ASARA RESOURCES LIMITED — Interim / Quarterly Report 2012

Feb 26, 2012

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Half Year Report

Golden Rim Resources Ltd and Controlled Entities For the period ended 31 December 2011

Contents
Corporate Directory	2
Directors Report	3
Auditor’s Independence Declaration	15
Condensed Consolidated Statement of Comprehensive Income	16
Condensed Consolidated Statement of Financial Position	17
Condensed Consolidated Statement of Changes in Equity	18
Condensed Consolidated Statement of Cash Flows	19
Condensed Notes to the Consolidated Financial Statements	20
Directors Declaration	25
Independent Review Report	26

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

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Corporate Directory

Directors

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

Company Secretary

Hayley Butcher

Registered Office

Level 2 10 Outram Street WEST PERTH WA 6005 AUSTRALIA

T: +61 8 9481 5758 F: +61 8 9481 5759 E: info@goldenrim.com.au

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA

T: +61 8 9315 2333 F: +61 8 9315 2233

Auditors

Deloitte Touche Tohmatsu Level 14, Woodside Plaza 240 St Georges Tce PERTH WA 6000 AUSTRALIA

Stock Exchange Listing

The Company’s shares are listed and quoted on the Australian Securities Exchange Limited. The Company’s Home Exchange is Perth, Western Australia.

Australian Securities Exchange Limited Code: GMR

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Directors’ Report

The board of directors of Golden Rim Resources Ltd ( Golden Rim, Company ) presents its Half Year Report together with the condensed consolidated financial statements of the Company and the entities it controlled for the half year ended 31 December 2011 ( Half Year ).

Directors

The names of the Directors who held office during the Half Year and to the date of this report are:

Rick Crabb Craig Mackay Gilbert Rodgers Glenister Lamont Nadir Alhammadi.

Operating Results

During the Half Year, the consolidated entity incurred a consolidated operating loss after tax and after non controlling interest amounting to $4,455,635 (31 December 2010 $5,185,041). This included mineral exploration write off totalling $3,312,277 (31 December 2010: $2,935,841)

The cash and cash equivalent balance of the Company at 31 December 2011 was $852,406 (31 December 2010: $10,175,454). The Company replenished its cash reserves through an equity raising in February 2012 of approximately $8 million through placement issues.

Overview of Operations for the Half Year

Balogo Project, Burkina Faso

The Balogo Project consists of 5 permits and covers a total area of 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 (1.5 Moz), Kiaka (2.6 Moz), Bomboré (3.5 Moz) and Essakan (5.2 Moz).

Reverse Circulation Drilling

A second program of drilling ( Phase 2 ) commenced in June 2011 to follow-up the encouraging results from the first drilling program. A total of 35 holes (BRC033 - BRC067) for 4,012m were completed before the suspension of drilling due to start of the wet season.

The best new intersections include:	14m at 2.56 g/t gold from 38m and 5m at 32.6 g/t
	gold, 0.14% copper from 70m, including 1m at 138.8
	g/t gold (Hole BRC042)
	4m at 3.02 g/t gold from 10m (Hole BRC041)
	11m at 0.66 g/t gold, 0.19% copper from 53m (Hole
	BRC046)
	4m at 1.71 g/t gold, 0.13% copper from 53m (Hole
	BRC055)

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Drilling was focussed in the SW part of the Balogo Hill Prospect and was centred on a major gold-in-soil anomaly and where Golden Rim’s initial drilling intersected gold and copper mineralisation possibly associated with a porphyry intrusive unit (e.g. 24m at 1.43 g/t gold, 0.88% copper in the end of Hole BRC028).

Infill drilling along the Cobra Shear Zone was suspended because of the increasing regularity of rain at Balogo with the on-set of the rainy season.

The Phase 2 drilling defined a second major mineralised shear zone ( Netiana Shear Zone ) that runs parallel to the Cobra Shear Zone in the SW. Drill holes BRC041 and 042 and previous hole BRC025 appear to have intersected the Netiana Shear Zone which is localised at a contact zone between diorite and volcano-sediments.

Two parallel zones of gold mineralisation, both dipping at around 60 degrees NW and striking ENE, have been intersected within the Netiana Shear Zone. The gold mineralisation is associated with quartz veining, and disseminated magnetite, pyrite and hematite. There is a hanging-wall mineralised zone ( HWZ ) and a higher grade footwall mineralised zone ( FWZ ) approximately 20m below. Both zones are open down dip.

Intercepts in the HWZ include:	14m at 2.56 g/t gold (BRC042)
Intercepts in the FWZ include:	4m at 3.02 g/t gold (BRC041)
	8m at 5.75 g/t gold (BRC025)
	5m at 32.6 g/t gold, including 1m at 138.8 g/t gold
	(BRC042)
	The gold grades of the FWZ are increasing with depth

The drilling, gold anomalous soil geochemistry and a linear magnetic anomaly associated with the structure suggest the mineralisation within the Netiana Shear Zone may extend along strike for at least 500m and that it remains open to the SW.

Intrusion-hosted gold and copper mineralisation intersected in previous drilling (holes BRC028 and BRC029) was followed-up with Hole BRC046. This drill hole intersected 11m at 0.66 g/t gold, 0.19% copper in a broad anomalous zone of 31m at 0.14% copper within a quartz / feldspar porphyry unit. Additional drilling is planned to determine the extent of this mineralised porphyry intrusion.

Holes collared further to the NE (BRC055, 056, 061, 065 and 066) appear to have intersected gold and copper mineralisation associated with magnetite / pyrite and quartz veining in what is believed to be a SW extension of the Cobra Shear Zone. These intercepts confirm there is a continuity of mineralisation along this major structure.

A contract was signed with Forages Technique-Eau Burkina SARL, a Canadian owned drilling company, for a further 30,000m of RC drilling at Balogo. The drilling program commenced in early November 2011. At the end of December 2011, 61 drill holes were completed (BRC068 to BRC126) totalling 7,658m with 7,616 samples collected and dispatched to the Bigs Global laboratory. Assays results were pending at the end of the Half Year.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Detailed Ground Geophysical Surveys

Detailed ground geophysical surveys, gradient array induced polarisation and magnetic, were also completed at the Balogo Hill Prospect while drilling was underway. The surveys were conducted by Terratec Geophysical Services from Germany over a 6km x 1km area.

Both surveys were conducted on lines spaced at 50m and orientated NW, perpendicular to the trend of the Cobra Shear Zone.

The detailed ground magnetic survey was highly successful in locating intensely magnetised parts of the Cobra Shear Zone and allowed the discrimination between the shear and the less prospective magnetic horizons in the adjacent diorite unit.

The ground magnetic data outlines a series of very strong magnetic high anomalies that are coincident with a series of strong copper-in-soil and gold-in-soil anomalies. The strongest portion of these anomalies lies along a 1.3km long outcropping portion of the Cobra Shear Zone which consists of a low ridge of quartz-malachite-magnetite veining surrounded by a halo of strong disseminated pyrite and magnetite alteration.

The gradient array induced polarisation survey was completed in an attempt to locate conductive units, potentially sulphide-bearing. A well constrained chargeability high / resistive low anomaly was identified over a strike length of approximately 2.8km. This anomaly appears to be coincidental with the Cobra Shear Zone.

Copper Assaying of Soil Samples

After significant copper mineralisation was identified with gold mineralisation in the initial RC drilling program at Balogo, a total of 696 soil samples from the previously defined major gold-in-soil anomalies were submitted for multi-element analysis (ICP) for 36 elements. This assaying was conducted by ALS Chemex in Johannesburg.

The results from the multi-element analyses outlined an extensive NE-trending copper-in-soil anomaly (>200ppm copper) covering an area of 1.5km x 0.3km. The highest sample value in the anomaly area is 2,100ppm copper .

The trend and extent of the copper anomaly exactly coincides with the mapped outcrop trend of the Cobra Shear Zone which is expressed on surface as a low ridge of exposed quartz-malachite-magnetite veining surrounded by a halo of strong disseminated pyrite and magnetite alteration.

The copper anomaly starts in the SW in the vicinity of Hole BRC001 ( 12m at 0.24 g/t gold, 0.61% copper from 19m and 11m at 0.40 g/t gold; 0.50% copper from 55m), where the first outcrops of the Cobra Shear Zone occur. The shear zone is then obscured by soil cover further to the southwest.

Geochemical Sampling

Balogo Permit: A program of geochemical sampling and pitting was done to test a number of discrete magnetic anomalies. A total of 484 soil and 7 rock samples were collected and results are pending. Two pits were also dug to test the magnetic anomalies.

Sakaro Permit: A program of geochemical sampling commenced at the Sakaro Permit on regional magnetic targets. A total of 1,394 samples have been collected. The results are pending.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Biaza Permit: A geochemical grid of 1,415 samples and 10 pits were dug to test strong magnetic point anomalies on the Biaza Permit. Limited data has been received so far but no gold anomalies have been detected.

Dabinyan 3 Permit: A single pit was dug to test a point magnetic anomaly.

Sebba Project, Burkina Faso

The Sebba Project is located in northeast of Burkina Faso and is comprised of 9 granted exploration permits and covers 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. Active artisanal mining can be found in each of the permits.

Geochemical Sampling

Yipely Permit: During the Half Year, surface geochemical sampling was completed over the Diogora 2 grid. A total of 796 soil samples were collected. Assay results are pending.

Gandi Permit: During the Half Year, soil sampling was completed over the Tyena 2 and 3 grid areas. A total of 865 samples were collected. Assay results are pending.

Namantougou Permit: Soil, auger and rock chip sampling was conducted over the “Natou”, “Fosinfogou” & “Dessé” grids. A total of 1,565 soil samples and 119 rock chip samples were collected and a total of 799 auger holes for 2,990m were completed along a NE-trending regional shear up until the end of December 2011. Most assay results are pending, however rock chip sample results up to 34.0 g/t gold were obtained.

Komondi Permit: An extensive soil sampling grid (200m x 50m) commenced on the Komondi Permit along the southern part of a major NE-trending shear zone.

By the end of the September 2011 quarter, a total of 2,228 soil samples, 126 rock samples and 199 auger drill samples hade been collected at the Komondi Permit.

A major gold-in-soil anomaly has been identified over a length of 7.1km and is up to 700m wide. Values up to 14.5 g/t (14,507 ppb gold) were obtained from the soil sampling.

The gold anomaly is coincident with a major NE-trending shear zone that is clearly outlined on Golden Rim’s recently received high-resolution aeromagnetic data. The magnetic data indicates that the shear structure extends for a further 14.9km to the southwest into Golden Rim’s adjoining Nasoulou Permit.

The identified anomaly is on the same shear structure that hosts the extensive Solna artisanal gold workings located on Predictive Discovery Limited’s ( Predictive; ASX: PDI) adjacent Bangaba Project. Solna is the largest artisanal mining community in the region with over 4,000 inhabitants. 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.

Additional mapping, auger drilling and soil sampling commenced in October 2011 at Komondi. A total of 1,640 soil and 102 rock samples were collected over the Sombagou 1 prospect. Preliminary soil results from this sampling returned spotty anomalous gold values from 44 to 454ppb in the NW corner of the grid.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Detailed mapping and auger drilling were completed at the Bambeni area where previous geochemical sampling defined a NE=trending soil anomaly over a strike of 7km. A total of 216 auger holes (812 metres) were completed.

Maba Permit: Soil sampling was conducted over the Peta prospect with 784 samples collected. Results are yet to be received.

Diagotta Permit: Geochemical sampling was completed at the Diagotta 2 (402 samples) and Diagotta 4 (355 samples) prospect areas, to follow up on encouraging rock samples collected previously. Results are pending.

Yako Project, Burkina Faso

The Yako Project now comprises two permits, Zanna and Tanlili, covering an area of 317km[2] . The project is located 100km northwest of Ouagadougou, the capital of Burkina Faso. The Kalsaka Mine (0.8 Moz gold), operated by Cluff Gold, is located 16km SE of the Tanlili Permit and Riverstone Resources’ Karma project (2.7 Moz) is adjacent to the Zanna Permit.

Reverse Circulation Drilling

A program of RC drilling was completed at the Zanna Permit during the September 2011 quarter. A total of 29 holes for an aggregate of 2,505m were drilled.

The RC drilling at the Zanna Permit was designed to test two areas of extensive artisanal workings, the Pelle North Prospect and Nongfaire West Prospect.

At the Pelle North Prospect, Golden Rim has mapped an extensive zone of gold-bearing quartz veins over a strike length of 700m and width ranging from 25m – 40m. This zone of mineralisation has been subject to extensive artisanal mining with hundreds of pits and shafts. The mineralisation is open along strike. To the SW it extends under shallow lateritic cover.

Limited drilling by a previous explorer beneath the artisanal workings at the Pelle North Prospect produced a number of significant intercepts, including 11m @ 8.7 g/t gold, 10m @ 1.6 g/t gold and 16m @ 1.4 g/t gold.

Golden Rim completed a total of 14 holes (882m) at the Pelle North Prospect.

The best intercepts from this drilling	14m at 0.88 g/t gold from 13m, 19m at 4.08 g/t gold
include:	(including 1m @ 38.1 g/t gold) from 42m and 10m @
	0.42 g/t gold from 92m in ZPRC003
	8m at 1.05 g/t gold from 50m in ZPRC002
	8m at 0.95 g/t gold from 37m in ZPRC009
	7m at 1.04 g/t gold from 29m in ZPRC010
	6m at 1.10 g/t gold from 26m in ZPRC012
	4m at 1.22 g/t gold and 3m at 0.87 g/t gold
	(separated by a 2m artisanal mining void) from 74m
	in ZPRC001

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

The gold mineralisation at the Pelle North Prospect occurs in highly weathered metasediments which are locally weakly silicified and may host quartz stockwork veins. The mineralisation appears to be subvertical and up to 3 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 the Pelle North Prospect are located beneath a large artisanal pit (200m x 25m) located in the northern portion of the prospect area.

Drilling was also completed at the Nongfaire West Prospect. A total of 15 holes for an aggregate of 835m were completed. At this prospect, mapping has outlined at least 3 sub-parallel zones of gold-bearing smoky quartz veining over an area of 800m x 500m. All 3 zones remain open along strike. Rock chip sampling of the quartz veining returned assays up to 49.2 g/t gold, 19.3 g/t gold and 9.2 g/t gold. Very little outcrop can be found in the area, apart from that exposed in the artisanal workings.

Drilling confirmed that gold mineralisation at the Nongfaire West Prospect is closely associated with quartz veining. However, no new veins were discovered under cover sequences between the 3 main artisanal mining sites. The best intercept from the Nongfaire West Prospect is 3m at 3.65 g/t gold from 55m in ZNRC014.

Permit Acquisition

The acquisition of the Tanlili Permit was finalised and a site visit completed.

Two large artisanal mining sites occur on the Tanlili Permit, Margo and Pelle South.

The gold mineralisation at Margo was discovered in 1986 and has been continuously worked until today. It is arguably the second largest artisanal site in Burkina Faso with historically up to 4,000 people in the area. At Margo, mineralisation occurs as a series of sheeted quartz veins in a corridor trending WNWESE and hosted in a sedimentary package that has been intruded by a late stage granite body. Quartz / sulphide veins are hosted in a foliated diroritic intrusive with weak pyrite / sericite alteration of the host rocks.

There are two main areas of artisanal activity at Margo.

The main workings cover an area of 500m long x200m wide.

A new zone of gold mineralisation is currently being mined approximately 350m to the SE of the original Margo artisanal site. At the present time, excavations cover a roughly circular area 100m across. Mineralisation at this locality appears identical to that at the older artisanal site. This new area has not been previously drilled.

Another artisanal site (Pelle South) is located on the Tanlili Permit. This site consists of two parallel zones striking NNE, each zone is approximately 300m long and 60m wide. Pelle South is located 1.3km SSW of the Pelle North prospect on the Zanna Permit.

Each of the parallel zones at Pelle South have been drill tested with a single hole.

Reverse circulation hole TAC035 tested the eastern zone and intersected 15m @ 2.08 g/t gold from 14m, 13m @ 1.63 g/t gold from 31m and 4m @ 2.15 g/t gold from 52m.

Drilling on the western zone intersected 6m @ 1.1 g/t gold from 45m.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Diapaga Project, Burkina Faso

During the Half Year, Golden Rim signed agreements to acquire 4 adjacent permits, namely, Antyaga, Bagari, Gounda and Kountiagou in southeastern Burkina Faso ( Diapaga Project ).

The Diapaga Project covers an area of 960km² and is located approximately 350km from Ouagadougou. It lies on the NE-trending Diapaga Birimian greenstone belt and is bisected by a series of major and complex shear structures running into Niger and connected to the major Markoye Fault system. The Markoye Fault system hosts a number of important gold deposits in Burkina Faso, including Taparko (1.7Moz), Kiaka (2.7Moz), Essakane (5.3Moz) and Bomboré (3.5Moz).

Several cross cutting structures intersect the NE shear structures in the project area. These intersection areas are considered priority target areas for locating significant gold mineralisation. The main lithological units at the Diapaga Project include typical Birimian volcano-sediments intruded by a series of mafic and felsic intrusions. New artisanal gold diggings commenced in the area a few months ago.

Due to its remoteness, the Diapaga Birimian greenstone belt is one of the most under explored greenstone sequences in Burkina Faso and has received no significant modern exploration.

Golden Rim believes the Diapaga Project is highly prospective for disseminated intrusion-hosted gold deposits, similar to the Company’s existing Balogo Project, and for shear-hosted gold deposits.

Sepola Project, Mali

The Sepola Project covers approximately 300km[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.

Mapping and Trenching

During the Half Year, a program of detailed 1:2,000 scale mapping around the Linnguekoto West prospect was completed and additional trenching commenced.

Two new trenches have been completed.

Trench 14 was excavated over a length of 120m. Sampling is complete. Three zones of mineralisation were intersected (13m @ 0.71 g/t gold, 3m @ 1.35 g/t gold and 6m @ 0.69 g/t gold).

Trench 15 was dug to a length of 200m. Assays are pending.

Faraba Project, Mali

The Faraba Project is comprised of two granted exploration permits (Faraba and Niaouléni West) covering 64km[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. At Faraba, these rocks are covered by laterite which varies in thickness from several metres to several tens of metres.

No field work was done during the Half Year due to security issues on the Niaouleni permit however a camp was constructed for when fieldwork resumes.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

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 ).

Royal Falcon has decided to investigate options to enhance the value of its interest in the Falun and Bersbo copper and gold projects in Sweden including by joint venture or divestment. This will allow Golden Rim to further focus on its projects in West Africa.

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.

Resource Estimates and Exploration Targets

Dr Chris Gee, an independent mining consultant, completed resource block modelling and prepared a maiden resource estimate for Falun.

The 39 diamond drill holes (6,027m) completed by the Bergslagen Joint Venture partners at Falun, along with approximately 323 historical drill holes (22,835m) were used to construct the resource blocks. With such a large database and drill holes completed over a considerable time period, the block modelling exercise was complex and took considerable time to complete.

Tonnes and grades of mineralised material were estimated for 3 areas:

• the upper Eastern Zone (0m to -150m RL) where an Inferred Resource was determined;

• the lower Eastern Zone (-150m to -280m RL); and

• the Western Zone (0m to -220m RL) where exploration targets were delineated.

The upper portion of the Eastern Zone at a cut-off grade of 0.7 g/t gold has an Inferred Resource of 580,000 tonnes at 2.4 g/t gold and 0.6% copper for 44,000oz of gold and 3,500t copper . In addition, these blocks contain 63,000oz silver at an average grade of 3.4 g/t silver, 270,000lbs of bismuth at an average grade of 210 g/t bismuth and 54,000lbs of selenium at an average grade of 40 g/t selenium. This Inferred Resource is reported according to the guidelines set out in the JORC Code (2004).

In addition to the Inferred Resource two other areas (lower Eastern Zone and Western Zone) were also examined for their potential to produce further resources. Due to the paucity of recent drilling and the lack of QA/QC information associated with the historical drilling only exploration targets could be defined for these areas, being:

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

• Between 500,000 and 800,000 tonnes of copper ore with a grade of between 0.4 and 0.6% copper and between 0.2 and 0.3 g/t gold* at a cut-off grade of 0.3% copper for the lower Eastern Zone.

• Between 1.4 million and 2 million tonnes of copper ore with a grade of between 0.5 and 0.8% copper* at a cut-off grade of 0.3% copper for the Western Zone.

It is expected that most of the exploration target areas will be upgraded to resource status with additional drilling. No gold grade ranges could be quoted for exploration target areas due to the lack of gold assays in the historical drill holes.

The exploration target areas in the Eastern and Western Zones remain open at depth (below -280m and -220m RL respectively) and there is scope to expand them considerably with deeper drilling.

In the Eastern Zone the re-sampling of historical drill core by the Bergslagen Joint Venture at -335m RL returned intercepts up to 6.5m at 7.3 g/t gold, 0.1% copper and 0.32% bismuth; and 10.3m at 3.3 g/t gold, 0.3% copper and 0.14% bismuth. At -350m RL a trial gold mining campaign was conducted in the late 1980s, just before the mine closure, in ore that is reported to have averaged 8 g/t gold.

Drilling in the Western Zone

Three diamond drill holes (11DDFN035 – 11DDFN037) for a total of 580m were drilled into two disseminated copper-gold zones outlined by historic drilling within the Western Zone. A previous drilling programme in 2010 was unable to intersect these zones due to broken ground and cavities. This recent programme has proved successful in reaching both target areas.

All significant intercepts (0.5 g/t gold equivalent cut-off and maximum of 3m waste dilution) for holes 11DDFN035 – 11DDFN037 are listed in Table 3. It should be noted however, that due to the difficulty in drilling these targets from surface that the intersections do not represent true widths.

Holes 11DDFN035 and 11DDFN036 were targeting an area at -145m RL which showed significant copper intersections in historic drill holes.

Hole 11DDFN035 intersected 15.7m at 1.1% copper and 0.65 g/t gold (94.5m to 110.2m), including 0.65m at 7.3% copper and 4.4 g/t gold . The drill hole was abandoned at 110.2m in mineralisation after drill rods became bogged.

Hole 11DDFN036 was drilled parallel to 11DDFN035 and intersected 44m at 0.71% copper and 0.40 g/t gold (117.7m to 161.7m) and 13m at 0.42% copper and 0.19 g/t gold (182.7m to 195.7m) . Assays are still awaited from 195.7m to the end of hole at 229m. This hole also ended in mineralisation, with again the drill rods becoming bogged.

The target for hole 11DDFN037 was copper mineralisation identified in historic drilling at -195m RL. This hole had disseminated copper sulphide mineralisation throughout much of its length, including local higher grade massive copper sulphide intersections.

* The exploration targets have been identified from historical drilling data, old mine records and limited recent drilling and are reported under the guidelines of Clause 18 of the JORC Code (2004). It should be noted that these exploration targets are conceptual in nature and should not be taken or construed as Mineral Resources or Ore Reserves. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

The best intersections in hole 11DDFN037	26.4m at 0.8% copper and 1.5 g/t gold (109.5m to
include:	135.9m), including 3.3m at 3.1% copper and 10 g/t
	gold
	39.4m at 0.55% copper and 0.52 g/t gold (139.9m to
	179.3m)
	15.7m at 1.2% copper and 0.33 g/t gold (211.1m to
	226.8m), including 1.5m at 7.3% copper and 1.9 g/t
	gold

Again, the hole ended in mineralisation. Bulking out the assays for the entire mineralised portion of hole 11DDFN037 without internal dilution and cut-off grade constraints provides an intercept of 175.5m at 0.42% copper and 0.42 g/t gold (59.3m to 234.8m).

The long copper-gold intercepts in holes 11DDFN035 – 11DDFN037 demonstrate the continuity of mineralisation in the Western Zone. They confirm that significant gold mineralisation does exist with the copper mineralisation in the Western Zone within the 1.4 million – 2 million tonne exploration target area and support the copper intercepts in the historical drill holes.

Previously the Bergslagen Joint Venture partners had reported the discovery of an un-mined lens of copper-bearing massive sulphide mineralisation in the Western Zone, which included an intersection of 17.2m at 2.3 g/t gold, 1.9% copper, 3.8% zinc, 0.8% lead, and 56 g/t silver at the bottom of hole 10DDFN020. No further drilling of this mineralisation was conducted in the recent program.

Underground Drilling in the Western Zone

To avoid the old mine cavities and broken ground that had previously impacted on the success of surface drilling at Falun, the Bergslagen Joint Venture partners are currently investigating the feasibility of conducting a major underground drilling program to enable a resource to be estimated for the Western Zone.

The underground drilling will initially be conducted on two levels (-95m and -145m RL) from drives that were established in the 1960s for drilling. The existing decline in the base of the Falun open pit can be used to access these drives.

An underground inspection was recently conducted on both levels with a mining engineer and mining contractors. The decline and drives are in excellent condition and only minor refurbishment work is required to regain access for drilling.

During the underground inspection wide zones of disseminated copper sulphide mineralisation were noted in the drive walls at -145m RL.

New Projects

Golden Rim continues to actively seek new minerals projects which have the ability to add value to the Company. Additionally, through the alliance company, Royal Falcon, Golden Rim also is seeking further advanced projects. During the Half Year, the Company reviewed additional significant gold projects in West Africa.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Corporate Update

During the Half Year, Golden Rim entered into an agreement with Riedel Resources Ltd ( Riedel ) to divest five of its permits in Burkina Faso (Galgouli South, Gonsin, Keri, Moaga, and Tagou).

The divestment is part of Golden Rim’s strategy to continually acquire prospective holdings and to strategically divest others, insuring a pipeline of high quality projects. The initial non refundable option fee of US $25,000 dollars has been paid by Riedel to Golden Rim. Further, Riedel has completed its due diligence in accordance with the initial letter agreement. At the completion date, Golden Rim will receive a cash consideration of US$875,000 and 12,500,000 fully paid ordinary shares in Riedel (the shares to be escrowed for 12 months).

Golden Rim also held its 2011 Annual General Meeting on 17 November 2011. All of the resolutions proposed at the meeting were passed on a show of hands. Golden Rim’s Managing Director, Mr Craig Mackay, took the opportunity to present an update to shareholders.

During the Half Year the Company presented on numerous occasions to various institutions and at conferences in order to raise the profile of the Company. These included presentations in London, Zurich and Geneva, at the Resources Round-up Conference held in Melbourne, and at Africa Down Under held in Perth. The Company has been well received.

During the Half Year the Company was also pleased to welcome Acorn Capital Limited as a substantial shareholder of the Company.

Events Subsequent

Since the end of the Half Year, no significant event has occurred, except as stated below and elsewhere in this Half Year Report.

On 13 January 2012, the Company issued 2,450,000 unlisted options under the Company’s Employee Share Option Plan. The options expire on 12 January 2017 and have an exercise price of 14 cents each.

On 16 January 2012, the Company announced assay results from the first 13 holes of the Phase 3 drilling program at the Netiana Shear Zone at Balogo. The best new intersections included 57m at 23.3 g/t gold from 40m, including 8m at 131.8 g/t gold (Hole BRC071); 7m at 3.0 g/t gold from 102m (Hole BRC071); 4m at 25.0 g/t gold from 19m (Hole BRC068); 10m at 7.5 g/t gold from 14m (Hole BRC073); and 2m at 11.4 g/t gold from 1m (Hole BRC078). As these results were received after the Half Year, they are not included elsewhere in this report.

On 9 February 2012, the Company issued 45,909,500 fully paid ordinary shares at an issue price of 15 cents each to raise approximately $6.9 million (before issue costs) under a placement to sophisticated investors (as defined in section 708 of the Corporations Act 2001). Bell Potter Securities Limited acted as Lead Manager to the placement.

On 15 February 2012, the Company issued 8,000,000 fully paid ordinary shares at an issue price of 15 cents each to existing substantial shareholder, PAL Technology Services LLC, in a private placement, raising approximately $1.2 million.

The funds raised from the placements will be used for the Company’s drilling and other exploration expenditure, and for working capital purposes.

Following the Half Year, the Company also disclosed that its Abu Dhabi alliance company, Royal Falcon Mining LLC, has decided to investigate options to enhance the value of its interest in the Falun and

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Bersbo copper and gold projects in Sweden including by joint venture or divestment. This will allow Golden Rim to further focus on its projects in West Africa.

Auditor’s Independence Declaration

The auditor’s independence declaration under section 307C of the Corporations Act 2001 is set out on page 15 of the Half Year Report.

This Half Year Report is signed in accordance with a resolution of the Directors, made pursuant to section 306(3) of the Corporations Act 2001 .

On behalf of the Directors

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Gilbert Rodgers Executive Director 24 February 2012

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Deloitte Touche Tohmatsu ABN 74 490 121 060

Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

The Board of Directors Golden Rim Resources Ltd Level 2, 10 Outram Street West Perth, WA 6005

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

24 February 2012

Dear Board Members

Auditor’s Independence Declaration to Golden Rim Resources Ltd

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Golden Rim Resources Ltd.

As lead audit partner for the review of the financial statements of Golden Rim Resources Ltd for the half-year ended 31 December 2011, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

Yours sincerely

DELOITTE TOUCHE TOHMATSU

Ross Jerrard Partner Chartered Accountants

Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Condensed Consolidated Statement of Comprehensive Income For the Half Year Ended 31 December 2011

Note Revenue 2(a) Consultants’ fees Directors’ fees Directors’ remuneration options 2(b) Depreciation 2(b) Exploration expenditure written off 2(b) Rental expenses Share based payments 2(b) Travel and accommodation expenses Operating costs from ordinary activities Loss before income tax Income tax Loss for the period Other comprehensive income Foreign currency translation differences Other comprehensive income for the period (net of tax) Total comprehensive income for the period Loss attributable to non controlling interest Loss attributable to owners of the parent Total comprehensive loss attributable to non controlling interest Total comprehensive loss attributable to owners of the parent Earnings per share Basic (cents per share) Diluted (cents per share)	31 December 2011 $ 67,921 - (90,000) - (103,295) (3,312,277) (41,398) - (248,926) (738,886) (4,466,861) - (4,466,861) (158,095) (158,095) (4,624,956) (11,226) (4,455,635) (4,466,861) (79,337) (4,545,619) (4,624,956) (1.22) (1.22)	31 December 2010 $ 100,556 (102,839) (90,000) (587,718) (85,413) (2,935,841) (29,967) (774,173) (72,382) (853,892)
		(5,431,669) -
		(5,431,669)
		(120,079)
		(120,079)
		(5,551,748)
		(246,628) (5,185,041)
		(5,431,669)
		(180,985) (5,370,763)
		(5,551,748)
		(3.38) (3.38)

The accompanying notes form part of these financial statements.

Page | 16

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Condensed Consolidated Statement of Financial Position As at 31 December 2011

Note Current Assets Cash and cash equivalents 7 Trade and other receivables Other assets Total Current Assets Non-Current Assets Other financial assets Plant & equipment Total Non-Current Assets Total Assets Current liabilities Trade and other payables Provisions Total Current Liabilities Total Liabilities Net Assets Equity Parent Equity Interest Share capital 4 Reserves Accumulated losses Total Parent Equity Interest Non Controlling Interest Total Equity	31 December 2011 $ 852,406 173,774 355,639 1,381,819 30,303 645,345 675,648 2,057,467 490,551 129,424 619,975 619,975 1,437,492 39,148,398 5,999,999 (43,290,001) 1,858,396 (420,904) 1,437,492	30 June 2011 $ 5,442,653 206,163 174,256
		5,823,072
		30,303 686,946
		717,249
		6,540,321
		376,264 101,609
		477,873
		477,873
		6,062,448
		39,148,398 6,089,983 (38,834,366)
		6,404,015 (341,567)
		6,062,448

The accompanying notes form part of these financial statements.

Page | 17

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Condensed Consolidated Statement of Changes in Equity For the Half Year ended 31 December 2011

Balance at 01/07/10 Loss for the period Other comprehensive income for the period Total comprehensive income for the period Issue of fully paid shares Share issue costs Share based payments Acquisition of non- controlling interests Balance at 31/12/10 Balance at 01/07/11 Loss for the period Other comprehensive income for the period Total comprehensive loss for the period Issue of fully paid shares Share issue costs Share based payments Acquisition of non- controlling interests Balance at 31/12/11		Share Capital Option Reserve Foreign Currency Reserve Goodwill on Acquisition reserve Accumulated Losses Non- Controlling Interest Total Equity $ $ $ $ $ $
		27,975,337 4,074,096 62,185 (224,217) (27,496,904) (657,889) 3,732,608 - - - (5,185,041) (246,628) (5,431,669) - - (185,722) - 65,643 (120,079)
		- - (185,722) (5,185,041) (180,985) (5,551,748) 11,795,616 - - - - 11,795,616 (622,555) - - - - (622,555) - 1,361,891 - - - 1,361,891 - - - (646,382) - 501,454 (144,928)
		39,148,398 5,435,987 (123,537) (870,599) (32,681,945) (337,420) 10,570,884
		Share Capital Option Reserve Foreign Currency Reserve Goodwill on acquisition reserve Accumulated Losses Non- Controlling Interest Total Equity $ $ $ $ $ $ $
		39,148,398 7,146,607 (186,025) (870,599) (38.834,366) (341,567) 6,062,448 - - - - (4,455,635) (11,226) (4,466,861) - - (89,984) - - (68,111) (158,095)
		- - (89,984) - (4,455,635) (79,337) (4,624,956) - - - - - - - - - - - - - - - - - - - - - - - - - - - -
		39,148,398 7,146,607 (276,009) (870,599) (43,290,001) (420,904) 1,437,492

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Condensed Consolidated Statement of Cash Flows For the Half Year ended 31 December 2011

31 December 2011 Note $ Cash flows from operating activities Payments to suppliers and employees (1,330,488) Mineral exploration expenditure (3,217,960) Interest received 137,564 Other income 26,634 Net cash used in operating activities (4,384,250) Cash flows from investing activities Purchase non-current assets (93,219) Excess contribution provided to joint venture entity (37,449) Net cash used in investing activities (130,668) Cash flows from financing activities Proceeds from share issue - Share issue costs - Net cash provided by financing activities - Net increase in cash and cash equivalents held (4,514,918) Cash and cash equivalents at the beginning of the period 5,442,651 Translation differences on cash held at beginning of period (75,327) Cash and cash equivalents at the end of the period 8 852,406	31 December 2010 $ (920,281) (2,893,925) 54,257 -
	(3,759,949)
	(510,022) (4,940)
	(514,962)
	11,795,616 (622,555)
	11,173,061
	6,898,150 3,579,321 (302,017)
	10,175,454

The accompanying notes form part of these financial statements.

Page | 19

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Condensed Notes to the Consolidated Financial Statements For the Half Year Ended 31 December 2011

1. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of the financial report are set out below. These polices have been consistently applied to all the financial periods presented unless otherwise stated.

Statement of compliance

The half year financial report complies with the Corporations Act 2001 and AASB 134 “Interim Financial Reporting”. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 “Interim Financial Reporting”. The half year report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The company is a company of the kind referred to in ASIC Class Order 98/100, dated 10 July 1998, and in accordance with the Class Order amounts in the directors’ report and the half year financial report are rounded off to the nearest thousand dollars, unless otherwise indicated.

The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those adopted and disclosed in the company’s 2011 annual financial report for the financial year ended 30 June 2011, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current reporting period.

The adoption of these amendments has not resulted in any changes to the Group’s accounting policies and have no affect on the amounts reported for the current or prior periods. The new and revised Standards and Interpretations has not had a material impact and has not resulted in changes to the Groups presentation of, or disclosure in, its half-year financial statements.

Going Concern

The condensed consolidated financial statements have been prepared on a going concern basis.

2. Operating Loss

Operating loss before income tax has been determined after:

(a) Revenue Interest received Other income Total	31 December 2011 $ 31 December 2010 $
	41,287 26,634 100,556 -
	67,921 100,556

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

(b) Expenses
Depreciation	103,295	85,413
Exploration expenditure written off	3,312,277	2,935,841
Director’s remuneration options	-	587,718
Share based payments	-	774,173

3. Segment information

AASB 8 requires operating segments to be indentified on the bases of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance.

The Group operates in one business, namely exploration for mineral resources in various geographical regions. The financial results from this business are presented to the Board on a geographical basis. Information on a geographical segment basis is presented below:

Primary Reporting – geographical segments

The geographical segments of the consolidated entity are as follows:

Half year 2011

Segment revenue Segment result Income tax expense Net loss Segment assets Segment liabilities Exploration expenditure written off Depreciation expense Half year 2010 Segment revenue Segment result Income tax expense Net loss Segment assets Segment liabilities Exploration expenditure written off Depreciation expense	Australia Europe Africa South Pacific Eliminations / Unallocated Consolidated Entity $ $ $ $ $ $
	- - - - 67,921 67,921 (38,706) (17,125) (3,308,859) (1,114) (1,101,057) (4,466,861) - - - - - -
	- - - - - (4,446,861)
	133,363 - 651,674 27,514 1,244,916 2,057,467 - - 354,175 - 265,800 619,975 - 17,125 3,244,531 852 49,769 3,312,277 38,706 - 64,327 262 - 103,295 Australia Europe Africa South Pacific Eliminations / Unallocated Consolidated Entity $ $ $ $ $ $
	- - - - 100,556 100,556 (45,460) (6,007) (2,797,644) (28,597) (2,553,961) (5,431,669) - - - - - -
	- - - - - (5,431,669)
	201,310 - 587,699 29,500 10,311,744 11,130,253 - - 315,775 - 243,594 559,369 - 6,007 2,759,835 11,871 158,128 2,935,841 45,460 - 37,809 2,144 - 85,413

The consolidated entity operates predominantly in the mineral exploration industry. There are therefore no business segments requiring disclosure.

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

4. Issued capital Ordinary shares Issued and fully paid Movements in ordinary shares on issue: At 1 July 2011 At 31 December 2011		31 December 2011 $	30 June 2011 $
		39,148,398	39,148,398
		31 December 2011 Number	31 December 2010 $ 39,148,398 39,148,398
		359,396,731 59,396,731

Page | 22

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Options

At 31 December 2011, the company had the following options on issue:

600,000 unlisted Class E options with a vesting period of 12 months from 6 October 2009 exercisable at 21 cents on or before the expiry date of 5 October 2014.

7,000,000 unlisted Class F options with a vesting period of 12 months from 23 November 2009 exercisable at 26 cents on or before the expiry date of 22 November 2014.

1,000,000 unlisted Class G options with a vesting period of 12 months from 11 July 2010 exercisable at 21 cents on or before the expiry date of 10 July 2015.

15,000,000 unlisted Class H options with a vesting period of 12 months from 22 November 2010 exercisable at 29 cents on or before the expiry date of 21 November 2015.

3,900,000 unlisted ESOP options with a vesting period of 12 months from 22 November 2010 exercisable at 29 cents on or before the expiry date of 21 November 2015.

5. Contingent liabilities

In the opinion of the directors there are no contingent liabilities at 31 December 2011 and none were incurred in the interval between the period end and the date of this half year financial report.

6. Events subsequent to reporting date

Since the end of the Half Year, no significant event has occurred, except as stated below and elsewhere in this Half Year Report.

On 13 January 2012, the Company issued 2,450,000 unlisted options under the Company’s Employee Share Option Plan. The options expire on 12 January 2017 and have an exercise price of 14 cents each.

On 16 January 2012, the Company announced assay results from the first 13 holes of the Phase 3 drilling program at the Netiana Shear Zone at Balogo. The best new intersections included 57m at 23.3 g/t gold from 40m, including 8m at 131.8 g/t gold (Hole BRC071); 7m at 3.0 g/t gold from 102m (Hole BRC071); 4m at 25.0 g/t gold from 19m (Hole BRC068); 10m at 7.5 g/t gold from 14m (Hole BRC073); and 2m at 11.4 g/t gold from 1m (Hole BRC078). As these results were received after the Half Year, they are not included elsewhere in this report.

On 9 February 2012, the Company issued 45,909,500 fully paid ordinary shares at an issue price of 15 cents each to raise approximately $6.9 million (before issue costs) under a placement to sophisticated investors (as defined in section 708 of the Corporations Act 2001). Bell Potter Securities Limited acted as Lead Manager to the placement.

On 15 February 2012, the Company issued 8,000,000 fully paid ordinary shares at an issue price of 15 cents each to existing substantial shareholder, PAL Technology Services LLC, in a private placement, raising approximately $1.2 million.

The funds raised from the placements will be used for the Company’s drilling and other exploration expenditure, and for working capital purposes.

Following the Half Year, the Company also disclosed that its Abu Dhabi alliance company, Royal Falcon Mining LLC, has decided to investigate options to enhance the value of its interest in the Falun and Bersbo copper and gold projects in Sweden including by joint venture or divestment. This will allow Golden Rim to further focus on its projects in West Africa.

Page | 23

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

7. Cash and cash equivalents

For the purpose of the half year cash flow statement, cash and cash equivalents comprises of the following:

Cash at bank	31 December 2011 30 June 2011 $ $
	852,406 5,442,653

8. Expenditure commitments

Operating Lease Commitments

Non-cancellable leases contracted for the lease of premises that have not been capitalised in the financial statements:

No later than one year Later than one year, but not later than 5 years	31 December 2011 $	31 December 2010 $
	121,537 255,738 377,275	118,771 377,275
		496,046

Service and Contractual Commitments

Service and contractual commitments in relation to consulting fees for directors and geologists that exist at the end of the financial period:

No later than one year Later than one year, but not later than 5 years	31 December 2011 $	31 December 2010 $
	168,016 - 168,016	159,682 86,085
		245,767

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Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

Directors Declaration

The Directors declare that the condensed consolidated financial statements and notes of the consolidated entity set out on pages 16 to 24:

• (a) comply with Accounting Standard AASB 134 – Interim Financial Reporting , the Corporations Regulations and other mandatory professional reporting requirements; and

• (b) give a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance, as represented by the results of its operations and its cash flows, for the Half Year.

In the Directors’ opinion there are reasonable grounds to believe that Golden Rim will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Directors.

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Gilbert Rodgers Executive Director 24 February 2012

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Deloitte Touche Tohmatsu ABN 74 490 121 060

Woodside Plaza Level 14 240 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

Independent Auditor’s Review Report to the members of Golden Rim Resources Ltd

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

We have reviewed the accompanying half-year financial report of Golden Rim Resources Ltd, which comprises the condensed statement of financial position as at 31 December 2011, and the condensed income statement, the condensed statement of comprehensive income, the condensed statement of cash flows and the condensed statement of changes in equity for the half-year ended on that date, selected explanatory notes and, the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the end of the halfyear or from time to time during the half-year as set out on pages 16 to 25.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Golden Rim Resources Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Auditor’s Independence Declaration

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Golden Rim Resources Ltd, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Liability limited by a scheme approved under Professional Standards Legislation.

Member of Deloitte Touche Tohmatsu Limited

==> picture [92 x 18] intentionally omitted <==

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Golden Rim Resources Ltd is not in accordance with the Corporations Act 2001 , including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

DELOITTE TOUCHE TOHMATSU

Ross Jerrard Partner Chartered Accountants Perth, 24 February 2012

Golden Rim Resources Ltd and Controlled Entities For the Half Year ended 31 December 2011

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 5,000km[2] in the highly prospective Birimian greenstone belts of Mali and Burkina Faso.

With experienced management and extensive local teams in the Company’s permanent offices in Mali and Burkina Faso, Golden Rim is able to move quickly and efficiently in order to maximise potential opportunities.

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.

The information in this 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.

Dr Chris Gee takes responsibility for estimation of gold, copper and associated metals in the Falun Resource. Dr Gee is an independent consultant and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the estimation of Mineral Resources, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”.. Dr Gee 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

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

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