ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Dec 4, 2011

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ASX/Media Announcement

5 December 2011

Golden Rim Expands The Yako Gold Project Area in Burkina Faso

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced it has finalised an agreement to acquire an additional gold exploration permit (Tanlili) in Burkina Faso in West Africa.

The Tanlili permit covers an area of 162.1km[2 ] and is located immediately south of Golden Rim’s Zanna permit (Yako Project area). The permit is 14.4km south of Riverstone Resources’ Karma project (1.93 Moz gold) and 6km west of Orezone’s Sega project (0.6 Moz gold).

The significant “Margo” artisanal mining site is located on the Tanlili permit. The gold mineralisation at this site was discovered in 1986 and has been continuously worked until today. It is one of the largest artisanal sites in Burkina Faso with historically up to 4,000 people in the area.

Gold mineralisation at Margo occurs as a series of sheeted quartz veins in a broad corridor trending WNW-ESE and hosted in a sedimentary package that has been intruded by a late stage granite body. Quartz / sulphide veins are hosted in a foliated dioritic intrusive with weak pyrite / sericite alteration of the host rocks.

There are two main areas of artisanal activity at Margo.

The main workings cover an area of 500m long by 200m wide. It is believed that previous drilling did not adequately test the area as it was drilled obliquely to the main trend of mineralisation.

A new zone of gold mineralisation is currently being mined approximately 350m to the SE of the original Margo artisanal site. At the present time, excavations cover a roughly circular area 100m across. Mineralisation at this locality appears identical to that at the older artisanal site. This new area has not been previously drilled.

Another artisanal site (Pelle South) is located on the Tanlili permit. This site consists of 2 parallel zones striking NNE, each zone is approximately 300m long and 60m wide. Pelle South is located 1.3km SSW of the Pelle North prospect on the Zanna permit.

Each of the parallel zones at Pelle South has been drill tested with a single hole.

Reverse circulation hole TAC035 tested the eastern zone and intersected three zones of mineralisation, with 15m @ 2.08 g/t gold from 14m, 13m @ 1.63 g/t gold from 31m and 4m @ 2.15 g/t gold from 52m . Drilling on the western zone intersected 6m @ 1.1 g/t gold from 45m .

Craig Mackay, Managing Director of Golden Rim said “we have sought the Tanlili permit for some time now and it’s acquisition fits in with our strategy of consolidating our ground positions in our key project areas”

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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“We are very pleased to gain access to drill the broad zone of gold mineralisation that has been exposed at the Margo artisanal site. Both Margo and Pelle South are attractive walk-up drilling targets for Golden Rim.”

“Currently we are looking to move our RC rig to Tanlili once we have completed the current drilling program on our Balogo Project,“ he said.

Golden Rim is also in the process of organising a high resolution airborne magnetic survey over the combined Zanna and Tanlili permit areas to allow the Company’s geologists to interpret the structural and lithological controls on the currently identified gold mineralisation to enable the Company to plan systematic geochemical sampling programs to test additional target areas.

-ENDS-

For further information, please contact:

Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary +61 400 205 433 +61 8 9481 5758 anna@amncorporate.com

About the Agreement

Under the terms of the agreement, Golden Rim may purchase a 100% interest in the Tanlili permit following staged cash payments over a maximum 3 year period. Consideration for the permit includes an up-front payment of Euro 5,000, followed by a payment of Euro 5,000 after 6 months. Further payments are made annually and include Euro 15,000 at the end of the first year, Euro 20,000 at the end of the second year, and Euro 30,000 at the end of the third year.

The agreement provides for a 1% net smelter return royalty on any gold produced from the permit, payable to the permit vendor. Golden Rim has the right to withdraw from the agreement at any time.

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 around 5,000km[2] in the highly prospective Birimian greenstone belts of Mali and Burkina Faso.

With experienced management and extensive local teams in the Company’s permanent offices in Mali and Burkina Faso, Golden Rim is able to move quickly and efficiently in order to maximise potential opportunities.

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 program of drilling in Mali, Burkina Faso and Sweden and is poised to deliver significant growth and value to shareholders.

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Figure 1. Location of Tanlili permit.

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Photo 1. Margo artisanal mining site.

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