ASARA RESOURCES LIMITED — Interim / Quarterly Report 2012

Jul 24, 2012

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Quarterly Activities Report
For the period ended 30 June 2012
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Golden Rim Resources Ltd (ASX: GMR) is an exploration and mining company with a focus on copper and gold. The Company is active in West Africa, with gold resources and permits covering over 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

Golden Rim is pursuing an active drilling program in Burkina Faso and Mali and is poised to deliver significant growth and value to shareholders.

Highlights

Burkina Faso

• During the quarter, 54 RC holes (7,222m) and 8 diamond holes (2,038.3m) were completed at the Balogo Project.

• Further high grade gold intercepts were obtained from RC drilling at the Netiana Lodes at Balogo which include: 31m at 27.8 g/t gold , including 5m at 122.5 g/t gold (Hole BRC218); 22m at 13.6 g/t gold , including 2m at 91.5 g/t gold (Hole BRC 223), and 15m at 17.7 g/t gold , including 1m at 163.9 g/t gold and 4m at 8.4 g/t gold (Hole BRC 217).

• Gravimetric check assaying of the standard fire assay intercept in BRC218 produced a higher grade intercept of 31m at 65.6 g/t gold from 48m, including 6m at 308.1 g/t gold .

Head Office

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

• New diamond hole intersections at Netiana include: 20.8m at 4.7 g/t gold including 3m at 20.2 g/t gold (Hole BDH001R), 3.9m at 37.9 g/t gold and 5.3m at 11.8 g/t gold (Hole BDH002), and 11m at 9.8 g/t gold including 2m at 29.6 g/t gold (Hole BDH006R).

• Assays were received for a 53 hole (5,449m) RC drilling program completed at the Yako Project during the last quarter.

Exploration Office

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

• Additional significant gold intercepts were obtained at Yako and include: 15m at 5.0 g/t gold from 48m including 3m at 20.3 g/t gold (TRC004); 12m at 5.7 g/t gold from 9m (TRC016); 9m at 4.3 g/t gold from 105m (ZPRC024); 7m at 5.1 g/t gold from 104m (ZPRC022).

Mali

Contact

Craig Mackay Managing Director info@goldenrim.com.au

Directors

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

• High-grade rock chips samples were obtained from a new artisanal mining site at the Mogoyafara South prospect, Sepola Project. Results include 57.0 g/t gold, 56.0 g/t gold and 55.6 g/t gold .

• A 7,395m aircore drilling program was completed on the Faraba permit at the Faraba Project. Best results include 1m at 5.5 g/t gold from 5m (FAR114), 1m at 2.8g/t gold from 46m (FAR34) and 1m at 2.2 g/t gold from 29m (FAR006).

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 NEtrending 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 (1.5Moz gold), Kiaka (4.3 Moz gold), Bomboré (3.5Moz gold) and Essakan (6Moz gold).

Reverse Circulation and Diamond Drilling

The Phase 3 RC drilling program at Balogo was completed during the quarter following the completion of 54 holes (7,222m). The total drilled during the Phase 3 RC program at Balogo was 195 holes for 23,897m. All RC drilling assays have now been received.

A program of diamond drilling was also completed. A total of 8 holes were drilled for 2,038.3m. Only selected assays from diamond holes BDH001R, BDH002, BDH006R and BDH007 have been received to date. The remainder of the drill core has been sampled and assays are pending.

A list of all intercepts greater than 0.5 g/t gold equivalent are provided in Tables 1 and 2. Intercepts were calculated using an average gold equivalent grade of 0.5 g/t gold cut-off and a maximum of 3m of internal waste.

Netiana Lodes

The infill RC and the diamond drilling have confirmed the continuity of multiple high grade gold zones which comprise the central portion of the Netiana Lodes (Figure 2). The drilling to date has only tested the Netiana Lodes over 400m of strike and to an average depth of approximately 85m and there is considerable scope to extend this mineralisation at depth.

The more significant new gold intercepts were obtained on 4 drill sections (10,000N, 10,025N, 10,050N and 10,075N) and these are summarised below.

The best new RC intersections include:	31m at 27.8 g/t goldfrom 48m, including5m at
	122.5 g/t gold and 12m at 3.9 g/t gold from 84m
	(Hole BRC218). Gravimetric check assaying
	upgraded the first intercept in BRC218 to31m at 65.6
	g/t goldfrom 48m, including6m at 308.1 g/t gold.
	22m at 13.6 g/t goldfrom 1m,including 2m at 91.5
	g/t goldand7m at 3.1 g/t goldfrom 112m (Hole
	BRC223)
	15m at 17.7 g/t goldfrom 18m,including 1m at
	163.9 g/t gold and 4m at 8.4 g/t goldfrom 72m
	(Hole BRC217)
	12m at 20.5 g/t goldfrom 73m including3m at 77.8
	g/t gold(Hole BRC219)

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7m at 22.8 g/t gold from 120m including 2m at 72.3 g/t gold (Hole BRC220) 11m at 11.7 g/t gold from 81m including 1m at 74.1 g/t gold (Hole BRC112R) 6m at 20.5 g/t gold from 54m, including 2m at 59.3 g/t gold (Hole BRC 224); 7m at 17.3 g/t gold from 77m, including 2m at 54.4 g/t gold (Hole BRC 221).

The	best	new	diamond	intersections	20.8m at 4.7 g/t goldfrom 50.2m including3.3m at
include:					20.2 g/t gold(BDH001R);
					3.9m at 37.9 g/t goldfrom 161.1m (Hole BDH002).
					5.3m at 11.8 g/t goldfrom 193.6m (Hole BDH002).
					11m at 9.8 g/t goldfrom 96m including2m at 29.6
					g/t gold(Hole BDH006R).

Gravimetric re-assays are routinely organised by Golden Rim on all standard fire assay results >10g/t gold. The gravimetric assays were completed by the ALS Chemex Laboratory in Johannesburg using a 50 gram charge fire assay with a gravimetric finish on the sample pulps used in the initial analysis method. The gravimetric finish method has a reported accuracy range of 0.05 to 1,000 g/t gold. Gravimetric check assays are pending for intercepts in seven RC holes (BRC219-221, BRC223-224, BRC237, and BRC245).

The gravimetric re-assays from Hole BRC218 produced an intercept of 31m at 65.6 g/t gold ( 2.1 oz/t gold ) from 48m, including 6m at 308.1 g/t gold ( 9.9 oz/t gold ), which is 136% higher than the initial intercept of 31m at 27.8 g/t gold from 48m, including 5m at 122.5 g/t gold obtained from the standard fire assays. The location of the intercept is depicted on Figure 3.

Overall, there is a relatively linear correlation between the standard fire assays and the gravimetric assays up to around 100 g/t gold. Over 100 g/t gold, there is no clear correlation between the two data sets. It is important to note that the gravimetric intercept is highly influenced by two results (54m-55m, 79.3 g/t gold by fire assay and 783 g/t gold by the gravimetric method; and 55m-56m, 105.2 g/t gold by fire assay and 590 g/t gold by the gravimetric method).

The higher grade portion of the intercept in BRC218 (6m at 308.1 g/t gold from 54m) can be correlated with the higher grade portions in intercepts in surrounding holes such as 8m at 244.8 g/t gold from 44m in BRC071 (25m to the SW). This suggests that in addition to the steeply dipping gold lodes, there is also an extremely high grade, flat lying zone of gold mineralisation, around 35-40m below surface at Netiana. This zone lies at the base of the oxidation and the high grades are believed to have been enhanced by supergene enrichment.

Currently, the existing drilling on the Netiana Lodes extends to an average depth of 85m. Golden Rim plans to re-commence diamond drilling in mid-September 2012 to test the depth extent of the Netiana Lodes from 85m to around 200m below surface. Based on the results of this drilling, a maiden JORC Resource estimate is scheduled for late in Q4/2012.

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Metallurgical test work (including bottle roll cyanidation and gravity recoveries) is also planned for Q4/2012.

Porphyry Lodes

The infill RC drilling results for the Porphyry Lodes were received.

The best new results include: 6m at 1.0 g/t gold and 0.1% copper from 92m (BRC231), 3m at 34.2 g/t gold from 0m (BRC237), 25m at 0.1 % copper from 45m, including 5m at 0.7 g/t gold (BRC237) and 18m at 0.6 g/t gold and 0.1 % copper from 96m (BRC238).

The copper results were generally lower than those obtained in the earlier RC drilling on the Porphyry Lodes.

The assay results for two diamond drill holes completed on the Porphyry Lodes are pending.

Cobra Lodes

Copper and gold mineralisation associated with the Cobra Shear appears to decline in grade as drilling progresses further along strike to the NE. The best new results obtained include 37m at 0.2 % copper from 73m (BRC150) and 4m at 0.7% copper from 48m (including 2m at 1.0 g/t gold from 50m) in hole BRC165.

The Cobra Shear mineralisation remains open to the NE.

Trenching

Assays from all completed trenches at Balogo were received. Significant results include: 2m at 4.4 g/t gold (Trench BT001); and 2m at 2.19 g/t gold (Trench BT010). Both trenches were excavated on the Netiana Lodes.

Geochemical Sampling

Soil and rock chip samplings were completed on selected structural target areas of the Zaptenga Permit during the quarter. A total of 78 rocks and 1,998 soil samples were collected. These have been submitted for analysis but results remain pending.

Sebba Project, Burkina Faso

The Sebba Project is located in NE of Burkina Faso and is comprised of 9 granted exploration permits covering an area of approximately 1,787km[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.

Geochemical Sampling

Geochemical sampling was completed on 8 permits in the Sebba Project area.

A total of 79 rock, 6,052 soil and 1,570 auger geochemical samples were collected.

The results received to date have identified three major gold in soil anomalies that require follow-up work.

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Sefa Eddi South Prospect

The geochemical sampling has identified a major new gold in soil anomaly at Sefa Eddi South. This anomaly is approximately 6km long and has a width of approximately 600m. Values up to 107 ppb gold were returned during the survey.

Geologically, the geochemical anomaly lies within a series of metamorphosed volcanic (mafic) units that occur along the shear zone.

The anomaly sits on an extensive shear structure that extends further south into the Nantougou and Komondi permits. Other less extensive geochemical anomalies have been returned along other areas of the shear that have been sampled.

Tyena Prospect

Further geochemical sampling over the Tyena area has significantly increased the size of the gold-in-soil anomaly to approximately 6km by 3km. Values up to 137 ppb gold were returned from this survey area.

Previously, 46 air core (AC) holes were drilled at the Tyena prospect in the NW portion of the Gandi Permit, of which 13 holes intersected significant gold mineralisation. The best intercept is 8m at 2.43 g/t gold from 12m. The gold mineralisation at Tyena is generally associated with a series of NEtrending sheeted quartz-tourmaline veins hosted in limonite, chlorite, kaolinite and sulphide (pyrite) bearing quartz diorite.

Komondi Prospect

Further geochemical sampling at Komondi has increased the size of the gold in soil anomaly to a length of approximately 10km and is up to 3.5km wide. Values up to 297 ppb gold were returned during the most recent sampling. Several anomalous rock chip samples (up to a value of 5.6 g/t gold) were returned from this area. These samples were taken from hematised quartz veins, within artisanal workings.

The Komondi anomaly is located on the same shear structure that hosts the extensive Solna and Tambiri artisanal gold workings, located 5km and 7.8km NE respectively, directly along strike on Predictive Discovery Limited’s (ASX: PDI, Predictive ) adjacent Bangaba Project. Solna is the largest artisanal mining community in the region with over 4,000 inhabitants. The area has been worked extensively for over 20 years. Recent RC drill results released by Predictive for the Solna area include 7m @ 12.8 g/t gold and 2m @ 55.8 g/t gold.

Yako Project, Burkina Faso

Reverse Circulation Drilling

Assays for the RC program undertaken at Yako during the March 2012 quarter have been received.

The new program at Yako consisted of 53 holes for a total of 5,449m. The drilling was conducted around three major artisanal mining sites (Pelle North, Pelle South and Yake) (Figure 4).

The best new RC intersections include:

15m at 5.0 g/t gold from 48m including 3m at 20.3 g/t gold in TRC004 (Pelle South Prospect);

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12m at 5.7 g/t gold from 9m in TRC016 (Pelle South Prospect);

9m at 4.3 g/t gold from 105m in ZPRC024 (Pelle North Prospect; 7m at 5.1 g/t gold from 104m in ZPRC022 (Pelle North Prospect).

Pelle North Prospect

Pelle North is an extensive artisanal mining site and comprises hundreds of pits and shafts over a strike length of 700m and width ranging from 25m - 40m.

Golden Rim recently completed 20 holes to follow-up on intercepts obtained in a previous drilling program. A list of all intercepts greater than 1m x g/t gold is provided in Table 3.

The gold mineralisation at Pelle North occurs in highly weathered metasediments which are weakly silicified locally and may host quartz stock work veins. The mineralisation appears to be sub-vertical and up to three parallel zones have been intercepted on some drill sections. The drilling tested approximately 670m of strike of the mineralised system which remains open at depth and to the NE and SW.

The higher grade, wider and multiple gold intercepts at Pelle North are located beneath a large (200m x 25m) artisanal pit located in the northern portion of the prospect area. New intercepts from this area include: 9m at 4.3 g/t gold from 105m in hole ZPRC024 and 7m at 5.1 g/t gold from 104m in hole ZPRC022.

Pelle South Prospect

A maiden RC program of 30 holes was completed at the Pelle South Prospect, which lies 1km due south of the Pelle North Prospect and consists of two parallel, NNE-trending zones of gold mineralisation that have been subject to artisanal mining. The gold mineralisation within these zones consists of a series of thin gold mineralised sulphidic quartz veins and stringers hosted in a foliated meta-sedimentary sequence.

The Eastern Zone of gold mineralisation has been traced for 500m and remains open to the north and south and at depth. Intercepts from this zone include: 12m at 5.7 g/t gold from 9m in hole TRC016 and 10m at 1.0 g/t gold from 1m in hole TRC011.

The Western Zone lies 80m to the west of the Eastern Zone. The Western Zone has a strike length of approximately 200m and remains open to the north and at depth. The best intercept from this zone is 15m at 5.0 g/t gold from 48m, including 3m at 20.3 g/t gold , in hole TRC004.

A list of all intercepts from Pelle South greater than 1m x g/t gold is provided in Table 3.

Yake Prospect

Scout drilling (3 holes) was also completed at a newly revived artisanal mining site called Yake. Very little outcrop can be found in the area, apart from that exposed in the artisanal workings. The gold mineralisation appears to be associated with quartz / sulphide veining hosted in a sheared dioritic unit.

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The best intercept obtained from Yake is 1m at 1.4 g/t gold from 46m in hole ZYR002. The limited drilling conducted by Golden Rim at Yake failed to locate the high grade gold mineralisation being exploited by the artisanal miners and further drilling is required.

Sepola Project, Mali

The Sepola Project covers approximately 186km[2] and lies approximately 40km SE from the Sadiola and Yatela gold mines (containing more than 15Moz gold) and approximately 40km NW of the Loulo gold deposit (containing more than 11Moz gold) in western Mali.

During the quarter, mapping and rock chip sampling was completed at Sepola where two new artisanal mining sites were located.

Mogoyafara South artisanal site.

New artisanal mining activity at Mogoyafara South commenced in late March 2012 and is located in the eastern portion of the prospect area in the vicinity of trench T17. The artisanal miners are exploiting goldbearing, NW-SE-trending, limonitic quartz veins that were originally exposed in the trenching.

Previous channel rock chip sample intercepts from trench T17 include 12m at 3.5 g/t gold, 26m at 0.7 g/t gold, 29m at 2.3 g/t gold and 13m at 1.3 g/t gold.

New grab samples from the new artisanal workings returned high grades, including 57 g/t gold, 56 g/t gold, 55.6 g/t gold, 45 g/t gold and 22.1 g/t gold .

Bahe artisanal site.

The second new artisanal mining area is located 2.9km SW of the Mogoyafara South Prospect and has been called the Bahe Workings. Samples of limonitic quartz with malachite (copper oxide) staining returned gold grades of 22.1 g/t gold, 11.1 g/t gold, 9.4 g/t gold and 3.5 g/t gold .

The Bahe Workings lie on the southern end of a prominent NW-SE-trending magnetic-high anomaly which extends for a strike length of at least 2.4km. The Bahe magnetic anomaly is of a similar magnitude and lies parallel to the NW-SE-trending magnetic anomalies associated with the eastern and western zones that comprise the gold resource at Mogoyafara South.

Previous regional soil sampling returned a spot gold anomaly of 133 ppb on a sample line located approximately 100m north of the artisanal mining site. No previous drilling has been conducted in the Bahe area.

Trenching

Results were received from two of the four trenches completed during the last quarter at the Linnguekoto West Prospect. No significant gold mineralisation was intersected in trenches TR16 and TR17. Results for trenches TR18 and TR19 remain pending.

Faraba Project, Mali

The Faraba Project is comprised of two granted exploration permits, Faraba and Niaouleni West, covering 64.1km[2] of highly prospective Lower Proterozoic Birimian volcano-sedimentary rocks in southern Mali. These types of rocks are known to host major gold deposits throughout West Africa.

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Air Core Drilling

A total of 32 holes (1,694m) were completed during the quarter.

Assay results for the entire 7,395m aircore program on the Faraba Permit have been received and were generally disappointing. Best intersections included 1m at 5.5 g/t gold from 5m (FAR144), 1m at 2.76 g/t gold from 46m (FAR034) and 1m at 2.22 g/t gold from 29m (FAR006).

No additional work is planned for the Faraba Permit.

Corporate

During the quarter, Golden Rim completed its transaction with Riedel Resources Ltd ( Riedel ), divesting its rights to 5 permits in Burkina Faso.

In November 2011, Golden Rim entered into an agreement with Riedel to divest the rights to 5 exploration permits. Under the terms of the agreement, Golden Rim received a total consideration of USD$900,000 (USD25,000 option fee plus USD875,000 cash payment) and 12,500,000 fully paid ordinary shares in Riedel. The shares are escrowed for 12 months. Golden Rim is now a substantial shareholder of Riedel, holding 15.64% of the Company.

The divestment allows Golden Rim to focus on its core project areas in Burkina Faso.

Also during the quarter, Golden Rim held a General Meeting of Shareholders during which shareholders ratified previous placements of shares.

The Company undertook various promotional presentations to investors and brokers during the Quarter, including a presentation to Perth based shareholders.

For further information, please contact:

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 and mining company with a focus on copper and gold. The Company is active in West Africa, with gold resources and permits covering around 4,100km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.

Golden Rim is pursuing an active program of drilling in Burkina Faso and Mali and 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. Permits in highlighted in blue have been divested.

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Figure 2. Location of new gold intersections (yellow background) in the Netiana Shear Zone at Balogo over an image of the ground magnetics which shows the NE-SW-trending structure.

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Figure 3. Drill section 10,025N at Netiana showing gold intercepts (new gravimetric intercepts with yellow label background) and interpreted zones of gold mineralisation

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Figure 4. Location of prospects within the Yako Project in northern Burkina Faso on an aeromagnetic image

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

	From (m)	To (m)
Hole ID			Intersection	Lode(s)
BRC149	3	20	17m @ 0.1% copper	Cobra
BRC150	73	110	37m @ 0.2 % copper	Cobra
BRC152	35	38	3m @ 0.6 g/t gold	Cobra
BRC152	88	89	1m @ 1.5 g/t gold	“
BRC155	78	83	5m @ 0.2 % copper	Cobra
BRC155	96	97	1m @ 0.9 g/t gold; 0.4% copper	“
BRC157	31	35	4m @ 0.3% copper	Cobra
including	33	34	1m at 1.6 g/t gold	“
BRC157	61	63	2m @ 0.2 % copper	“
BRC157	70	72	2m @ 0.2 % copper	“
BRC157	75	76	1m @ 0.9 g/t gold	“
BRC158	24	31	7m @ 0.1% copper	Cobra
BRC158	54	58	4m @ 0.4 % copper	“
BRC158	60	61	1m @ 0.3 % copper	“
BRC158	70	71	1m @ 0.2 % copper	“
BRC161	25	26	1m @ 0.5 g/t gold	Cobra
BRC161	75	79	4m @ 0.7 g/t gold	“
BRC162	70	72	2m @ 0.3 % copper	Cobra
BRC162	76	78	2m @ 0.4% copper	“
BRC165	27	28	1m @ 0.2 % copper	Cobra
BRC165	48	52	4m @ 0.7 % copper	“
including	50	52	2m at 1.0 g/t gold	“
BRC165	112	121	9m @ 0.2 % copper	“
including	119	120	1m at 0.8 g/t gold	“
BRC167	23	25	2m @ 0.9 g/t gold	Cobra
BRC170	33	34	1m @ 0.5 g/t gold	Netiana NE
BRC170	38	39	1m @ 0.6 g/t gold	“
BRC170	105	106	1m @ 1.1 g/t gold	“
BRC173	24	25	1m @ 13.8 g/t gold	Cobra NW
BRC188	25	30	5m @ 0.2 % copper	SW zone
including	26	30	4m @ 0.6 g/t gold	“
BRC190	97	98	1m @ 1.2 g/t gold	SW zone
BRC190	100	101	1m @ 0.9 g/t gold	“
BRC193	41	42	1m @ 0.8 g/t gold	SW zone
BRC196	108	120	12m @ 2.0 g/t gold	Netiana

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	From (m)	To (m)
Hole ID			Intersection	Lode(s)
BRC199	18	27	9m @ 0.2 % copper	Cobra
BRC199	66	67	1m @ 0.7 g/t gold	“
BRC076R	50	51	1m @ 3.6 g/t gold	Netiana
BRC076R	56	59	3m @ 0.6 g/t gold	“
BRC089R	59	60	1m @ 0.5 g/t gold	Netiana
BRC112R	81	92	11m @ 11.7 g/t gold	Netiana
including	88	89	1m @ 74.1 g/t gold	“
BRC112R	96	99	3m @ 0.7 g/t gold	“
BRC112R	132	133	1m @ 4.4 g/t gold	“
BRC112R	136	137	1m @ 1.3 g/t gold	“
BRC121R	54	59	5m @ 0.2 % copper	Cobra
BRC121R	73	76	3m @ 0.1 % copper	“
BRC121R	84	86	2m @ 1.6 g/t gold	“
BRC121R	97	108	11m @ 0.2 % copper	“
BRC121R	127	128	1m @ 0.6 g/t gold	“
BRC121R	133	134	1m @ 0.5 g/t gold	“
BRC200	5	7	2m @ 1.2 g/t gold	Netiana
BRC200	16	17	1m @ 2.2 g/t gold	“
BRC201	0	1	1m @ 1.5 g/t gold	Netiana
BRC201	11	13	2m @ 2.7 g/t gold	“
BRC201	20	21	1m @ 1.3 g/t gold	“
BRC201	48	52	4m @ 0.5 g/t gold	“
BRC201	55	56	1m @ 1.0 g/t gold	“
BRC202	52	55	3m @ 2.5 g/t gold	Netiana
BRC202	98	100	2m @ 0.6 g/t gold	“
BRC203	22	23	1m @ 3.2 g/t gold	Netiana
BRC203	82	83	1m @ 0.6 g/t gold	“
BRC203	95	96	1m @ 0.7 g/t gold	“
BRC203	125	126	1m @ 1.0 g/t gold	“
BRC205	5	6	1m @ 4.6 g/t gold	Netiana
BRC205	33	34	1m @ 0.9 g/t gold	“
BRC206	8	9	1m @ 1.3 g/t gold	Netiana
BRC206	43	47	4m @ 1.5 g/t gold	“
BRC206	76	81	5m @ 0.8 g/t gold	“
BRC208	0	1	1m @ 0.7 g/t gold	Netiana
BRC208	8	9	1m @ 0.7 g/t gold	“
BRC208	17	18	1m @ 1.4 g/t gold	“

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	From (m)	To (m)
Hole ID			Intersection	Lode(s)
BRC208	23	24	1m @ 0.8 g/t gold	“
BRC208	43	44	1m @ 0.5 g/t gold	“
BRC208	48	50	2m @ 1.4 g/t gold	“
BRC208	54	56	2m @ 4.0 g/t gold	“
BRC209	21	26	5m @ 0.8 g/t gold	Netiana
BRC209	64	66	2m @ 1.7 g/t gold	“
BRC209	75	76	1m @ 1.3 g/t gold	“
BRC209	91	92	1m @ 1.8 g/t gold	“
BRC209	95	97	2m @ 0.9 g/t gold	“
BRC210	84	85	1m @ 0.7 g/t gold	Netiana
BRC210	108	110	2m @ 0.7 g/t gold	“
BRC210	115	117	2m @ 1.5 g/t gold	“
BRC211	72	74	2m @ 1.8 g/t gold	Netiana
BRC211	77	81	4m @ 0.6 g/t gold	“
BRC211	117	118	1m @ 0.7 g/t gold	“
BRC211	131	133	2m @ 0.8 g/t gold	“
BRC212	88	93	5m @ 1.5 g/t gold	Netiana
BRC212	98	99	1m @ 5.1 g/t gold	“
BRC212	145	146	1m @ 2.4 g/t gold	“
BRC213	109	115	6m @ 0.7 g/t gold	Netiana
BRC214	15	16	1m @ 4.3 g/t gold	Netiana
BRC215	5	6	1m @ 0.5 g/t gold	Netiana
BRC215	13	14	1m @ 1.1 g/t gold	“
BRC215	37	39	2m @ 4.1 g/t gold	“
BRC216	0	3	3m @ 1.1 g/t gold	Netiana
BRC216	7	9	2m @ 12.4 g/t gold	“
BRC216	48	57	9m @ 1.8 g/t gold	“
BRC216	126	127	1m @ 0.6 g/t gold	“
BRC216	129	130	1m @ 1.0 g/t gold	“
BRC217	3	4	1m @ 0.7 g/t gold	Netiana
BRC217	10	11	1m @ 0.7 g/t gold	“
BRC217	18	33	15m @ 17.7 g/t gold and 0.1% copper	“
including	72	73	1m @ 163.9 g/t gold	“
BRC217	72	76	4m @ 8.4 g/t gold and 0.1% copper	“
BRC217	111	116	5m @ 0.6 g/t gold	“
BRC217	120	121	1m @ 1.5 g/t gold	“
BRC218	48	79	31m @ 65.6 g/t gold	Netiana

Page | 15

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	From (m)	To (m)
Hole ID			Intersection	Lode(s)
including	54	60	6m @ 308.1 g/t gold	“
BRC218	84	96	12m @ 3.9 g/t gold	“
BRC218	102	109	7m @ 0.9 g/t gold	“
BRC218	133	134	1m @ 0.8 g/t gold	“
BRC219	55	56	1m @ 0.7 g/t gold	Netiana
BRC219	73	85	12m @ 20.5 g/t gold	“
including	74	77	3m @ 77.8 g/t gold	“
BRC219	100	108	8m @ 4.4 g/t gold	“
BRC220	95	111	16m @ 4.8 g/t gold(no sample 102-103m)	Netiana
BRC220	120	127	7m @ 22.8 g/t gold	“
including	123	125	2m @ 72.3 g/t gold	“
BRC221	53	54	1m @ 2.5 g/t gold	Netiana
BRC221	77	84	7m @ 17.3 g/t gold	“
including	77	79	2m @ 54.4 g/t gold	“
BRC221	88	95	7m @ 1.2 g/t gold	“
BRC223	1	23	22m @ 13.6 g/t gold	Netiana
including	18	20	2m @ 91.5 g/t gold	“
BRC223	112	119	7m @ 3.1 g/t gold	“
BRC223	135	138	3m @ 0.7 g/t gold	“
BRC223	141	142	1m @ 1.0 g/t gold	“
BRC224	32	33	1m @ 0.7 g/t gold	Netiana
BRC224	36	37	1m @ 0.5 g/t gold	“
BRC224	39	40	1m @ 0.6 g/t gold	“
BRC224	43	44	1m @ 0.8 g/t gold	“
BRC224	46	47	1m @ 0.6 g/t gold	“
BRC224	54	60	6m @ 20.5 g/t gold	“
including	55	57	2m @ 59.3 g/t gold	“
BRC225	11	14	3m @ 0.2 % copper	Porphyry
BRC227	88	89	1m @ 0.8 g/t gold	Porphyry
BRC229	28	32	4m @ 0.9 g/t gold	Porphyry
BRC230	24	25	1m @ 0.8 g/t gold	Porphyry
BRC230	39	40	1m @ 0.6 g/t gold	“
BRC230	47	50	3m @ 0.2 % copper	“
BRC230	80	84	4m @ 0.2 % copper	“
BRC231	66	67	1m @ 0.6 g/t gold	Porphyry
BRC231	83	86	3m @ 0.4 % copper	“
including	85	86	1m at 0.7 g/t gold	“

Page | 16

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	From (m)	To (m)
Hole ID			Intersection	Lode(s)
BRC231	92	98	6m @ 1.0 g/t gold and 0.1 % copper	“
BRC232	32	34	2m @ 0.6 g/t gold and 0.7 % copper	Porphyry
BRC233	35	45	10m @ 0.1 % copper	Porphyry
BRC234	66	70	4m @ 0.7 g/t gold and 0.2 % copper	Porphyry
BRC234	70	83	13m @ 0.1 % copper	“
BRC236	7	11	4m @ 0.6 g/t gold	Porphyry
BRC236	43	476	3m @ 0.6 g/t gold	“
BRC236	89	90	1m @ 0.5 g/t gold	“
BRC237	0	3	3m @ 34.2 g/t gold	Porphyry
including	0	1	1m @ 97.1 g/t gold	“
BRC237	41	66	25m @ 0.1 % copper	“
including	55	60	5m @ 0.7 g/t gold	“
and	65	66	1m @ 0.9 g/t gold	“
BRC237	83	84	1m @ 0.6 g/t gold	“
BRC238	73	74	1m @ 0.6 g/t gold	Porphyry
BRC238	96	114	18m @ 0.6 g/t gold and 0.1 % copper	“
BRC240	40	42	2m @ 0.2 % copper	Porphyry
BRC241	63	64	1m @ 0.8 g/t gold	Porphyry
BRC241	120	129	9m @ 1.7 g/t gold	“
BRC242	79	80	1m @ 0.6 g/t gold	Porphyry
BRC242	99	100	1m @ 0.6 g/t gold	“
BRC242	109	110	1m @ 0.7 g/t gold and 0.5 % copper	“
BRC244	31	33	2m @ 1.0 g/t gold	Netiana
BRC244	44	45	1m @ 0.5 g/t gold	“
BRC244	49	52	3m @ 0.9 g/t gold	“
BRC245	6	7	1m @ 0.6 g/t gold	Netiana
BRC245	17	20	3m @ 2.9 g/t gold	“
BRC245	33	44	11m @ 7.8 g/t gold	“
including	35	38	3m @ 21.6 g/t gold	“
and	33	39	6m @ 0.2 % copper	“
BRC245	53	54	1m @ 0.5 g/t gold	“
BRC247	52	53	1m @ 1.8 g/t gold	Netiana
BRC248	28	29	1m @ 2.9 g/t gold	Netiana
BRC248	84	86	2m @ 0.7 g/t gold	“
BRC250	27	28	1m @ 0.5 g/t gold	Cobra
BRC250	30	33	3m @ 0.6 g/t gold	“
BRC250	38	39	1m @ 0.6 g/t gold	“

Page | 17

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	From (m)	To (m)
Hole ID			Intersection	Lode(s)
BRC250	92	93	1m @ 0.6 g/t gold	“
BRC250	117	118	1m @ 0.7 g/t gold	“

Notes:

1. All holes drilled by Reverse Circulation (RC) drilling.

2. All RC drill results based on samples taken at 1m intervals.

3. Analysis performed by the BIGS Laboratory and the SGS Laboratory, Ouagadougou, Burkina Faso, using standard fire assay/AAS methods. Assays >10 g/t gold were checked using the fire assay/gravimetric method by the ALS Chemex Laboratory, Johannesburg, South Africa.

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

1. All assays are quoted to one decimal place.

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

3. All intervals quoted are down hole depths

Page | 18

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Table 2. Significant Diamond Drilling Intercepts from the Balogo Project

	From (m)	To (m)
Hole ID			Intersection	Lodes(s)
BDH001R	44.8	45.5	0.7m at 0.9 g/t gold	Netiana
BDH001R	50.2	71	20.8m at 4.7 g/t gold	“
Including	59.7	63	3.3m at 20.2 g/t gold	“
BDH001R	116	117	1m at 4.9 g/t gold	“
BDH002	161.1	165	3.9m at 37.9 g/t gold	Netiana
BDH002	193.6	198.9	5.3m at 11.8 g/t gold	“
Including	195	196	1m at 56 g/t gold	“
BDH006	96	107	11m at 9.8 g/t gold	Netiana
Including	103	105	2m at 29.6 g/t gold	“
				“
BDH006	123	123.6	0.6m at 1.5 g/t gold

Notes:

1. All holes drilled by PQ/HQ diamond drilling.

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

3. Assays for only selected portions of the core where obvious mineralisation was observed are listed. Sampling was generally extended for 3m either side of mineralised intervals into apparently barren rock. The remainder of the core has been sampled and results are pending.

4. Analysis performed by the ALS Chemex Laboratory, Johannesburg, South Africa, using standard fire assay/AAS methods, with gravimetric re-assaying of samples with gold assays >10 g/t.

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

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

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

3. All intervals quoted are down hole depths

4. The following intervals were sampled:

BDH001R 42.0 – 117m BDH002 71.2 – 84.7m; 159.1 – 166m; 190.5 – 201.5m BDH006R 11.0 – 14.6m; 34.0 – 47.0m; 95.0 – 129.8m; 168.8 – 177m BDH007R 21.2 – 53.0m; 142.9 – 151.1m

Page | 19

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Table 3. Significant new RC drilling gold intercepts from the Yako Project (>1 m x g/t gold)

	From (m)	To (m)
Hole ID			Intersection	Prospect
TRC002	0	10	10m @ 0.6 g/t gold	Pelle South
TRC002	67	68	1m @ 1.1 g/t gold	“
TRC003	79	80	1m @ 1.0 g/t gold	Pelle South
TRC003	98	100	2m @ 0.7 g/t gold	“
TRC004	48	63	15m @ 5.0 g/t gold	Pelle South
including	49	52	3m @ 20.3 g/t gold
TRC006	32	33	1m @ 1.5 g/t gold	Pelle South
TRC006	39	41	2m @ 1.0 g/t gold	“
TRC006	47	50	3m @ 1.7 g/t gold	“
TRC006	79	81	2m @ 0.9 g/t gold	“
TRC006	85	86	1m @ 1.0 g/t gold	“
TRC011	1	11	10m @ 1.0 g/t gold	Pelle South
TRC011	18	20	2m @ 0.6 g/t gold	“
TRC016	9	21	12m @ 5.7 g/t gold	Pelle South
TRC018	44	47	3m @ 0.8 g/t gold	Pelle South
TRC018	63	65	2m @ 1.6 g/t gold	“
TRC018	68	71	3m @ 0.5 g/t gold	“
TRC020	52	54	2m @ 0.6 g/t gold	Pelle South
TRC022	54	63	9m @ 0.7 g/t gold	Pelle South
TRC022	74	76	2m @ 0.6 g/t gold	“
TRC023	27	28	1m @ 1.5 g/t gold	Pelle South
TRC023	31	34	3m @ 0.7 g/t gold	“
TRC023	48	50	2m @ 1.4 g/t gold	“
TRC024	58	63	5m @ 1.0 g/t gold	Pelle South
TRC028	22	23	1m @ 1.0 g/t gold	Pelle South
			9m @ 2.1 g/t gold(41-42 no sample)
ZPRC015	38	47		Pelle North
ZPRC020	85	94	9m @ 1.2 g/t gold	Pelle North
ZPRC022	71	72	1m @ 2.7 g/t gold	Pelle North
ZPRC022	104	111	7m @ 5.1 g/t gold	“
ZPRC024	105	114	9m @ 4.3 g/t gold	Pelle North
ZPRC026	104	107	3m @ 1.7 g/t gold	Pelle North
ZPRC026	124	126	2m @ 1.6 g/t gold	“
ZPRC030	54	57	3m @ 2.8 g/t gold	Pelle North
ZPRC032	92	98	6m @ 0.5 g/t gold	Pelle North

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	From (m)	To (m)
Hole ID			Intersection	Prospect
ZPRC034	15	20	5m @ 1.4 g/t gold	Pelle North
ZPRC034	35	51	16m @ 1.5 g/t gold	“
ZYRC002	46	47	1m @ 1.4 g/t gold	Yake

Notes:

8. All holes drilled by Reverse Circulation (RC) drilling.

9. All RC drill results based on samples taken at 1m intervals.

10. Analysis performed by the SGS Laboratory, Ouagadougou, Burkina Faso, using standard fire assay/AAS methods.

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

1. All assays are quoted to one decimal place.

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

3. All intervals quoted are down hole depths

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: 413,306,231 Unlisted Options: 29,950,000

Major Shareholders

PAL Technology Services LLC 13.18% Acorn Capital 7.03%

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

Page | 21

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 June 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 (12 months) $A’000
	(3,562) (596) 22 -	(9,367) (2,350) 178 27
	(4,136)	(11,512)
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)	- (39) 850	(304) (54) 850
	811	492
	(3,325)	(11,020)

• 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)	(3,325)	(11,020)
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	41	8,086 (429)
	41	7,657
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	(3,284) 5,238 8	(3,363) 5,230 95
	1,962	1,962

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

17/12/2010

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
	250
	450
Total	700

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	1,917	2,238
5.2 Deposits at call	45	3,000
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter(item 1.22)	1,962	5,238

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.

17/12/2010 Appendix 5B Page 3

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	413,306,231	413,306,231
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

17/12/2010

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:

==> picture [131 x 36] intentionally omitted <==

Date: 24 July 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.

17/12/2010 Appendix 5B Page 5

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

17/12/2010