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ASARA RESOURCES LIMITED Capital/Financing Update 2014

May 26, 2014

64427_rns_2014-05-26_d1159018-ed93-4779-99b5-84f65ca81b3e.pdf

Capital/Financing Update

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ASX/Media Announcement 27 May 2014

Drilling Programs Underway at Korongou

  • RC and auger drilling programs have commenced at Korongou

  • Further high grade gold assays received from rock chip sampling, including 122.3 g/t gold, 31.5 g/t gold, 30.1 g/t gold and 19.6 g/t gold

Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced that an auger and reverse circulation ( RC ) drilling program has commenced at the Korongou Project. In addition, the final results from the rock chip sampling program at Korongou have been received with further high grade gold assays obtained.

Drilling Programs

As announced on 12 May 2014, the secured convertible loan from Aurora Minerals Ltd became unconditional, paving the way for receipt of $3m in funds. Immediately upon receipt of the funds, auger and reverse circulation ( RC ) drilling programs commenced at Korongou.

The auger program consists of approximately 3,000m of drilling on a 200m x 25m pattern. Two rigs are currently in operation, with each rig completing approximately 30 holes per day.

Korongou has little outcrop and is predominantly covered with shallow laterite and soil (Photographs 1 and 2). Mapping completed by Golden Rim to date has focussed on areas that have been opened up by artisanal workings. Auger drilling will provide Golden Rim with systematic geochemical coverage beneath the laterite and soil cover. Analysis of aeromagnetic images has shown that there are many interesting structures that are potentially gold-bearing, beneath the cover (Figure 1).

The RC program includes 31 holes for a total of 4,180m (Figures 2 and 3). The program is designed to follow-up targets identified from the previous drilling program conducted by Golden Rim. It will also test new areas of artisanal mining where significant rock chips have been returned.

Drilling is currently being conducted night and day in two shifts and has been progressing well, with only one night shift delayed due to rain. To date, 16 RC holes have been completed.

It is anticipated that there may be an early start to the wet season this year.

Rock Chip Results

In addition to the previously announced results, further high grade gold assays have been obtained from the rock chip program. An additional 57 rock chip samples have been received from the Namagdo and Banouassi prospects (Figure 1). The best new rock chip results include: 122.3 g/t

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 [email protected] I T + 61 8 9481 5758 I F + 61 8 9481 5759

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gold, 31.5 g/t gold, 30.1 g/t gold and 19.6 g/t gold . All of the new assay results are listed in Table 1 and sample locations are displayed in Figures 1 to 3.

Samples were taken from in situ outcrop and artisanal workings. Samples were also collected during detailed structural mapping of several open pits recently extended by Epsilon Gold Mines Ltd ( Epsilon ).

Under Golden Rim’s agreement to acquire 90% of Korongou, Epsilon Gold Mines Ltd ( Epsilon ) (the current owner), may continue mining within its small scale mining licence, subject to various restrictions.

Results obtained from quartz veining exposed in the Epsilon pits are particularly encouraging. The rock chip result of 122.3 g/t gold has been obtained from a major NE-trending shear structure being exploited by Epsilon in one pit. Rock chip results up to 7.4 g/t gold were obtained from NStrending tension-gash/stock work veining exposed in the wall of another pit (Photograph 3).

Several styles of gold mineralisation have been recognised at Korongou. At Banouassi and Namagdo the gold mineralisation is associated with quartz veining and with silica-carbonatehematite-pyrite-altered and sheared andesite. At Big Veins the gold mineralisation is more disseminated and is generally not related to quartz veining. Rather, it seems to be hosted in sheared and interbedded iron-rich volcaniclastics which have been subjected to silica +/carbonate alteration.

To date, Golden Rim has collected a total of 288 rock chip samples from across Korongou. There are also historical records for an additional 367 rock chip samples. The highest values (313 g/t, 141 g/t and 122.3 g/t gold) were obtained from quartz veining at Banouassi and Namagdo. The disseminated style of gold mineralisation at Big Veins is generally lower in grade, with best results including 22.3 g/t, 9.7 g/t and 5.3 g/t gold.

Golden Rim’s Managing Director, Craig Mackay, said “Our continued 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 subject to a modern and systematic exploration campaign.”

“Many drilling targets have been identified and we remain confident that with additional drilling, Korongou has the potential to deliver Golden Rim a major gold resource.” Mr Mackay said.

-ENDS-

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Figure 1. Location of prospects and gold mineralised shear structures (red lines) at Korongou. The major gold mineralised system at Korongou extends over a strike length of at least 16km.

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Figure 2. Location of RC drill collars, geological mapping and rockchip sampling at Banouassi in the northern portion of Korongou. Significant new rock chip results are highlighted in yellow.

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Figure 3. Location of RC drill collars, geological mapping and rockchip sampling at the Namagdo (new rock chips highlighted in yellow), with a magnetic image as background

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Photographs 1 & 2 . Golden Rim’s auger rig, and the lateritic profile of a typical auger hole.

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----- Start of picture text -----

7.4 g/t gold
----- End of picture text -----

Photograph 3 . Tension-gash veining exposed in the wall of an Epsilon pit at Banouassi. A rock chip sample of this veining returned 7.4 g/t gold.

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Table 1: New rock chip sample results from Korongou.

Sample
ID
Easting
(m)
Northing
(m)
Zone Prospect Gold
(g/t)
Description
155871 175800 1408282 31N Namagdo -0.005 fracturedwhite quartz,weaklyhematised
155872 175702 1408037 31N Namagdo 0.05 Quartz, sericitised andweaklyhematised
155873 175405 1408425 31N Namagdo 0.55 Hematite rich, oxidized, sericitised, quartz
withboxworks
155874 823178 1404523 30N Namagdo 0.01 Smoky quartz withsomeiron-oxide
155875 178454 1408381 31N Banouassi 10.78 Hematite rich, oxidized, quartz with
disseminated pyrite
155876 178477 1408404 31N Banouassi 0.02 Hematite-rich quartz with boxworks and
freshpyrite
155877 178440 1408373 31N Banouassi 18.75 Hematite-rich quartz with iron-oxide,,
boxworks and fresh pyrite
155878 175608 1408024 31N Banouassi 0.04 Grey quartz, weakly hematised
155879 177835 1408020 31N Banouassi 2.62 Greyish quartz, fractured, hematite-rich with
iron-oxide
155880 177840 1408020 31N Banouassi 1.24 Hematite-rich, oxidized quartz withboxworks
155881 177842 1408018 31N Banouassi 0.19 Hematite-rich, oxidized quartz withboxworks
155882 177844 1408018 31N Banouassi 0.12 Hematite-rich, fractured, sericitised quartz
withboxworks
155883 177840 1408012 31N Banouassi 0.29 Smoky quartz with iron-oxide, fresh pyrite
andmanganese
155884 177868 1408011 31N Banouassi 2.47 Hematite-rich ,fractured, oxidized quartz with
iron-oxide and boxworks
155885 177885 1408012 31N Banouassi 7.38 Hematite-rich, oxidized, sericitised quartz
with boxworks
155886 177897 1408002 31N Banouassi 0.15 Hematite-rich, oxidized, sericitised quartz
withboxworks
155887 177823 1408024 31N Banouassi 0.18 Hematite-rich, oxidized, sericitised quartz
withboxworks
155888 177818 1408023 31N Banouassi 0.76 Greyish ,fractured, hematite-rich quartz with
freshpyrite
155889 177830 1408024 31N Banouassi 0.15 Hematite-rich, quartz withboxworks
155890 177813 1408027 31N Banouassi 7.06 Ironandhematiterichquartz
155891 177845 1408026 31N Banouassi 0.06 Hematite-rich ,fractured, oxidized quartz with
freshpyrite
155892 179403 1408587 31N Banouassi 9.76 Hematite rich, strongly oxidized quartz with
boxworks
155893 179355 1408571 31N Banouassi 30.11 Hematite-rich, strongly oxidized quartz with
boxworks and fresh pyrite
155894 179453 1408612 31N Banouassi 0.86 Hematite-rich, strongly oxidized quartz with
boxworks andfreshpyrite
155895 823644 1404723 30N Namagdo 0.15 Hematite-rich, sericitised quartz with
boxworks
155896 822921 1404322 30N Namagdo 0.23 Sheared andesite, limonite-rich with quartz
veinlets
155897 824914 1405882 30N Namagdo 0.15 Sheared andesite, limonite-rich with quartz
veinlets and oxidized pyrite
155898 824919 1405888 30N Namagdo 19.58 Hematite-rich, strongly oxidized quartz with
boxworks and fresh pyrite
155899 822733 1404233 30N Namagdo 0.07 felsic rock (dyke) with quartz veins
155900 825565 1406668 30N Namagdo 0.02 Hematite-rich, strongly oxidized quartz with
boxworks
155901 825565 1406668 30N Namagdo 0.02 Hematite-rich, sheared andesitewithquartz

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Sample
ID
Easting
(m)
Northing
(m)
Zone Prospect Gold
(g/t)
Description
veins
155902 822229 1404578 30N Namagdo 0.15 Silicified, sheared andesitewithquartz veins
155903 824383 1406059 30N Namagdo 10.11 Hematite-rich quartz with boxworks and
freshpyrite
155904 824633 1405424 30N Namagdo 2.02 Sheared andesite, limonite rich with quartz
veins
155905 824368 1406049 30N Namagdo 4.56 Silicified, sheared andesite,withquartz veins
155906 824377 1406054 30N Namagdo 2.08 Silicified, sheared andesite,withquartz veins
155907 174709 1406937 31N Namagdo 0.32 Hematite-rich, oxidized quartz with iron-rich
boxworks andfreshpyrite
155908 174670 1406650 31N Namagdo 0.06 Limonite-richandesite,withquartz veins
155909 174717 1406940 31N Namagdo -0.005 Sheared andesite, limonite rich with quartz
veins
155910 174665 1406942 31N Namagdo 0.11 Silicified, sheared andesite with quartz veins
155911 178939 1408571 31N Banouassi 0.85 Sheared andesite, limonite rich with quartz
veins
155912 180305 1408250 31N Banouassi 0.49 Sheared andesite, limonite rich with quartz
veins and oxidized pyrite
155913 179709 1408837 31N Banouassi 31.49 fractured ,hematite rich oxidized quartz with
boxworks
155914 179693 1408821 31N Banouassi 0.32 Silicified andesite with quartz veinlets and
freshpyrite
155915 179959 1408810 31N Banouassi 2.35 Hematite-richquartz withboxworks
155916 177836 1408020 31N Banouassi 0.35 whitish quartz, sericitised fractured with fresh
pyrite
155917 177834 1408019 31N Banouassi 0.22 whitish quartz, sericitised fractured with fresh
pyrite andmanganese
155918 174837 1408020 31N Banouassi 0.41 yellowish rock limonitised
155919 178268 1408317 31N Banouassi 122.27 Hematite-rich, fractured quartz with
boxworks
155920 178493 1408402 31N Banouassi 5.89 Hematite-rich, strongly oxidized quartz with
iron-richboxworks andfreshpyrite
155921 177992 1408155 31N Banouassi 27.88 Hematite-rich, strongly oxidized quartz with
iron-richboxworks andfreshpyrite
155871 175800 1408282 31N Namagdo -0.005 Whitish fractured quartz,weaklyhematised
155872 175702 1408037 31N Namagdo 0.05 Whitish quartz, sericitised and weakly
hematised
155873 175405 1408425 31N Namagdo 0.55 Hematite-rich, oxidized, sericitised quartz
with boxworks
155874 823178 1404523 30N Namagdo 0.01 Smoky quartz with iron-oxide
155875 178454 1408381 31N Banouassi 10.78 Hematite-rich, oxidized quartz with fresh
disseminated pyrite
155876 178477 1408404 31N Banouassi 0.02 Hematite-rich, oxidized quartz with boxworks
andfreshpyrite

Notes: -0.005 represents an assay below the laboratory lower detection limit. Projection UTM, WGS 84

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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
estimation, miningstudies and

Each sample was briefly described
geologically by the geologist involved
(using a standardised logging system).
The sample details were entered into
Golden Rim’s geochemicalsample

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Criteria JORC Code Explanation Explanation
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.
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 data
points

Accuracy and quality of surveys used
to locate drill holes (collar and down-

Sample locations were taken at the
time of sampling,usinga hand held

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Criteria JORC Code Explanation Explanation
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.
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
acquiring 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 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.

The information in this report relating to the Korongou Project rock chip sample results previously received is extracted from the announcements High Grade Gold Assays from the Korongou Project dated 1 April 2014 (subsequently amended on 23 May 2014) and 51.5g/t Gold Received in Sampling at Korongou dated 10 April 2014 (subsequently amended on 23 May 2014) and has been reported in accordance with the 2012 edition of the JORC Code. These announcements are available on the Company’s website (www.goldenrim.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements.

The information in this report that relates to previous reconnaissance rock chip sampling 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.

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Further Company Information

E: [email protected] 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: [email protected] W: securitytransfer.com.au

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