ARV – Artemis Resources | Aussie Stock Forums

Hi Guys,

Ann ann out this morning. I have also attached the picture which show how close they are to Moly mines.

This update by management is really highlighting that the second stage is starting. Also highlighting how close they are to moly mines and there findings. I really think ARV have great management and is worth a look with it’s current position next to Moly mines.

SECOND STAGE EXPLORATION AT SPINIFEX RIDGE-BAMBOO CREEK PROJECT ABOUT TO COMMENCE.

Highlights

• Northern area, which is adjacent to world-class Spinifex Ridge Molybdenum-Copper deposit, will be the prime target of investigations for similar style of mineralization.

• Several areas to be targeted with potential for Bamboo Creek – style gold mineralization

• Four Kimberlite pipe-like magnetic features to be further investigated for diamond indicators.

Diversified Australian resources company Artemis Resources Ltd (ASX: ARV) advises that the next stage of exploration on the company’s Spinifex Ridge- Bamboo Creek Project in the East Pilbara Region of Western

Australia (refer Figure 1) is due to commence.

Initial exploration conducted earlier this year in the Northern area has identified several zones of alteration which could represent a number of mineralization styles including porphyry-hosted Spinifex Ridge-style molybdenumcopper or Bamboo Creek-style gold mineralization. A copper-stained gossan was located over one of these alteration zones approximately 1000m east and along strike of the Spinifex Ridge deposit.

The gossan returned strongly anomalous values for a number of elements including molybdenum, copper, lead and gold.

Artemis rates these findings as highly encouraging and has planned a detailed assessment of this high priority area.

Other promising targets to be further investigated include several zones of alteration associated with faults and shears which could represent repetitions or extensions of the shear-related Bamboo Creek gold mineralization.

Four possible Kimberlite pipes, one of which is has a near perfect Bullseye image, will be further assessed by ground magnetics and bulk sampling.

The main purpose of this programme is to advance one or several prospects to a stage where promising targets have been generated which are ready for drill testing later this year.

The northern part of Artemis tenement, E45/2596, lies less than 800 metres east of the world-class Spinifex Ridge Molybdenum-Copper Project owned by Moly Mines Ltd (ASX:MOL) .

This mineralization was discovered in the early seventies and subsequently explored by a number of international companies. In July 2006 Moly Mines announced a JORC compliant resource of 500 Million tonnes @ 0.06% Mo and 0.09% Cu Spinifex Ridge ranks as one of largest undeveloped molybdenum deposits in the world with an in situ resource inventory of approximately 620 million pounds molybdenum and 950 million pounds of copper.

Moly Mines is presently undertaking a feasibility study for a “Base Case” 20 million tonnes per annum processing facility. The mine is expected to be operational by mid 2009 and will be Australia’s first entry into the molybdenum market.

Molybdenum is an important additive in stainless steel, chemicals and lubricants and is attracting its best prices in 30 years (over US$30/lb for Molybdenum Oxide) as supplies come under pressure by soaring iron ore demand.