GOLDARC RESOURCES LIMITED — Capital/Financing Update 2012

Feb 28, 2012

==> picture [585 x 154] intentionally omitted <==

ASX AND MEDIA RELEASE

Vatovorona Drilling

29 February 2012

Highlight Summary

• Drilling continues at Vatovorona

• 2475 metres of RAB holes completed

• First diamond holes completed

Vatovorona Gold Project Varun Torian International SARL (“VTI”) (35% Torian)

A program of 165 RAB holes were completed for a total of 2475 metres of drilling on the Vatovorona licence in February. 165 samples have been prepared for analysis.

Torian has entered a new contract with ALS in Johannesburg for the future sample analysis from Vatovorona.

Between 50 and 60 diamond holes are planned for a total of 3500 metres. The first three holes have been completed. Two diamond rigs are undertaking this work with current progress being 40 metres per day.

Collecting samples from the RAB drilling

==> picture [274 x 206] intentionally omitted <==

==> picture [585 x 170] intentionally omitted <==

==> picture [145 x 38] intentionally omitted <==

It is anticipated that the rate of progress will improve as most of the holes exceed 50 metres in depth and set up time is reduced as the need to change rig locations is reduced. Nonetheless it is not anticipated that the drilling will be complete until mid April.

Torian has also entered a contract with STRATAGEM974 a French consultancy business from Reunion to undertake geophysical survey of the area in the immediate vicinity of the drilling program. It is planned that this program be completed prior to the completion of the drilling.

The EzyMark tool has arrived on site and was used to determine the orientation of the core from the first two holes.

==> picture [322 x 242] intentionally omitted <==

Examining the core and the EzyMark tool and preparing to mark the orientation line on the core

Conditions for our staff and consultants have substantially improved after the construction of semipermanent accommodation, mess, and toilet and shower block. An office has been fitted out for our geologists next to the pit. A dry covered area has been established to allow the core to be logged and photographed.

For further information contact:

Peter Ashcroft on Phone (02) 9247 2277 Email: info@torianresources.com

Peter Ashcroft Executive Chairman

2