ASARA RESOURCES LIMITED — Capital/Financing Update 2009

Jun 29, 2009

==> picture [495 x 114] intentionally omitted <==

==> picture [442 x 53] intentionally omitted <==

ASX Release

30 June 2009

HIGH GRADE GOLD DRILL INTERCEPTS TO BE FIRST DRILL TARGET IN SWEDEN

Golden Rim Resources Ltd ABN 39 006 710 774 www.goldenrim.com.au

Head Office

Level 2 10 Outram Street WEST PERTH WA 6872 AUSTRALIA

T: + 61 8 9481 5758 F: + 61 8 9481 5759

Highlights

• Additional data received from past drilling at the historic Falun gold-copper-zinc mine in Sweden has extended the near-surface high grade gold mineralisation of the mine.

• High grade gold intersections include:

Exploration Office

Suite 3, Level 1 19 Prospect Street BOX HILL VIC 3128 AUSTRALIA

T: + 61 3 9890 2311 F: + 61 3 9890 0877

• 37.4 m @ 23.6 g/t gold (including 1.2 m @ 656 g/t gold)

• 12.9 m @ 23.5 g/t gold (including 0.55m @ 490 g/t gold)

• 15.2 m @ 9.3 g/t gold

Contact

Craig Mackay Managing Director info@goldenrim.com.au

• 14.4 m @ 8.2 g/t gold (including 0.07m @ 102 g/t gold)

• 50.8 m @ 3.4 g/t gold (including 8.2 m @ 13.8 g/t gold)

Directors

Rick Crabb (Non Executive Chairman) Craig Mackay (Managing Director) Gilbert Rodgers (Executive Director) Glenister Lamont (Non Executive Director)

==> picture [152 x 65] intentionally omitted <==

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

ASX:GMR
----- End of picture text -----

• This mineralisation forms part of the Eastern CopperGold Zone, which has a length of 500 metres, is up to 200 metres wide, and extends below 400 metres depth.

• A diamond drilling programme comprising 17 holes (3,600 metres) to confirm this near surface mineralisation at depth is being permitted.

• Transfer of ownership of Falun exploration permit completed.

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

Golden Rim Resources Ltd (ASX: GMR, Golden Rim or Company ) is pleased to announce that the Bergslagen Joint Venture’s partner, Drake Resources Ltd ( Drake ), has obtained additional drilling data that extends the near-surface high grade gold mineralisation in the Johannes-Lucas area at the historic Falun gold-copper-zinc mine, in Sweden (Figure 1).

The Bergslagen Joint Venture was recently signed between Golden Rim’s 35% owned Abu Dhabi alliance company, Royal Falcon Mining LLC ( Royal Falcon ), and Drake. Under the terms of the Bergslagen Joint Venture, Royal Falcon can earn a 75% interest from Drake in the advanced Falun and Bersbo poly-metallic projects located in the Bergslagen district in central Sweden.

==> picture [410 x 411] intentionally omitted <==

Figure 1

Page 2 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

The Falun mine operated from approximately 700AD until 1992. Almost no systematic assaying for gold was completed during this period aside from the last drilling completed in the Johannes-Lucas area of the mine in 1990 and 1991.

In February of this year, Drake had reported assays from the Johannes-Lucas area. Since then, Drake has received further assays and found that the drill hole orientations previously reported were incorrect.

Additional drilling data indicates that the Johannes-Lucas part of the Eastern Copper-Gold Zone, near to the current surface, is a continuous shoot of mineralisation of at least 150 metres in length and between 10 and 40 metres in width. Table 1 summarises selected high grade gold drill intercepts.

Table 1:

Gold and copper intersections in the Johannes-Lucas area of the Falun mine

Hole Number	From	To	Intersect (m)	Gold (g/t)	Copper (%)
10/1990	9.5	23.91	14.41	8.2	1.0
Including	23.84	23.91	0.07	102.00	1.04
20/1990	29.2	44.35	15.15	9.3	1.4
Including	33	41.5	8.5	14.9	1.2
21/1990	11.2	62	50.8	3.4	0.5
Including	36.6	44.8	8.2	13.8	0.7
39/1990	7.6	29.1	21.5	1.3	0.2
40/1990	3.5	40.9	37.4	23.6	0.5
Including	15.3	35	19.7	43.8	0.6
Including	26.53	27.73	1.2	656
41/1990	5.4	18.3	12.9	23.5	0.5
Including	7.80	8.35	0.55	490.00	0.28
And	86.1	86.5	0.4	2.8	6.4
42/1990	29.5	32.4	2.9	1.5	0.5
49/1990	7.6	23.6	16.0	8.7	0.8
15/1991	23.1	70.4	47.3	0.9	1.0
Including	23.1	44.8	21.7	1.4	2.0

Notes:

1. Majority of samples not assayed for copper and therefore the copper averages are understated. 2. Intersections calculated with 1 g/t gold or 0.4% copper cut off.

3. Royal Falcon and Drake have no information on the laboratory methods used to generate the assays nor the laboratory where the assays were carried out.

Page 3 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

Gold grades are strong throughout much of the continuous shoot of mineralisation and are locally very high, as indicated by the intersection of 1.2 metres at 656 g/t gold in Hole 40/1990. As several holes had started or ended in mineralisation, the actual width of the shoot may be greater (Table 2).

Table 2:

Drill holes starting or finishing in gold-copper mineralisation

Hole Number	Comments
10/1990	Started in mineralisation
20/1990	Stopped in mineralisation
21/1990	Stopped in mineralisation
39/1990	Stopped in mineralisation
40/1990
41/1990	Started in mineralisation
42/1990
49/1990	Started in mineralisation
15/1991	Started and stopped in mineralisation

This mineralisation was drilled from surface, and at shallow angles to the southwest. Drill hole locations and gold intercepts are indicated in Figure 2. Typically the first ten metres of each hole was drilled through mine waste and not sampled.

The Bergslagen Joint Venture partners understand that the drill core was only assayed for copper, if strong sulphide mineralisation was observed. A new assessment of the remaining past drill core has found that considerable zones of disseminated copper mineralisation was intersected in the core and many of these zones were not assayed for copper (see photographs in Appendix 1). Consequently, the copper grades are likely to be understated in Table 1.

Page 4 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

==> picture [482 x 389] intentionally omitted <==

Figure 2

Gold and copper intersections in the near-surface part of the Johannes-Lucas section of the Falun mine

Exploration Licence Transfers

The transfer of ownership of the Falun exploration permits to Drake has recently been completed. The transfer of ownership of the Bersbo exploration permits to Drake has been delayed due to processing of objections by the Mines Department. These objections are not expected to affect the licence transfers.

Progress to Date and Planned Work at Falun

Since the announcement of the Bergslagen Joint Venture in April 2009 considerable progress has been made at Falun.

Page 5 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

Royal Falcon has deposited approximately A$1.25 million in a dedicated account to fund the planned exploration activities at Falun and Bersbo until 31 December 2009. From these funds A$538,000 has already been provided to Drake to commence exploration.

The Bergslagen Joint Venture has secured the services of an experienced project geologist (over 15 years with BHP Billiton) to oversee the management of the Swedish projects. The manager has relocated from Australia to Falun. An office on the Falun mine site has also been established.

Some 6,700 metres of existing drill core has been located in the Falun core shed which was previously drilled into the gold-copper zones. To date, around 1,875 metres of this core has been reviewed. Most of the core is small in diameter (BQ size) and are located on the 350 metre level of the mine. A core sampling and assaying programme is being considered.

Applications have been made to drill 17 holes for a total of 3,600 metres at Falun. These applications are currently being reviewed by the relevant authorities. The Bergslagen Joint Venture partners anticipate that the drilling programme will commence in late August 2009.

Past drilling from when the mine was operating indicates that the mineralisation continues below the gold intersections to at least 400 metres depth. There has been very limited testing between the 25 metre level and 200 metre level. This will be the main target for the upcoming drilling programme which will be the first drilling programme at Falun since 1991.

Golden Rim looks forward to the results of the drilling program and the opportunity to participate in what we perceive to be a world class project.

-ENDS-

The information in this report that relates to exploration results 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.

For further information, please contact:

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

Page 6 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

About the Falun gold-copper-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.

• Falun is a World-class ore system that was mined from ~700-1992.

• Largest copper producer in the world in the 1600s and 1700s - 35 million tonnes of ore were mined at 1-3% Cu, 2-6% Zn and 1-7 g/t Au.

• 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 are 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 copper-gold and gold-bismuth ores in the last 6 years of operation.

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

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

• Examples of holes that were effectively assayed include 42m @ 0.5% Cu and 3.4 g/t Au, 24m @ 0.5% Cu and 5.8 g/t Au.

• The mine closed before these could be followed up.

About Golden Rim Resources Limited

Golden Rim Resources Limited ( Golden Rim or Company ) is an exploration and mining company with a focus on gold and copper projects.

The current growth strategy is being driven by the Company’s projects in West Africa and the advancement of the alliance company, Royal Falcon Mining LLC ( Royal Falcon ).

While previously active in Fiji and Vanuatu, positive results from the Company’s two new West African gold projects (Sepola and Sanso) have prompted an exciting shift in focus to drive shareholder value.

In late 2008, Golden Rim acquired a 90% interest in four licences held by SAR Exploration SARL in Mali and on 4 June 2009, the Company announced that it had acquired an additional licence. The project area covers over 267km[2] of the highly prospective gold-

Page 7 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

bearing Birimian greenstone belt. Significantly, both projects are located near major operating gold mines and offer the Company a lower cost option of potentially toll treating its gold resources instead of building a mill.

A 3,000m reverse circulation drilling program has commenced at the Sepola Gold Project where previous drilling has defined an Inferred Resource of 3,084,000 tonnes at 1.64 g/t gold for 162,000 oz of gold. This resource is open along strike and at depth and is considered to have the potential to produce a major gold deposit.

Golden Rim’s, Abu Dhabi registered alliance company, Royal Falcon, has secured its first major mineral projects. The projects are located in central Sweden and include the advanced Falun and Bersbo poly-metallic projects. Through a joint venture agreement with Drake Resources Limited, known as the Bergslagen Joint Venture, Royal Falcon can earn up to 75% interest in the projects. Considerable volumes of high-grade gold and copper mineralisation remain at Falun and offer immediate targets for drilling. A 4,300m drilling program is planned in Sweden in Q309.

Golden Rim is poised for growth with the right strategy, outstanding projects and technical expertise in place.

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 8 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

Appendix 1:

The following three photos show disseminated gold-copper mineralisation in drill core from the Eastern Copper-Gold Zone at Falun. These core samples are located approximately 320 m below the drilling intercepts reported in this report. They show the distribution of the copper mineral, chalcopyrite (‘gold’ colour). The white-pale grey mineral is quartz, and the dark grey mineral is anthophyllite.

==> picture [482 x 362] intentionally omitted <==

Photo 1

Page 9 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

==> picture [482 x 362] intentionally omitted <==

Photo 2

Page 10 of 11

==> picture [106 x 59] intentionally omitted <==

==> picture [442 x 27] intentionally omitted <==

==> picture [481 x 361] intentionally omitted <==

Photo 3

Page 11 of 11