ASARA RESOURCES LIMITED — Capital/Financing Update 2014

Jun 18, 2014

ASX/Media Announcement 19 June 2014

818 g/t (26 oz/t) Gold Received in Sampling at Korongou and Drilling Update

• Further very high grade gold assays have been received from rock chip sampling at the Korongou Project

• The best new result is 818 g/t (26 oz/t) gold which is the highest gold assay ever obtained by the Company in Burkina Faso

• Additional significant new results include: 142.1 g/t gold, 25.5 g/t gold and 12.0 g/t gold

• The 4,300m RC program at Korongou has been completed and assay results are pending

• The RC rig has been relocated to the Balogo Project to conduct follow up drilling on the Panga Lodes where previous drilling returned 14m at 18.8 g/t gold

Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced further results from rock chip sampling across the Korongou Permit and provided an update on its drilling programs in Burkina Faso.

Rock Chip Sampling at Korongou

Results from 16 new rock chip samples have been received from the Namagdo, Maré and Banouassi prospects at Korongou. Samples have been taken from outcrop and artisanal workings. All of the new assay results are listed in Table 1.

The best new rock chip assays ( 818 g/t gold, 142.1 g/t gold, 25.5 g/t gold and 5.0 g/t gold ) have been obtained in the SE of the Banouassi Prospect from in situ quartz-sulphide-carbonate veining exposed in a NE-trending zone of new artisanal workings which lie on one of the three parallel zones of mineralisation which are known locally as the Kom Line (Figure 1, Photograph 1). The very high grade gold mineralised zone is hosted in strongly sheared and altered andesite and seems to be approximately 5m wide. It is yet to be tested by drilling.

Rock chip sample results of 12.0 g/t gold and 4.1 g/t gold have been returned from the Maré Prospect, which lies 1.3km SW of the Banouassi Prospect. Both were float samples of sheared and silicified (+/- iron oxides) andesite with quartz veinlets from nearby artisanal workings. The mineralisation at Maré was tested by the recent drilling. Assays are pending.

Rock chip samples taken from a line of new artisanal workings (Kogli South) in the SW portion of the Namagdo Prospect returned results including 3.0 g/t gold and 2.3 g/t gold from in situ silicified and iron-rich andesite with quartz and sulphide veinlets. The Kogli South mineralisation was tested by the recent reverse circulation ( RC ) drilling and assays are pending.

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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Drilling Update

The RC program at Korongou has been completed and the auger program is progressing well. To date, 34 RC holes for a total of 4,306m and 1,028 auger holes have been completed.

The RC program was designed to follow up targets from last year’s drilling program and to test new areas of artisanal mining, where significant rock chips have been returned. The assay results of the completed program are pending.

The drilling rig has been relocated to the Balogo Project to conduct a planned program of five holes (800m) to follow up the previously returned intercept of 14m at 18.8 g/t gold (34m – 48m), including 4m at 63.8 g/t gold, in Hole BRC270 at the Panga Lodes.

Weather permitting, when the drilling at Balogo has been completed the rig will be moved back to Korongou to allow further follow up holes. The follow-up work will include testing the high grade gold mineralisation at the Kom Line.

Golden Rim’s Managing Director, Craig Mackay, said “Our sampling at Korongou continues to return high gold grades. A rock chip sample of 818 grams of gold per tonne or 26 ounces of gold per tonne is extraordinarily high and we look forward to drilling some holes beneath this mineralisation.”

“Our continuing exploration work clearly highlights the significance of the gold mineralisation at Korongou, which Golden Rim believes to be one of the largest and most prospective areas of gold mineralisation in Burkina Faso that has not yet been subjected to a modern and systematic exploration campaign.”

-ENDS-

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Figure 1. Location of prospect areas, mineralised structures and rock chip sampling at Korongou.

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Figure 2. Location of RC drill collars, artisanal workings and rockchip sampling at the Kom Line in the SE of the Banouassi Prospect. Significant new rock chip results are highlighted in yellow.

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Photograph 1 . New artisanal workings at the Kom Line. Very high grade gold rock chip assays ( 818 g/t gold, 142.1 g/t gold, 25.5 g/t gold and 5.0 g/t gold ) have been obtained from in situ quartz-sulphide-carbonate veining.

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Table 1: New rock chip sample results from Korongou.

Sample ID	Prospect	Easting (m)	Northing (m)	Zone	Sample Type	Gold (g/t)	Description
155931	Kom line	180,214	1,408,329	31N	In situ	5.01	Strongly sheared andesite with quartz, carbonate and sulphide veinlets
155932	Kom line	180,222	1,408,323	31N	In situ	25.5	Strongly sheared andesite with quartz, carbonate and sulphide veinlets
155933	Kom line	180,206	1,408,318	31N	In situ	818	Strongly sheared andesite with quartz, carbonate and sulphide veinlets
155934	Kom line	180,104	1,408,360	31N	Float	1.00	Strongly sheared andesite with quartz, carbonate and sulphide veinlets
155935	Kom line	180,125	1,408,377	31N	Float	1.23	Strongly sheared andesite with quartz, carbonate and sulphide veinlets
155936	Kom line	180,156	1,408,409	31N	Float	1.13	Strongly sheared andesite with quartz, carbonate and sulphideveinlets
155937	Kogli south	824,656	1,405,440	30N	In situ	0.32	Silicified iron-rich andesite, with quartz and sulphide veinlets
155938	Kogli south	824,676	1,405,446	30N	In situ	3.03	Silicified iron-rich andesite, with quartz and sulphide veinlets
155939	Kogli south	824,688	1,405,445	30N	Float	1.37	Fractured whitish iron-rich quartz, sulphide blocks
155940	Kogli south	824,759	1,405,469	30N	In situ	2.33	Silicified iron-rich andesite, with quartz and sulphide veinlets
155941	Kogli south	824,790	1,405,482	30N	In situ	0.28	Silicified iron-rich andesite, with quartz and sulphide veinlets
155942	Peuple	825,216	1,406,357	30N	Float	-0.005	White-grey, fractured iron- richquartz+/-sulphides
155943	Peuple	825,542	1,406,513	30N	Float	0.01	Sheared & silicified andesite with quartz stringers
155944	Maré	176,443	1,407,560	31N	Float	4.13	Sheared silicified (+/- iron- oxides) andesite + qtz stringers
155945	Maré	176,455	1,407,559	31N	Float	12.0	Sheared silicified (+/- iron- oxides) andesite + qtz stringers
155946	Kom line	180,222	1,408,323	31N	In situ	142.1	Strongly sheared andesite with quartz, carbonate and sulphide veinlets

Notes: -0.005 represents an assay below the laboratory lower detection limit. Projection UTM, WGS84

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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Explanation
Sampling Techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 Rock chip samples are random (grab) samples taken of quartz vein material in surface outcrop or in shallow artisanal mine workings carried out as part of a geological mapping exercise in areas of geological interest. Sample size is nominally 2 to 3 kilograms.  Samples were all collected by qualified geologists or under geological supervision. The sampling was part of an early stage exploration programme aimed at locating gold mineralisation and no claim is made as to the representivity of each sample.  Location of each sample was recorded by hand held GPS with positional accuracy of approximately +/- 5 metres.  All rock chip samples were submitted to Bigs Laboratory in Ouagadougou for preparation and analysis by 50g Fire Assay (LDL 0.005 ppm gold).
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	 No drilling was undertaken
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarsematerial.	 No drilling was undertaken
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource	 Each sample was briefly described geologically by the geologist involved (using a standardised logging system). The sample detailswere enteredinto

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Criteria	JORC Code Explanation	Explanation
	estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	Golden Rim’s geochemical sample database.  The sample results are to be regarded as semi-quantative.
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Samples were transported by road to Bigs Laboratory in Ouagadougou.  At the laboratory all samples were weighed, dried and crush to -2mm in a jaw crusher. A split of the crushed sample was subsequently pulverised in a ping mill to achieve a nominal particle size of 85% passing 75um.  Sample sizes and laboratory preparation techniques are considered to be appropriate for early stage gold exploration.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 Rock chip samples are analysed for gold at Bigs Laboratory by 50g Fire Assay with AAS finish to a lower detection limit of 0.005 ppm gold. Fire assay is considered a total assay technique.  Internal laboratory QAQC checks are reported by the laboratory.  Review of the internal laboratory QAQC suggests the laboratory is performing within acceptable limits.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Sample data is compiled and digitally captured by Golden Rim geologists.  The compiled digital data is verified and validated by the Company’s database geologist.  Reported results are compiled by the Company’s Senior Geologist and the Managing Director.  There were no adjustments to the assaydata.
Location of	 Accuracyandqualityof surveys used	 Sample locations were taken at the

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Criteria	JORC Code Explanation	Explanation
data points	to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	time of sampling, using a hand held GPS, with horizontal accuracy of approx. 5m.  Location data was collected in UTM grid WGS84, zone 30 north and zone 31north.  Locational accuracy is considered appropriate for this early stage of exploration.
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Each rock chip sample is composed of 10 to 20 randomly selected fragments.  The sampling may not be unbiased.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Exploration is at an early stage and the true orientation of mineralisation has not been confirmed at this stage.
Sample security	 The measures taken to ensure sample security.	 Samples are stored on site prior to road transport by Company personnel to the laboratory in Ouagadougou, Burkina Faso.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 There has been no external audit or review of the Company’s techniques or data.

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Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Explanation
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The rock chip results are from the Korongou permit. Golden Rim is in an agreement to acquire 90% of the Project.  Tenure is in good standing.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 The area that is presently covered by the Korongou permit has undergone some previous mineral exploration.
Geology	 Deposit type, geological setting and style of mineralisation.	 The Korongou Project covers part of a highly prospective Lower Proterozoic Birimian, Samira Hill Greenstone belt 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, including Kiaka (5.9 Moz), Bomboré (5.2 Moz) and Essakan (6.2 Moz).  The mineralisation lies in a package of highly altered volcanic and volcaniclastic host rocks and is associated with a major gold-in-soil anomaly and a prominent dilational structural jog along a regional NE- trendingshear zone.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain whythis is the case.	 No new drilling reported in this announcement

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Criteria	JORC Code explanation	Explanation
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearlystated.	 No weighting or high grade cutting techniques have been applied to the data reported.  Assay results are generally quoted rounded to 1 decimal place.  No new drill hole intersections are not reported in this announcement.  Metal equivalent values are not reported in this announcement.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 The reported results are from early stage reconnaissance rock chip sampling  No new drill hole intersections are not reported in this announcement..
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Maps are provided in the main text.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All sample results are presented in the table in the main text.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 There is no other exploration data which is considered material to the results reported in the announcement.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions,including themain	 RC drilling is planned to follow up the results reported in this announcement.

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Criteria	JORC Code explanation	Explanation
	geological interpretations and future drilling areas, provided this information is not commerciallysensitive.

For further information, please contact:

Hayley Butcher Golden Rim Resources Company Secretary +61 8 9481 5758

The information in this report that relates to previous drilling at the Panga Lodes (Balogo Project) 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. Golden Rim continues to report exploration results as defined under the 2004 edition of the JORC Code where those results were initially reported prior to the 2012 edition of the JORC Code. Those exploration results have not been reported to comply with the 2012 edition of the JORC Code on the basis that the information has not materially changed since it was last reported.

The information in this report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a full-time employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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.

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Further Company Information

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

Capital Structure

Issued Shares: 827,106,887 Unlisted Options: 100,016,667

Major Shareholders

Acorn Capital 10.62% Royal Group, Abu Dhabi 6.58%

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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