ASARA RESOURCES LIMITED — Capital/Financing Update 2014

Apr 9, 2014

ASX/Media Announcement

10 April 2014

51.5 g/t Gold Received in Sampling at Korongou

• Further high grade gold assays were received from rock chip sampling at the Korongou Project

• Significant new results include: 51.5 g/t gold, 5.5 g/t gold and 4.1 g/t gold

• Geological mapping along the 16km long gold mineralised corridor at Korongou is now complete

• The mapping has successfully outlined multiple new gold mineralised structures within a 1.2km to 2km wide zone over the entire gold mineralised corridor

• The new sample grading 51.5 g/t gold lies along the same gold mineralised structure that returned intersections of 5m at 1.8 g/t and 11m at 3.6 g/t gold in previous hole NKRC04

• The mapping and sampling has identified many new drilling targets and a RC drilling program is planned

Golden Rim Resources Ltd ( Golden Rim ; ASX: GMR) today announced that its mapping and rock chip sampling program over the entire gold mineralised corridor at Korongou has been completed. In addition to those results previously announced, further high grade gold assays have been obtained from the program.

Results from a further 25 rock chip samples have been received from the Namagdo and Banouassi Prospects at Korongou. The best new rock chip results from Namagdo include: 51.5 g/t , 4.1 g/t and 3.4 g/t gold . The 51.5 g/t gold sample lies 60m along the same gold mineralised structure from previous hole NKRC04 that returned intersections of 5m at 1.8 g/t and 11m at 3.6 g/t gold.

Sampling from Banouassi returned a result of 5.5 g/t gold . This rock chip sample was located along a mineralised structure that has previously returned rock chip results up to 31.7 g/t gold. It is also located approximately 50m along strike from drill hole BARC019, which returned an anomalous intercept of 2m at 2.5 g/t gold.

The new assay results are listed in Table 1 and sample locations are displayed on Figures 1 to 3. Samples have been taken from in situ outcrop and artisanal workings.

The mapping and rock chip sampling conducted at Korongou has also confirmed that a 1.2km to 2km wide gold mineralised corridor with multiple gold mineralised structures extends for at least 16km.

Mapping was completed over the entire 16km long, shear-hosted, gold mineralised corridor at Korongou. The corridor has been divided into three prospect areas (Banouassi, Namagdo and

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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Big Veins). Up to 20 parallel gold mineralised structures have been identified at Banouassi, nine structures at Namagdo, and five structures at Big Veins.

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 203 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 108 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 “The 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.

To date, very little drilling has been conducted at Korongou and many of the mineralised structures identified in the mapping have never been tested by drilling. A significant follow up reverse circulation drilling program is currently being planned by Golden Rim.

-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. Geological mapping and rockchip sampling at Namagdo and Big Veins in the southern portion of Korongou has discovered multiple gold mineralised structures within a major gold mineralised corridor that is 1.2km–2km wide (new rock chip results labelled in yellow)

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Figure 3. Geological mapping and rockchip sampling at Namagdo (new rock chips highlighted in yellow), with a magnetic image as background

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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
155812	174648	1406190	31N	Namagdo	0.57	Felsicrock withquartz veins (frompit)
155813	174648	1406190	31N	Namagdo	0.91	Hematised quartz with boxworks and fresh pyrite(frompit)
155814	174735	1406795	31N	Namagdo	3.39	Oxidized and hematised quartz with boxworks andfreshpyrite (frompit)
155815	174748	1406800	31N	Namagdo	0.39	Oxidized and silicified andesite with fresh pyrite (frompit)
155816	174960	1406957	31N	Namagdo	0.02	Silicified andesite with quartz veinlets (from pit)
155817	175007	1406829	31N	Namagdo	0.12	Hematite-rich quartz with boxworks (from pit)
155818	174702	1406932	31N	Namagdo	0.32	Hematite-rich, sericitised quartz with boxworks andfreshpyrite (frompit)
155819	825212	1406353	30N	Namagdo	0.01	Oxidized and hematised quartz with boxworks (frompit)
155820	825770	1406613	30N	Namagdo	0.45	Hematised quartz withboxworks (frompit)
155821	825310	1406443	30N	Namagdo	**1.54 **	Hematite-richquartz withboxworks (frompit)
155822	825353	1406480	30N	Namagdo	51.51	Oxidized and hematised quartz with fresh pyrite and tourmaline
155823	825326	1406568	30N	Namagdo	0.02	Hematite-rich, sericitised quartz with boxworks
155824	825796	1406536	30N	Namagdo	0.04	Oxidized and hematised quartz with boxworks and fresh pyrite (from pit)
155825	825796	1406536	30N	Namagdo	0.09	Diorite with limonite and quartz-pyrite veinlets
155826	825344	1406030	30N	Namagdo	0.86	Hematite-richquartz withboxworks (frompit)
155827	825554	1406234	30N	Namagdo	0.01	Hematite-rich, fractured quartz with boxworks (frompit)
155828	825258	1405840	30N	Namagdo	3.00	Hematite-rich quartz with boxworks and freshpyrite (frompit)
155829	174462	1406802	31N	Namagdo	0.04	Oxidized andesitewith limonite (frompit)
155830	174166	1406572	31N	Namagdo	-0.005	Hematite-rich, sericitised and oxidized quartz withboxworks
155831	174634	1406668	31N	Namagdo	1.59	Hematite-rich, sericitised and oxidized quartz withboxworks andfreshpyrite (frompit)
155832	174195	1406700	31N	Namagdo	3.09	Hematite-rich, sericitised and oxidized quartz with boxworks and fresh pyrite (from pit)
155833	174606	1406840	31N	Namagdo	-0.005	Hematised quartz with boxworks
155834	175653	1408017	31N	Namagdo	4.05	Silicified andesite with quartz veins and oxidized pyrite (frompit)
155835	178500	1408407	31N	Banouassi	5.49	Hematite rich, sericitised and oxidized quartz withboxworks (frompit)
155836	178500	1408407	31N	Banouassi	0.03	Deformed andesite with quartz veins (from pit)

Notes: -0.005 represents an assay below the laboratory lower detection limit. Projection 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, mining studies and metallurgical studies. • Whether logging is qualitative or	• Each sample was briefly described geologically by the geologist involved (using a standardised logging system). The sample details were entered into Golden Rim’s geochemical sample database. • The sampleresults are to beregarded

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Criteria	JORC Code Explanation	Explanation
	quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	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- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used.	• Sample locations were taken at the time of sampling, using a hand held GPS, with horizontal accuracy of approx. 5m. • Location data was collected in UTM gridWGS84,zone 30northandzone
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Criteria	JORC Code Explanation	Explanation
	• Quality and adequacy of topographic control.	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
Data aggregation	• In reporting Exploration Results, weighting averaging techniques,	• No weighting or high grade cutting
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Criteria	JORC Code explanation	Explanation
methods	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.	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 the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.	• RC drilling is planned to follow up the results reported in this announcement.

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For further information, please contact:

Hayley Butcher

Golden Rim Resources Company Secretary +61 8 9481 5758

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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