ASARA RESOURCES LIMITED — Capital/Financing Update 2013

Jan 31, 2013

ASX/Media Announcement 1 February 2013

Golden Rim to Acquire the Korongou Gold Project, Burkina Faso

• Korongou Project one of the most sought after gold properties in Burkina Faso.

• More than 70km of potential gold mineralised structures mapped by current owner or exposed in artisanal workings and ready for drill testing.

• Trenching in the NE of the Korongou Permit has identified more than 20 parallel gold mineralised shear structures within a 1km wide corridor.

• Individual gold mineralised shear zones up to 30m wide.

• Gold grades are high. The head grade of the current small scale mining operation is 5.2 g/t gold. Artisanal miners have exploited mineralisation grading over 1,000 g/t gold.

• An immediate drilling program is planned and Golden Rim is confident of the potential to quickly outline a gold resource in excess of one million ounces that would be suitable for bulk mining.

• Golden Rim plans to divest some of its gold projects in Burkina Faso to allow the Company to focus on the Korongou and Balogo projects.

Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced that it has executed an agreement with Epsilon Gold Mines Ltd ( Epsilon ) to acquire 90% of the Korongou gold project in Burkina Faso. The transaction is subject to the finalisation of Golden Rim’s due diligence. This is expected to be completed by mid-February 2013. Epsilon is a Burkinabe company.

The project area covers 315km[2] and is located 230km NE of Ouagagougou, the capital of Burkina Faso, and consists of the following permits:

• Korongou Exploration Permit covering 65km[2] ;

• Gandeni Exploration Permit covering 250km[2] ;

• Banouassi Small Scale Mining Permit, covering 1km[2] and which sits entirely within the Korongou Permit.

The Korongou Project covers part of a highly prospective Lower Proterozoic Birimian “Samira Hill” greenstone belt in Burkina and is traversed by a significant NE-trending fault splay which is connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, such as Kiaka (5 Moz gold), Bomboré (5.2 Moz gold) and Essakane (5.6 Moz gold), and Samira Hill (2 Moz gold) in western Niger.

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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Extensive Gold Mineralisation Identified

More than 70km of potential gold mineralised structures have been mapped by Epsilon or exposed in artisanal workings within the Korongou Permit and these structures are ready for drilling.

The grade of the gold mineralisation within these structures can be very high. Epsilon have rock chip sample results up to 313 g/t gold. Artisanal miners have exploited gold from several small bonanza pits which graded in excess of 1,000 g/t gold.

BG Prospect

More than 20 gold mineralised, parallel, NE-trending shear structures have been identified in trenches and pit within a 1km wide corridor in the eastern portion of the Korongou Permit. This area is known as the BG Prospect.

The mineralisation lies in a package of highly altered volcanic and volcanoclastic host rocks and is associated with a major gold-in-soil anomaly and a prominent 6km long dilational structural jog along a regional NE-trending shear zone.

Two of these gold mineralised shear structures ( MCA and MCB ) have been the focus of artisanal mining and the small scale mining conducted by Epsilon since 1996.

The MCA and MCB structures are roughly parallel and lie 3m to 15m apart. They have been traced for a strike length of approximately 2km. Apart from the NE-trending shear structures, gold mineralisation is also found in ESE-trending extensional gash quartz veining, in stock work quartz veining between the structures, and disseminated in the highly altered surrounding host rocks.

The main MCA structure ranges in width from 6m to 30m. Bulk sampling by Epsilon has returned an average grade of 7.1 g/t gold. The MCB structure ranges in width from 8m to 14m and Epsilon bulk sampling returned an average grade of 3.6 g/t gold.

Four major ESE-trending extension gash veins have been identified. They extend from 200m to 2km in length and up to 9m in width.

KK Prospect

The KK Prospect lies in the central portion of the Korongou Permit and covers 4 main linear gold mineralised shear structures that have been mapped over 2km to 5km. The width of these mineralised structures range from 1m to 10m. Rock chip sample results up to 108 g/t gold have been obtained by Epsilon.

Small Scale Mining

Epsilon has produced approximately 20,000oz of gold from the permit area since 1997.

Since 2007, Epsilon has operated a small 10 tonne/day plant (gravity + cyanidation) at Korongou. Oxide ore is extracted from a number of small pits to 8m depth. Their plant recovery to date has averaged between 80% to 85%.

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Previous Exploration

Exploration work conducted by Epsilon within the Korongou Permit includes soil and rock chip sampling, geological mapping, trenching, bulk pit sampling, and limited drilling.

Epsilon collected 4,237 soil samples on a grid pattern of 200m x 40m over the main mineralised corridor (16km x 2km). A major gold-in-soil anomaly (>84 ppb gold) covering an area of 6km x 2km was outlined in the NE portion of the Korongou Permit and is associated with the gold mineralised structures within BG Prospect.

Epsilon has completed over 7km of trenching at the BG Prospect. This work has outlined at least 20 gold mineralised, parallel, NE-trending shear structures within a 1km wide corridor.

A bulk sampling program was conducted by Epsilon with 16,000 tonnes of ore extracted from 14 shallow pits at the BG Prospect and processed in their gravity/CIL plant. The plant recovered 4.3 g/t gold. With a plant recovery of 85% the head grade of this mineralisation was 5.4 g/t gold.

A limited aircore/reverse circulated program was attempted by Epsilon in 2010 at the BG Prospect to test for depth extensions to the MCA and MCB vein structures. The drilling rig was too small and underpowered for the program and the holes failed to reach the targeted vein strucures. Of interest however were intercepts such as 18m at 1.4 g/t gold, 17m at 1.0 g/t gold and 10m at 2.1 g/t gold that were obtained from low grade satellite structures adjacent to the the MCA and MCB structures.

Epsilon has conducted soil sampling (800m x 100m) and mapping on the Gandeni Permit. Several significant gold-in-soil anomalies were outlined and require follow-up.

Terms of the Agreement

Under the terms of the agreement, Golden Rim has the right to acquire a 90% interest in the Korongou Project for $3 million in staged cash payments to Epsilon. A total of $2 million is payable over a period of 2 years. The additional $1 million is payable upon the commencement of a Definitive Feasibility Study.

Epsilon will retain a 10% free carried interest in the Project until the Decision to Mine. After this time, Golden Rim will provide loans for Epsilon to maintain its 10% interest in the Project. These loans will be repayable to Golden Rim from Epsilon’s share of the profits from production.

Golden Rim’s Managing Director, Mr Craig Mackay, said that the Company was very excited about the acquisition of the Korongou Project.

“Korongou has been one of the most sought after gold properties in Burkina Faso. Extensive zones of gold mineralisation have been identified and over the past decade, Epsilon has received offers from more than 20 companies to purchase the property, including offers from several of the gold majors”.

“Golden Rim has chased this project for some time and is confident of its potential to quickly produce a gold resource in excess of one million ounces. Golden Rim’s success at securing the Project is a testament to having the right people on the ground in Burkina Faso, enabling us to move quickly and effectively,” Mr Mackay said.

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“Further divestment of Golden Rim’s extensive portfolio of exploration permits in Burkina Faso is planned to allow the Company to focus on the Korongou and Balogo projects,” he said.

-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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Figure 1 . Location of the Korongou Project in Burkina Faso

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Figure 2 . Geology of the Korongou Permit with gold mineralised structures and rock chip sample results. Only gold assays >15 g/t gold are labelled.

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Figure 3 . Gold-in-soil anomalies and gold mineralised structures within the Korongou Permit.

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Photograph 1 . One of the Epsilon open pits at the Korongou Project. The mineralised structure in this pit is 6m wide.

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Photographs 2 & 3. Gold produced by Epsilon at the Korongou Project. Total production to date exceeds 20,000oz.

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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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