GOLDARC RESOURCES LIMITED — Capital/Financing Update 2014

Aug 18, 2014

Elsmore Resources Ltd

Suite 141 243 Pyrmont Street Pyrmont NSW 2009 Ph 612 9518 8777 Fx 612 9518 9999

The Manager, Company Announcements Australia Securities Exchange Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

Amendment to Asset Sale Agreement with Torian Resources Ltd

On 10 January 2014, Elsmore Resources Ltd ("Elsmore") and Torian Resources Ltd ("Torian") announced that they had entered into an Asset Sale Agreement ("the Agreement") for the sale of the Mining Leases ("MLs") at Copeton, NSW and Emerald, OLD. Completion of the sale was announced on 13 January 2013 (upon receipt of the share consideration payable by Elsmore), with the transfer of the tenements to occur in the months following.

As a result of ongoing delays in the transfer of the MLs to Elsmore, the parties have now agreed to vary the terms of the Agreement to enable Torian to sell the MLs at Copeton, NSW to a third party.

The shares issued to Torian will be retained as consideration for the purchase by Elsmore of the MLs in Emerald, Old.

Yours faithfully

Elsmore Resources Ltd John Patrick Gaffney Company Secretary

For further information please contact: Mr Joseph Chung CEO Elsmore Resources Ltd Tel: 612 9518 8777