ASARA RESOURCES LIMITED — Capital/Financing Update 2011

May 1, 2011

ASX/Media Announcement 2 May 2011

Royal Falcon Earns 51% in its Swedish Copper Gold Projects

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced that its Abu Dhabi alliance company, Royal Falcon Mining LLC ( Royal Falcon ), has formally earned an initial 51% interest in the Bergslagen Joint Venture copper and gold projects (Falun and Bersbo) in Sweden. Further, Royal Falcon has elected to proceed to increase its interest to 75% by spending a further US$3 million on exploration.

During the period April to June 2011, a new exploration program has been approved for the Falun and Bersbo Projects. The program includes:

• additional diamond drilling at Falun to delineate the extent of the massive sulphide mineralisation discovered in the Western Copper Gold Zone in Hole 20-10 ( 17.2 m @ 2.3 g/t gold, 1.9% copper, 3.8% zinc, 0.8% lead and 56.4 g/t silver ) (Figure 1);

• the completion of a resource estimation at Falun; and

• the creation of a 3D model of the historic copper ore body at the Bersbo Mine.

The exploration programs on the Bergslagen Joint Venture Projects will continue to be managed by Royal Falcon’s Joint Venture partner, Drake Resources Ltd.

A drilling program to test the significant gravity targets along strike from the Falun Mine is scheduled for later in 2011.

-ENDS-

For further information, please contact:

Hayley Butcher Ann M Nahajski Golden Rim Resources AMN Corporate Company Secretary +61 (0)400 205 433 +61 8 9481 5758 ann@amncorporate.com

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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Figure 1. Section X-Y showing gravity high anomalies in the vicinity of the Falun Mine – Grid lines are 500 m apart vertically and horizontally

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About Royal Falcon Mining and the Bergslagen Joint Venture

Royal Falcon Mining LLC ( Royal Falcon ) is a purpose specific company formed to acquire, explore and develop major mineral projects. Golden Rim holds a 35% interest in Royal Falcon while PAL Technology Services LLC, a member of the Royal Group of Companies based in Abu Dhabi, UAE, holds the remaining 65% interest.

Royal Falcon entered into a Farmin and Joint Venture Heads of Agreement in April 2009 on the advanced Falun and Bersbo poly-metallic projects located in the Bergslagen district in central Sweden ( Bergslagen Joint Venture ).

Under the terms of the agreement, Royal Falcon has the right to earn a 51% interest in the Falun and Bersbo licences by spending US$3M within 3 years. Royal Falcon then has the right to spend a further US$3 million to increase this interest to 75%.

About the Falun Project

The town of Falun is located in the Bergslagen district of Central Sweden (200km NE of Stockholm) and is host to one of the world’s oldest and largest base and precious metal mines – its namesake, Falun.

The Falun mine, is situated on a world-class ore system, was mined for over a millennium (~700 – 1992) and was one of the largest copper producers in the world in the 17[th] and 18[th] centuries. During this time, the Falun mine accounted for 70% of the world’s copper production. Records indicate that 35 million tonnes of high-grade ore was mined containing on average 1-3% copper, 2-6% zinc and 1-7 g/t gold.

The Bergslagen Joint Venture partners believe that there is considerable potential for substantial volumes of mineralisation to be discovered near the old mine.

Drilling by the Bergslagen Joint Venture has confirmed the presence of high grade gold reported previously in historic assays, and demonstrated that broad zones of gold and copper mineralisation remains at the site, immediately to the east and west of the Falun mine.

Selected intercepts from this drilling include:

• 11.6m @ 61.2 g/t gold, 1.2% copper and 0.09% bismuth; including 0.75m @ 887 g/t gold, 5.92% copper and 0.7% bismuth;

• 21.4m @ 6.8 g/t gold, 0.9% copper and 0.07% bismuth; including 0.6m @ 91.4 g/t gold, 1.6% copper and 0.8% bismuth;

• 32.0m @ 3.42 g/t gold, 0.7% copper and 0.04% bismuth; and

• 17.2 m @ 2.3 g/t gold, 1.9% copper, 3.8% zinc, 0.8% lead and 56.4 g/t silver

A recent gravity survey delineated a number of significant anomalies directly along strike from the Falun Mine. These dense bodies may be additional zones of massive sulphide mineralisation and as such they provide exciting new targets for drilling.

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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

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

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