   308105  7007591  32o  ‐60  148  3m @ 0.58 g/t from 108m  ‐ 

Lowlands  ARYARC013  307681  7007617  26o  ‐60  88  1m @ 3.11 g/t from 25m  ‐ Forked Stick  ARYARC014  306473  7009839  80o  ‐60  124  6m @ 1.15 g/t from 95m, 

(inc. 2m @ 2.85 from 95m) ‐ 

Forked Stick  ARYARC015  306484  7009840  80o  ‐60  106  9m @ 7.15 g/t from 72m  ‐ Dan’s Find  ARYARC016  307202  7008823  30o  ‐60  112  ‐  ‐ 

Table 1: Phase 1 Artemis Yandal collar file information, March 2011

ABOUT ARTEMIS RESOURCES Artemis Resources Limited is a resource exploration company with a focus on gold and precious metals. Artemis’ gold projects at Yandal and Mt Clement are targeted because of their quality, exploration potential and close proximity to existing important deposits or producing mines.

For further information, please contact:

Guy Robertson Chief Finance Officer/Company Secretary Office: +612 9078 7670 Email: info@artemisresources.com.au Web Site: www.artemisresources.com.au David Brook PPR – Investor Relations +61 8 9388 0944 Email: 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 Andrew Johnstone, who is a Member of the Australian Institute of Geoscientists. Andrew 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’. Andrew 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.