ASARA RESOURCES LIMITED — Capital/Financing Update 2012

Oct 7, 2012

ASX/Media Announcement 8 October 2012

Project Expanded and New Gold Anomaly Outlined at Sebba, Burkina Faso

• Sebba Project expanded by 121.5km[2] following the signing of an agreement to acquire an additional permit named Damkoko.

• New gold-in-soil geochemical anomaly defined at Sebba on the Babonga Permit.

• Infill soil and auger sampling at Sebba has confirmed the robust nature of a number of significant gold-in-soil anomalies, which are now ready for drill testing.

Golden Rim Resources Ltd ( Golden Rim, ASX: GMR) today announced it has finalised an agreement to acquire an additional gold exploration permit, Damkoko, at its Sebba Project in Burkina Faso.

The Damkoko Permit covers an area of 121.5km[2] and is located immediately south of the Nasoulou Permit (Figure 1). The entire area of the Sebba Project now totals 1,909km[2] . A previous magnetic survey reveals a number of major structures within the permit area, totalling approximately 23km of strike length. No work has been done on this permit to date.

New anomalous soil sample gold assays have also been received from the Sebba Project at the Babonga Permit. A highly coherent gold-in-soil anomaly approximately 2.1km long and 300m wide has been defined in the southern part of the permit (Figure 2). The anomaly is coincident with a major regional structure. The anomaly has values up to 270 ppb gold , strikes NE to N and is open to the south.

Results from an infill geochemical sampling program at Sebba have also been received. The program consisted of 1,986 auger drill holes and 6,676 soil samples. The sampling was completed over existing geochemical anomalies and has provided better definition of the gold-in-soil anomalies.

Infill sampling over the 8km long x 0.7km wide Komondi gold-in-soil anomaly (Komondi Permit) was conducted on a 100m x 50m pattern and results confirm the robust nature of the anomaly. New assays up to 1,730 ppb gold were obtained (Figure 3). Within the anomaly are several higher grade areas that will be the focus for drill testing.

Infill sampling was completed on a 200m x 50m pattern over the Tyena gold-in-soil anomaly in the Gandi Permit (Figure 1). New results up to 2,480 ppb gold were obtained. The Tyena anomaly extends for a strike length of 4km and is 1km wide. Recent ground checking has located a number of significant artisanal mining sites in the area.

Golden Rim is now in the process of ranking the anomalies and generating targets for a reverse circulation drilling program that is planned following the scheduled diamond drilling on the Balogo Project in Burkina Faso.

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 Company also takes this opportunity to provide an update on the Balogo Project. Persistent heavy rains have delayed the commencement of the diamond drilling program at Balogo to test the high grade gold mineralisation from 100m to 200m depth. However, the Company is prepared in all other respects and expects to start the program shortly. Recent activity at Balogo includes:

• completion of a major upgrade to the camp;

• signing of contracts with two drilling companies with bases in Ouagadougou (Major Drilling Group International Inc (Canada) for a diamond drill rig and Geodrill Limited (Ghana) for a multipurpose diamond/reverse circulation drill rig);

• signing of a contract with Coffey Mining in Perth to manage an initial metallurgical test work program. Both drill core and drill chip samples for the test work have already been collected from site and are currently en-route to Perth; and

• mobilisation of a dozer to site which is currently upgrading weather damaged roads, preparing drill sites and preparing sumps for the diamond drilling.

Golden Rim looks forward to informing the shareholders, as soon as the drilling commences.

-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 anna@amncorporate.com

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 Damkoko Permit and soil anomalies at the Sebba Project on aeromagnetics.

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Figure 2. New gold-in-soil anomaly in the Babonga Permit.

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Figure 3. Gold-in-soil anomaly in the Komondi Permit.

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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: 29,950,000

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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