ASARA RESOURCES LIMITED — Capital/Financing Update 2012

Jul 26, 2012

ASX/Media Announcement

27 July 2012

Placement and Share Purchase Plan

• Placement of $2.54 million to institutional and sophisticated investors has been completed

• The placement ensures Golden Rim is now fully funded to conduct the following work at Balogo: o deeper diamond drilling program on the Netiana Lodes;

  • metallurgical test work; and

  • maiden JORC resource estimate by the end of this calendar year

• Golden Rim also announces a Share Purchase Plan to eligible shareholders to raise up to a maximum of $2 million

Golden Rim Resources Ltd ( Golden Rim and Company, ASX: GMR) today announced it has completed a placement of 25.4 million fully paid ordinary shares in the Company at an issue price of 10 cents per share to raise $2.54 million ( Placement ). Golden Rim also announces that it intends to raise a further $2 million by offering to eligible shareholders (as at the record date of 26 July 2012) 20 million shares at 10 cents each through a Share Purchase Plan ( SPP ).

At the end of the June 2012 quarter, the Company had $1.9 million in cash at bank. This Placement and the SPP will take that to between $4.5 million and $6.5 million, which is more than adequate for the Company to complete its next phase of exploration. This work will focus on deeper diamond drilling on the high grade Netiana Lodes at Balogo, metallurgical testwork, and the completion of a maiden JORC resource estimate. The funds will also allow work to progress the Company’s second gold project at Yako. Golden Rim was pleased to receive the ongoing support of major shareholders, including Acorn Capital, and is well placed to continue to establish itself as one of the pre-eminent West African gold explorers listed on the ASX.

Bell Potter was appointed Lead Manager of the Placement. Shares under the Placement were issued under the Company’s 15% placement capacity under ASX Listing Rule 7.1 and accordingly shareholder approval will not be sought.

In recognition of shareholder support, Golden Rim intends to raise a further $2 million through a SPP at the same discounted price as the Placement. The price of 10 cents is an 18.1% discount from the volume weighted average price of shares sold on ASX during the previous five trading days ending 24 July 2012.

Under the SPP, eligible shareholders may subscribe for parcels of $2,500 (25,000 shares); $7,500 (75,000 shares); or $15,000 (150,000 shares) worth of shares. The maximum number of shares any one eligible shareholder is able to apply for is 150,000. As a general principle, the shares will be allocated on a first come first served basis. However, the directors of the Company reserve the right to allot fewer shares than an eligible shareholder applies for.

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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Shares issued under the Placement and SPP will rank equally with existing shares. The SPP opens on 1 August 2012 and closes on 22 August 2012. The directors of the Company also reserve the right to close the offer before the closing date upon receiving the maximum of $2 million or to extend the closing date.

A summary of key dates under the SPP is set out below:

Key Date	Event	Description
26 July 2012	Record Date	Date in which the Company determined the eligible
		shareholders
31 July 2012	Dispatch Offer Document	Share Purchase Plan offer materials dispatched to
		eligible shareholders
1 August2012	OpeningDate	SharePurchasePlanopens
22 August 2012	Closing Date	Share Purchase Plan closes. Applications must be
		received by 5pm Perthtime
24 August 2012	Allotment Date	Shares allotted
27 August2012	Despatch Date	NewShare statements sent to shareholders

The above key dates are indicative only and the directors of the Company reserve the right to amend these key dates.

This announcement effects the end of the Company’s trading halt.

-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 and mining company with a focus on copper and gold. The Company is active in West Africa, with gold resources and permits covering around 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

With experienced management and extensive local teams in the Company’s permanent offices in Mali and Burkina Faso, Golden Rim is able to move quickly and efficiently in order to maximise potential opportunities.

Golden Rim is pursuing an active program of drilling in Burkina Faso and Mali and is poised to deliver significant growth and value to shareholders.

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Further Company Information

E: info@goldenrim.com.au W:goldenrim.com.au

Capital Structure

Issued Shares: 413,306,231 Unlisted Options: 29,950,000

Major Shareholders

Royal Group, Abu Dhabi 13.18% Acorn Capital 7.03%

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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