ASARA RESOURCES LIMITED — Capital/Financing Update 2007

Sep 19, 2007

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20 September 2007

The Manager Companies Announcement Office Australian Securities Exchange Ltd 20 Bridge Street SYDNEY NSW 2000

By electronic Lodgement

Dear Sir/Madam

EXPIRY OF 30 SEPTEMBER 2007 OPTIONS

The Company’s listed 30 September 2007 Options are due to expire on 30 September 2007. In accordance with the terms and conditions of the option issue and the ASX Listing Rules, the Company is required to give you notice before the expiry date. In accordance with the Listing Rules, the Company advises as follows:

• The latest date for the exercise of the options and payment of the exercise price is 30 September 2007;

• The exercise price of the options is $1.05 each;

• The number of options expiring is 12,540,505;

• The consequence of non payment of the exercise price is that the options will lapse;

• The market price of the underlying securities at close of trade at the date of this letter is $0.068;

• Quotation of these options will cease 21 September 2007;

• The highest and lowest market price of the underlying securities during the three months prior to 20 September 2007 are set out below:

Date Price Highest 29 June 2007 $0.13 Lowest 19 September 2007 $0.063

Should you wish to convert your options to fully paid shares, please complete the enclosed Option Exercise Form and return together with your cheque payment to the address as stated on the form.

Please contact our office for further information.

Yours faithfully

GOLDEN RIM RESOURCES LTD

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Company Secretary

Golden Rim Resources Ltd ABN 39 006 710 774

Head Office: Level 2, 10 Outram Street, West Perth, WA 6005, Australia Telephone: +61 8 9481 5758 Facsimile: +61 8 9481 5759 Email: info@goldenrim.com.au Website: www.goldenrim.com.au

ABN 39 006 710 774

GOLDEN RIM RESOURCES LIMITED

TERMS & CONDITIONS OF OPTIONS EXPIRING 30 SEPTEMBER 2007 - GMRO

• a) The Exercise price New Options is $1.05 per New Option.

• b) The New Options will expire at 5pm WST on 30 September 2007 ("Expiry Date").

• c) The New Option is a right in favour of the option holder to subscribe for one Share.

• d) The option holder may exercise New Options any time prior to the Expiry Date.

• e) Shares allotted to option holders on exercise of New Options will be issued at $1.05 each ("Exercise Price").

• f) The Exercise Price of Shares the subject of the New Options will be payable in full on exercise of the New Options.

• g) New Options will be exercisable by the delivery to the registered office of the Company of a notice in writing stating the intention of the option holder to:

• i) exercise all or a specified number of New Options; and

• ii) pay the subscription monies in full for the exercise of each New Option ("Notice").

The Notice must be accompanied by a holding statement and a cheque made payable to the Company for the subscription monies for the Shares. An exercise of only some New Options will not affect the rights of the option holder to the balance of the New Options held by the option holder. The Notice must be received by the Company prior to the Expiry Date.

• h) The Company will allot the resultant Shares and deliver the holding statement within five business days of the exercise of the New Options.

• i) The Company will apply for official quotation on ASX of the New Options, subject to the requirements for quotation being satisfied. j) The New Options be freely transferable.

• k) Shares allotted pursuant to an exercise of the New Options shall rank, from the date of allotment, equally with existing ordinary fully paid Shares of the Company in all respects.

• l) The Company will in accordance with the Listing Rules make application to have Shares allotted pursuant to an exercise of New Options listed for official quotation.

• m) In the event of any reconstruction (including consolidation, subdivision, reduction or return) of the authorised or issued capital of the Company, the number of the New Options or the exercise price of the New Options or both will be reconstructed (as appropriate) in accordance with the Listing Rules of ASX.

• n) The New Options will not give any right to participate in dividends, bonus issues or new issues until Shares are allotted pursuant to the exercise of the relevant New Options. There is no right to change the exercise price of New Options if the Company completes a bonus or new issue.

NOTICE OF EXERCISE OF OPTIONS

Shareholder Number:____

The Directors C/- Security Transfer Registrars Pty Ltd Golden Rim Resources Limited PO Box 535 Level 2, 10 Outram Street Applecross WA 6953 West Perth WA 6005 Phone: 61 8 9315 2333 Fax: 61 8 9315 2233 Email: registrar@securitytransfer.com.au

I/We _______________ Of _______________

the registered holder(s) of the options, hereby exercise my/our options to apply for the below amount of ordinary shares,

Number in Words Number in Figures

I/We enclose application monies payable of $1.05 per option

$ __________

And authorise you to register me/us as the holder of the shares to be allotted to me/us and I/we agree to accept such shares subject to the Rules of the Constitution of the Company.

Individual or Securityholder 1 Securityholder 2 Securityholder 3 Director Director/Secretary Sole Director or Sole Secretary DATED: DAY MONTH YEAR

This application, with application money in Australian Currency, should be lodged at the Company’s Share Registry on or before the Expiry Date.

NOTE: Cheque should be made payable to “Golden Rim Resources Limited” and forwarded to Security Transfer Registrars.