ASARA RESOURCES LIMITED — Capital/Financing Update 2013

Feb 4, 2013

ASX/Media Announcement 5 February 2013

Maiden Gold Resource and Preliminary Scoping Study Results for the Netiana Lodes at Balogo, Burkina Faso

• Maiden Inferred Mineral Resource estimate in accordance with the JORC Code has been completed for the Netiana Lodes at Balogo.

• Inferred Resource of 850,000 tonnes at 6.8 g/t gold for 185,000 ounces of gold has been defined at a 0.5 g/t cut-off.

• Resource estimate is highly conservative with spatial restrictions placed on the influence of high-grade gold samples in the resource model.

• High-grade core of the resource is predominantly oxide material and is located only 25m below the surface enabling early extraction in an open pit operation.

• Preliminary Scoping Study estimates from Coffey Mining suggest that an open pit development on the Netiana Lodes would be very robust, with a calculated NPV of A$45.7 million and an IRR of >100% giving a Capital Cost (CAPEX) payback of less than 5 months .

• CAPEX for a new modular 250,000 tpa plant is estimated at A$38.8 million and total Operating Cost (OPEX) is estimated at A$603/oz at a treatment rate of 30tph.

• At a gold price of $1,550/oz, the mine would generate gross revenue of A$106 million/year.

• Mine life is 2 years and Golden Rim is confident that this can be extended with further pit optimisation and additional discoveries of satellite gold resources in the region around the Netiana Lodes.

• Drilling planned on satellite resource targets with existing drill intercepts, such as 6m at 10 g/t gold and 3m at 34.2 g/t gold.

• Scoping Study is expected to be finalised by the end of February 2013, after which Golden Rim expects to proceed directly into a Definitive Feasibility Study.

• The Company’s goal is to produce its first gold from the Netiana Lodes late in the second half 2014.

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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Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced that it has completed a maiden Mineral Resource estimate and has received preliminary Scoping Study estimates on the Netiana Lodes at the Balogo Project, in Burkina Faso.

Mineral Resource Estimate

A maiden Mineral Resource estimate for the Netiana Lodes has been completed on behalf of Golden Rim Resources by Mining Plus Pty Ltd ( Mining Plus ).

An Inferred Resource of 850,000 tonnes at 6.8 g/t gold for 185,000 ounces of contained gold at a 0.5 g/t gold lower cut-off has been estimated and is reported under the guidelines laid out in the JORC Code (2004).

Spatial restrictions were used around high-grade gold assays to reduce the influence of these assays in the estimation.

A total of 28 diamond drill holes (5,136m including 1,144m of PQ3 core, 2,724m of HQ3 core and 1,268m of HQ triple tube core) and 99 reverse circulation (RC) holes (13,895m) were used in the estimate.

Drill spacing in the central area of the project averaged 20m along traverses which were spaced 20m apart. Towards the extremities of the area, drill spacing was about 50m along traverses 50m apart.

Mineralisation envelopes based on 0.1 g/t and 0.5 g/t gold boundaries were used as a basis for the estimation procedure. The 0.5 g/t gold envelope was completely inside the 0.1 g/t gold envelope and contained by far the majority of samples above 0.5 g/t gold but there were some samples above 0.5 g/t gold within the 0.1 g/t gold envelope. Grades were estimated into a block model using an inverse distance weighting technique. Modelling and estimation parameters appropriate for the drill spacing and sampling density were used.

Details of the resource estimation parameters are given in Appendix 1.

Results at various cut-off grades of mineralisation contained with the 0.5 g/t gold envelope are presented in Table 1.

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Table 1. Inferred Resource estimates at varying cut-off grades and high-grade sample restrictions inside the 0.5 g/t gold envelope.

Cut-off grade g/tgold	Tonnes	Gold grade g/t	Gold ounces
> 0	896,059	6.45	185,752
> 0.3	873,782	6.61	185,627
> 0.5	849,265	6.79	185,306
> 0.8	787,228	7.27	184,006
> 1.0	732,963	7.74	182,418
> 3.0	427,854	12.00	165,006
> 5.0	296,777	15.60	148,836
> 10.0	155,083	23.27	116,014
> 20.0	33,048	56.98	60,543

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Figure 1. Isometric view of the 0.5 g/t gold wireframe and drill traces used in the resource estimation.

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Low Grade Mineralisation Surrounding the Netiana Lodes

A number of gold intersections were also modelled that fell outside the 0.5 g/t gold wireframe for the Netiana Lodes. These intersections were not incorporated into the original wire frame as they were not continuous with the main Netiana Lodes. These are presented in Table 2.

At a 0.5 g/t cut-off an additional Inferred Resource of 250,000 tonnes at 1.1 g/t gold for 8,700 ounces of contained gold can be calculated from the low grade mineralisation surrounding the Inferred Resource of 850,000 tonnes at 6.8 g/t gold for 185,000 ounces of contained gold for the main Netiana Lodes.

Table 2. Inferred Resource estimates at varying cut-off grades outside 0.5 g/t gold envelope and inside the 0.1 g/t gold envelope.

Cut-off grade g/tgold	Tonnes	Gold grade g/t	Gold ounces
> 0	498,935	0.74	11,938
> 0.3	498,935	0.74	11,938
> 0.5	246,725	1.11	8,783
> 0.8	99,855	1.84	5,894
> 1.0	74,630	2.16	5,181
> 3.0	11,699	4.81	1,808
> 5.0	2,750	7.83	692

A Robust, High-Grade Gold Resource

The high-grade of the Netiana Lode system is reflected by the minor reduction in total contained ounces of gold at cut-off grades greater than 0.5 g/t gold.

With an increase in the cut-off grade from 0.5 g/t gold to 1 g/t gold there is a reduction of only 1.5% in the total gold content.

This indicates that there is potential to high-grade the resource with only a minimal reduction in potentially recoverable gold. The effect of increasing the cut-off grade with respect to total contained gold is shown in Table 3.

Table 3. Effect of cut-off grade on total contained gold ounces.

Cut-off grade g/t gold	Tonnes	Gold grade g/t	Gold ounces	% Total gold ounces
> 0.5	849,265	6.79	185,306	100
> 1.0	732,963	7.74	182,418	98.4
> 5.0	296,777	15.60	148,836	80.3

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A Conservative Resource Estimate

There is a number of very high-grade gold intersections at Netiana (e.g. 8m at 245 g/t gold, 6m at 308 g/t gold and 4m at 343 g/t gold) which can have major impact on the estimated grade and total contained gold ounces of the Netiana Lodes.

A conservative approach was taken in dealing with these intersections in the resource estimate and spatial restrictions were placed on the area of influence of high-grade drill intersections.

Values for tonnage, grade and total contained gold when high-grades are not restricted are given in Table 4.

Table 4. Inferred Resource estimates at varying cut-off grades inside 0.5 g/t envelope when there are no restrictions on the high-grade samples.

Cut-off grade g/tgold	Tonnes	Gold g/t	Gold ounces
> 0.5	853,432	8.85	242,888
> 1.0	746,576	10.01	240,213
> 5.0	323,333	19.98	207,731

At a 0.5 g/t cut-off, and no high-grade restrictions, the Inferred Resource is 850,000 tonnes at 8.9 g/t gold for 243,000 ounces which has 58,000 more contained ounces of gold than the preferred Inferred Resource of 850,000 tonnes at 6.8 g/t gold for 185,000 ounces when the influence of highgrades is restricted.

Further investigation is planned to determine the appropriate restrictions to be applied on the high grade intersections on future resource estimations at Netiana.

Preliminary Scoping Study Estimates

Coffey Mining Pty Ltd ( Coffey Mining ) has been engaged by Golden Rim to complete a Scoping Study to assess the viability of an open cut mining and processing operation to exploit the gold resource at Netiana.

Coffey Mining was provided with the Inferred Resource of 850,000 tonnes at 6.8 g/t gold prepared by Mining Plus and instructed to provide preliminary estimates of Capital Costs (CAPEX) for a processing facility inclusive of all fixed plant and basic camp infrastructure, and a tailings storage facility and Operating Costs (OPEX), for mining and processing only. Given incomplete testwork results (e.g. comminution) and limited mine planning, Coffey Mining has only allowed for +/- 40% estimates at this stage.

Estimates will be improved for a final Scoping Study report which is scheduled for the end of February 2013. In addition the final report will include a resource review and geotechnical, hydrogeology and environmental studies.

A first pass optimised pit design reduced the Inferred Resource to 443,000 tonnes at 9.3 g/t gold for 133,000 ounces in a pit with a strip ratio of 10.2:1. Considerable mineralisation lies outside the pit shell and further pit optimisation work as the Scoping Study progresses is expected to improve the number of mineable ounces. In addition, some of the remaining ounces may be accessible by

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underground extraction methods, particularly as the ore body remains open at depth and downplunge.

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Figure 2. First Pass Pit Optimisation for the Netiana Lodes.

For a short term project, development of the Netiana Lodes looks very robust, as an open pit, with a calculated NPV of A$45.7 million and an IRR of >100% giving a CAPEX payback of less than 5 months.

The CAPEX has been estimated at $A38.8 million installed. This is for a fully transportable front end modular 250,000 tpa plant coupled to a semi-transportable back end (gravity circuit, CIL, elution and E/W, carbon activation, tails thickening and detox).

The mine OPEX has been estimated at A$56/tonne or A$197/ounce and the processing OPEX at $112.2/tonne or A$406/ounce for a total cost of A$603/ounce, inclusive of catering and consumables at a treatment rate of 30tph. Mine life for this option is 2 years.

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Figure 3. Photograph of a similar modular processing plant to that being considered for the Netiana Lodes.

Further Exploration Potential

Resource definition at the Netiana Lodes has been the focus for recent exploration activity at the Balogo Project but a number of very significant exploration targets require evaluation.

The recently completed gravity survey data has been combined with other geophysical, geological and geochemical datasets and have identified a number of new target areas which will be prioritised for testing. At least three target areas have been identified which have similar geological / geophysical signatures to the Netiana Lode system.

Additional targets include the extensive quartz vein system being mined by artisanal miners which has not been systematically drill tested, and drill intersections, such as 6m at 10 g/t gold in the Cobra Shear and 3m at 34.2 g/t gold at the Porphyry Lodes (see Figure 4) which have not been systematically followed up.

Due to the extensive areas of transported cover, it is highly possible that initial 200m x 50m conventional soil sampling did not adequately evaluate some areas at Balogo. A program of auger drilling is planned to penetrate cover sequences and test for geochemical anomalies in the underlying saprolite.

An orientation survey of high resolution three dimensional induced polarisation (3D - IP) is planned to cover Netiana, Porphyry and part of the Cobra Shear. It is anticipated that this geophysical technique will allow disseminated sulphide mineralisation to be modelled and potentially generate new drill targets.

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Figure 4. Image showing the strong gravity low corridor that hosts the Netiana Lodes and the priority target areas that Golden Rim believes may have the potential to host satellite gold resources.

Golden Rim’s Managing Director, Mr Craig Mackay, said that the Balogo Project was quickly progressing to become the Company’s first gold operation.

“The gold resource on the Netiana Lodes contains high grades, near surface position and excellent metallurgical recoveries to support our objective of developing an open pit mine and processing operation.” he said.

“The preliminary Scoping Study results from Coffey Mining are exciting and suggest a mining operation on the Netiana Lodes would be very robust with a projected NPV of A$45.7 million and an IRR of >100%. The estimated CAPEX of A$38.8 million is very low and could be paid back in less than 5 months.

“Based on the current resource alone, the mine could produce revenues for Golden Rim in excess of A$200 million. As we now move to test target areas along strike from the Netiana Lodes we believe the potential to outline satellite gold resources and expand the mine life is very high.” said Mr Mackay.

-ENDS-

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Appendix 1. Resource Estimation Parameters

• The Netiana Mineral Resource estimate was completed according to guidelines set out in the JORC Code (2004) on behalf of Golden Rim Resources in January 2013. The estimations were made by Dr C Gee who is an employee of Mining Plus Pty Ltd and is a Competent Person as defined in the JORC Code.

• The Netiana Lodes consist of multiple zones of predominantly silica-sulphide mineralisation hosted within dioritic host rocks. Mineralisation generally strikes 055[o] and dips around 70[o] to 80[o] to the north-west.

• Mining Plus has reviewed the drilling and sampling data and is satisfied that it is of sufficient quality as required to comply with JORC requirements for an Inferred Mineral Resource estimate.

• All drillhole collars have been surveyed by DGPS. All drill holes were surveyed downhole at intervals of generally 30m using digital survey instruments. All diamond core was orientated, where possible using a Reflex tool.

• All RC holes were sampled at 1m intervals, riffle split and then submitted for analysis at accredited assay laboratories in Ouagadougou, Burkina Faso.

• All diamond holes were logged and sampled to geological intervals. Samples were cut using a diamond saw. The minimum sample interval for diamond core was around 50cm to achieve a minimum sample weight of 2.5kg. Consistently the right-hand piece of core was sampled.

• QA/ QC controls (a standard and a blank) were inserted into the RC samples stream every 20 samples (10%). A standard and a blank were introduced for every 10 diamond core samples (20%). QA/QC data has been rigorously checked in house and also by Mining Plus who verifies that the drillhole assays are of sufficient quality to support a JORC-compliant Mineral Resource estimate.

• Gold determinations were done using a standard 50 gram fire assay technique with AAS finish. Samples that returned values greater than 10 g/t gold were re-assayed with a gravimetric finish.

• Specific gravity measurements were done on 414 core samples. Twenty seven (27) of these samples had gold values greater than 0.5 g/t gold and the average SG of these was of these was 2.9. A density of 2.9 was used for blocks within the 0.5 g/t envelope and a density of 2.75 was used for all other blocks.

• Ore boundaries used in the estimate were based on a 0.5 g/t gold lower cut-off with a maximum of 3 metres of internal dilution. Wireframe enveloped were constructed using a 0.5 g/t Au and a 0.1 g/t Au cut-off.

• Statistical analysis of gold values in the dataset showed that gold values belonged to essentially a single population. Consequently it was not considered valid to apply an arbitrary top-cut to the gold values .It was considered more appropriate to spatially restrict the influence of high-grade samples by imposing a reduced search ellipse on highgrade composites.

• The resource estimation was done using an inverse distance weighting (power = 2) method as ordinary kriging was not deemed to be suitable.

• Samples used in the estimate are 2 metre composites.

• Block modelling was done using a block size of 10m X, 10mY and 10mZ with sub-blocks down to 1m x 1m x 1m.

• The block model was orientated so that the X axis was at 055 degrees.

• A search ellipsoid with a major axis of 55m, semi-major axis of 50m and a minor axis of 5m was used for composite samples with grades less than 100 g/t gold. For composites greater than 100 g/t gold, the ellipse was reduced to 12m x 10m x 2m.

• The search ellipsoids were orientated with a bearing of 055 degrees for the major axis and a dip of 75 degrees to the NW.

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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

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.

The Information in this announcement that relates to Mineral Resources is based on information compiled by Mr Peter Olubas and Dr Chris Gee. Mr Olubas is a Member of the Australasian Institute of Geologists (AIG)and the Australian Institute of Mining and Metallurgy, while Dr Chris Gee is a member of the Australian Institute of Mining and Metallurgy. Mr Olubas is a full-time employee of Golden Rim Resources, whilst Dr Gee is an employee of Mining Plus Pty Ltd. Mr Olubas and Dr Gee have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking. This qualifies Mr Olubas and Dr Gee as “Competent Persons” as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Olubas and Dr Gee consent to the inclusion of information in this announcement in the form and context in which it appears.

The information in this announcement that relates to the Scoping Study is based on information compiled by Mr Chris Campbell-Hicks. Mr Campbell-Hicks is a Member or Fellow of The Australasian Institute of Mining and Metallurgy or the Australian Institute of Geoscientists or a ‘Recognised Overseas Professional Organisation’ included in a list promulgated by ASX from time to time. Mr Campbell-Hicks is a full time employee of Coffey Mining Pty Ltd who has been engaged by Golden Rim Resources Limited to prepare a Scoping Study Report insofar as it relates to the Balogo Project. Mr Campbell-Hicks has reviewed the Report to which this Consent Statement applies and verifies that the Report is based on and fairly and accurately reflects in the form and context in which it appears. Mr Campbell-Hicks consents to the inclusion of information from this Report in this announcement 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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