GOLDARC RESOURCES LIMITED — Capital/Financing Update 2012

May 29, 2012

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ASX ANNOUCEMENT

NEW FUNDING $980,000 PLUS PACKAGE

Greenard Willing Funding Package

Torian is pleased to announce that it has accepted an offer of funding arranged by the Melbourne advisory firm Greenward Willing in association with Menzies Securities for the provision of at least $980,000.

A consortium of sophisticated and professional investors will provide the following funding;

1. $80,000 placement at $0.001 per share (80 million shares) together with 80 million unlisted options exercisable at $0.005 on or before 15 December 2013. This initial sum has been paid; and

2. $170,000 convertible note with zero interest convertible within 12 months of its issue at a 20% discount to the VWAP of the previous five trading days to the conversion. Minimum conversions of $50,000 are required; and

3. $150,000 placement at $0.001 per share (150 million shares) and subject to shareholder approval 150 million unlisted options exercisable at $0.005 on or before 15 December 2013; and

4. $330,000 converting loan with a term of 6 months with an interest rate of 15% but, subject to shareholder approval, if the loan is converted to a convertible note within 4 months no interest will be charged.

The terms of the convertible note are with zero interest convertible within 12 months of its issue at a 20% discount to the VWAP of the previous five trading days to the conversion but with a maximum conversion price of $0.0035.

1. Subject to shareholder approval, a minimum $250,000 placement at $0.00125 per share (200 million shares) together with 200 million unlisted options exercisable at $0.005 on or before 15 December 2013.

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Menzies Securities will receive a 5% commission on all funds raised pursuant to the package. Torian has also agreed to engage Greenard Willing to undertake the preparation of a research report of the company for a fee of $25,000.

The company will hold a further general meeting of the shareholders within 4 months and to recommend to such meeting all resolutions to approve all terms of the funding package. Peter Ashcroft and Ian Johns confirm that they will provide their proxies in favour of all such motions at that meeting.

The funds raised will be used for general working capital requirements of the company.

The settlement and termination of the La Jolla funding and this new consortium funding package has secured the company’s continued operations and cash requirements for the medium term. The company will continue to pursue its Madagascan opportunities and to examine further Australian resource projects that the funding consortium may have available.

For further information contact

Peter Ashcroft on phone (02) 9247 2277

Email; info@torianresources.com

Or visit our web page

www.torianresources.com

Yours faithfully

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Macintosh HD:Users:peterashcroft:Documents:Torian:ASX 12 Announcement May Funding .docx Wednesday, 30 May 2012

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