GOLDARC RESOURCES LIMITED — Capital/Financing Update 2011

Jun 21, 2011

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ASX AND MEDIA RELEASE TORIAN COMMENCES MINING AT MADAGASCAN GOLD PROJECT

Wednesday 22 June 2011

Toria n Resources announces t he comme n cement of m ining and t he collection of sample s for testing and analysis from the trial mining si t e on its lice n ce 39110 a t Vatovoron a in central M adagascar.

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Toria n has supervised the co m mencement of trial mi n ing being unde r taken by A m bol on behalf of the j oint ventu r e. Ambol has c o mpleted al l access tra c ks to the pi t , construct e d a semi perm a nent camp and comm e nced mining. The initi a l site has been fully surv e yed, the first metr e of grou n d cover completely remo v ed from t h e pit exte n sion and t w o small deep pits excava t ed to recov e r part of t h e samples n ow been teste d . An overvi e w of the tri a l mining sit e is shown a t right.

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Over 460 kg of samples h a ve been c o llected an d sent to Intertek Genalys i s in Antananarivo for preparation before pulve r ised pulps are forwar d ed to ALS in Perth an d Intertek Genalysis in Johannesburg f o r assaying. S ome of th e samples comprising weat h ered leptonite, marginal to the hig h grade vein s , were pan n ed on‐site t o generate c oncentrate s . Both samp l es of lepto n ite and con c entrate pr o duced from the leptoni t e have been submitted for analysi s . In the pro c ess of panning small amounts of gold were obs e rved by Torian staff, w h ich is very e ncouraging and indicat e s the poten t ial for a low e r grade hal o around th e higher gra d e quartz v e ining.. Subj e ct to the w o rk load of e ach laborat o ry, Torian e xpects assay results within two to fiv e weeks.

The trial mining pit h as confirm e d that the t arget base m ent is covered by approximately 7 m etres of alluvial soil w ith a honeyc o mb of artis a nal shafts a nd tunnels b elieved to e xtend to appr o ximately 10 metres. Ou r target for the trial mini n g and further s ampling is the gold bea r ing quartz v eins intrudi n g into the bas e ment schist below the previous arti s anal mining.

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As part of the local Malagasy c u lture Toria n staff parti c ipated in a welcoming ceremony wit h the local v illagers an d local regional governme n t officials a nd the pr o ject has r e ceived local ap p roval. The a rea in whic h Vatovorona is located is very poor wi t h most local Malagasie s being engaged in subsistence farming. The projec t provides r e al hope fo r real empl o yment into t he future and Torian i s committe d to utilisin g as many l o cal people as reasona b ly possible in its oper a tions, toget h er with providing some social and cultural ben e fits such as a ssistance with education and local infrastructure.

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Chair m an Peter A shcroft sai d : "Torian's local relati o nship building is an i m portant pa r t of our Madagascan p roject strat e gy. Our lice n ces have al m ost 20 years to run an d we are he r e for the lo n g haul for our mutual b e nefit. We w ant to build a better Ma d agascar while we build and develo p this projec t ."

The j o int venture provides fo r a production share of a l l gold prod u ced on the p ermit of 35 % to Torian a nd 65% to V arun.

For m ore details o n Torian a n d our proj e cts, includi n g more ph o tographs of the Vatovorona Gold P roject, plea s e visit our n e w website a t www.tori a nresources . com.

For further infor m ation conta c t:

Scott Enderby on Phone (02) 9 247 2277

Yours faithfully,

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Scott Enderby, Company Secretary