ASARA RESOURCES LIMITED — Capital/Financing Update 2009

Feb 25, 2009

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ASX ANNOUNCEMENT
26 FEBRUARY 2009
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MALI GOLD RESOURCES OPEN ALONG STRIKE AND AT DEPTH

Highlights

• Analysis of previous drilling data has confirmed that Golden Rim’s JORC-compliant Inferred Resource base at Sepola, in Mali, of 162,000 ounces of gold is open along strike and at depth.

• It is expected that additional drilling can significantly expand the number of gold ounces in the resource base.

• The majority of previous drilling has been shallow. Highly significant drilling intercepts such as 18 m at 8.19 g/t gold (including 3 m @ 39.7 g/t gold) remain open at depth.

• The potential to locate high grade gold mineralisation is considered excellent. Additional high grade gold intercepts include: 7 m @ 16.03 g/t gold, 24 m @ 4.17 g/t gold and 7 m @ 6.68 g/t gold.

• Soil sampling and geological mapping is being carried out to help define the surface expressions of the targets, prior to drilling.

The Directors of Golden Rim Resources Ltd (ASX: GMR, “Golden Rim”) are pleased to announce it has recently compiled the previous drilling data for the Sepola Gold Project, in Mali, and that this work has confirmed excellent potential for the Company to significantly expand the existing gold resource base with additional drilling.

The Sepola Project was acquired late last year and covers an area of 231 square kilometres. It lies approximately 40 kilometres southeast along strike from the Sadiola and Yatela gold mines (greater than 10 million ounces of gold) which are jointly owned by AngloGold Ashanti and IAMGOLD Corporation, and approximately 40 kilometres northwest of the Loulo gold deposit (4.3 million ounces of gold) which is owned by Randgold Resources.

Linnguekoto Prospect

At the Linnguekoto Prospect, in the north of the project area, significant high grade goldbearing quartz vein / stockwork mineralisation has been uncovered by artisinal miners. A large number of artisinal miners are actively exploiting this hard rock mineralisation via numerous shafts which extend to around 25 m in depth. The shafts presently cover an area of around 500 m x 100 m (see Photographs 1 & 2).

GOLDEN RIM RESOURCES LTD

ABN 39 006 710 774 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

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ASX ANNOUNCEMENT – 26 FEBRUARY 2009
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Photograph 1. Hard rock artisanal mining via shafts at Linnguekoto Prospect

The prospect area is situated in a broad valley covered with shallow alluvium. The Linnguekoto mineralisation has no surface geochemical or geological expression.

Drilling conducted by previous explorers obtained a number of significant gold intercepts. Some of the better gold intercepts (intercept grams x intercept metres greater than 10) are outlined in Table 1.

– Table 1. Linnguekoto Prospect Significant Drilling Intercepts

Hole Number	From (m)	Intercept (g/t gold)
RCSP343	52	7 m @ 16.03, including 2 m @ 39.76 and 1 m @ 26.84
RCSP453	54	8 m @ 1.98
RCSP761	51	24 m @ 4.17, including 1 m @ 52.56 and 1 m @ 10.09
RCSP738	13	3 m @ 3.94
RCSP649	33	7 m @ 2.3
RCSP739	27	9 m @ 4.22
	91	18 m @ 8.19, including 3 m @ 39.7
RCSP651	30	15 m @ 2.62, including 1 m @ 12.89
RCSP734	13	3 m @ 4.25
RCSP730	22	2 m @ 5.02
RCSP735	13	9 m @ 1.18

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ASX ANNOUNCEMENT – 26 FEBRUARY 2009

RSG Global (now Coffey Mining) calculated an Inferred Resource of 284,000 tonnes at 2.0 g/t gold for 18,000 ounces of gold at the Linnguekoto Prospect (0.5 g/t cut-off, minimum down hole intercept width of 3 m, maximum of 3 m internal dilution) for the previous owner.

An assessment of the drilling data suggests the Linnguekoto gold mineralisation is open at depth and along strike to the south west. Highly significant intercepts such as 18 m @ 8.19 g/t gold in hole RCSP739 have not been followed-up at depth (see Figure 2).

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Photograph 2. High grade gold-bearing quartz veins being mined by artisanal miners at Linnguekoto Prospect

Magoyafara South Prospect

The Magoyafara South gold deposit is located 7.5 kilometres southeast of Linnguekoto and is comprised of gold-bearing quartz vein and disseminated sulphide mineralisation (mainly chalcopyrite) situated on the margins of a granitic intrusion. Golden Rim believes this disseminated-style of mineralisation offers considerable scope to delineate gold resources of considerable tonnage.

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ASX ANNOUNCEMENT – 26 FEBRUARY 2009

Drilling conducted by the previous owner obtained a number of significant gold intercepts. Some of the better gold intercepts (intercept grams x intercept metres greater than 10) are outlined in Table 2.

– Table 2. Magoyafara South Prospect Significant Drilling Intercepts

Hole Number	From (m)	Intercept (g/t gold)
RCSP900	46	4 m @ 3.48
	61	4 m @ 4.18
RCSP919	72	6 m @ 3.35, including 1 m @ 10.13
RCSP1187	13	8 m @ 2.90
RCSP1079	16	11 m @ 3.49
RCSP1110	29	9 m @ 2.65, including 1 m @ 17.38
RCSP1128	65	7 m @ 6.68, including 1 m @ 33.9
RCSP1041	12	3 m @ 3.66
RCSP1080	17	3 m @ 5.47

An Inferred Resource of 2,800,000 tonnes at 1.6 g/t gold for 144,000 ounces of gold was calculated by RSG Global at the Magoyafara South Prospect (0.5 g/t cut-off, minimum down hole intercept width of 3 m, maximum of 3 m internal dilution) for the previous owner.

An assessment of the drilling data suggests the Magoyafara South mineralisation is relatively continuous and shallow dipping (see Figure 3). It is also open at depth and along strike.

Planned Work

Golden Rim has just completed a refurbishment to the existing camp and has commenced field work. Geological mapping and rock chip sampling is presently being conducted over the Linnguekoto and Magoyafara resource areas.

A soil sampling program designed to confirm surface geochemical expression of the northern strike extent of the gold mineralisation at the Magoyafara South Prospect is scheduled to commence in the next week.

Subject to finance, a 2,500 m reverse drilling program is planned to commence in mid-2009 to test for the strike and depth extensions to the Linnguekoto and Magoyafara South gold resources. Drilling contractor tendering and logistical preparation for this drilling has commenced.

Project Background

Golden Rim can acquire a 90% interest in licences held by SAR Exploration (“SAR”) in Mali. The acquisition involves the payment of US$295,000 in cash in three stages over three years.

SAR holds three licences (Kolumba, Gourbassi-Est, and Koussilli) located in western Mali. Collectively the licences are known as the Sepola Project.

Golden Rim considers Sepola to be highly prospective for the discovery of a major gold deposit. Geologically, the licence has a similar setting as that hosting the surrounding gold

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ASX ANNOUNCEMENT – 26 FEBRUARY 2009

deposits. Major structures traverse the licence and surface gold anomalism in soil is widespread. Extensive artisinal mining occurs at several prospect areas.

The close proximity of Sepola to the Sadiola Mine and several major gold mines offers scope for Golden Rim to investigate the option for the toll treating of ore, should the exploration be successful.

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

26 February 2009

The information in this report, insofar as it relates to exploration results, is based on information compiled by Mr Craig Mackay. Mr Mackay is a member of the Australasian Institute of Mining and Metallurgy and 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 consults to the Company. This report accurately reflects the information compiled by Mr Mackay and 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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ASX ANNOUNCEMENT – 26 FEBRUARY 2009

Company Information

Stock Exchange Listing

Golden Rim Resources Ltd ABN 39 006 710 774

Australian Securities Exchange ASX Code : GMR

Directors

Capital Structure (31 December 2008)

Mr Rick Crabb : Chairman Mr Craig Mackay : Managing Director Mr Gilbert Rodgers : Executive Director & Company Secretary Mr Glenister Lamont : Non-executive Director

Registered 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

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

Major Shareholders

PAL Technology Services LLC : 14.98% Mr Rick Crabb : 8.43%

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross, WA, 6000

Telephone: + 61 8 9315 2333 Facsimile: + 61 8 9315 2233

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Figure 1. Location of Mali Gold Projects

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1,485,900mN 1,485,950mN 1,486,000mN 1,486,050mN
q 4.6m
75mRL 19.5m
q
o 20.5m
3m @ 3.23 q
9m @ 4.22
29.8m
7m @ 2.3
15m @ 2.62
50mRL
53m
o 65.0m
73.6m
25mRL o
70m 71m
78.8m o
87m 83m
Mineralisation
in bottom of hole
6m @ 1.42 18m @ 8.19
0mRL
100m
4m @ 1.89
119m
-25mRL 125m
Figure 2
Linnguekoto Prospect
Section 216635E
3m @ 1.78 0 25
q 156.7m metres
-50mRL Mineralisation Projection: WGS84 UTM Zone 29N
in bottom of hole
0.018
0.017
0.029
0.083
0.127
0.0760.013
0.017
0.015
0.013 0.01
0.01 0.008
0.013 0.025
0.023 0.013
0.033
0.017
0.013 0.055
0.02 0.075
0.017 0.0980.850.0320.112
0.0240.1270.2732.475 0.010.076
0.007
0
25
50
-0.005
0.02
75
0.018
0.02
0.02
0.370.0420.0990.0530.040.0480.0430.0360.0230.0320.0240.0140.0290.0260.0480.0380.0270.019
0.0310.0810.0450.040.0910.0670.0270.6921.8270.951.073.00.9880.1570.2090.0440.0130.080.9983.821.9350.8170.0380.0220.2680.8910.0290.0360.6150.0150.0070.0060.0090.0060.0080.0280.0461.250.1240.0890.1060.240.1710.1260.1180.070.0290.0710.0260.0230.1120.090.0580.0670.1220.0550.0360.5080.270.0510.262.0952.590.652
0.0690.146
0
75
100
125
150
0.9060.46
0.111
0.295
0.104
0.077
50 50 50 50
75
75
0.041
0.0850.0760.0370.0360.0310.0620.0410.0350.0350.0320.040.0460.0470.0190.0310.0310.1340.3110.0810.0860.0560.0350.0380.0510.2030.1260.4150.080.4810.0690.0510.050.0410.0390.0370.0480.0970.393 0.0280.1210.0130.017-0.0050.0080.019
0.181
0.2180.064
0.098
0.187
0.063
0.112
0.0340.121
0.062
0.011
0.01
0.012 0.0120.010.0110.2470.4630.2720.020.0690.060.8214.8124.5522.7081.4240.5871.1510.2970.4850.3490.4110.0390.0170.2220.018 0.0170.0330.1120.0170.0140.01
0.01 0.026 0.014
0.016 0.017
0.016
0.022
0.0330.030.0420.0460.5850.1270.0690.0670.0920.042
0.0690.0420.0360.0390.0350.0310.0380.0190.0411.5770.7750.8410.4470.0560.0840.060.050.053 1.473
0.067 0.019
0.04
0.061
25
50
0.024
0.035
-0.005
0.032
0.009
25 0.021 25
0.012 25
0.021
0.021
0.02
0.014
0.019
0.019
0.024
0.011
-0.00500.0060.038 -0.005 0.03 00.030.0810.2360.0950.0440.0720.0791.380.5710.050.0410.040.0530.043-0.0050.00925 0.0270.0250.0250.0330.010.0360.0420.0350.47400.0321.5881.3740.4990.2120.0110.220.2050.0410.0390.0450.0370.034500.0460.0460.0380.0360.1860.8360.3530.1170.0340.0340.0620.050.0480.1050.320.0530.043750.2630.3120.1260.050.0850.1150.1030.1310.0380.030.0550.0760.0520.0350.0320.0180.0110.030.02800.0280.0390.0130.080.0130.0771000.0170.0590.0150.0770.04500.030.0340.0530.0570.0070.030.0150.0230.049750.0310.0740.0260.0121.67250.1231.3210.5921.5230.0481.4540.0322.0866.050.0240.7460.0250.720.01912.890.0252.9050.0281.4410.0185.180.0680.2123.510.5639.820.5627.9720.952252.1076.241.2884.7531.3390.2180.160.4320.4690.4250.2630.3150.3060.2390.2420.2420.080.0990.0210.1230.090.13900.4810.0180.0650.0720.106500.0890.0280.4710.4780.0840.0350.0710.0760.0950.0930.3070.0540.050.1220.0570.0650.0411.0190.0620.5190.0480.1160.0420.0480.0830.0410.1490.4050.2320.1371.2920.0592.2750.1076.1450.1070.1930.4040.0660.1990.0610.1670.0540.0730.0780.196750.0960.1420.1550.0980.0530.2660.2220.0530.0270.030.0370.0560.2340.0394.52118.90976.6423.6530.0634.1321.1270.9861.8290.0634.7720.0191.643500.0231.6180.021.5750.0570.0171.1470.74100.9171000.021.3990.0360.6491.2850.0470.3320.0430.1810.0420.1790.0360.2871.5830.0880.2270.1940.150.2840.0620.1980.1820.1420.4210.1760.3120.569 0.01 00.0070.0160.0240.12 0.025 25
RCSP739
RCSP648 RCSP760 RCSP649 RCSP651RCSP840 RCSP650 RCSP652 RCSP343RCSP653
RCSP451
RCSP452
RCSP824D
R
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223,240mE 223,280mE 223,320mE 223,360mE
100mRL 2m @ 1.24 2m @ 1.01
8m @ 2.90
11m @ 3.49
9m @ 2.65
80mRL
5m @ 1.65
43m
50m
60mRL
60m
Drilling too shallow
2m @ 4.91 64m
Figure 3
Magoyafara South Prospect
40mRL 80m Section 1481970N
0 20
metres
Projection: WGS84 UTM Zone 29N
0.102
0.171
0.388
0.353
0.30.336
0.065
0.30.202
0.055
2.180.448
1.120.079
0.035
0.51
3.36
15.55
0.389
0.155
0.074
0.063
0.01
0.008
0.015
0.017
0
25
0
0
0.045 0
0.008 0
0.019 0.127
0.021 0.034
0.017 0.109 0.2840.449
0.0090.01 0.006-0.005-0.00525 0.021 0.0670.03 0.0150.012-0.0050.02225 0.015 1.8620.5460.0490.030.1190.4390.180.7850.0280.0950.1750.0210.4110.4090.9731.5120.3330.7220.5920.3080.09617.381.926250.093 0.7721.2510.0840.6130.030.0330.0970.0720.030.3767.855.370.1712.1818.340.4550.2290.9351.5497.913.460.0540.02225
0.008 0.027
0.02 0.02
0.017 0.019
0.075 0.008
0.007 0.368 0.022
50 1.110.013 0.018
-0.005 3.071.038 50 0.025
3.02 0.009
0.113
0.006 0.2140.318 0.019 50
0.575 0.011
0.572
0.007 0.1060.405
0.13 0.061
0.138
0.034 0.099
0.012
0.044
0.009
0.381
0.189
0.139
7.87
1.960.235 75
0.051
0.055
0.041
0.009
0.046
0.034
RCSP1082
RCSP1081
RCSP1110
RCSP1079 RCSP1187
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