GOLDARC RESOURCES LIMITED — Capital/Financing Update 2011

Oct 24, 2011

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ASX AND MEDIA RELEASE DRILLING CONTRACT CONFIRMED AT VATOVORONA GOLD PROJECT

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Tuesday, 25 October 2011

Highlights

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• Contract signed by the joint venture for the first 5900 metres of drilling

• Drilling to commence in mid November 2011

• Drilling to continue through the wet season

Torian Resour c es announc e s today that its joint ve n ture in Ma d agascar ha s entered a c ontract for t he first 590 0 m e tres of drilling at Vatov o rona with Lanoe Forag e s. The joint v enture is b e ing undert a ken by Varun Torian In t ernational S ARL in whic h Torian is e a rning 35% in the comp a ny and join t venture by completing its ex p enditure o b ligations in Stage 2 of t h e project.

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The drilling co n tract is a fi x ed price co n tract with no penalties f or slow drilling, hard ro c k or weath e r delays. La n oe has agr e ed to unde r take the pr o gram over the wet seas o n and has commenced t o construc t a supporting ca m p with se m i permanent structures to allow op e rations to t a ke place ov e r the comi n g months o f the wet se a son.

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Mobilisation of the three d r illing rigs w h ich are to be used for the st a ge 1 drillin g program w i ll take plac e wit h in the next 14 days and drilling is e x pected to co m mence in m id Novemb e r. Lanoe is p lanning to un d ertake the p rogram usi n g two shift s per day per rig wit h one rig as a back up.

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Drilling locations marked with drill pegs f or diamond core holes at th e northern e n d of the pit

The drillers ha v e agreed t o operate ov e r the wet s e ason. The program has been design e d to be co m pleted in 100 days of dr i lling but it i s anticipated that the pr o gram may e xtend for u p to 30 to 4 0 days in exc e ss of this period becaus e of the weather. The joint venture w ill pay no a d ditional co s ts to Lanoe f or any addi t ional days to complete the p rogram.

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The joint vent u re is arrang i ng for a sa m ple prepar a tion laboratory to be pr o vided and l o cated on si t e which will substantially reduce t h e time bet w een the ext r action of samples and t h e receipt o f the assay results which w ill come fr o m certified laboratorie s in South Af r ica. The sa m ple prepar a tion la b will also re d uce the ov e rall costs of the progra m .

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The joint vent u re is focus e d on produ c ing a JORC c alculation o f the reser v es at Vatov o rona. The i n itial program is intended to h ave appro x imately 350 0 metres of d iamond co r e drilling and 2500 met r es of hammer drilling.

The first 180 0 metres o f diamond drilling will be lo c ated on the red lines sh o wn in the adjoining ph o to. The green lin e s show the location lines for prop o sed hammer hole s to the so u th of the e xisting pit in a es t imated 24 0 0 metres of drilling. The ma t erial ex t racted fro m the ham m er holes w ill be examined and the locat i on of furt h er diamon d holes to 1 700 m e tres will t hereafter b e determined. The t otal pr o gram of d r illing in this phase is 5900 metr e s of dr i lling

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It is proposed t hat after c o mpletion of this initial 5 9 00 metres program th a t a further 6 000 metres of drilling w ill be undertake n in Q2 and Q3 2012. A small proce s sing plant w ill also be located on s ite in 2012 to commen c e tri a l processin g of material extracted f r om the trial mining pit o r pits.

The joint vent u re project b udget in Madagascar t o the end o f 2012 is the sum of US $ 3 million o f which Tori a n will contribut e US$2.25 m illion. We i n tend to co m plete and analyse ap p roximately 1 2,000 met r es of drilling, commence pr o cessing an d refine a small amou n t of conce n trate durin g this perio d . The com p letion of t h e pr o gram will f u lfil Torian’s earn in obli g ations.

For further inf o rmation co n tact:

Peter Ashcroft on Phone ( 0 2) 9247 22 7 7 E m ail: info@t o rianresourc e s.com

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Peter Ashcroft Executive Chairman