ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Feb 1, 2011

ASX/Media Announcement

2 February 2011

Major Gold Anomaly Extended at Balogo

Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced it has received additional highly anomalous soil sample assays from its Balogo Project area in Burkina Faso, West Africa (Figure 1).

The Balogo Project is one of the Company’s five major gold projects in West Africa (in addition to Sebba and Yako in Burkina Faso and Sepola and Faraba in Mali).

Results from 175 new soil samples at Balogo have been received and demonstrate that the main gold-in-soil anomaly, previously defined, has been extended by an additional 600m to the southwest (Figure 2).

Maximum values up to 664 ppb gold were obtained from the new soil samples.

The defined gold-in-soil anomaly at Balogo is now approximately 2.9km long and up to 1,000m wide and the anomaly remains open along strike to the NE and SE.

The gold-bearing mineralisation at Balogo consists of an extensive sulphidic quartz vein stock work system and bulk disseminated sulphides along a contact zone between a sequence of volcaniclastic sediments and intrusive rocks.

During January 2011, Golden Rim has obtained significant gold results along this contact zone. Values of up to 1.2 g/t gold have been obtained in the soil samples. Rock chip samples have returned gold grades up to 49.9 g/t gold.

An additional field crew has now been deployed to Balogo and currently three field crews are rapidly extending the geochemical sampling to determine the full dimensions of the gold-in-soil anomaly prior to drilling.

Golden Rim’s Managing Director, Mr Craig Mackay, said, “The new gold results from Balogo are significant and seem to indicate that the major gold-in-soil anomaly at Balogo is strengthing to the southwest. The anomaly is extensive in strike length and width, is high in grade and is considered a major new gold target for Golden Rim in West Africa.”

“We will schedule a reverse circulation drilling program to commence as soon as the surface sampling work has been completed,” said Mr Mackay.

-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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Indaba Conference

Golden Rim will have a booth at the Mining Indaba Conference (7-10 February 2011) in Cape Town, South Africa. Senior members of the executive team available to speak to delegates. For further information, please visit www.miningindaba.com or contact us at the details above.

About the Balogo Project in Burkina Faso

The Balogo Project is comprised of three granted permits covering an area of 546km[2] and covers a significant north-east-trending fault splay system which is connected to the major Markoye Fault system which controls a number of major gold deposits in Burkina Faso, such as Taparko / Bouroum (1.5 Moz), Kiaka (2.6 Moz), Bomboré (3.5 Moz) and Essakan (5.2 Moz) (Figure 1).

Significant gold in rock chip samples (up to 49.9 g/t gold) have already been returned which are coincident with areas of recent aggressive artisanal mining activity which are hosted in a series of mafic to intermediate intrusive rocks. Artisinal activity only commenced in the area 18 months ago. Significant amounts of free gold have been located.

A program of detailed geological mapping and geochemical sampling is currently underway at Balogo.

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 3,300km[2] in the highly prospective Birimian greenstone belts of Mali and Burkina Faso. Golden Rim has a developed a technical and administration team each with over 20 years experience in West Africa.

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 drilling program 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 Gold Projects in West Africa

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Figure 2. Balogo gold-in-soil results showing the extension to the major gold anomaly in the southern portion of the sample grid

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The information in this 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 consultant of Golden Rim Resources Ltd through Earth Science Solutions Pty 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 6000 AUSTRALIA

T: + 61 8 9315 2333 F: + 61 8 9315 2233

E: registrar@securitytransfer.com.au W: securitytransfer.com.au

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