ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Jun 9, 2011

ASX/Media Announcement

10 June 2011

Phase 2 Drilling Commences at Balogo in Burkina Faso

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

The second phase of drilling will comprise approximately 56 holes (7,000m) and follows the highly encouraging results from an initial 32 hole (3,099m) RC drill program completed in April 2011 (Figure 1).

Golden Rim’s Managing Director, Mr Craig Mackay, said the Cobra Shear Zone at Balogo is one of the Company’s highest priority targets.

“The increased level of geological understanding we now have at Balogo has given us a lot of confidence that significant mineralisation will be identified during this second phase of drilling,” said Mr Mackay.

Mr Mackay said he was pleased with the pace of progress at Balogo.

“Our initial work at Balogo started in October last year. The fact that we have already commenced an infill drilling program to follow-up significant copper-gold intercepts is a positive achievement,” said Mr Mackay.

The first phase of drilling at Balogo was designed to test the central portion of the main gold-in-soil anomaly and the area of artisanal workings. The initial program identified 3 styles of mineralisation at Balogo:

1. broad zones of disseminated copper-gold mineralisation which are possibly related to a nonmagnetic intrusive unit (e.g. 24m @ 1.43 g/t gold, 0.88% copper from 93m in Hole BRC028);

2. zones of copper-gold mineralisation associated with magnetite hosted in a distinct shear structure (Cobra Shear Zone) (e.g. 11m at 2.15 g/t gold, 2.75 % copper from 25m in Hole BRC013); and

3. high-grade gold-bearing quartz veins associated with a diorite intrusive in the footwall contact of the Cobra Shear Zone (e.g. 6m at 9.9 g/t gold from 68m in BRC005).

The recently completed high resolution airborne magnetic survey (200m spaced north-south lines with a nominal ground clearance of 30m) flown over the entire Balogo Project area, outlined a major magnetic high anomaly that seems to be associated with the Cobra Shear Zone. The anomaly extends for at least 5.4km and appears to be locally folded or cross-faulted. The Cobra Shear Zone can be traced in outcrop for 1.1km, with the remainder of the magnetic feature obscured by soil cover.

An interpretation of the magnetic data, along with additional mapping by GMR’s geologists and the initial drilling results has identified the disseminated copper-gold mineralisation and the Cobra Shear Zone as the highest priority targets for further drilling.

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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The second phase of drilling at Balogo is designed to test selected, higher-grade copper-gold targets along the major magnetic anomaly and to follow-up the disseminated-style copper-gold mineralisation in the southwest. The drilling includes infill holes along with step-out holes to test at least 2.2km of strike along the Cobra Shear Zone.

Boart Longyear is undertaking the drilling program. Drilling will be conducted during two, 10-hour shifts, with a minimum goal of 150m of drilling per shift.

-ENDS-

For further information, please contact:

Hayley Butcher Claire Stannard Golden Rim Resources AMN Corporate Company Secretary +61 (0)409 189 410 +61 8 9481 5758 claire@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 over 3,500km[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. High resolution aeromagnetic image with significant copper and gold intercepts from the initial RC drilling and planned Phase 2 drill holes

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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 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.

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

PAL Technology Services LLC 13.10% Rick Crabb 5.79%

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

AUSTRALIA

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

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