ASARA RESOURCES LIMITED — Interim / Quarterly Report 2012

Oct 29, 2012

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Quarterly Activities Report
For the period ended 30 September 2012
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Golden Rim Resources Ltd (ASX: GMR) is active in West Africa, with a pipeline of six gold projects covering around 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

Golden Rim has recently made a significant, near-surface, high grade gold discovery at its Balogo Project in Burkina Faso.

With continued success at Balogo and at its other projects in West Africa, Golden Rim is poised to deliver significant growth and value to shareholders.

Head Office

Level 2 10 Outram Street WEST PERTH WA 6005 AUSTRALIA T: + 61 8 9481 5758 www.goldenrim.com.au

Exploration Office

Level 1 19 Prospect Street BOX HILL VIC 3128 AUSTRALIA T: + 61 3 9890 2311

Contact

Craig Mackay Managing Director info@goldenrim.com.au

Highlights

Burkina Faso

• Exploration activities in Burkina Faso were curtailed during the quarter due to the West African rainy season.

• Further high grade gold intercepts were obtained from diamond drilling at the Netiana Lodes at Balogo. Hole BDH001, a twin hole to previous hole BDH001R (20.8m at 4.7 g/t gold, including 3.3m at 20.2 g/t gold), returned an intercept of 19.8m at 7.3 g/t gold , including 2.6m at 42.6 g/t gold (ending in mineralisation).

• A 4,480m HQ diamond and RC drilling program commenced at the Netiana Lodes with the new program designed to test for extensions of the high-grade gold mineralisation associated with the Netiana Lodes to a vertical depth of approximately 200m and to confirm high grade intercepts obtained from previous drilling programs ( 57m at 40.6 g/t gold and 31m at 65.6 g/t gold ).

• An agreement to acquire a new permit called Damkoko covering an area of 121.5km[2] was finalised. This permit is contiguous with the southern boundary of the Nasoulou Permit at the Sebba Project.

• A new gold-in-soil anomaly (2.1km long by 300m wide) with assays up to 270 ppb gold was defined in the Babongo Permit at the Sebba Project.

• Infill soil sampling over the 8km x 0.7km Komondi gold-in-soil anomaly and the 4km x 1km Tyena gold-in-soil anomaly at the Sebba Project confirmed the robust nature of both anomalies. New assays up to up to 1,730 ppb gold at Komondi and 2,480 ppb gold at Tyena were obtained.

• A structural study has identified a prospective 11km wide dilational target area within the major regional shear zone at the Diapaga Project.

Mali

Directors

Rick Crabb, Non Executive Chairman Craig Mackay, Managing Director Gilbert Rodgers, Executive Director Glenister Lamont, Non Executive Director Nadir Alhammadi, Non Executive Director

• Golden Rim decided to divest all of its Malian projects in order to focus exploration work in Burkina Faso. This divestment process is currently underway.

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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Balogo Project, Burkina Faso

The Balogo Project covers 791km[2] and is located in southern Burkina Faso. It covers part of a highly prospective Lower Proterozoic Birimian greenstone belt and is traversed for 25km 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, such as Taparko / Bouroum (1.6 Moz gold), Kiaka (5 Moz gold), Bomboré (5.2 Moz gold) and Essakane (5.6 Moz gold).

Diamond Drilling Results

Results were received for six diamond drill holes and include: two holes from the Netiana Lodes (BDH001 and BDH007R); two holes from the Porphyry Lodes (BDH003 and BDH004); and two holes from the Cobra Shear Lodes (BDH005 and BDH008).

A list of all intercepts greater than 0.5 g/t gold and 0.3% copper is provided in Table 1. Intercepts were calculated using a 0.5 g/t gold equivalent cut-off and a maximum of 3m of internal waste. Results are discussed below.

Netiana Lodes

Further high grade gold intercepts were obtained from diamond drilling on the Netiana Lodes at Balogo. The more significant new intercepts are summarised below:

The diamond hole intersections include:

19.8m at 7.3 g/t gold from 49.2m, including 2.6m at 42.6 g/t gold from 62.8m (Hole BDH001). (Hole ended in mineralisation)

4.5m at 2.2 g/t gold from 111.5m, including 1m at 9.0 g/t gold from 111.5m (Hole BDH007R)

Hole BDH001, a twin hole to previous hole BDH001R (20.8m at 4.7 g/t gold, including 3.3m at 20.2 g/t gold), returned an intercept of 19.8m at 7.3 g/t gold , including 2.6m at 42.6 g/t gold (ending in mineralisation).

Porphyry Lodes

Two diamond holes were drilled to test the copper and gold mineralisation associated with the Porphyry Lode system. Both holes (BDH003 and BDH004) intersected wide zones of low-grade copper and gold mineralisation. The more significant new intercepts (0.1% copper cut-off) are summarised below.

The diamond hole intersections include:

28m at 0.3% copper and 0.4 g/t gold from 103m, including 9m at 0.4% copper and 0.8 g/t gold from 118m, and including 2m at 1.0% copper and 1.8 g/t gold from 118m (Hole BDH004)

28m at 0.2% copper and 0.4 g/t gold from 120m (Hole BDH003)

4m at 0.4% copper from 178.5m (Hole BDH003)

Although the grades are low, the widths of intrusion-hosted disseminated copper and gold mineralisation at the Porphyry Lodes are significant and it is considered that the system requires further investigation.

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Geophysical techniques that may assist in defining zones of disseminated mineralisation which can aid in further drill targeting are currently being investigated.

Cobra Shear Lodes

Two diamond drill holes (BDH005 and BDH008) were drilled to test copper and gold mineralisation associated with the Cobra Shear system.

The more significant new intercepts are summarised below.

The diamond hole intersections include:

3m at 2.2 % copper and 0.6 g/t gold from 130m (Hole BDH008)

9m at 0.4 % copper from 144m (Hole BDH008)

The new results confirm the presence of two parallel zones of copper and gold mineralisation that extend along the Cobra Shear Zone. Further drilling is required to assess the significance of this mineralisation, particularly in areas with higher copper grades.

Commencement of Phase 2 Diamond Drilling

The second phase of diamond drilling commenced at the Netiana Lodes with the new program designed to test for extensions of the high-grade gold mineralisation associated with the Netiana Lodes to a vertical depth of approximately 200m and to also confirm the high grade intercepts ( 57m at 40.6 g/t gold and 31m at 65.6 g/t gold ) obtained from previous reverse circulation drilling programs.

The program consists of 19 holes, with 3,055m of HQ diamond drilling and 1,425m of reverse circulation drilling, totalling 4,480m. Ten holes will be drilled entirely as diamond core holes. The remaining 9 holes will be drilled with reverse circulation pre-collars followed by diamond core tails through the projected zones of mineralisation.

Major Drilling Group International Inc, of Canada, and Geodrill Limited from Ghana have been contracted to conduct the drilling and it is envisaged that the program will take approximately six weeks to complete.

The reverse circulation samples will be assayed at laboratories based in Ouagadougou in Burkina Faso, while the diamond core samples will be prepared in Burkina Faso and then airfreighted to the ALS Chemex Laboratory in Johannesburg for gold and multi-element analysis. The Company is expecting a four week turnaround on the diamond core analyses.

Sebba Project, Burkina Faso

The Sebba Project is located NE of Burkina Faso and is comprised of 10 granted exploration permits covering a total area of approximately 1,909km[2] .

The permits are located on several greenstone belts which are traversed by major deep-seated shear zones and are considered highly prospective for the discovery of significant gold mineralisation.

New Permit Acquisition

An option agreement has been signed with a local vendor for the acquisition of an exploration permit called Damkoko totalling 121.5km[2] . The Damkoko Permit is located immediately south of the 100%

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Golden Rim owned Nasoulou Permit. A previous magnetic survey reveals a number of major structures within the permit area, totalling approximately 23km of strike length. No work has been done on this permit to date.

Geochemical Sampling

During the quarter, 341 soil samples and eight rock chip samples were collected at the Namantougou Permit and 261 soil samples were collected at the Yipeli Permit.

Results were received from a soil sampling program completed in the southern part of the 100% Golden Rim owned Babonga Permit. A highly coherent gold-in-soil anomaly approximately 2.1km long and 300m wide was defined in the southern part of the sampling grid. The anomaly is coincident with a major regional structure. The anomaly has values up to 270 ppb gold , strikes NE to N and is open to the south.

Results from an infill geochemical sampling program at Sebba have also been received. The program consisted of 1,986 auger drill holes and 6,676 soil samples. The sampling was completed over existing geochemical anomalies and has provided a better definition of the gold-in-soil anomalies.

Infill sampling over the 8km long x 0.7km wide Komondi gold-in-soil anomaly at the Komondi Permit was conducted on a 100m x 50m pattern and results have confirmed the robust nature of the anomaly. New assays up to 1,730 ppb gold were obtained. Within the anomaly are several higher grade areas that will be the focus for drill testing.

Infill sampling was completed on a 200m x 50m pattern over the Tyena gold-in-soil anomaly at the Gandi Permit. New results up to 2,480 ppb gold were obtained. The Tyena anomaly extends for a strike length of 4km and is 1km wide. Recent ground checking has located a number of significant artisanal mining sites in the area.

Golden Rim is currently in the process of ranking the anomalies and generating targets for a reverse circulation drilling program that is anticipated to follow the scheduled diamond drilling at the Balogo Project.

Diapaga Project, Burkina Faso

Structural Interpretation

A structural interpretation of the recently completed high resolution aeromagnetic survey was completed during the quarter.

The study identified a number of highly prospective dilational zones along a major shear structure.

This has allowed selected areas within the Diapaga Project to be prioritised for auger drilling. This auger drilling is scheduled for early next year.

Mali Projects

No work was completed on the projects in Mali during the quarter.

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Golden Rim has made a decision to divest all of the Malian assets in order to focus exploration work in Burkina Faso. This divestment process is currently underway.

Corporate

During the quarter, the Company conducted capital raisings that included a placement and a Share Purchase Plan.

The placement was for 25.4 million fully paid ordinary shares in the Company at an issue price of 10 cents per share to raise $2.54 million ( Placemen t). The Placement was completed under the Company’s 15% placement capacity under ASX Listing Rule 7.1. The shares under the Placement were allotted on 2 August 2012.

The Share Purchase Plan ( Plan ) offered eligible shareholders parcels of $2,500 (25,000 shares); $7,500 (75,000 shares); or $15,000 (150,000 shares) worth of shares. The purpose of the Plan was to raise up to a maximum of $2 million. As a general principle, the shares were allocated on a first come first served basis. The Plan was extended for a short time and then closed oversubscribed. The shares under the Plan were allotted on 30 August 2012. Golden Rim was pleased with the response of from shareholders and thanks them for their support.

Funds raised by the Placement and the Plan are for the Company’s deeper diamond drilling on the high grade Netiana Lodes at Balogo, metallurgical testwork, and the completion of a maiden JORC resource estimate. The funds will also allow work to progress the Company’s second gold project at Yako.

During the quarter, the Company made various presentations including a presentation at the Africa Down Under conference held in Perth. The presentation, by Craig Mackay, was well received and the Company’s booth at the conference was very busy and well attended. An audio visual recording of the presentation is available on the Company’s website. The African Down Under conference as well as various private presentations gave Golden Rim an opportunity to increase its profile and generate further interest in the Company.

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

Anna Staples AMN Corporate +61 400 205 433 anna@amncorporate.com

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About Golden Rim Resources Limited

Golden Rim Resources Ltd (ASX: GMR) is an exploration company with a focus on gold. The Company is active in West Africa, with a pipeline of six gold projects covering around 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

Golden Rim has recently made a significant, near-surface, high grade gold discovery at its Balogo Project in Burkina Faso. Drilling intercepts at Balogo are arguably some of the best gold intercepts obtained in West Africa in recent years.

The Company has conducting a deeper diamond drilling program at Balogo to extend the gold mineralisation at depth and it aims to calculate a JORC resource towards the end of 2012.

With continued success at Balogo and at its other projects in West Africa, Golden Rim is poised to deliver significant growth and value to shareholders.

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Figure 1. Location of Golden Rim’s permits and project areas in Burkina Faso.

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Figure 2. Location of Damkoko Permit and soil anomalies at the Sebba Project on aeromagnetics.

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Figure 3. New gold-in-soil anomaly at the Babonga Permit, Sebba Project.

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Figure 4. Location of the dilational target zone (yellow shading) identified at the Diapaga Project on an image of the high resolution magnetics.

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Table 1. New significant Phase 3 copper and gold diamond drilling intercepts at Balogo (>0.5 m x g/t gold equivalent)

Hole_ID	From (m)	To (m)	Intercept	Lodes
BDH001	49.2	69	19.8m @ 7.3 g/t gold (ended in mineralisation)	Netiana
including	62.8	65.4	2.6m @ 42.6 g/t gold
BDH003	124	127	3m @ 0.6 g/t gold	Porphyry
BDH003	135	136	1m @ 0.7 g/t gold
BDH003	141	148	7m @ 0.5 g/t gold
BDH003	178.5	182.5	4m @ 0.4% copper
BDH004	105	111	6m @ 0.3% copper	Porphyry
BDH004	113	114	1m @ 0.6 g/t gold
BDH004	118	127	9m @ 0.8 g/t gold
including	119	120	2m @ 1.8 g/t gold; 1.0% copper
BDH005	123	125	2m @ 0.5 g/t gold; 0.5% copper	Cobra
BDH005	169	170	1m @ 2.1 g/t gold
BDH005	220.1	222	1.9m @ 0.8 g/t gold
BDH007R	74	78	4m @ 0.6 g/t gold	Netiana
BDH007R	87	88	1m @ 0.9 g/t gold
BDH007R	111.5	116	4.5m @ 2.2 g/t gold
including	111.5	112.5	1m @ 9.0 g/t gold
BDH007R	183	185	2m @ 0.9% copper
BDH008	87.1	88	0.9m @ 0.4% copper	Cobra
BDH008	130	133	3m @ 0.6 g/t gold; 2.2% copper
BDH008	144	153	9m @ 0.4% copper

Notes:

1. All holes drilled by PQ3/HQ3 diamond drilling.

2. Analysis performed by the ALS Chemex Laboratory, Johannesburg, South Africa.

3. All results of QA/QC samples are routinely monitored to be within acceptable limits for the type of assay method used.

1. All gold assays are quoted to one decimal place. Copper assays are quoted to 2 decimal places

2. Gold and copper intercepts were calculated with a 0.5 g/t gold or gold equivalent cut-off. A maximum of 3m internal dilution was allowed. No upper cut-off has been applied.

3. Sample intervals were based on geological / mineralisation contacts where appropriate. Minimum sample interval was 50cm to obtain a sample of at least 3kg

4. All sample intervals and assays are quoted to one decimal place.

5. All intervals quoted are down-hole depths.

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The information in this public report that relates to exploration results and mineral resources 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.

Further Company Information

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

Capital Structure

Issued Shares: 458,706,231 Unlisted Options: 29,950,000

Major Shareholders

Royal Group, Abu Dhabi 12.4% Acorn Capital 7.6%

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 W: securitytransfer.com.au

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

GOLDEN RIM RESOURCES LTD

ABN 39 006 710 774	Quarter ended (“current quarter”)
39 006 710 774	30 September 2012

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (3 months) $A’000
	(1,451) (616) 10 -	(1,451) (616) 10 -
	(2,057)	(2,057)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (sale of rights to licences) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(182) (33)	(182) (33)
	(215)	(215)
	(2,272)	(2,272)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(2,272)	(2,272)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	4,540 (189)	4,540 (189)
	4,351	4,351
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	2,079 2,214 12	2,079 2,214 12
	4,305	4,305

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		158
		NIL
1.25	Explanation necessaryfor an understandingof the transactions

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	NIL	NIL
	NIL	NIL

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	2,000
	500
Total	2,500

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as	Current quarter	Previous quarter
shown in the consolidated statement of cash flows)	$A’000	$A’000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank	4,259	2,169
5.2 Deposits at call	46	45
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter(item 1.22)	4,305	2,214

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	458,706,231	458,706,231
	45,400,000	45,400,000	10	10
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	600,000 (Class E) 7,000,000 (Class F) 1,000,000 (Class G) 15,000,000 (Class H) 3,900,000 (ESOP) 2,450,000 (ESOP)		Exercise price $0.21 $0.27 $0.21 $0.29 $0.29 $0.14	Expiry date 5 October 2014 22 November 2014 10 July 2015 21 November 2015 21 November 2015 12 January 2017
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 30 October 2012

(Director) Print name: GILBERT RODGERS

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 6

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