ASARA RESOURCES LIMITED — Capital/Financing Update 2015

Apr 13, 2015

ASX/Media Announcement 14 April 2015

Balogo Sale Update

Golden Rim Resources Ltd (ASX: GMR, Company or Golden Rim ) today announced it has received approval from the Ministry of Mines and Energy, Burkina Faso, for the transfer of the Balogo and Dabinyan III permits from Golden Rim to MNG Gold Burkina Sarl ( MNG ). The letter of approval is an important step toward the completion of the Balogo sale and is a condition to the sale.

The transfer will be completed once the Ministry issues the new permit documentation in the name of MNG. Golden Rim understands that the finalisation of the permit documentation is imminent and a matter of procedure.

Under the Balogo Sale Agreement, upon satisfaction of all the conditions, Golden Rim is to receive US$5 million (A$6.4 million[1] ), which includes the initial deposit of US$0.5 million (A$0.6 million), currently held in escrow.

The ASX has confirmed that the Listing Rules do not apply to the disposal of the Balogo Project and therefore shareholder approval is not required. The outstanding conditions are described in Attachment 1 and are expected to be satisfied as a matter of procedure.

Golden Rim is endeavouring to ensure the remaining conditions are satisfied as quickly as possible, particularly given the Company is due to repay its loan of $A1.35 million (plus interest) to Aurora Minerals Limited ( Aurora ) on 2 May 2015.

The payments under the Balogo Sale Agreement total US$10 million (AU$12.8 million). In addition to the US$5 million (A$6.4 million), Golden Rim is to receive a further US$2 million (A$2.6 million) upon the earlier of the granting of an exploitation permit for mining; or within 24 months of the conditions precedent being satisfied or waived. Upon commercial production at Balogo, Golden Rim will receive an additional US$3 million (A$3.8 million) in cash. Golden Rim will also receive a Net Smelter Return (NSR) of 1% on gold production at Balogo. MNG has the right to purchase the NSR from Golden Rim for a further US$5 million (A$6.4 million) in cash.

Funds from the transaction are intended to be applied to repayment of the loan to Aurora and to further drilling programs at Korongou. Korongou represents an opportunity to potentially outline a large gold deposit, thereby creating further value for the Company.

Golden Rim looks forward to updating shareholders as the sale progresses.

-ENDS-

1 All references to A$ have been calculated at the conversion rate of US$1 = A$0.78

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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Attachment 1

The remaining conditions under the Balogo Sale Agreement are as follows:

• receipt of a “good standing confirmation” issued by the Ministry of Mines and Energy (Burkina Faso) with respect to the Balogo Project permits; and

• the issue of the permit documentation in the name of MNG.

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

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Capital Structure

Issued Shares: 1,438,520,000 Unlisted Options: 229,625,067

Major Shareholders

Sprott 17.95% Aurora Minerals 13.44% Acorn Capital 10.13% Royal Group, Abu Dhabi 3.79%

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

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