Artemis Resources Limited - Drilling Expands High-Grade Gold, Silver and Copper at Mt Clement

11:52 AEST Nov 29, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Sydney, Australia (ABN Newswire) - Australian resources company, Artemis Resources Ltd. (80%) (ASX:ARV) as operator of the Mt Clement JV with Northern Star Resources Ltd. (20%) (ASX:NST) today announced a significant extension to the high-grade mineralisation from its current drilling program at the Mt Clement Gold Project in Western Australia. The drilling successfully extended high-grade mineralisation 50m to the north and has deepened the known mineralisation by 40m, with potential for further significant extensions. First results from the current drilling include:

- 11m @ 2.09g/t gold, 88g/t silver and 0.32% copper from 39m depth in hole ARMCRC011

- This intercept is enhanced by an internal interval of 3.0m @ 4.28g/t gold, 105.5g/t silver and 0.73% copper at 47m depth

- A deeper lode also in hole ARMCRC011 averages 3.0m @ 5.22g/t gold and 87.7g/t silver from 56m depth

Artemis Resources is currently undertaking a reverse circulation (RC) and diamond drilling (DD) program at its Mt Clement Gold Project in order to drill-define gold, silver and copper resources. A drilling program completed in July 2010 successfully intersected high grade gold, silver and copper. The current drilling program is aimed at extending the mineralisation both along strike and at depth.

Artemis' drill hole ARMCRC011 at Mt Clement has intersected several gold, silver and copper zones including a 20m long down-hole interval between 39m and 59m depth grading 1.99g/t gold, 66.8g/t silver and 0.2% copper. This broad interval includes a narrower interval of 11m @ 2.09g/t gold, 88g/t silver and 0.32% copper. Further internal subdivisions within the 11m interval include 3m @ 4.28g/t gold, 105.5g/t silver and 0.73% copper between 47m and 50m depth and 5m @ 114.7g/t silver from 40m to 45m. A third internal interval in drill hole ARMCRC011 at 56m down-hole depth averages 3.0m @ 5.22g/t gold and 87.7g/t silver.

This hole was drilled angled towards the north of all previous holes aiming to extend high grade mineralisation to the north. This was successfully achieved with a broad zone of mineralisation containing high grade intervals of gold, silver and copper being intersected.

The pre-collar assay results for hole ARMCRCD005 (the top 100m) have been received from the laboratory and results for this pre-collar are very pleasing. Results include a broad interval of 13m @ 2.61g/t gold, 334g/t silver and 0.82% copper from 27m depth. Within this interval, a number of zones occur including 6m @ 4.34g/t gold (27m - 33m), 7m @ 582g/t silver (18.7oz/t) (28m - 35m) and 5m @ 1.85% copper (28m - 33m). Further drilling is planned to deepen this hole to test potential for mineralization beyond the top 100m from surface.

Drill hole ARMCRC010 was drilled approximately 250m east of all previous drilling to test for possible extensions of gold mineralisation towards the east. The hole was drilled to 120m depth before encountering strongly fractured and altered ground in the last 2m, creating drilling difficulties for the RC rig. The last 2m in this hole were intensely brecciated and veined and it is planned to deepen this hole with a diamond tail. Should this hole encounter gold mineralisation, this would effectively extend the mineralisation by 250m towards the east.

Artemis' first diamond drill hole (ARMCRCD001) was drilled approximately 200m west of previous drilling to test for possible extensions of gold, silver and copper towards the west. This hole was successfully drilled and assay results are pending. Sulphides were encountered below 200m depth over a 2m interval, suggesting potential for gold, silver and copper mineralisation. Should the assays from this hole return gold values, this would extend mineralisation by 200m towards the west and significantly expand any future resource potential.

ARMCRCD002, 004 and 005 have also now been drilled. Core from these holes is being logged geotechnically and geologically, prior to cutting and sampling. The Artemis field crew is working to process this core with an acceptable turn-around time whilst maintaining excellent quality of geological observation and recording. Two drill rigs are on site at Mt Clement and drilling is expected to continue until mid December 2010.

For the complete announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64300-ASX-ARV-517701.pdf



Contact:

David W. Price
Executive General Manager
Tel: +61-2-8221-2255
Email: info@artemisresources.com.au
http://www.artemisresources.com.au