ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Nov 8, 2011

ASX/Media Announcement

9 November 2011

30,000m Drilling Program Commences at Balogo

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced that it has commenced a third program of reverse circulation ( RC ) drilling on its Balogo Project in Burkina Faso.

The third phase of drilling will comprise 30,000m and is being conducted by Forages Technique-Eau Burkina SARL, a Canadian owned drilling company.

The drilling program will infill and test the strike extensions of significant gold and copper mineralisation identified in previous drilling along the Cobra Shear Zone, the Netiana Shear Zone, and within a porphyry intrusion at the Balogo Hill Prospect. The drilling will also test a parallel structure with strong gold-in-soil geochemistry located to the NW of Balogo Hill.

The infill and extensional drilling at the Balogo Hill Prospect will follow-up the following zones of mineralisation:

• Cobra Shear Zone: copper and gold mineralisation associated with magnetite and high-grade gold-bearing sulphidic quartz veins hosted in a major shear structure. Previous intercepts include, 11m @ 2.15 g/t gold, 2.75% copper, including 3m @ 5.83 g/t gold and 8.15% copper, and 6m @ 9.97 g/t gold. Drilling will also be completed along the 3km of untested strike of the Cobra Shear Zone to the NE. This part of the shear zone lies under shallow soil cover and is defined by a coincident induced polarization conductive anomaly and a ground magnetic high anomaly.

• Netiana Shear Zone: copper and gold mineralisation associated sulphidic quartz veining hosted in a parallel shear zone located 200m southwest of the Cobra Shear Zone. Previous intercepts include: 5m at 32.55 g/t gold, 0.14% copper, including 1m at 138.8 g/t gold, and 8m @ 5.75 g/t gold.

• Porphyry: broad zones of disseminated copper and gold mineralisation which are possibly related to a non-magnetic intrusive unit, with a previous intercept of 24m @ 1.43 g/t gold, 0.88% copper (EOH).

Drilling will also be conducted approximately 1.5km to the NW of Balogo Hill, to test another major shear zone that was identified from Golden Rim’s high resolution aeromagnetic geophysical survey. This shear zone has been traced for over 7km and lies mainly under shallow soil cover. Some very high gold-in-soil sample results, including 2,502 ppb gold and 1,198 ppb gold , have been obtained in this area, where no drilling has been conducted to date.

Golden Rim’s Managing Director, Mr Craig Mackay, said that “the aim of the infill drilling at Balogo is to demonstrate that the gold and copper mineralisation intercepted in the drilling to date is continuous and predictable, thereby allowing a maiden resource estimate to be calculated.”

“The Company’s overriding goal is to deliver at least one robust gold resource project in West Africa to shareholders by the end of this field season.” 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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-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 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 Golden Rim’s drilling and gold-in-soil anomalies at the Balogo Hill Prospect, Balogo Project, in Burkina Faso.

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Figure 2. Location of Golden Rim’s gold-in-soil anomalies on high resolution aeromagnetics at the Balogo Project, in Burkina Faso.

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The information in this public 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 an employee of Golden Rim Resources 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

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

Capital Structure

Issued Shares: 359,396,731 Unlisted Options: 39,650,000

Major Shareholders

Royal Group, Abu Dhabi 13.10% Rick Crabb Group 5.71% Acorn Capital 5.71%

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA T: + 61 8 9315 2333 F: + 61 8 9315 2233 E: registrar@securitytransfer.com.au W: securitytransfer.com.au

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