ASARA RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 25, 2012

==> picture [596 x 171] intentionally omitted <==

----- Start of picture text -----

Quarterly Activities Report
For the period ended 31 March 2012
----- End of picture text -----

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.

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

Directors

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

Highlights

Burkina Faso

• During the quarter, 90 RC holes (9,918m) were completed at the Balogo Project and 53 RC holes (5,449m) were completed at the Yako Project.

• Further high grade gold intercepts were obtained from the Netiana Lodes at Balogo and include: 57m at 40.6 g/t gold , including 8m at 244.8 g/t gold (Hole BRC071); 16m at 11.2 g/t gold , including 1m at 99.2 g/t gold (Hole BRC 112), and 8m at 15.3 g/t gold , including 1m at 67.3 g/t gold and 1m at 39.2 g/t gold (Hole BRC 111).

• A new continuous zone of gold and copper mineralisation (Porphyry Lode) was outlined at Balogo and new intersections include: 10m at 1.0 g/t gold (Hole BRC093); 10m at 0.4 g/t gold, 0.6% copper (Hole BRC 097); 6m at 1.2 g/t gold, 0.5% copper (Hole BRC 097); 18m at 1.0 g/t gold, 0.2% copper (Hole BRC 098); and 12m at 1.2 g/t gold, 0.5% copper (Hole BRC 101).

• A major aerial magnetic and radiometric survey was completed over the entire Yako and Diapaga project areas and over the Zaptenga and Sakaro permit areas at Balogo .

• A major regional shear zone traversing the entire Diapaga Project was located by the aeromagnetics. The ENE-trending shear is 37km and 4.5km wide .

Mali

• 29 RC holes (4,035m) were completed at the Linnguekoto West Prospect, Sepola Project.

• The best intersection obtained at the Linnguekoto West Prospect was 12m at 3.4 g/t gold from 8m, including 1m at 28.8 g/t gold (Hole LINN 011).

• A 10,000 aircore drilling program commenced on the Faraba Permit at the Faraba Project.

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

==> picture [596 x 77] intentionally omitted <==

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 Drilling

Phase 3 RC drilling at Balogo continued during the quarter with 90 holes (9,918m) completed. The total number of holes drilled to date at Balogo is 151 holes for 17,576m.

The best new intersections include: 57m at 40.6 g/t gold from 42m, including 8m at 244.8 g/t gold (Hole BRC071 - Netiana) 16m at 11.2 g/t gold from 78m, including 1m at 99.2 g/t gold (Hole BRC112 - Netiana) 8m at 15.3 g/t gold from 87m, including 1m at 67.3 g/t gold and 1m at 39.2 g/t gold (Hole BRC111 - Netiana) 4m at 3.7 g/t gold from 22m (Hole BRC113 - Netiana) 16m at 1.5 g/t gold from 39m (Hole BRC113 - Netiana) 10m at 1.7 g/t gold from 38m, including 1m at 10.2 g/t gold (Hole BRC 089 – Netiana NE); 3m at 7.7 g/t gold from 3m, including 1m at 19.7 g/t gold (Hole BRC 091- Netiana NE). 10m at 1.0 g/t gold from 11m (Hole BRC093 – Porphyry); 10m at 0.4 g/t gold, 0.6% copper from 50m (Hole BRC 097 - Porphyry); 6m at 1.2 g/t gold, 0.5% copper from 64m (Hole BRC 097 - Porphyry); 18m at 1.0 g/t gold, 0.2% copper from 108m (Hole BRC 098 - Porphyry); 12m at 1.2 g/t gold, 0.5% copper from 97m (Hole BRC 101 - Porphyry).

Page | 2

==> picture [596 x 77] intentionally omitted <==

Assays have only been received for around 42% of holes completed to the end of March 2012.

A list of all intercepts greater than 0.5 g/t gold is provided in Table 1. Intercepts were calculated using an average gold grade, 0.5 g/t gold cut-off and a maximum of 4m of internal waste.

Netiana Lodes

Assays have been received for 18 holes drilled to further test the Netiana Lodes and additional high grade gold intercepts were received. The gold mineralisation at Netiana appears to be associated with multiple zones of quartz veining and has been defined over a strike extent of approximately 330m.

In the central portion of Netiana two high grade gold intercepts were received in fresh granodiorite. Both intercepts lie 25m beneath the previous high grade intercept of 57m at 23.3 g/t gold in Hole BRC 071 (which re-assayed at 57m at 40.6 g/t gold).

Netiana	Lodes	high	grade	gold	8m at 15.3 g/t goldfrom 87m, including1m at 67.3 g/t
intercepts:					gold and1m at 39.2 g/t gold(BRC 111);
					16m at 11.3 g/t goldfrom 78m, including1m at 99.2 g/t
					gold(BRC 112)

The geometry of the high grade gold-bearing quartz veining at Netiana requires further analysis before being fully understood. It is believed the high grade gold mineralisation intercepted in holes BRC 111 and 112 remains open at depth. Golden Rim plans to increase its understanding of the geometry at Netiana with infill RC drilling (25m spaced lines) and two HQ diamond holes.

Porphyry Lode

Assays have been received for 15 holes drilled to test the Porphyry Lode in the bottom of a previous Hole BRC 028 (24m at 1.4 g/t gold, 0.9% copper). Significant new gold and copper intercepts were obtained.

Significant	new	gold	and	copper	18m at 1.0 g/t gold, 0.2% copperfrom 108m (BRC 098);
intercepts Lode:	obtained from		the	Porphyry	12m at 1.2 g/t gold, 0.5% copperfrom 97m (BRC 101);
					10m at 0.4 g/t gold, 0.6% copperfrom 50m (BRC 097);
					and6m at 1.2 g/t gold, 0.5% copperfrom 64m (BRC
					097).

The copper and gold mineralisation in the Porphyry Lode is associated with disseminated sulphides (pyrite and chalcopyrite) in a siliceous, magnetite-rich felsic intrusive. Continuity appears to be good and lode has now been traced with drilling over a strike extent of 400m and remains open to the SW. The mineralisation lies parallel to the Netiana Lodes, 200m to the NW.

Cobra Shear Zone

Assays have been received for 30 holes drilled to test for strike extensions to the copper-gold-magnetite mineralisation within the Cobra Shear Zone.

Hole BRC 136, which is the northern-most hole drilled to date on Cobra, intercepted broad zones of low grade copper mineralisation, including 8m at 0.4% copper from 10m, 20m at 0.3% copper from 22m, and 11m at 0.3% copper from 51m.

Page | 3

==> picture [596 x 77] intentionally omitted <==

The copper-gold mineralisation at Cobra has now been traced for a strike length of 850m and remains open to the NE.

A new parallel zone of copper mineralisation approximately 150m SE of Cobra seems to have been intersected in holes BRC139 and 141. The best intercept is 8m at 0.3% copper (93-101m) in BRC 139. The geometry of this new zone remains to be confirmed by additional drilling.

Re-assays of BRC 071 at the Netiana Lodes, Balogo Project

A standard 50 gram fire assay with an AAS finish for gold, as routinely conducted by Golden Rim on all exploration samples, has an accuracy range between 0.005 and 10 grams per tonne (g/t) gold. At values greater than 10 g/t gold, the accuracy is reduced and alternative assay methods are generally considered.

The original intercept in Hole BRC 071 (57m @ 23.3 g/t gold from 40m) had 33.3% of the individual assays greater than 10 g/t gold.

This interval was re-assayed in Johannesburg using a 50 gram fire assay with a gravimetric finish which has an accuracy range of 0.05 to 1000 g/t gold. Multi-element analysis was also completed on the samples to determine if any other elements may be associated with the gold mineralisation.

The gravimetric re-assaying for the standard fire assay intercept of 57m at 23.3 g/t gold, including 8m at 131.8 g/t gold, in Hole BRC 071 at Netiana, reported in the previous quarter, returned a significantly higher intercept of 57m at 40.6 g/t gold, including 8m at 244.8 g/t gold.

Overall, there is a relatively linear correlation between the standard fire assay and the gravimetric analysis 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 data set is highly skewed by a single result (47m – 48m, 23.2 g/t gold by fire assay and 752 g/t gold by the gravimetric method).

The high grade intercept in Hole BRC 071 was assayed for a suite of elements using a standard ICP technique. Overall, most of the interval was not particularly anomalous in other metals except for gold. Over the interval 44m to 52m (8m at 131.8 g/t gold) copper, silver and bismuth were elevated. Copper values were up to 0.4%, silver reached a maximum of 74 g/t and bismuth values were up to 0.3%.

Geochemical Sampling

Soil sampling continued on a number of magnetic anomalies during the quarter. A total of 1,520 soil samples were collected on the Balogo and Dabiyan 3 permits. No significant results have been received to date.

Auger drilling was completed on the Biaza and Dabiyan 3 permits with a total of 573 samples collected. Assay results are pending.

Trenching

A total of 10 trenches were excavated during the quarter. Three were dug at Netiana, one at the Porphyry area and two along the Cobra Shear Zone. Three trenches were also dug over magnetic anomalies along the Balogo NW shear. The trenches at Netiana, Porphyry and Cobra have been mapped and sampled with 441 channel samples collected, each over a 2m channel length. Assays are pending.

Page | 4

==> picture [596 x 77] intentionally omitted <==

Trench BT01 was excavated over the high grade gold intercept in drillhole BRC 071 (57m at 40.6 g/t gold). Abundant quartz veining and stockworks were noted along the trench with some veins containing visible gold.

Diamond Drilling

Tenders were finalised for a 1,500m diamond drilling program to commence in early April 2012.

Airborne Geophysics

The Sakaro and Zaptenga permits were covered by a high resolution airborne magnetic / radiometrics survey flown by Aeroquest. A total of 1,608 line km was flown over these two permits.

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 continued on two permits at the Sebba Project during the quarter with a total of 567 auger samples collected at the Diagotta and Dioga permits. Limited assays have been received from sampling completed in the previous quarter with the majority of samples remaining outstanding.

Yako Project, Burkina Faso

Reverse Circulation Drilling

A total of 53 RC holes were completed on the Zanna and Tanlili permits during the quarter for a total of 5,449m.

On the Zanna Permit, 20 holes were drilled at the Pelle North Prospect (2,114m) to follow-up on previous drill results and three holes (330m) were drilled at a new artisanal mining site called Yake.

A total of 30 holes (3,005m) were completed at the Pelle South Prospect on the Tanlili Permit.

Assays for all drillholes are pending.

Airborne Geophysics

The entire Yako Project area was covered by a high resolution airborne magnetic / radiometrics survey flown by Aeroquest. A total of 3,133 line km was flown over the two permits.

A number of major structures were identified and follow-up ground work will commence during the next quarter.

Page | 5

==> picture [596 x 77] intentionally omitted <==

Geochemical Sampling

A total of 30 rock samples were taken on the Tanlili Permit from areas of artisanal mining activity. Assay results are pending.

Diapaga Project, Burkina Faso

Airborne Geophysics

The entire Diapaga Project area was covered by a high resolution airborne magnetic / radiometrics survey flown by Aeroquest. A total of 5,484 line km was flown over the two permits.

The magnetic data has highlighted a number of very significant structural features at Diapaga including a major ENE-trending shear system that bisects the project area. This shear has a strike extent of 37km and is around 4.5km wide. Follow-up ground checking of this area is currently underway.

Geochemical Sampling

A total of 22 rock samples were taken during reconnaissance mapping of the Diapaga Project. Assay results are pending.

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 northwest of the Loulo gold deposit (containing more than 11Moz gold) in western Mali.

During the quarter, trenching and RC drilling was completed at the Linnguekoto West Prospect.

Reverse Circulation Drilling

A total of 29 RC holes (4,035m) were drilled at the Linnguekoto West Prospect. All significant intercepts greater than 0.5 g/t gold are presented in Table 2.

Drilling in the vicinity of the stockwork gold mineralisation in Trench 2 (16m at 3.2 g/t gold) failed to intersect significant gold mineralisation. This suggests the mineralisation in this area is more restricted than initially thought.

Approximately 200m SW of Trench 2, a significant intersection of 12m at 3.4 g/t gold from 10m including 1m at 28.8 g/t gold in hole Linn011 was obtained. This intersection lies beneath a lateritic plateau and remains open in all directions.

Trenching

Four trenches (TR16 to 19) were completed at the Linnguekoto West Prospect for a total of 677m. Results are pending.

Page | 6

==> picture [596 x 77] intentionally omitted <==

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.

Air Core Drilling

A program of air core drilling commenced on the Faraba Permit. By the end of the quarter, 118 holes totalling 5,885m had been completed. A total of 32 holes remain to be drilled in this program. All assay results are pending.

Royal Group Alliance and the Bergslagen Joint Venture

Royal Falcon Mining LLC ( Royal Falcon ) is a purpose specific company formed to acquire, explore and develop major mineral projects. Golden Rim holds a 35% interest in Royal Falcon while PAL Technology Services LLC, a member of the Royal Group of Companies based in Abu Dhabi, UAE, hold the remaining 65% interest.

Royal Falcon entered into a Farmin and Joint Venture Heads of Agreement in April 2009 on the advanced Falun and Bersbo poly-metallic projects located in the Bergslagen district in central Sweden ( Bergslagen Joint Venture ).

Falun Project, Sweden

The Falun Project comprises 6 permits covering 101km[2] around the historic mining centre of Falun, located 200km NW of Stockholm, and is part of the Bergslagen Joint Venture. It was first mined around 700AD and was the largest copper producer in Europe during the 17th and 18th centuries. The mine was closed in 1992 after operating for more than 1,400 years. Records show that more than 35m tonnes of high-grade ore were mined containing on average 1-3% copper, 2-6% zinc and 1-7 g/t gold. Falun is regarded as one of the world’s great, massive sulphide mineralising systems.

Royal Falcon has decided to divest its interest in the Falun and Bersbo copper and gold projects in Sweden. This will allow Golden Rim to further focus on its projects in West Africa, at this time.

Corporate

During the quarter, a coup occurred in Mali. The coup has had minimal impact on Golden Rim’s exploration activities. The Company’s office in Bamako was closed for a week for precautionary purposes. The aircore drilling program at the Faraba Project was suspended for 12 days and recommenced on 13 April 2012. The Company continues to monitor the situation through its specialist security consultants, as the country undergoes efforts to resolve the situation.

Other activities during the quarter included the following share placements:

• Approximately 45.9 million new fully paid shares to institutional and sophisticated investors at $0.15 per share raising approximately A$6.9m (before issue costs); and

• 8 million new fully paid shares to substantial shareholder, PAL Technology Services LLC, at $0.15 per share raising A$1.2 million.

Page | 7

==> picture [596 x 77] intentionally omitted <==

The purpose of the placements was to provide funds for the Company’s drilling and other exploration expenditure, and for working capital purposes.

Also during the quarter, Golden Rim held a booth at the Mines and Money conference in Hong Kong. The Company continues to proactively promote the Company.

For further information, please contact:

Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary +61 400 205 433 +61 8 9481 5758 anna@amncorporate.com

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.

==> picture [508 x 347] intentionally omitted <==

Figure 1. Location of Golden Rim’s permits and Projects in Burkina Faso. Permits highlighted in blue have been divested.

Page | 8

==> picture [680 x 464] intentionally omitted <==

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

Page | 9

==> picture [600 x 451] intentionally omitted <==

Figure 3. Drill section 1260199N at the Netiana Lode, Balogo Project, showing gold intercepts (new intercepts with yellow label background) and interpreted zones of gold mineralisation

Page | 10

==> picture [591 x 447] intentionally omitted <==

Figure 4. Image of the high resolution aeromagnetics flown over the Diapaga Project, showing the major shear zone that bisects the centre of the project area

Page | 11

==> picture [596 x 77] intentionally omitted <==

==> picture [436 x 636] intentionally omitted <==

Figure 5. Linnguekoto West Prospect, Sepola Project, collar locations with significant intercepts labeled.

Page | 12

==> picture [596 x 77] intentionally omitted <==

Table 1. Significant new gold intercepts from the Phase 3 drilling program at the Balogo Project

Hole ID	From (m)	To (m)	Intersection	Lode(s)
	25	34	9m@0.7g/t Au
BRC076
	80	81	1m@0.7g/t Au
BRC081	0	1	1m@1.3g/t Au
	38	48	10m@ 1.7g/t Au,including:
BRC089
	40	41	1m@ 10.2g/t Au
BRC090	18	19	1m@1.7g/t Au
				Netiana SW
	3	6	3m@ 7.7g/t Au,including:
BRC091	4	5	1m@ 19.7g/t Au
	18	20	2m@0.7g/t Au
	14	15	1m@0.5g/t Au
BRC092	28	31	3m@0.4% Cu
	70	73	3m@2.4g/t Au
	11	21	10m@ 1.0g/t Au; 0.1% Cu
BRC093	31	35	4m@1.6g/t Au;0.2% Cu
	66	69	3m@0.6% Cu
BRC094	116	117	1m@0.7% Cu
BRC095	144	147	3m@1.2g/t Au;0.2% Cu
	12	13	1m@0.6g/t Au
BRC096
	36	37	1m@0.4% Cu
	50	60	10m@ 0.4g/t Au; 0.6% Cu
	64	70	6m@ 1.2g/t Au; 0.5% Cu
BRC097
	85	86	1m@0.3% Cu
	93	96	3m@0.6g/t Au;0.4% Cu
	98	99	1m@0.7g/t Au;0.3% Cu
BRC098				Porphyry
	108	126	18m@ 1.0g/t Au; 0.2% Cu
	17	18	1m@1.2g/t Au;0.1% Cu
BRC099
	24	25	1m@0.6g/t Au
	17	18	1m@1.1g/t Au
	22	27	5m@0.6g/t Au
BRC100
	44	45	1m@0.7% Cu
	49	50	1m@0.3% Cu
	41	42	1m@1.3g/t Au
BRC101
	97	109	12m@ 1.2g/t Au; 0.5% Cu
	12	13	1m@6.2g/t Au
BRC102	32	33	1m@1.0g/t Au
	66	67	1m@0.6g/t Au

Page | 13

==> picture [596 x 77] intentionally omitted <==

Hole ID	From (m)	To (m)	Intersection	Lode(s)
	80	83	3m@0.5g/t Au
BRC103	112	113	1m@1.4g/t Au
	118	124	6m@1.1g/t Au
BRC104	15	18	3m@0.7g/t Au
BRC105	14	18	4m@0.5g/t Au
	7	8	1m@0.6g/t Au
BRC106	51	53	2m@0.4 % Cu
	56	58	2m@1.9g/t Au
	67	70	3m@0.3 % Cu;including:
BRC107	68	69	1m@0.6g/t Au,0.5 % Cu
	75	76	1m@1.1g/t Au,0.2 % Cu
BRC110	89	90	1m @ 0.9 g/t Au	Cobra SW
	3	7	4m@1.5g/t Au
	48	53	5m@1.3g/t Au
	87	95	8m@ 15.3g/t Au,including:
BRC111
	87	88	1m@ 67.3g/t Au
	90	91	1m@ 37.6g/t Au
	119	120	1m@0.7g/t Au
	78	94	16m@ 11.2g/t Au,including:
BRC112	90	91	1m@ 99.2g/t Au	Netiana
	131	132	1m@3.2g/t Au
	0	1	1m@0.6g/t Au
	7	8	1m@0.7g/t Au
	15	16	1m@0.7g/t Au
BRC113
	22	26	4m@ 3.7g/t Au
	33	34	1m@0.5g/t Au
	39	55	16m@ 1.5g/t Au
BRC114	24	29	5m@0.5g/t Au
BRC120	24	25	1m@0.7g/t Au
	82	88	6m@0.2 % Cu
BRC121
	98	101	3m@0.6g/t Au,0.8 % Cu
	42	46	4m@0.3g/t Au,0.3 % Cu	Cobra SW
BRC121B
	85	94	9m@0.2g/t Au,0.2 % Cu
BRC122	71	72	1m@1.6g/t Au
	53	55	2m@0.7g/t Au
BR124
C	158	162	4m@0.7g/t Au(bottom of hole)

Page | 14

==> picture [596 x 77] intentionally omitted <==

Hole ID	From (m)	To (m)	Intersection	Lode(s)
BRC125	100	111	11m@0.4 % Cu
	51	55	4m@0.2 % Cu
	64	65	1m@0.6g/t Au,0.4 % Cu
			13m @ 0.3 g/t Au, 0.6 % Cu, including:
	99	112
BRC126
	106	109	3m@0.2g/t Au,1.2 % Cu
			6m @ 0.2 g/t Au, 0.7 % Cu, including:
	120	126
	125	126	1m@0.4g/t Au,1.6 % Cu
BRC127	67	68	1m@0.6g/t Au
BRC128	25	26	1m@0.6g/t Au;1.2% Cu
	123	124	1m@0.5g/t Au
BRC129
	143	144	1m@0.6g/t Au;0.4% Cu	Cobra
	13	14	1m@0.9g/t Au
BRC132
	40	43	3m@ 1.5g/t Au; 1.1% Cu
BRC133	108	109	1m@0.6g/t Au
	44	48	4m@1.2g/t Au
BRC134
	76	77	1m@3.5% Cu
BRC135	82	83	1m@0.7g/t Au;0.4% Cu
	10	18	8m@0.4% Cu
	22	42	20m@ 0.3% Cu
BRC136
	51	62	11m@0.3% Cu
	81	82	1m@0.4% Cu
	35	42	7m@0.4g/t Au,0.4 % Cu
BRC137	58	59	1m@0.3g/t Au,0.3 % Cu
	70	71	1m@0.5 % Cu
	49	50	1m@0.3g/t Au,0.5 % Cu
	64	65	1m@0.4g/t Au,0.4 % Cu
BRC139				Cobra NE
	74	75	1m@0.5 % Cu
	93	101	8m@0.3 % Cu
	43	44	1m@0.5 % Cu
BRC141	44	45	1m@0.6g/t Au
	96	97	1m@1.2 % Cu

Note: Intercepts were calculated with a 0.5 g/t gold cut-off and with a maximum of 4m internal dilution.

Page | 15

==> picture [596 x 77] intentionally omitted <==

Table 2. Significant gold intercepts from the RC drilling program at the Linnguekoto West Prospect, Sepola Project

Hole ID	From (m)	To (m)	Intersection
LIN001	50	51	1m@0.5g/t Au
LIN002	44	47	3m@0.87g/t Au
LIN004	81	82	1m@0.5g/t Au
	8	20	12m@ 3.4g/t Au
LIN011	28	29	1m@0.9g/t Au
	128	129	1m@0.6g/t Au
LIN012	31	32	1m@2.0g/t Au
LIN015	122	123	1m@0.6g/t Au
	2	3	1m@3.8g/t Au
LIN019
	80	81	1m@2.0g/t Au

Note: Intercepts were calculated with a 0.5 g/t gold cut-off and with a maximum of 4m internal dilution.

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 | 16

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	31 March 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 (6 months) $A’000
	(2,687) (447) 19 -	(5,805) (1,754) 156 27
	(3,115)	(7,376)
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 (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- (7)	(304) (15)
	(7)	(319)
	(3,122)	(7,695)

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(3,122)	(7,695)
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	8,086 (470)	8,086 (470)
	7,616	7,616
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	4,494 708 36	(79) 5,230 87
	5,238	5,238

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
		171
		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 Total

$A’000 1,000 450 1,450

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	2,238	708
	3,000
Total: cash at end of quarter(item 1.22)	5,238	708

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interes t at beginn ing of quarte r	Interest at end of quarter
	N/A

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

6.2 Interests in mining tenements acquired or increased

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
	53,909,500	53,909,500	15c	15c
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
	2,450,000 (ESOP)		$0.14	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: (Director) Print name: GILBERT RODGERS

Date: 26 April 2012

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 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.

• See chapter 19 for defined terms.

17/12/2010 Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly report

• 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