ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Sep 26, 2011

ASX/Media Announcement

27 September 2011

Maiden Resource and Broad Copper-Gold Intersections at Falun in Sweden

• A JORC Inferred Resource* of 0.58Mt at 2.4 g/t gold and 0.60% copper (0.7 g/t gold cut-off) for 44,000oz gold and 3,500t copper has been estimated for the upper part of the Eastern Zone.

• A JORC Exploration Target of 1.9Mt – 2.8Mt at 0.4 – 0.8% copper (0.3% copper cut-off) was delineated for parts of the Western and Eastern Zones. Gold grades could not be estimated due to the lack of assays in historical holes.

• Large areas of the exploration target are expected to be converted to resources with additional drilling.

• The exploration target areas remain open at depth, and may be expanded laterally.

• Recent drilling in the exploration target area in the Western Zone has produced wide intersections of copper and gold.

• The entire mineralised portion of hole 11DDFN037 provides an intercept of 175.5m at 0.42% copper and 0.42 g/t gold (without internal dilution and cut-off grade constraints).

• Local intercepts include: - 15.7m at 1.12% copper, 0.65 g/t gold and 19 g/t silver,

• 44m at 0.71% copper and 0.4 g/t gold,

• 26.4m at 0.8% copper and 1.5 g/t gold,

• 39.4m at 0.55% copper and 0.52 g/t gold,

• 15.7m at 1.2% copper and 0.33 g/t gold.

*All Inferred Resources and exploration targets quoted in this release are reported in accordance with the JORC Code (2004).

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) is pleased to announce a maiden resource and broad new copper-gold intercepts for the Falun Project in Sweden.

Golden Rim’s Managing Director, Mr Craig Mackay, said that the completion of block modelling and the estimation of an initial Inferred Resource (according with the JORC Code (2004)) for Falun, along with the long new intersections of copper-gold mineralisation that confirm the validity of the block model in the Western Zone are significant steps forward for the project.

“An Inferred Resource was estimated only for the upper portion of the Eastern Zone in the area drilled by the Bergslagen Joint Venture. Considerable areas of additional mineralisation in the Eastern and Western Zones defined mainly by historical drilling could only be classified under the JORC Code as exploration target areas due to the lack of QA/QC information associated with the historical drilling assays.”

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

==> picture [595 x 88] intentionally omitted <==

“It is expected that most of the exploration target areas will be upgraded to resource status with further drilling and it is significant to note that these exploration targets areas remain open at depth.”

“The mineralisation in the Western Zone of the Falun deposit looks to be the more continuous than the mineralisation in the Eastern Zone, but has proved difficult to drill because of old mining cavities. Our persistence with the recent drill holes has been rewarded by demonstrating that an extensive zone of disseminated copper and gold mineralisation occurs in the Western Zone.”

“We now plan to conduct an extensive underground drilling program to upgrade the Exploration Target in the Western Zone to resource status,” he said.

Resource Estimates and Exploration Targets

Dr Chris Gee, an independent mining consultant, was contracted to prepare resource block models and to estimate the resources at Falun.

The 39 diamond drill holes (6,027m) completed by the Bergslagen JV partners at Falun, along with approximately 323 historical drill holes (22,835m) were used to construct the resource blocks. With such a large database and drill holes completed over a considerable time period, the block modelling exercise was complex and has taken considerable time to complete.

The estimation of tonnages and grades has been split into three zones: the upper Eastern Zone (0m to -150m RL) where an Inferred Resource was determined; and the lower Eastern Zone Zone (-150m to - 280m RL) and the Western Zone (0m to -220m RL) where exploration targets were delineated (Figures 1 to 3).

The upper portion of the Eastern Zone at a cut-off grade of 0.7 g/t gold has an Inferred Resource of 580,000 tonnes at 2.4 g/t gold and 0.6% copper for 44,000oz of gold and 3,500t copper . In addition, these blocks contain 63,000oz silver at an average grade of 3.4 g/t silver, 270,000lbs of bismuth at an average grade of 210 g/t bismuth and 54,000lbs of selenium at an average grade of 40 g/t selenium.

Resource estimates based on a range of gold and copper cut-offs are provided in Tables 1 and 2. Dr Chris Gee’s preferred estimate is highlighted in blue.

Table 1. Upper Eastern Zone Inferred Resource estimation results based on gold cut-off.

Cut-off grade Gold g/t	Cumulative tonnes	Gold g/t	Gold ounces	Copper %	Copper tonnes
> 0	1,264,966	1.23	49,917	0.37	4,718
> 0.5	681,668	2.11	46,260	0.56	3,802
> 0.6	640,120	2.21	45,519	0.57	3,670
>0.7	577,903	2.38	44,211	0.6	3,489
> 0.8	544,394	2.48	43,417	0.62	3,361
> 0.9	504,238	2.61	42,315	0.64	3,226
> 1.0	444,065	2.84	40,497	0.68	3,014
> 1.25	360,682	3.23	37,438	0.76	2,731
> 1.5	306,637	3.55	35,002	0.81	2,498
> 2.0	209,838	4.4	29,671	0.96	2,008
> 2.5	156,652	5.15	25,933	1.06	1,667

Page | 2

==> picture [595 x 88] intentionally omitted <==

Table 2. Upper Eastern Zone Inferred Resource estimation results based on copper cut-off.

Cut-off grade Copper %	Cumulative tonnes	Copper %	Copper tonnes	Gold g/t	Gold ounces
> 0	1,273,184	0.38	4,783	1.23	50,401
>0.3	573,649	0.65	_3,734 _	2.24	41,247
> 0.4	424,751	0.76	3,214	2.73	37,341
> 0.5	315,807	0.87	2,734	3.3	33,555
> 0.6	221,940	1	2,217	3.64	25,974
> 0.7	80,759	1.11	898	4.24	22,808
> 0.8	127,336	1.22	1,559	4.32	17,693
> 0.9	86,594	1.4	1,216	4.35	12,103
> 1.0	67,703	1.53	1,036	4.88	10,615
> 1.5	28,290	1.99	563	5.82	5,291
> 2.0	11,264	2.25	253	5.97	2,163

In addition to the Inferred Resource two other areas (lower Eastern Zone and Western Zone) were also examined for their potential to produce further resources. Due to the paucity of recent drilling and the lack of QA/QC information associated with the historical drilling only exploration targets could be defined for these areas, i.e.:

• 1) Between 500,000 and 800,000 tonnes of copper ore with a grade of between 0.4 and 0.6% copper and between 0.2 and 0.3 g/t gold at a cut-off grade of 0.3% copper* for the lower Eastern Zone;

• 2) Between 1.4 million and 2 million tonnes of copper ore with a grade of between 0.5 and 0.8% copper at a cut-off grade of 0.3% copper ** for the Western Zone.

It is expected that most of the exploration target areas will be upgraded to resource status with additional drilling. No gold grade ranges could be quoted for exploration target areas due to the lack of gold assays in the historical drill holes.

The exploration target areas in the Eastern and Western Zones remain open at depth (below -280m and -220m RL respectively) and there is considerable scope to expand them considerably with deeper drilling.

In the Eastern Zone the re-sampling of historical drill core by the Bergslagen Joint Venture at -335m RL returned intercepts up to 6.5m at 7.3 g/t gold, 0.1% copper and 0.32% bismuth; and 10.3m at 3.3 g/t gold, 0.3% copper and 0.14% bismuth. At -350m RL a trial gold mining campaign was conducted in the late 1980’s, just before the mine closure, in ore that is reported to have averaged 8 g/t gold.

* These results were obtained by numerical modelling of all available data for this zone and using the same parameters as for the upper Eastern Zone and applying +/- 20% to the results at a 0.3% Cu cut-off grade. These blocks occur above an RL of -280m.

** These results were obtained by numerical modelling of all available data for this zone and using the same parameters as for the upper Eastern Zone and applying approximately +/- 20% to the results at a 0.3% Cu cut-off grade. Most of these blocks occur above an RL of - 220m.

Page | 3

==> picture [595 x 88] intentionally omitted <==

Recent Drilling in the Western Zone

Three diamond drill holes (11DDFN035 – 11DDFN037) for a total of 580m were drilled into two disseminated copper-gold zones outlined by historic drilling within the Western Zone (Figures 1 and 3). A previous drilling programme in 2010 was unable to intersect these zones due to broken ground and cavities. This recent programme has proved successful in reaching both target areas.

All significant intercepts (0.5 g/t gold equivalent cut-off and maximum of 3m waste dilution) for holes 11DDFN035 – 11DDFN037 are listed in Appendix 1 and are depicted on Figure 3. It should be noted however, that due to the difficulty in drilling these targets from surface that the intersections do not represent true widths.

Holes 11DDFN035 and 11DDFN036 were targeting an area at -145m RL which showed significant copper intersections in historic drill holes.

Hole 11DDFN035 intersected 15.7m at 1.1% copper and 0.65 g/t gold (94.5m to 110.2m), including 0.65m at 7.3% copper and 4.4 g/t gold . The drill hole was abandoned at 110.2m in mineralisation after drill rods became bogged.

Hole 11DDFN036 was drilled parallel to 11DDFN035 and intersected 44m at 0.71% copper and 0.40 g/t gold ( 117.7m to 161.7m) and 13m at 0.42 % copper and 0.19 g/t gold (182.7m to 195.7m) . Assays are still awaited from 195.7m to the end of hole at 229 m. This hole also ended in mineralisation, with again the drill rods becoming bogged.

The target for hole 11DDFN037 was copper mineralisation identified in historic drilling at -195m RL. This hole had disseminated copper sulphide mineralisation throughout much of its length, including local higher grade massive copper sulphide intersections (Photograph 1). The best intersections in hole 11DDFN037 include:

• 26.4m at 0.8% copper and 1.5 g/t gold (109.5m to 135.9m), including 3.3m at 3.1% copper and 10 g/t gold ;

• 39.4m at 0.55% copper and 0.52 g/t gold (139.9m to 179.3m);

• 15.7m at 1.2% copper and 0.33 g/t gold (211.1m to 226.8m), including 1.5m at 7.3% copper and 1.9 g/t gold .

Again the hole ended in mineralisation. Bulking out the assays for the entire mineralised portion of hole 11DDFN037 without internal dilution and cut-off grade constraints provides an intercept of 175.5m at 0.42% copper and 0.42 g/t gold (59.3m to 234.8m).

The long copper-gold intercepts in holes 11DDFN035 – 11DDFN037 demonstrate the continuity of mineralisation in the Western Zone. They confirm that significant gold mineralisation does exist with the copper mineralisation in the Western Zone within the 1.4 million – 2 million tonne exploration target area and support the copper intercepts in the historical drill holes.

Previously the Bergslagen Joint Venture partners had reported the discovery of an un-mined lens of copper-bearing massive sulphide mineralisation in the Western Zone, which included an intersection of 17.2m at 2.3 g/t gold, 1.9% copper, 3.8% zinc, 0.8% lead, and 56 g/t silver at the bottom of hole 10DDFN020. No further drilling of this mineralisation was conducted in the recent program.

Page | 4

==> picture [595 x 88] intentionally omitted <==

Underground Drilling in the Western Zone

To avoid the old mine cavities and broken ground that had previously impacted on the success of surface drilling at Falun, the Bergslagen Joint Venture partners are currently investigating the feasibility of conducting a major underground drilling program to enable a resource to be estimated for the Western Zone.

The underground drilling will initially be conducted on two levels (-95m and -145m RL) from drives that were established in the 1960s for drilling. The existing decline in the base of the Falun open pit can be used to access these drives (Photograph 2).

An underground inspection was recently conducted on both levels with a mining engineer and mining contractors. The decline and drives are in excellent condition and only minor refurbishment work is required to regain access for drilling.

During the underground inspection wide zones of disseminated copper sulphide mineralisation were noted in the drive walls at -145m RL (Photograph 3).

-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 4,000km[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.

Page | 5

==> picture [595 x 88] intentionally omitted <==

==> picture [511 x 368] intentionally omitted <==

Figure 1. Location of block models and Bergslagen Joint Venture diamond drill holes at Falun, in Sweden.

Page | 6

==> picture [595 x 88] intentionally omitted <==

==> picture [511 x 591] intentionally omitted <==

Figure 2. Section A – A’: Diamond drill hole intercepts and block model outlines in the Eastern Zone at Falun.

Page | 7

==> picture [595 x 88] intentionally omitted <==

==> picture [449 x 611] intentionally omitted <==

Figure 3. Section B – B’: New diamond drill hole locations, interpreted mineralised zones and block model outlines in the Western Zone at Falun.

Page | 8

==> picture [595 x 88] intentionally omitted <==

==> picture [397 x 299] intentionally omitted <==

Photograph 1. Copper sulphide and gold mineralisation in hole 11DDFN037 in the Western Zone.

==> picture [397 x 299] intentionally omitted <==

Photograph 2. Decline portal in the bottom of the Falun open pit.

Page | 9

==> picture [595 x 88] intentionally omitted <==

==> picture [399 x 300] intentionally omitted <==

Photograph 3. Broad zones of oxidised copper sulphide mineralisation (rust colour) are visible in the walls of -145m RL drives in the Western Zone.

Page | 10

==> picture [595 x 88] intentionally omitted <==

Appendix 1. Summary of new drilling intersections in the Western Zone.

HOLE	FROM	TO	Width	Au	Cu	Zn	Ag	Bi	Se
#	(m)	(m)	(m)	(g/t)	(%)	(%)	(g/t)	(ppm)	(ppm)
11DDFN035
	94.5	110.2	15.7	0.65	1.12	0.34	18.5	35	33
Incl.	103.5	107.9	4.4	1.21	2.10	0.34	20.8	19	24
Incl.	106.25	106.9	0.65	4.42	7.26	0.55	59.3	19	30
11DDFN036
	117.7	161.7	44	0.40	0.71	0.36	8.6	21	26
Incl.	119.7	122.7	3	0.70	1.00	0.27	11.1	7	17
Incl.	147.7	154.7	7	0.99	2.14	1.72	29.7	70	61
Incl.	152.7	154.7	2	1.54	3.22	4.27	58.4	158	110
and	165.7	172.7	7	0.17	0.25	0.12	1.9	4	10
and	182.7	195.7	13	0.19	0.42	0.78	2.9	3	6
Incl.	193.7	195.7	2	0.71	0.93	2.44	6.7	7	10
11DDFN037
	6.5	7.5	1	0.94	0.09	0.03	3.4	710	40
and	8.5	10.5	2	0.98	0.21	0.02	2.4	89	15
and	60.3	61.75	1.45	0.50	0.37	0.03	4.7	40	10
and	73.75	80.75	7	0.57	0.13	0.02	1.5	11	4
and	109.5	135.9	26.4	1.50	0.80	0.28	13.6	22	10
Incl.	110.9	114.15	3.25	10.06	3.08	0.63	59.0	24	9
Incl.	112.4	113.15	0.75	43.10	9.44	1.62	199.0	47	20
and	139.9	179.25	39.35	0.52	0.55	0.29	6.0	30	15
Incl.	148.9	151.9	3	0.49	0.93	0.12	9.7	70	23
Incl.	157	158.05	1.05	2.58	2.12	0.22	27.7	88	60
Incl.	173.75	176.25	2.5	1.96	0.97	0.80	12.7	39	18
and	194.75	199.1	4.35	0.10	0.65	0.07	3.4	23	0
and	211.1	226.8	15.7	0.33	1.17	0.16	9.0	121	46
Incl.	216.3	217.8	1.5	1.89	7.30	0.26	46.8	41	80
Incl.	217.3	217.8	0.5	3.20	10.95	0.42	67.1	32	120

All intercepts are defined by using a 0.5 g/t Au equivalent cut-off and maximum of 3m waste dilution. Au equivalents based on a London Fix COMEX Au price (taken 22[nd] August 2011) of USD 1877.5 /oz, Ag price of USD 43.49 /oz, LME Cash Buyer Cu price of USD 8811 /t, Zn price of USD 2140 /t, prices for Se (USD 60 /lb) and Bi (USD 11.80 /lb) sourced from The Mining Journal 31[st] July 2011.

Page | 11

==> picture [595 x 88] intentionally omitted <==

The information in this public report that relates to exploration results 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 permanent 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.

Dr Chris Gee takes responsibility for estimation of gold, copper and associated metals in the Falun Resource. Dr Gee is a competent person in the meaning of JORC having had a minimum of five years relevant experience in exploration and estimation of gold, copper and other metal resources in many different deposits. He is a member of The Australasian Institute of Mining and Metallurgy. Dr Gee 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

Page | 12