More High Grade Gold Intercepts from the Netiana Lodes at Balogo, Burkina Faso

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1 ASX/Media Announcement 10 July 2012 More High Grade Gold Intercepts from the Netiana Lodes at Balogo, Burkina Faso New reverse circulation (RC) hole intersections include: o 12m at 20.5 g/t gold from 73m, including 3m at 77.8 g/t gold from 74m (BRC219). o 8m at 4.4 g/t gold from 100m (BRC219); o 16m at 4.8 g/t gold from 95m (BRC220); o 7m at 22.8 g/t gold from 120m, including 2m at 72.3 g/t gold from 123m (BRC220); o 7m at 17.3 g/t gold from 77m, including 2m at 54.4 g/t gold from 77m (BRC221); o 6m at 20.5 g/t gold from 54m, including 2m at 59.3 g/t gold from 55m (BRC224). New diamond hole intersections include: o 20.8m at 4.7 g/t gold from 50.2m, including 3.3m at 20.2 g/t gold from 59.8m (BDH001R); o 3.9m at 37.9 g/t gold from 161.1m (BDH002); o 5.3m at 11.8 g/t gold from 193.6m (BDH002); o 11m at 9.8 g/t gold from 96m, including 2m at 29.6 g/t gold from 103m (BDH006R). Most holes intersected multiple high grade gold lodes which display good continuity through the central portion of Netiana. These gold lodes remain open at depth. Golden Rim Resources Ltd (Golden Rim, ASX: GMR) today announced further assay results from RC drilling and the first assay results from the maiden diamond drilling program on the Netiana Lodes at its Balogo Project in Burkina Faso. Golden Rim s Managing Director, Mr Craig Mackay, said The recent infill RC and diamond drilling has been highly successful and has confirmed the continuity of the multiple high grade gold zones which comprise the central portion of the Netiana Lodes. The drilling to date has tested the Netiana Lodes to an average depth of only 85m and the Company will now conduct a deeper diamond drilling program at Netiana with the aim of outlining significant depth extensions to the high grade mineralisation, Mr Mackay said. A total of 1,941 new assays were received for 14 infill RC holes drilled at Netiana. All results have been received from the central part of the Netiana Lodes (Figure 1). Five holes (527m) remain pending, however these holes are located around 300m to the NE and SW of the main mineralised zone at Netiana. Golden Rim Resources Ltd I ABN I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia I I T I F

2 Assays for selected zones of diamond holes BDH001R, BDH002, BDH006R and BDH007R were received. Only parts of each hole where obvious mineralisation was observed were sampled. Systematic sampling of the remaining parts of each hole is now complete but assays are pending. A list of all new significant gold intercepts is provided in Tables 1 and 2. The infill RC and the diamond drilling have confirmed the continuity of multiple high grade gold zones which comprise the central portion of the Netiana Lodes. The drilling to date has only tested these high grade gold lodes to an average depth of approximately 85m and there is considerable scope to extend this mineralisation at depth. The more significant new gold intercepts were obtained on 4 drill sections (10,000N, 10,025N, 10,050N and 10,075N) and are discussed below. Drill Section 10,000N Results for parts of diamond holes BDH001R and BDH002 drilled on section 10,000N were received (Figure 2). BDH001R was collared approximately 10m beneath the discovery hole BRC071. BDH001R intersected 20.8m at 4.7 g/t gold from 50.2m including 3.3m at 20.2 g/t gold from 59.8m with gold mineralisation associated with a series of steeply dipping quartz / sulphide veins that are hosted in diorite. The location of the intercept in BDH001R correlates well with the high grade zone in BRC071 although the grade of the diamond hole is lower. This was expected, as being deeper, the intercept in hole BDH001R has a lesser oxidised component than the intercept in BRC071, and it is believed there is some supergene gold enrichment at the base of the oxidation zone at Netiana. BDH002 is the deepest hole drilled on the Netiana Lodes to date and it successfully intersected two high grade mineralised lodes, at approximately 140m below surface, which correlate well to intercepts from the shallower RC holes. BDH002 intersected 3.9m at 37.9 g/t gold from 161.1m and 5.3m at 11.8 g/t gold from 193.6m, including 1m at 56 g/t gold. Both these intercepts are higher grade than indicated by RC intercepts at higher levels suggesting gold grades may be increasing with depth. Drill Section 10,025N Results were received for 5 holes (BRC214, 215, 216, 219 and BRC220) completed on Section 10,025N. Previous high grade intercepts on this section include 15m at 17.7 g/t gold from 18m, including 1m at g/t gold and 4m at 8.4 g/t gold from 72m in BRC 217 and 27.8 g/t gold from 48m, including g/t gold and 3.9 g/t gold from 84m in BRC 218 (Figure 3). BRC219 and 220 were both drilled below BRC218. Both holes intersected the same two zones of mineralisation hit in previous holes and effectively increase the down-dip extent of the mineralised system by around 50m. The first zone intersected in BRC 219 was 12m at 20.5 g/t gold from 73m, including 3m at 77.8 g/t gold from 74m. The second intercept was 8m at 4.4 g/t gold from 100m. Page 2

3 BRC 220 intersected 16m at 4.8 g/t gold from 95m (including 1m at 24.7 g/t gold from 101m and 1m at 30.1 g/t gold from 103m). As there was no sample return for the interval 102 to 103m, the true grade of the intercept may be underestimated. No holes have been drilled beneath BRC220, and the gold mineralisation remains open at depth. Holes BRC 214, 215 and 216 were drilled up-dip of BRC 217. BRC 216 intersected 2m at 12.4 g/t gold from 7m (including 1m at 24.2 g/t gold) which correlates to the up-dip extension of the shallower intercept in BRC 217. It is likely that the full zone was not tested due to mineralisation terminating at the saprolite interface. A second zone in BRC216 of 9m at 1.9 g/t gold from 48m correlates well with the deeper intercept in BRC217. Lower grade intercepts in BRC 215 (2m at 4.2 g/t gold from 37m) and BRC 214 (2m at 2.5 g/t gold from 15m) also appear to correlate with the second zone of mineralisation. Drill Section 10,050N One hole (BRC221) was drilled below BRC042 which previously intersected 14m at 2.5 g/t gold from 38m and 5m at 32.5 g/t gold from 70m (Figure 4). BRC221 intersected both of these zones (7m at 17.3 g/t gold from 77m, including 2m at 54.4 g/t gold from 77m and 7m at 1.2 g/t gold from 88m) confirming the down-dip continuity of the mineralisation at 30m below BRC221. Diamond hole BDH006R was completed approximately 25m below BRC221 and intercepted 11m at 9.8 g/t gold from 96m, including 2m at 29.6 g/t gold, at approximately 80m below surface. The mineralisation remains open beneath this depth. Drill Section 10,075N Results were received from two holes (BRC 222 and BRC 224) on this drill section (Figure 5). BRC 224 intersected 6m at 20.5 g/t gold from 54m, including 2m at 59.3 g/t gold from 55m and confirms the down-dip extent of mineralisation previously intersected in BRC 245 (11m at 7.8 g/t gold from 33m) by approximately 15m. The significant gold mineralisation on Section 10,075N remains open at depth and drilling to date has tested the mineralisation to only 45m below surface. Deeper drilling is required. Future Work Program Currently, Golden Rim is upgrading the camp facilities at Balogo in preparation for a major diamond drilling program which is scheduled to commence in September following the end of the rainy season. The diamond drilling will be focussed on testing the central portion of the Netiana Lodes below 85m depth with the aim of outlining significant depth extensions of the high grade mineralisation. Golden Rim also plans to utilise existing and new diamond core to conduct preliminary metallurgical test work. -ENDS- Page 3

4 For further information, please contact: Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary About Golden Rim Resources Limited Golden Rim Resources Ltd (ASX: GMR) is an exploration and mining company with a focus on gold and copper. The Company is active in West Africa, with gold resources and permits covering around 4,100km 2 in the highly prospective Birimian greenstone belts of Burkina Faso and Mali. With experienced management and extensive local teams in the Company s permanent offices in Mali and Burkina Faso, Golden Rim is able to move quickly and efficiently in order to maximise potential opportunities. Golden Rim is pursuing an active program of drilling in Burkina Faso and Mali and is poised to deliver significant growth and value to shareholders. Page 4

5 F Ff Figure 1. Plan view of location of drill holes, gold intercepts and interpreted gold lodes at Netiana. Page 5

6 Page 6 Figure 2. Drill section 10,000N at Netiana showing gold intercepts (new intercepts with yellow label background) and interpreted zones of gold mineralisation

7 Page 7 Figure 3. Drill section 10,025N at Netiana showing gold intercepts (new intercepts with yellow label background) and interpreted zones of gold mineralisation

8 Page 8 Figure 4. Drill section 10,050N at Netiana showing gold intercepts (new intercepts with yellow label background) and interpreted zones of gold mineralisation

9 Page 9 Figure 5. Drill section 10,075N at Netiana showing gold intercepts (new intercepts with yellow label background) and interpreted zones of gold mineralisation

10 Table 1. Significant New RC Drilling Intercepts from the Balogo Project Hole ID From To (m) (m) Intersection Lode(s) BRC g/t gold Netiana BRC g/t gold BRC g/t gold BRC g/t gold Netiana BRC g/t gold Netiana BRC g/t gold Netiana BRC g/t gold BRC g/t gold BRC g/t gold Netiana BRC g/t gold BRC g/t gold BRC g/t gold BRC g/t gold BRC g/t gold Netiana BRC g/t gold Including g/t gold BRC g/t gold BRC g/t gold Netiana Including g/t gold no sample from m Including g/t gold BRC g/t gold Including g/t gold BRC g/t gold Netiana BRC g/t gold Including g/t gold BRC g/t gold BRC g/t gold Netiana BRC g/t gold BRC g/t gold BRC g/t gold BRC g/t gold BRC g/t gold Including g/t gold Page 10

11 Hole ID From (m) To (m) Intersection Lode(s) BRC g/t gold Netiana BRC g/t gold BRC % copper Netiana BRC g/t gold Netiana BRC g/t gold BRC g/t gold Netiana BRC g/t gold Notes: 1. All holes drilled by Reverse Circulation (RC) drilling. 2. All RC drill results based on samples taken at 1m intervals. 3. Analysis performed by the BIGS laboratory, Ouagadougou, Burkina Faso, using standard fire assay/aas methods. 4. All results of QA/QC samples are routinely monitored to be within acceptable limits for the type of assay method used. 5. All assays are quoted to one decimal place. 6. Gold intercepts were calculated with a 0.5 g/t gold cut-off. A maximum of 3m internal dilution was allowed. No upper cut-off has been applied. 7. All intervals quoted are down hole depths Page 11

12 Table 2. Significant Diamond Drilling Intercepts from the Balogo Project Hole ID From To (m) (m) Intersection Lode(s) BDH001R m at 0.9 g/t gold Netiana BDH001R m at 4.7 g/t gold Including m at 20.2 g/t gold BDH001R m at 4.9 g/t gold BDH m at 37.9 g/t gold Netiana BDH m at 11.8 g/t gold Including m at 56 g/t gold BDH m at 9.8 g/t gold Netiana Including m at 29.6 g/t gold BDH m at 1.5 g/t gold Notes: 1. All holes drilled by PQ/HQ diamond drilling. 2. Sample intervals were based on geological / mineralisation contacts where appropriate. Minimum sample interval was 50cm to obtain a sample of at least 3kg. 3. Assays for only selected portions of the core where obvious mineralisation was observed are listed. Sampling was generally extended for 3m either side of mineralised intervals into apparently barren rock. The remainder of the core has been sampled and results are pending. 4. Analysis performed by the ALS Chemex Laboratory, Johannesburg, South Africa, using standard fire assay/aas methods, with gravimetric re-assaying of samples with gold assays >10 g/t. 5. All results of QA/QC samples are routinely monitored to be within acceptable limits for the type of assay method used. 6. All sample intervals and assays are quoted to one decimal place. 7. Gold intercepts were calculated with a 0.5 g/t gold cut-off. A maximum of 3m internal dilution was allowed. No upper cut-off has been applied. 8. All intervals quoted are down hole depths 9. The following intervals were sampled: BDH001R m BDH m; m; m BDH006R m; m; m; m BDH007R m; m Page 12

13 The information in this public report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is an employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Further Company Information E: W:goldenrim.com.au Capital Structure Issued Shares: 413,306,231 Unlisted Options: 29,950,000 Major Shareholders Royal Group, Abu Dhabi 13.18% Acorn Capital 7.03% Share Registry Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA T: F: E: W: securitytransfer.com.au Page 13