ASARA RESOURCES LIMITED — Capital/Financing Update 2009

May 4, 2009

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ASX Release

5 May 2009

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

Renounceable Rights Issue and Drilling in Mali and Sweden

Head Office

Level 2 10 Outram Street WEST PERTH WA 6872 AUSTRALIA

Highlights

Renounceable Rights Issue

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

Exploration Office

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

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

• A renounceable rights issue to shareholders of one new share for every one share held at the price of 3 cents per share to raise up to $3,139,728 (before issue costs).

• Underwriting Agreement to the rights issue with Patersons Securities Limited for the partial underwriting at an advanced stage.

Drilling in Mali

Contact

Craig Mackay Managing Director info@goldenrim.com.au

• A 2,500 metre drilling program for the Sepola Gold Project in Mali is set to commence in June 2009 and is designed to confirm and expand the existing Inferred Resource of 162,000 oz of gold.

Directors

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

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ASX:GMR

Drilling in Sweden

• In Sweden, a 4,300 metre drilling program is planned. Drilling will be focused on testing the large volumes of remanent copper-gold mineralisation located at the historic Falun mine. The drilling is expected to commence early in the 3[rd] Quarter of 2009.

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Renounceable Rights Issue

The Directors of Golden Rim Resources Ltd (“Golden Rim” and “Company”) are pleased to announce that a rights issue of one new share for every one share held, will be made to existing shareholders of the Company (as at the record date to be announced) at the issue price of 3 cents per share to raise up to $3,139,728 (before issue costs) (“Rights Issue”). The capital raised under the Rights Issue is intended for the purpose of a drill program at the Sepola Gold Project in Mali, West Africa, Golden Rim’s share of the contribution towards the Bergslagen Joint Venture in Sweden, administration expenses and ongoing working capital needs of the Company .

The Rights Issue is offered to existing shareholders at a discounted price to the prevailing market price. The Rights Issue is renounceable meaning you may sell your rights through trading on the ASX.

The issue is to be partially underwritten and Golden Rim has executed a mandate letter and is finalising an Underwriting Agreement with Patersons Securities Limited.

Participation in the Issue

Eligible shareholders will recive a copy of the Rights Issue prospectus and accompanying Entitlement and Acceptance Application Form setting out the relevant details in relation to shareholder entitlement and costs for full participation in the Rights Issue. Eligible shareholders may participate in the Rights Issue either in full or by accepting part of their entitlement. All eligible shareholders will receive a copy of the Rights Issue prospectus which sets out further information.

Eligible shareholders may also sell their rights, either in full or partically, on the ASX.. The price of the rights will be determined by the market. The period of time for trading of shareholder rights is subject to a time limit as set out in the Rights Issue prospectus.

The Directors of Golden Rim encourages all shareholders to participate in the Rights Issue.

Sepola Gold Project, Mali – New Drill Program

Golden Rim’s plans to conduct a 2,500 metre drill program at the Sepola Gold Project in Mali are well advanced. Tenders are being sought from drilling contractors in Mali and drilling is expected to commence in June 2009. The program is expected to last up to 2 months, subject to weather conditions and rig performance.

A 30-person camp originally constructed by the previous explorer has been re-established on-site at Sepola to house the drilling contractor and Golden Rim’s exploration personnel.

The drilling program will comprise infill drill holes to confirm the existing Inferred Resource of 162,000 oz of gold and drill holes to test for resource extensions, both down dip and along strike. A budget of A$1,000,000 has been approved by the Golden Rim board for this drilling program.

Page 2 of 4

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Bergslagen Joint Venture, Sweden – New Drill Program

The Bergslagen Joint Venture partners have approved a major exploration program to define the position and grade of gold-copper mineralisation at the Falun mine, and test geological and geophysical targets in other Swedish permits in the region.

Approximately 17 diamond holes for 3,600 metres are planned to test the large volumes of remanent mineralization that comprise the Eastern and Western copper-gold ore bodies at Falun. An additional 6 holes for 700 metres are planned to test regional targets. Drilling is expected to commence in July 2009.

Royal Falcon has approved a budget of US$1,000,000 for the Bergslagen Joint Venture for the next 6 month period. Golden Rim’s portion of this expenditure is US$350,000 and Royal Group’s (PAL Technology Services LLC) portion is US$650,000, which has been received.

Golden Rim continues to actively seek new minerals projects which have the ability to add value to the Company. We look forward to keeping our shareholders up to date on the progress of our projects and initiatives.

Should you have any further queries, please do not hesitate to contact this office.

Yours faithfully

GOLDEN RIM RESOURCES LTD

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CRAIG MACKAY Managing Director

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.

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Further Company Information:

Capital Structure

Issued Shares: 104,657,587 Unlisted Options: 33,150,000

Major Shareholders

PAL Technology Services LLC 14.99% Rick Crabb 8.43%

Share Registry

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

T: + 61 8 9315 2333

F: + 61 8 9315 2233

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Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

GOLDEN RIM RESOURCES LTD

ABN

39 006 710 774

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	ORDINARY FULLY PAID SHARES
	104,657,587 (maximum) ordinary fully paid shares
	Ordinary fully paid shares

• See chapter 19 for defined terms.

Appendix 3B Page 1

1/1/2003

Appendix 3B New issue announcement

• 4 Do the[+] securities rank equally in all The securities will rank equally in all respects with respects from the date of allotment the existing class of quoted securities of the with an existing[+] class of quoted Company. +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• 5 Issue price or consideration $0.03 per share 6 Purpose of the issue To fund the drill program in Mali, to contribute (If issued as consideration for the towards the Bergslagen Joint Venture in Sweden, acquisition of assets, clearly identify administration and ongoing working capital needs of those assets) the Company.

• 7 Dates of entering[+] securities into To be advised uncertificated holdings or despatch of certificates

• See chapter 19 for defined terms.

Appendix 3B Page 2

1/1/2003

Appendix 3B New issue announcement

8 Number and +class of all +securities quoted on ASX (_including_the securities in clause 2 if applicable) 9 Number and +class of all +securities not quoted on ASX (_including_the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Number	+Class
	209,315,174	Fully paid ord shares
	Number	+Class
	Nil
	N/A

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions	No
	Renounceable
	1:1
	Fully Paid Ordinary Shares
	To be advised
	N/A
	Fractions will be rounded up to nearest whole number.

• See chapter 19 for defined terms.

Appendix 3B Page 3

1/1/2003

Appendix 3B New issue announcement

18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their	Countries other than Australia, New Zealand and United Arab Emirates.
	To be advised
	Patersons Securities Limited
	Underwriting fee of 4%, Management fee of 1%andCorporate Advisoryfee of$40,000.
	N/A
	N/A
	N/A
	N/A
	To be advised
	To be advised
	To be advised
	To be advised
	To be advised

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

Appendix 3B New issue announcement

entitlements in full through a broker?

31 How do[+] security holders sell part To be advised of their entitlements through a broker and accept for the balance?

• 32 How do[+] security holders dispose To be advised of their entitlements (except by sale through a broker)?

• 33 +Despatch date To be advised

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

(a)[Securities described in Part 1 ]

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35[If the ][+][securities are ][+][equity securities, the names of the 20 largest holders of the ] additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36[If the ] +securities setting out the number of holders in the categories[+][securities are ][+][equity securities, a distribution schedule of the additional ] 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

37[A copy of any trust deed for the additional ][+][securities ]

Entities that have ticked box 34(b)

• See chapter 19 for defined terms.

Appendix 3B Page 5

1/1/2003

Appendix 3B New issue announcement

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) 42 Number and+class of all+securities quoted on ASX (_including_the securities in clause 38)
	Number	+Class

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted[+] quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the[+] securities to be quoted, it has been provided at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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5 May 2009

Sign here: ............................................................ Date: ......................... (Director/Company secretary)

GILBERT RODGERS

Print name:

.........................................................

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• See chapter 19 for defined terms.

Appendix 3B Page 7

1/1/2003