ASARA RESOURCES LIMITED — Capital/Financing Update 2012

Mar 5, 2012

ASX/Media Announcement

6 March 2012

Drilling Commences at the Yako Project, Burkina Faso

Golden Rim Resources Ltd ( Golden Rim, ASX: GMR) today announced that a program of reverse circulation ( RC ) drilling has commenced on the Yako Project in Burkina Faso.

A program of approximately 3,000m of RC drilling is planned and will test a number of areas on the Zanna Permit and the newly-acquired Tanlili Permit. Key target areas include the Pelle South and Pelle North prospects and a new artisanal mining site called Yake.

Pelle South Prospect

The Pelle South Prospect occurs on the Tanlili Permit and consists of two parallel zones of artisanal workings. The main zones occur over a strike length of around 350m and trend NE-SW.

The gold mineralisation at Pelle South is associated with quartz vein stock works hosted in a metasedimentary sequence. RC drilling by a previous explorer returned intersections including 42m @ 1.6 g/t gold and 8m @ 1.9 g/t gold .

The mineralisation in both the eastern and western zones is open along strike. To the north, the mineralisation strikes beneath a laterite cap which has also been extensively worked for gold.

Golden Rim’s program will include infill drilling around the previous intercepts and drilling to test for strike extensions to the mineralisation.

Pelle North Prospect

Pelle North is located around 700m NE of Pelle South on the Zanna Permit and was drilled by Golden Rim in 2011. Golden Rim’s intercepts include: 14m at 0.88 g/t gold from 13m, 19m at 4.08 g/t gold (including 1m @ 38.1 g/t gold ) from 42m and 10m @ 0.42 g/t gold from 92m in ZPRC003; 8m at 1.05 g/t gold from 50m in ZPRC002 and 8m at 0.95 g/t gold from 37m in ZPRC009. Drilling by a previous explorer returned intercepts such as 11m @ 8.7 g/t gold, 10m @ 1.6 g/t gold and 16m @ 1.4 g/t gold.

The gold mineralisation at Pelle North trends NE-SW and has been identified over a strike length of 700m. It is open to the south where it extends under a lateritic cap. The style of the mineralisation is identical to that at Pelle South.

Drilling at Pelle North will include infill drilling around the previous intercepts and target extensions of mineralisation to the south. Golden Rim is hoping to link the mineralisation identified at the Pelle North Prospect to the mineralisation at Pelle South.

Yake Prospect

The Yake Prospect is a relatively new artisanal mining site located approximately 5.2km NW of the Pelle North Prospect. This area was visited by Golden Rim’s geologists in February 2012, when an artisanal “gold rush” involving at least 500 people was well underway.

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 main artisanal site currently covers an area of 100m by 60m and is trending roughly NE–SW. Results for rock chip samples collected from this site are pending but quartz veins currently being mined by the artisanal miners contain abundant visible gold.

Mineralisation at Yake consists of a series of parallel high grade auriferous quartz veins hosted in a granodioritic intrusive sequence. Golden Rim is planning several fences of holes to test these sheeted veins.

-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 licences covering around 5,000km[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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Figure 1. Location of artisanal mining sites within the Yako Project, Burkina Faso, on an aeromagnetic image.

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Photograph 1. “Gold rush” underway at the Yake artisanal mining site within the Yako project, Burkina Faso.

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Photograph 2. Panning gold at the Yake artisanal mining site at Yako.

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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: 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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