ASARA RESOURCES LIMITED — Capital/Financing Update 2017

Apr 20, 2017

ASX/Media Announcement

21 April 2017

Golden Rim Becomes Sole Owner of the Kouri Gold Project

Golden Rim Resources Ltd (ASX: GMR, Golden Rim , Company ) has acquired the remaining interest in the Kouri Gold Project ( Kouri ) in Burkina Faso held by Epsilon Gold Mines Limited SARL ( Epsilon ). The Company has paid Epsilon US$115,000 for its 10% interest and Golden Rim now owns 100% of Kouri.

The Small Scale Mining Licence previously held by Epsilon over a 1km[2] area of Kouri has been relinquished. The previously agreed discovery bonus payment to Epsilon of US$1/oz gold on 90% of any JORC Mineral Resource at a decision to mine at Kouri has been cancelled.

About Kouri Gold Project

Kouri lies on a major mineralised fault zone that extends to the north-east into western Niger, where the 2Moz Samira Hill gold deposit is located. To the south-west the fault zone is connected to the Markoye Fault system which controls a number of large gold deposits in Burkina Faso, including Kiaka (5.9Moz gold), Bombore (5.2Moz gold) and Essakane (6.2Moz gold).

The major fault zone strikes for 16km through the Kouri licence. To date, Golden Rim has focussed its exploration on the Banouassi Prospect ( Banouassi ) in the north-east portion of the licence which covers around 3km of strike along the fault zone.

Golden Rim has previously completed 15,800m of reverse circulation ( RC ) drilling and has discovered at least 20 parallel, north-east-trending gold zones at Banouassi in a 1km wide corridor. Best intercepts include: 21m at 5.6 g/t gold from 13m and 10m at 4.5 g/t gold from 15m.

In July 2015 an initial Exploration Target of approximately 500,000 ounces to 611,000 ounces of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold has been outlined at Banouassi (see ASX Announcement of 16 July 2015). Cautionary Statement: The potential quantity (tonnage) and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of Mineral Resources.

Golden Rim Resources Ltd I ABN 39 006 710 774 I Office 7, Level 2, 609 Canterbury Road, Surrey Hills, VIC 3127, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 3 9836 4146

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Most of the zones of gold mineralisation included in the Exploration Target are open along strike and at depth. The Exploration Target was generally only calculated to a maximum of 70m below surface. Deeper drilling would allow the gold mineralisation to be extended below 70m. Further, there is a 900m gap in the drilling which also offers scope to discovery additional mineralisation. With infill drilling Golden Rim expects to be able outline a maiden JORC Mineral Resource at Kouri.

-ENDS-

Competent Person Statement

The information in this report relating to Exploration Targets and exploration results is extracted from the announcements Initial Exploration Target Defined for Korongou dated 16 July 2015; and Guitorga Delivers Significant Drilling Results, 21m at 5.6 g/t gold including 8m at 11.8 g/t gold from 13m dated 11 May 2015, 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.

Forward Looking Statements

Certain statements in this document are or maybe “forward-looking statements” and represent Golden Rim’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Golden Rim, and which may cause Golden Rim’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Golden Rim does not make any representation or warranty as to the accuracy of such statements or assumptions.

Further Company Information

Hayley Butcher Golden Rim Resources Ltd Company Secretary +61 0409 880 009 E: info@goldenrim.com.au W:goldenrim.com.au

Richard Glass Citadel-MAGNUS +61 8 6160 4902 rglass@citadelmagnus.com

Capital Structure: Issued Shares: 1,787,820,000 Unlisted Options: 172,382,500

Share Registry: Link Market Services Limited Central Park Level 4 152 St Georges Terrace Perth WA 6000 Telephone: (+61) 1300 554 474 Fax: 02 9287 0303

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