ASARA RESOURCES LIMITED — Capital/Financing Update 2011

Jan 20, 2011

==> picture [596 x 87] intentionally omitted <==

ASX/Media Announcement

21 January 2011

Major New Gold Target in Burkina Faso

Golden Rim Resources Ltd (ASX: GMR, Golden Rim) today announced it has received new high-grade rock chip sample assays and highly anomalous soil sample assays from its Balogo Project area in Burkina Faso, West Africa.

Golden Rim’s Managing Director, Mr Craig Mackay, said the Company’s major exploration programs in West Africa on four gold project areas are in full swing.

“Today’s gold results from Balogo are highly significant because they outline a major new gold target for Golden Rim in Burkina Faso,” said Mr Mackay.

Significant gold results were obtained along a contact zone between a sequence of volcaniclastic sediments and intrusive rocks for at least 2.3km .

A total of 104 rock samples were collected during the geological mapping program. Selected rock chip results include 49.9 g/t gold, 24.2 g/t gold and 16.8 g/t gold .

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

A total of 1,199 soil samples were collected over a grid covering 4.2km x 2.6km. Samples were collected at intervals of 50m along lines spaced at 200m. Results from this sampling indicated a major gold-in-soil anomaly striking NE-SW and open along strike in both directions. To date, the anomaly is 2.3km long and 700m wide . Values up to 1.2 g/t gold were obtained in the soil samples.

Mapping indicates that the main gold-in-soil anomaly and some of the most significant rock chip samples are associated with a system of NE-trending quartz / sulphide / magnetite veins which have been traced for over 750m along strike. The major veins occur along a contact between a quartz diorite intrusive and a sequence of volcaniclastic sediments. Additional stock work veining has been located in the surrounding wallrocks.

Extensive artisanal workings occur along the outcropping quartz/sulphide veins which host a substantial amount of visible gold.

Additional soil sampling and mapping is currently underway to extend the current gold-in–soil anomaly and gain a better understanding of the geological controls of mineralisation in this area.

-ENDS-

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

7209v2

==> picture [596 x 87] intentionally omitted <==

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

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.

Page | 2

7209v1

==> picture [596 x 87] intentionally omitted <==

==> picture [505 x 179] intentionally omitted <==

==> picture [505 x 179] intentionally omitted <==

Figure 1: Location of Golden Rim’s Gold Projects in West Africa

Page | 3

7209v1

==> picture [596 x 87] intentionally omitted <==

==> picture [431 x 425] intentionally omitted <==

==> picture [431 x 212] intentionally omitted <==

Figure 2: Balogo gold-in-soil results showing the major new gold anomaly in the southern portion of the sample grid which is open along strike to the SW and NE.

Page | 4

7209v1

==> picture [596 x 87] intentionally omitted <==

==> picture [426 x 603] intentionally omitted <==

Figure 3: Balogo geological mapping with new rock chip gold results

Page | 5

7209v1

==> picture [596 x 87] intentionally omitted <==

Table 1: Significant new rock chip sample results (>0.5 g/t gold) from Balogo

Sample **Number **	Easting (m)	Northing (m)	Origin		Sample Description
				Gold (g/t)
33394	665463	1261492	In situ	49.967	Silicified, sheared diorite intrusive with pyrite and magnetite to 3%
33326	664623	1260484	Float	24.251	Fractured vuggy quartz vein with hematite and pyrite
33354	664790	1260733	In situ	22.58	Intensely silicified volcanic with hematitic quartz veins
33330	664685	1260605	Float	16.832	Pink,fracturedquartz vein from artisinal workings
33395	665511	1261514	In situ	16.361	Finegrained,clayish,hematitic sheared sediment
33355	664790	1260733	In situ	7.305	Silicified finegrained diorite intrusive
33319	664273	1260935	In situ	6.827	Fractured hematiticquartz vein
33334	664752	1260621	Float	5.734	Hematitic, pyritic quartz vein from artisanal workings
33312	664028	1260898	In situ	5.281	Fractured vuggy quartz vein
33304	664046	1260766	In situ	3.461	Hematiticquartz veins. Composite of 3 veins
33363	665064	1260933	In situ	3.152	Fractured vuggy, suggary quartz vein. New artisanal working
33325	664634	1260469	In situ	3.14	Fracturedglassy quartz vein
33381	665168	1261987	In situ	2.654	Banded volcanic sediment withquartz veinlets
33307	664049	1260742	Float	2.515	Silicified, sheared volcanic sediment with quartz veinlets
33306	664048	1260743	In situ	2.285	Oxidized,stronglysheared volcanic sediment
33367	665130	1260990	In situ	2.182	Massive,fractured suggary,vuggy quartz vein
33343	664802	1260530	In situ	1.975	Massive, fractured vuggy quartz-feldspar vein with malachite
33344	664863	1260668	In situ	1.85	Fractured,vuggy pyriticquartz vein
33349	665104	1260790	In situ	1.457	Massive, fractured quartz vein from artisanal working
33341	664722	1260675	In situ	1.21	Fractured,sulphidicquartz vein
33347	664978	1260745	In situ	1.172	Sulphidicquartz diorite intrusive
33345	664972	1260717	In situ	1.098	Massive,fractured vuggy quartz vein
33332	664713	1260595	In situ	0.877	Hematiticquartz vein float
33366	665050	1260934	In situ	0.803	Silicified brecciated quartz diorite intrusive with magnetite
33335	664711	1260659	In situ	0.764	Massive fractured, pyriticquartz vein
33305	664045	1260765	In situ	0.753	Weatheredgabbro
33342	664738	1260670	In situ	0.729	Fracturedquartz vein
33360	664905	1260865	In situ	0.678	Silicified diorite intrusive with magnetite, pyrite and malachite
33331	664671	1260612	Float	0.6	Fresh diorite withpyrite and magnetite
33359	664966	1260791	In situ	0.594	Altered diorite intrusive
33348	665017	1260769	In situ	0.587	Fractured whitish suggary quartz vein
33320	664293	1260953	In situ	0.568	Vuggy quartz vein

Page | 6

7209v1

==> picture [596 x 87] intentionally omitted <==

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

Page | 7

7209v1