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ASARA RESOURCES LIMITED — Capital/Financing Update 2011
Sep 28, 2011
64427_rns_2011-09-28_0e70344c-a5fa-4511-a1b7-2df8f6502e08.pdf
Capital/Financing Update
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ASX/Media Announcement
29 September 2011
New Gold Project Acquired in Burkina Faso
Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced that it has signed agreements to acquire an additional gold project in far southeastern Burkina Faso ( Diapaga Project ).
The Diapaga Project comprises 4 adjacent permits, namely, Antyaga, Bagari, Gounda and Kountiagou and covers an area of 960km².
The Project area is located approximately 350km from Ouagadougou, the capital city of Burkina Faso. It lies on the NE-trending Diapaga Birimian greenstone belt and is bisected by a series of major and complex shear structures running into Niger and connected to the major Markoye Fault system. The Markoye Fault system hosts a number of important gold deposits in Burkina Faso, including Taparko (1.7Moz), Kiaka (2.7Moz), Essakane (5.3Moz) and Bomboré (3.5Moz).
Several cross cutting structures intersect the NE shear structures in the Project area. These intersection areas are considered priority target areas for locating significant gold mineralisation. The main lithological units at the Diapaga Project include typical Birimian volcano-sediments intruded by a series of mafic and felsic intrusions. New artisanal gold diggings commenced in the area a few months ago.
Due to its remoteness, the Diapaga Birimian greenstone belt is one of the most under explored greenstone sequences in Burkina Faso and has received no significant modern exploration.
Golden Rim believes the Diapaga Project is highly prospective for disseminated intrusion-hosted gold deposits, similar to the Company’s existing Balogo Project, and for shear-hosted gold deposits.
The acquisitions are part of Golden Rim’s strategy to acquire new holdings while ranking and divesting existing permits considered to be of lower prospectivity, thereby ensuring a pipeline of high quality projects.
-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 [email protected]
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 [email protected] I T + 61 8 9481 5758 I F + 61 8 9481 5759
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About the Agreements
Under the terms of the agreements, Golden Rim may purchase a 100% interest in each of the Diapaga Project permits following staged cash payments totalling between US$100,000 – US$135,000 over a maximum three year period. The agreements provide for a 1% net smelter return royalty on any gold produced from the permit. Golden Rim has the right to withdraw from the agreements at anytime.
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 the Diapaga Project permits in southeast 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: [email protected] 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: [email protected] W: securitytransfer.com.au
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