ASARA RESOURCES LIMITED — Capital/Financing Update 2012

Nov 22, 2012

ASX/Media Announcement 23 November 2012

New Drill Targets Identified at Sebba, Burkina Faso

• Four high-priority drilling targets have been identified on three permits comprising the Sebba Project.

• All the areas are coincident soil and rock chip gold anomalies and occur near artisanal mining sites and represent walk-up drill targets.

• New rock chip samples have returned up to 184 g/t gold and 0.8% copper .

Golden Rim Resources Ltd ( Golden Rim, ASX: GMR) today announced that recent reconnaissance mapping and sampling has identified four high-priority areas within the Sebba Project which represent immediate drill targets. The areas are located on the Gandi, Namantougou and Komondi permits.

A program of reverse circulation drilling totalling approximately 5,000m is scheduled for January 2013.

Tyena Prospect.

This area was previously partly tested with very broad-spaced (500m to 1,200m) RAB drilling lines that were designed to test a 1.7km long by 400m wide gold-in-soil anomaly. This program returned encouraging results including 8m at 2.43 g/t gold from 0m, 12m at 1.46 g/t gold from 12m, and 12m at 1.34 g/t gold from 0m. These were not followed-up due to other priorities.

Recent reconnaissance mapping in the area has identified a zone around 1.2km long and around 120m wide in the same area that has been subject to recent artisanal mining. New rock chip samples from mineralisation exposed in the artisanal workings has returned rock chip samples up to 27.7 g/t gold.

Mineralisation consists of white to grey quartz tourmaline veins with variable amounts of pyrite. The structures generally form a series of parallel, sheeted veins that may extend over widths in excess of 20m.

A new evaluation of the previous drilling indicates that the main zones of mineralisation may not have been adequately tested as RAB drilling may not have been able to penetrate the massive quartz veining in the area.

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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Kolankoy Prospect.

A NE-trending coincident soil and rock chip sample anomaly extending over 1.6km has been identified in the far NE corner of the Namantougou Permit. The area is on a major regional shear contact between sediments and intrusive rocks.

The area is a highly active artisanal mining site with miners exploiting high grade gold mineralisation associated with a number of parallel quartz sulphide veins in a sericitic schist host rock. Rock chip samples up to 34 g/t gold have been recently collected from mineralisation exposed in the artisanal workings. Samples of quartz veins with visible gold have been found in this area.

Komondi Prospect.

The Komondi Prospect is associated with a 10km long gold-in-soil anomaly on the Komondi Permit.

In the northern part of the prospect area mineralisation consisting of gold-bearing quartz / sulphide veins has been mapped over a width of approximately 30m . These veins are exposed in artisanal workings over a strike of 500m. The veins are hosted in highly oxidised, limonitic sediments. The veins strike NE and dip steeply SE.

New rock chip samples from the area returned values up to 184 g/t gold .

Bambeni 6 Prospect.

The Bambeni 6 Prospect lies on a WNW-trending structure in the western part of the Komondi Permit.

The Prospect is coincident with a 1.6km long gold-in soil anomaly and recent reconnaissance mapping in the area has located new and highly active artisanal workings exploiting quartz veins hosted in a foliated porphyritic intrusive.

The mineralisation consists of sulphidic quartz veins with disseminated chalcopyrite and chrysocolla staining.

Rock chip sampling has returned grades up to 27 g/t gold and 0.8% copper .

Ranking of the prospects and drill planning is currently underway.

-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 ann@amncorporate.com

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About Golden Rim Resources Limited

Golden Rim Resources Ltd (ASX: GMR) is an exploration company with a focus on gold. The Company is active in West Africa, with a pipeline of six gold projects covering around 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

Golden Rim has recently made a significant, near-surface, high grade gold discovery at its Balogo Project in Burkina Faso. Drilling intercepts at Balogo are arguably some of the best gold intercepts obtained in West Africa in recent years.

The Company is about to embark on a deeper diamond drilling program at Balogo to extend the gold mineralisation at depth and it aims to calculate a JORC resource towards the end of 2012.

With continued success at Balogo and at its other projects in West Africa, Golden Rim is poised to deliver significant growth and value to shareholders.

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Figure 1. Location of prospect areas at the Sebba Project.

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Figure 2. Part of the Tyena Prospect area showing geochemistry (rock and soil), previous RAB drilling and location of artisanal sites.

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Photograph 1. Active artisanal workings at the Tyena Prospect.

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Photograph 2. Active artisanal workings at the Kolankoy Prospect.

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Photograph 3. Amalgamated gold “buttons” from the artisanal workings at the Kolankoy Prospect.

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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: 458,706,231 Unlisted Options: 33,950,000

Major Shareholders

Royal Group, Abu Dhabi 12.4% Acorn Capital 7.6%

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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