ASARA RESOURCES LIMITED — Capital/Financing Update 2009

Aug 31, 2009

ASX/Media Announcement 1 September 2009

New Targets Identified near Falun, Sweden

• Two new exploration targets (Holtäkt and Haghed) have been identified near the historic Falun Mine in Sweden following further investigation of two high priority VTEM (airborne electromagnetic) geophysical anomalies

• Falun has a rich history of mining and the VTEM method provides an excellent base for identifying new copper-zinc-gold deposits in this exceptional mineral belt. Both VTEM anomalies appear to be the source of copper-bearing boulders

• Golden Rim expects the Bergslagen Joint Venture to drill these new targets before year end

Golden Rim Resources Ltd ( Golden Rim or Company ) today announced the identification of two new drill targets in the Rogsån permit, located approximately 10 kilometres north of the historic Falun copper-zinc-gold mine. The Rogsån permit forms part of the Bergslagen Joint Venture between Golden Rim’s alliance company, Royal Falcon Mining LLC ( Royal Falcon ), and Drake Resources Ltd ( Drake ).

The identification of the targets is a result of the Bergslagen Joint Venture partners taking advantage of the Northern Hemisphere summer to carry out field investigations based on information derived from a VTEM survey completed in 2008. The survey identified two strong conductor targets, “Holtäkt” and “Hoghed” (Figure 1).

Golden Rim's Managing Director, Mr Craig Mackay, said the new prospective targets were a significant discovery within the Swedish tenements.

"The plan was to use information from a VTEM survey conducted in 2008 for field investigations during the Northern Hemisphere summer - and we're extremely pleased with the outcome which provides solid targets for Royal Falcon and Drake to drill later this year," said Mr Mackay.

The copper-zinc-gold massive sulphide deposits in this province of Sweden occur at particular horizons within volcanic belts. The two targets in the Rogsån permit occur in the next volcanic belt north of that containing the large Falun deposit.

The volcanic belt in the Rogsån permit contains several small copper and zinc occurrences. In addition, the Svärdsjö base metal mine is 14 kilometres along strike to the east, which acted as a feeder mine to the Falun plant up to 1992 when the mine closed.

The VTEM method is a very successful technique in identifying buried sulphide deposits. Examples of major mines discovered by electromagnetic techniques are Hellyer in Tasmania and Kidd Creek in Canada amongst many others (Appendix 1).

Holtäkt Target

The Holtäkt target is a strong combined VTEM and magnetic anomaly. Both the VTEM and magnetic anomalies occur across five flight lines, implying a strike length of at least 450 metres. The magnetic source is modelled to dip steeply north with a top depth of approximately 80 metres.

Golden Rim Resources I Level 2, 10 Outram Street, West Perth WA 6872, Australia I T + 61 8 9481 5758 I F + 61 8 9481 5759

There is no evidence of a cultural source to the anomaly and the area is covered by forest and swamp. Thick glacial till is evident in the nearby gravel quarry, covering any outcrop of bedrock in the area. A provisional drill hole site has been located to the north of the target on high ground where access is relatively easy.

The Holtäkt target also appears to be the source of a train of glacial boulders containing copper mineralisation. Figure 2 shows boulders sampled by the Swedish Geological Survey in the area, with red dots indicating the boulders with more than 1,000 ppm copper.

Royal Falcon and Drake are planning to drill test Holtäkt in late 2009.

Haghed Target

The Haghed VTEM target is a moderately strong combined electromagnetic and magnetic anomaly.

The anomaly extends across three survey lines, indicating a strike length of up to 250 metres. A small tungsten occurrence occurs about 600 metres to the west. The top of the geophysical body is modelled at approximately 100 metres below the surface.

Both the VTEM and magnetic models suggest steep dips, and it is anticipated that the target body is near vertical.

The Haghed target occurs in a heavily forested area cut by small streams with no evidence of culture. Glacial till is present at the surface and copper-bearing boulders within this till have been located down-ice from the VTEM anomaly.

Royal Falcon and Drake are also planning to drill test Haghed in late 2009.

-ENDS-

For further information, please contact:

Gilbert Rodgers Ann M Nahajski Golden Rim Resources AMN Corporate Executive Director +61 (0)400 205 433 +61 8 9481 5758 ann@amncorporate.com

About Golden Rim Resources Limited

Golden Rim Resources Ltd (ASX: GMR) is an exploration and mining company with a focus on copper and gold.

The Company is active in North Africa, with gold resources and tenements (Sepola, Sanso and Farada) in the highly prospective Birimian greenstone belt in Mali.

Abu Dhabi-based Royal Group is a substantial shareholder and strategic partner of Golden Rim. Through alliance company, Royal Falcon, the companies have secured advanced copper/gold projects (Falun and Bersbo) in Sweden and are seeking further significant investments.

Golden Rim is pursuing an active drilling program in Mali and Sweden and is poised to deliver significant growth and value to shareholders.

Page | 2

==> picture [481 x 428] intentionally omitted <==

Figure 1. Location of permits and VTEM targets in the Falun District

Page | 3

==> picture [481 x 377] intentionally omitted <==

Figure 2. Copper-bearing glacial boulders in the vicinity of the Holtäkt and Haghed targets (red dots)

Page | 4

==> picture [317 x 263] intentionally omitted <==

Figure 3. Holtäkt target: Provisional drill hole site and drill trace to intersect target

==> picture [452 x 362] intentionally omitted <==

----- Start of picture text -----

Depth below
surface
Top of VTEM
target
Length of anomaly
----- End of picture text -----

Figure 4. Holtäkt target: Three-dimensional model showing the position of the VTEM target at 70 metres below the ground surface, with a length of approximately 450 metres; the depth extent is poorly determined

Page | 5

==> picture [380 x 393] intentionally omitted <==

Figure 5. Holtäkt target: Geophysical section showing the interpreted position of the VTEM target and the interpreted dip of the magnetic body

Page | 6

==> picture [475 x 639] intentionally omitted <==

Figure 6. Haghed target: Geophysical section showing the interpreted position of the VTEM target and the interpreted dip of the magnetic body

Page | 7

==> picture [336 x 252] intentionally omitted <==

Figure 7. Haghed target: Provisional drill hole site and drill trace to intersect target

Page | 8

Appendix 1

About the VTEM Electromagnetic Method

VTEM is an airborne electromagnetic (EM) method. This is a powerful exploration technique used by mineral resource companies in the search for base and precious metal-bearing, massive sulphide deposits. EM techniques have been highly successful in directly identifying commercial deposits of metals on most continents.

Electromagnetic methods measure the rates of decay of electrical currents that the EM transmitter pulses into the ground. The rate of voltage decay, as measured by the receiver, depends largely upon the size and conductivity of the conductor. Strong conductors are identified as having a particularly slow rate of decay relative to the surrounding rocks.

EM techniques are particularly well suited to surveys in glaciated terrains such as those in Sweden where glacial till covers the surface. Since this till is electrically resistive (unlike the regolith in many parts of Australia), responses due to deeper mineralisation are not obscured.

About the Falun Copper-Gold-Zinc Deposit

Falun was one of the great base and precious metal mines of the world. It formed a cornerstone of the Swedish economy for centuries. Drake holds an exploration permit covering this deposit.

• Falun is a World-class ore system that was mined for over 1300 years (~700 to 1992)

• Largest copper producer in the world in the 1600’s and 1700’s - 35 million tonnes of ore were mined at 1-3% copper, 2-6% zinc and 1-7 g/t gold

• Falun is located within a major siliceous alteration zone that extends continuously for eight kilometres within the Drake licence

• The zone is up to 800 metres in width, and shows no sign of reduction with depth

• Comparisons with similar major ore systems such as Rosebery and Golden Grove suggest that only some 10% of the potential system has been tested

• The structural geologist building the 3D model for the mine considers that the margins of the massive sulphide deposit is fault controlled

• Exploration during mining at Falun focused on the immediate extensions of the massive sulphide body. However, there was also a programme to assess part of the adjacent copper-gold ores in the last few years of operation

• This demonstrated that copper-gold mineralisation extended to at least 1,000 metres depth

• The projected surface area of one copper-gold system is 200,000 m[2]

• Examples of holes that were effectively assayed include

• 20/1990: 15.2 m @ 9.3 g/t gold

• 40/1990: 37 m @ 23.6 g/t gold, including 1.2 m @ 656 g/t gold

• 41/1990: 12.9 m @ 23.5 g/t gold

• The mine closed before these could be followed up

Page | 9

The information in this report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a consultant of Golden Rim Resources Ltd through Earth Science Solutions Pty Ltd. Mr Mackay 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. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Further Company Information:

Capital Structure

Issued Shares: 225,013,812 Unlisted Options: 33,150,000

Major Shareholders

PAL Technology Services LLC 13.94% Rick Crabb 7.84%

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6000 AUSTRALIA

T: + 61 8 9315 2333 F: + 61 8 9315 2233

Page | 10