GOLDARC RESOURCES LIMITED — Capital/Financing Update 2015

Aug 23, 2015

ASX RELEASE

24 August 2015

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TORIAN TO COMMENCE DRILLING PROGRAM AT ZULEIKA

Highlights:

• Torian will soon commence approximately 15,000m of RAB and 1,000m of RC drilling to test a 5km strike length of the Zuleika Shear at its Zuleika JV Project.

• The drilling program will test a number of targets that have been identified by historic drilling.

• Torian has received the necessary approvals from the Department of Mines and Petroleum to commence its drilling program at the Zuleika Project.

• Cascade’s exploration team has finalised a review of the Zuleika Project and has assembled an extensive database of historical exploration.

• Torian has the right to earn up to 49% interest in the project by spending A$5m over four years with a minimum of A$1.25m to be spent in the first year.

• The drilling delivers on Torian’s objective of completing a large exploration program along the highly prospective Zuleika Shear.

Torian Resources Limited ( Torian or Company ) is pleased to announce that the Company has received the necessary approvals from the WA Department of Mines and Petroleum (DMP) to commence the planned drill program at its flagship Zuleika Project.

The large drilling campaign will comprise approximately 15,000m of reconnaissance (400m by 40m) angled RAB holes drilled to bedrock along 5km strike of the interpreted Zuleika Shear and associated structures. Previous wide spaced (800m by 100m) shallow drilling in this target zone has intersected black shales and other prospective lithologies with anomalous gold and arsenic values.

ABN: 72 002 261 565 Unit G4, 49 Melville Parade, South Perth, 6151 Australia Phone +61 2 9923 1786 Fax +61 2 9923 1371 info@torianresources.com.au www.torianresources.com.au

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This drilling has also been designed to validate the 3D structural model which has been developed from the recently completed database compilation. This database was compiled from publically available drilling and geophysical data sourced from the DMP and will remain a very important tool for the future exploration of the Zuleika Project.

In addition to the RAB drilling, the Company will complete approximately 1,000m of RC drilling which is designed to confirm historic RAB and aircore intersections.

Torian’s technical team have agreed on commercial terms with a number of contractors for drilling and associated services. The first drilling campaign will commence shortly.

A second drilling campaign is also in the final stages of design and will be completed once the results of the initial drilling program are known. The second phase drilling will be in the order of a further 15,000m, which will also include a combination of RAB and RC drilling.

This region has seen several significant gold discoveries in recent times, such as Pegasus (1.225k Oz), Millennium (346k Oz) and Ambition along strike and to the south at Kundana, and Paradigm North to the north of Torian’s Zuleika JV.

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Figure 1: Torian's MD, Matthew Sullivan, at the Zuleika Project.

Matthew Sullivan, MD of Torian, comments:

“We intend to test our interpreted location of the Zuleika Shear, in the centre of our project, based on the database we have just completed. The limited and very wide spaced historic drilling has intersected some interesting values. It’s amazing that this area has seen only limited drilling and follow up work on previous intersections. The database compilation has confirmed that there are several anomalous gold zones. These zones will be confirmed by a short RC drilling programme, whilst the overall target will be tested by reconnaissance RAB drilling. This is an exciting time for Torian as we start our journey of discovery. We anticipate first assay results in September, 2015.”

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Project Location Map:

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Figure 2: Torian's Zuleika JV and the location of the planned drill program (red circle).

Site Visit:

Torian recently completed a site visit for brokers and fund managers to coincide with the recent Diggers and Dealers conference in Kalgoorlie. Following the trip, the Company has prepared a video and wishes to thanks all who attended for their support. The video can be found by visiting the Company’s website at http://torianresources.com.au/investors/media/.

For further information please contact:

Mark Studd Company Secretary 02 9290 9606

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About Torian:

Torian Resources Ltd is an Australian gold exploration and development Company. The Company has three advanced projects located in the Goldfields region of Western Australia.

Torian has recently entered into a $5m Joint Venture over the Zuleika project which is located along the world class Zuleika Shear. The project lies north and partly along strike of several major gold deposits including Northern Star (ASX:NST), Tribune Resources (ASX:TBR) and Rand Mining’s (ASX:RND) 7Moz East Kundana Joint Venture (EKJV).

Since May 2015, Torian has increased its landholding by approximately 50% in this region via four separate acquisitions. The total land position at the Zuleika JV is now approximately 175km², making Torian the third largest landholder in this region.

Torian has commenced a large exploration program that is targeting the Zuleika Shear and intends to further consolidate ground in this highly prospective region.

Torian’s exploration team has an enviable track record of exploration success which includes a number of multi-million ounce gold discoveries in this region. Torian is commencing an exciting phase in its development and we look forward to updating the market on our progress in due course.