ASARA RESOURCES LIMITED — Capital/Financing Update 2010

Jun 22, 2010

ASX/Media Announcement 23 June 2010

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Strong Results from Resource Drilling at Falun, Sweden

• Second phase of drilling on Eastern Copper-Gold Zone now well underway

• The latest drilling results have extended the high grade Johannes Lucas gold and copper mineralisation along strike

• New intersections include:

• 31.0m @ 4.4 g/t gold and 1.2% copper

• 24.6m @ 3.1 g/t gold and 1.7% copper,

• 11.4m @ 5.2 g/t gold and 2.0% copper

• 11.3m @ 3.9 g/t gold and 1.1% copper

• 7.0m @ 8.2 g/t gold and 1.1% copper, and

• 6.2m @ 4.1 g/t gold and 0.6% copper

Mineralisation remains open at depth

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced it has received the first assay results from the second phase of diamond drilling in the Johannes Lucas portion of the Eastern Copper-Gold Zone at the historic Falun Copper Mine in Sweden. This second phase includes 25m x 25m resource drilling on the high grade Johannes Lucas mineralisation within the Eastern CopperGold Zone (Figures 1).

The Falun Project forms part of the Bergslagen Joint Venture between Golden Rim’s 35% owned Abu Dhabi alliance company, Royal Falcon Mining LLC, and Drake Resources Ltd.

Golden Rim’s Managing Director, Mr Craig Mackay, said progress in Sweden has been strong.

“As mentioned in my letter to shareholders earlier this year, one of our goals in 2010 is to advance the Bergslagen Joint Venture in Sweden, particularly at Falun, with the aim of producing a gold and copper resource,” said Mr Mackay.

“We work very hard to deliver on all our objectives and I’m pleased to report that we’re well on our way to achieving this particular goal,” he said. “While the joint venture has a lot of work planned in Sweden for the second half of the year, the resource drilling is progressing well.”

“The significance of today’s results is that they demonstrate the presence of broad zones of highgrade copper and gold mineralisation down to more than 100m depth on three of the drill sections,” Mr Mackay said.

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 8 9481 5758 I F + 61 8 9481 5759

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“This mineralisation remains open along strike and at depth – keeping us very interested.”

Latest Drilling Results

The resource drilling recommenced in April on three additional drill sections (025N, 050N, 100N) to that drilled in 2009 (075N) (Figure 2). Assays for Holes 21-10 to 28-10 on drill sections 050N and 100N have been received. Significant new intersections are listed in Table 1 and displayed on Figures 3 and 4.

The new drilling assays confirm the strike and depth continuity of the high grade copper and gold Johannes Lucas mineralisation found on Section 075N in the previous drilling campaign. Broad new intersections include 31m @ 4.4 g/t gold and 1.2% copper (Hole 22-10), and 24.6m @ 3.1 g/t gold and 1.7% copper (Hole 28-10) . In addition, a number of narrower higher grade zones of mineralisation were intersected and including gold grades of up to 46.9 g/t over a metre, numerous copper intersections above 1%, and up to 1.8% bismuth over a metre. The copper grade of the Johannes Lucas mineralisation seems to increase to the north.

Royal Falcon Mining

In March 2010, Royal Falcon approved the financing of US$2 million for the Bergslagen Joint Venture’s second work program.

Following the completion of the second phase of drilling at Falun, Royal Falcon will have spent a total of US$3 million on the Bergslagen Joint Venture which entitles it to an initial 51% interest joint venture interest. At this point, Royal Falcon has the option to earn an additional 25% interest in the joint venture by spending a further US$3 million.

Next Steps

An additional five drill holes are planned in the initial resource drilling program of the Eastern CopperGold Zone. Two of these holes have been completed and assays are awaited. Another three holes remain to be drilled and should be completed during July.

Once all of the drilling results have been obtained, the Bergslagen Joint Venture will complete a resource modeling exercise and then prepare a resource estimate for the Eastern Copper-Gold Zone in conjunction with an independent consulting firm.

-ENDS-

For further information, please contact:

Hayley Butcher Ann M Nahajski Golden Rim Resources AMN Corporate Joint Company Secretary +61 (0)400 205 433 +61 8 9481 5758 ann@amncorporate.com

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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 West Africa, with gold resources and licences covering over 3,500km[2] in the highly prospective Birimian greenstone belts of Mali and Burkina Faso.

Abu Dhabi-based Royal Group is a substantial shareholder and strategic partner of Golden Rim. Through an alliance company, Royal Falcon Mining LLC, 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, Burkina Faso and Sweden and is poised to deliver significant growth and value to shareholders.

About the Falun Project

The town of Falun is located in the Bergslagen district of Central Sweden (200km NE of Stockholm) and is host to one of the world’s oldest and largest base and precious metal mines – its namesake, Falun.

The Falun mine, is situated on a world-class ore system, was mined for over a millennium (~700 – 1992) and was one of the largest copper producers in the world in the 17[th] and 18[th] centuries. During this time, the Falun mine accounted for 70% of the world’s copper production. Records indicate that 35 million tonnes of high-grade ore was mined containing on average 1-3% copper, 2-6% zinc and 1- 7 g/t gold.

Golden Rim’s alliance company, Royal Falcon Mining LLC ( Royal Falcon ) has a farm-in and joint venture agreement (‘Bergslagen Joint Venture’) with Drake Resources Ltd ( Drake ) and can earn up to 75% interest in the Falun project.

Royal Falcon and Drake believe that there is considerable potential for substantial volumes of mineralisation to be discovered near the old mine.

Drilling by the Bergslagen Joint Venture in the second half of 2009 confirmed the presence of high grade gold reported previously in historic assays, and demonstrated that broad zones of gold and copper mineralisation remains at the site in the Eastern Copper-Gold Zone, which lies immediately to the east of the Falun mine.

Selected intercepts from this drilling in the Eastern Copper-Gold Zone include

• 11.6m @ 61.2 g/t gold, 1.2% copper and 0.09% bismuth from 57.0m (Hole 06-09); including 0.75m @ 887 g/t gold, 5.92% copper and 0.7% bismuth;

• 21.4m @ 6.8 g/t gold, 0.9% copper and 0.07% bismuth, from 16.6m (Hole 03-09); including 0.6m @ 91.4 g/t gold, 1.6% copper and 0.8% bismuth; and

• 32.0m @ 3.42 g/t gold, 0.7% copper and 0.04% bismuth from 32.9m (Hole 02-09); including 1.0m @ 32.4 g/t gold, 1.4% copper and 0.15% bismuth.

The Bergslagen Joint Venture is currently completing its’ US$2 million Phase 2 Work Program at Falun which includes 25m x 25m resource drilling on the Eastern Copper-Gold Zone (to 200m depth), along with the drilling of targets in the Western Copper-Gold Zone and on the surrounding licences.

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Table 1. Intersections for Holes 21-10 to 28-10

Hole	From	To	Width	Gold	Copper	Zinc	Silver	Bismuth	Selenium
#	(m)	(m)	(m)	(g/t)	(%)	(%)	(g/t)	(ppm)	(ppm)
21-10
	17.05	18.05	1.00	0.18	0.35	0.14	9.1	18	10
and	66.90	67.90	1.00	0.47	0.57	0.02	2.2	114	50
and	72.00	78.40	6.40	0.36	1.07	0.04	5.0	21	58
22-10
	6.50	7.50	1.00	1.05	0.78	0.07	3.7	29	20
and	10.50	11.00	0.50	2.70	1.69	0.13	9.3	45	10
and	14.10	25.40	11.30	3.93	1.06	0.34	6.8	453	87
incl.	23.20	25.40	2.20	8.82	0.84	0.13	7.6	1241	209
and	29.40	32.50	3.10	8.73	0.85	0.10	10.4	1851	285
incl.	29.40	31.55	2.15	12.16	1.20	0.12	14.4	2601	207
and	53.00	56.00	3.00	0.74	0.24	0.01	1.20	27	30
and	59.00	90.00	31.00	4.40	1.23	0.02	5.9	606	147
incl.	76.00	79.00	3.00	14.50	2.62	0.03	16.8	2577	463
incl.	76.00	82.00	6.00	9.76	2.82	0.03	14.5	1507	365
and	93.80	97.00	3.2	0.65	0.58	0.02	1.1	50	12
and	107.00	108.00	1	0.27	0.58	0.01	2.0	15	40
and	111.00	114.20	3.2	0.60	0.35	0.02	1.3	45	44
23-10
	107.70	113.90	6.20	4.14	0.60	0.02	2.7	33	28
incl.	107.70	109.70	2.00	11.95	1.24	0.03	7.30	433	170
incl.	109.70	110.70	1.00	20.10	2.06	0.03	10.7	537	240
and	120.25	132.50	12.25	1.07	0.68	0.02	2.2	87	64
incl.	126.50	127.50	1.00	3.32	1.23	0.01	4.2	300	100
and	146.50	150.60	4.10	0.46	0.38	0.02	1.3	44	76
25-10
	7.10	11.10	4.00	1.34	0.50	0.04	2.7	33	28
and	17.20	28.50	11.30	1.69	0.37	0.02	3.5	1774	43
incl.	21.20	22.20	1.00	10.50	0.59	0.03	21.4	18250	n.a.
and	31.50	43.50	12.00	0.72	0.52	0.02	3.0	40	41
26-10
	86.50	87.50	1.00	0.27	0.53	0.18	1.9	27	110
and	93.50	95.50	2.00	0.32	0.50	0.06	4.1	250	150
and	101.00	103.00	2.00	0.30	0.94	0.00	6	39	90
27-10
	4.60	16.00	11.40	5.16	1.97	0.08	9.5	368	184
incl.	12.45	16.00	3.55	11.35	3.67	0.07	18.2	918	477
28-10
	2.00	26.60	24.60	3.07	1.66	0.08	7.1	152	126
incl.	15.30	20.10	4.80	8.53	4.15	0.10	20.5	656	420
and	42.60	44.60	2.00	1.76	1.22	0.10	5.6	175	95

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and	73.75	74.75	1.00	0.23	0.67	0.04	2.5	14	20
and	88.75	90.75	2.00	1.67	1.20	0.03	5.3	101	85
incl.	89.75	90.75	1.00	2.96	0.54	0.02	4.0	158	70
and	93.75	94.75	1.00	1.24	0.12	0.01	1.1	306	20
and	98.75	105.75	7.00	8.15	1.14	0.05	4.7	105	71
incl.	101.75	104.75	3.00	17.84	1.92	0.07	8.9	101	83
incl.	101.75	102.75	1.00	46.90	1.70	0.06	11.5	40	70
and	107.65	108.55	0.90	1.20	2.31	0.08	8.2	29	60

All intercepts are defined by using a 1 g/t Au equivalent cut off and maximum of 2 m waste dilution. Au equivalent based on Au price of US 1228.8 /oz, Cu price of US 7010 /t, Pb price of US 2016 /t, Zn price of US 2072.5 /t and Ag price of US 19.476 /oz (all prices as of May 13[th] , 2010).

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Figure 1. Planned and Completed Hole Locations in the Eastern Zone at the Falun Mine.

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Figure 2. Location of drill holes and past gold mining on Johannes Lucas Section 075.

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Figure 3. Location of drill holes and past gold mining on Johannes Lucas Section 050.

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Figure 4. Location of drill holes and past gold mining on Johannes Lucas Section 100.

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Photograph 1. Gold and copper mineralisation associated with quartz and pyrite and bismuth sulphides at 17.5m depth in Hole 21-10.

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Photograph 2. Garnet-quartz-pyrite-gedrite rock with sulphide mineralisation in Hole 21-10.

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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: 275,463,761 Unlisted Options: 40,750,000

Major Shareholders

PAL Technology Services LLC 14.37% Rick Crabb 6.83%

E: info@goldenrim.com.au W:goldenrim.com.au

Share Registry

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

T: + 61 8 9315 2333 F: + 61 8 9315 2233 E: registrar@securitytransfer.com.au W: securitytransfer.com.au

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