GOLDARC RESOURCES LIMITED — Capital/Financing Update 2011

Aug 16, 2011

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ASX AND MEDIA RELEASE VATOVORONA GOLD PROJECT UPDATE

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Wednesday, 17 August 2011

Torian R esources NL announce s that work i s continuing on the con s truction of i t s trial mini n g pit on licence 39110 i n Madag a scar.

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The ab o ve photo s h ows the ex t ent of the p it as at abo u t the 1[st] of August, wh e n a digital s urvey was c ommenced. Two test pit s are also s h own in the b ottom of t h e photo, as Torian inve s tigates the e xtension o f the observ e d mineralis a tion to the s outh of th e pit. The su p porting ca m p is on the left side of the photo, o n the western side of p ermanent c reek which b isects the e n tire frame. The photo shows an ar e a approxim a tely 900 m e tres by 900 metres.

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At left: Pit excavatio n s taking pl a ce on 7 Au g ust 2011. T h e north‐so u th sides of the pit are a t an angle o f 55 degre e s. The pri m ary contractor is Am b ol SARL a Madagasc a n compan y with its head offic e in Tulear in southern Madagascar.

Below: C o mmencem e nt of excav a tions to ex t end the pit to RL‐4m w hich has exposed some rec e nt artisa n al undergr o und workings. The pri m ary target for testing is the gro u nd below t hese work i ngs. Analy s is results f or samples being colle c ted are ta k ing approxi m ately 6 to 8 weeks to be availabl e .

Samples are coll e cted on s ite by VCI geologists , transp o rted to Ant a nanarivo for preparation in a facilit y operat e d by In t ertek‐Gena l ysis. There are n o indepe n dent and certified analytical laboratorie s operating in Madagascar and therefore t h e prepare d samples are flown to Intertek‐G e nalysis i n Johann e sburg for detailed a ssaying a n d analysis. Indicative gold an a lysis is being carried out by th e Madag a scan gov e rnment laboratory OMNIS i n Antananarivo; allowing the t imely direction of th e constr u ction of the pit.

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It is pr o posed to continue the c o nstruction of the pit u n til the end o f August an d thereafter to undertake a full deta i led analysi s of all sample results before procee d ing to exte n d the pit or commencing the const r uction of a further major pit. We ha v e undertak e n some sm a ll test pits a n d taken sa m ples for an a lysis as sho w n on the p h oto at the c ommence m ent of this r elease.The j oint ventur e provides f o r a producti o n share of a ll gold produced on the permit of 3 5 % to Toria n and 65% to Varun.

For more details o n Torian and our projects please visit our website at www.torianresource s .com For fur t her information contac t :

Scott E n derby on P h one (02) 9 2 47 2277 or P eter Ashcr o ft on (02) 9 2 33 2153 or 0418 275 3 7 5 Email: info@torianresources.c o m

Yours f a ithfully,

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Scott Enderby, Company Secretary / Executive Director