ASARA RESOURCES LIMITED — Capital/Financing Update 2013

Jan 20, 2013

ASX/Media Announcement 21 January 2013

Scoping Study Commences to Confirm the Potential for a Low Capex/Low Cost/High Margin Gold Mine at Balogo, Burkina Faso

• Coffey Mining has been engaged to conduct a detailed Scoping Study on the Netiana Lodes and the study is expected to be completed by end of February 2013.

• The Board of Golden Rim is confident that the high grade Netiana gold deposit at Balogo can be developed as a compact low capex / low cost / high margin open pit operation .

• The Company has decided to fast track the development of the project and, subject to permitting, has the objective of achieving first gold production towards the end of 2014 .

• A comminution testwork program has also commenced. The testwork is being conducted by SGS, in Perth, under the supervision of Coffey Mining.

Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced that it has commenced a Scoping Study and comminution testwork on the Netiana Lodes at the Balogo Project in Burkina Faso.

Scoping Study

Coffey Mining Pty Ltd, Perth, has been engaged to complete the Scoping Study with the objective of assessing the viability of a small open cut mining and processing operation to exploit the high grade gold mineralisation.

The scope of work for the study covers geology, geotech, mining, hydrogeology, processing, infrastructure, tailings and the environment.

Work on the Scoping Study has commenced and is expected to be completed by end of February 2013. The study will include sufficient detail to allow Golden Rim to proceed directly to a Definitive Feasibility Study ( DFS ) should the results confirm the viability of the project.

It is believed that a DFS could be completed within 4 months.

Comminution Testwork

Two 80kg samples of fresh gold mineralisation from the Netiana Lodes have been collected from drill core and is currently en-route to Perth for comminution testwork to determine the ore hardness. The testwork will be conducted by SGS Lakefield Oretest Pty Ltd and will be supervised by Coffey Mining. Apart from a series of standard comminution tests, a number of additional tests will be conducted to allow a more detailed assessment of processing equipment design and sizing.

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 comminution testwork results are expected to be available by the end of February 2013.

Golden Rim’s Managing Director, Mr Craig Mackay, said this is a particularly significant time for the company.

“Our drilling indicates the Netiana gold deposit is of significant size, near surface and of a high grade. Preliminary metallurgical testwork has returned better than 95% recoveries with conventional gravity and cyanide leaching,” he said.

“We believe the Scoping Study will demonstrate the strong credentials of Netiana to provide a favourable and low risk investment opportunity for Golden Rim. The Project should clearly differentiate Golden Rim from peer companies with large, low grade, capex intensive gold projects elsewhere in West Africa.”

The Board of Golden Rim is confident that the high grade Netiana gold deposit can be developed as an open pit operation with low capital expenditure, low operating costs and with high margin returns.

Given the compact and uncomplicated nature of the project, Golden Rim believes that Netiana can be developed quickly, and subject to permitting, the Company has the objective of achieving its first gold production toward the end of 2014.

-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

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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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