Golden Rim Resources Ltd

Published : February 15th, 2015

US$500,000 Deposit for Balogo Sale Received

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Keywords :   Australia | Burkina Faso | Gold | K Street |

US$500,000 Deposit for Balogo Sale Received

ASX/Media Announcement

16 February 2015

US$500,000 Deposit for Balogo Sale Received

Golden Rim Resources Ltd (ASX: GMR, Company or Golden Rim) today announced that it is making excellent progress on completing the Balogo sale, with a number of the conditions precedent under the Balogo Sale Agreement having been satisfied, as follows:

the parties have successfully entered into the required security documentation to secure the additional US$3 million payable upon commercial production at Balogo; and

the parties have executed an Escrow Agreement with respect to the initial payment of

US$0.5 million (A$0.6 million1).
Golden Rim is also pleased to confirm receipt of US$500,000 into the escrow account, representing the initial payment from MNG Gold Burkina Sarl (part of the MNG Group of companies) (MNG).
The Company recently announced that it had executed an agreement for the sale of its Balogo
Project to MNG.
Under the terms of the sale, MNG is to initially pay US$0.5 million (A$0.6 million) in cash, refundable in the event that all of the conditions precedent are not satisfied or waived (Attachment 1). The funds are to be held in escrow until all the conditions precedent are satisfied or waived.
The payments under the transaction total US$10 million (AU$12.8 million). In addition to the initial payment, Golden Rim is to receive a further US$4.5 million (A$5.8 million) in cash upon transfer of the Balogo exploration permits to MNG and a further US$2 million (A$2.6 million) upon the earlier of the granting of an exploitation permit for mining; or within 24 months of the conditions precedent being satisfied or waived. Upon commercial production at Balogo, Golden Rim will receive an additional US$3 million (A$3.8 million) in cash.
The Company continues to work toward satisfying the other conditions precedent as soon as possible.
Golden Rim intends to apply the funds from the transaction to conducting further drilling programs on the substantial new Guitorga auger anomaly at the Korongou Project. Korongou represents an opportunity to potentially outline a large gold deposit, thereby creating further value for the Company.
In the meantime, auger drilling continues to refine the higher grade target areas within the Guitorga anomaly in preparation for the RC drilling.

1 All references to A$ have been calculated at the conversion rate of US$1 = A$0.78

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia www.goldenrim.com.au I [email protected] I T + 61 8 9481 5758 I F + 61 8 9481 5759

57719v3


-ENDS-

Attachment 1

Conditions Precedent

The Agreement is subject to:
1. the parties agreeing to the terms of and entering into security documentation to secure the additional US$3 million payable upon commercial production at Balogo, as soon as possible after the execution of the Agreement but in any event, within 10 days of execution;
2. if required by ASX Listing Rules, Golden Rim Resources Burkina Limited (GMRB) procuring from its parent company, Golden Rim Resources Ltd, shareholder approval within 6 months of signing the Agreement;.
3. GMRB providing MNG with a "good standing confirmation" issued by the Ministry of Mines (Burkina Faso) to GMRB in relation to the fulfilment of all requirements relating to Balogo within 6 months of signing the Agreement;.
4. approval of the transfer of the Balogo Permit and the Dabinyan III Permit to MNG by the relevant
Ministry within 6 months of signing the Agreement;
5. the Balogo Permit and Dabinyan III Permit being transferred to MNG within 6 months of signing the Agreement; and
6. the parties executing an Escrow Agreement within two days of executing the Sale Agreement.
For further information, please contact:

Page | 2 57719v3

Craig Mackay Hayley Butcher

Golden Rim Resources Golden Rim Resources
Managing Director Company Secretary
+61 3 9890 2311 +61 8 9481 5758

Further Company Information

E: [email protected]

W:goldenrim.com.au

Capital Structure
Issued Shares: 1,296,536,216
Unlisted Options: 229,625,067
Major Shareholders

Aurora Minerals 15.9% Sprott 13.7%

Acorn Capital 8.6%

Royal Group, Abu Dhabi 4.2%

Share Registry

Security Transfer Registrars Pty Ltd

770 Canning Highway

APPLECROSS WA 6153

AUSTRALIA

T: + 61 8 9315 2333

F: + 61 8 9315 2233

E: [email protected]

Page | 3 57719v3

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Burkina Faso | All
Gold and Silver Prices for these countries : Australia | Burkina Faso | All

Golden Rim Resources Ltd

CODE : GMR.AX
ISIN : AU000000GMR9
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Golden Rim is a gold exploration company based in Australia.

Golden Rim is listed in Australia. Its market capitalisation is AU$ 35.8 millions as of today (US$ 25.8 millions, € 24.5 millions).

Its stock quote reached its highest recent level on February 24, 2012 at AU$ 0.28, and its lowest recent point on January 29, 2016 at AU$ 0.00.

Golden Rim has 1 787 819 904 shares outstanding.

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Financials of Golden Rim Resources Ltd
10/31/2016Quarterly Activities Report 30 September 2016
Corporate news of Golden Rim Resources Ltd
7/28/2016Golden Rim Completes Acquisition of the Paguanta Project
5/9/2016Golden Rim to Acquire Advanced Base Metals Project in Chile
4/28/2016Quarterly Activities and Cashflow Reports 31 March 2016
1/29/2016Quarterly Activities / Cashflow to 31 December 2015
11/26/2015Golden Rim Completes its 2015 AGM
11/4/2015Quarterly Activities and Cash Flow Report 30 September 2015
10/30/2015Quarterly Activities & Cashflow Report 30 September 2015
10/30/2015Notice of 2015 Annual General Meeting
9/8/2015Appendix 4G and 2015 Corporate Governance Statement
9/8/20152015 Annual Report to shareholders
7/30/2015Quarterly Activities and Cashflow Report June 2015
4/10/2015Director Resignation
3/26/2015Geophysical Results Show Multiple Anomalies at Kor
3/22/2015ARM: Strong Working Capital Position, Exploration
3/17/20154000m RC Drilling Program Commences at Korongou
3/16/2015Notice of Change of Interest of Substantial Holder
3/16/2015Secondary Trading Notice and Appendix 3B
3/11/2015Half Yearly Report to 31 December 2014
2/25/2015Placement to Sprott and Acorn
2/15/2015US$500,000 Deposit for Balogo Sale Received
2/11/2015Guitorga Gold Anomaly at Korongou Exceeds 3.5km
11/5/2014Operations in Burkina Faso Continue Uninterrupted
10/31/2014Ceasing to be a substantial holder
11/26/2013Price of Shares Issued under Share Purchase Plan
11/22/2013Golden Rim Completes its 2013 Annual General Meeting
11/15/2013Excellent Gravity Gold Recoveries Confirmed at Balogo
10/30/2013Share Purchase Plan Offer
8/15/2013Notice of Ceasing to be a Substantial Holder
7/25/2013Trenching Intersects High Grade Mineralisation
4/26/20134,000m Drilling Program Commences at Korongou, Burkina Faso
4/17/2013Golden Rim Completes General Meeting
4/9/2013Becoming a substantial holder
4/9/2013Appendix 3Y Crabb, Mackay, Rodgers, Lamont
3/13/2013Notice of General Meeting
3/11/2013Completion of Positive Scoping Study on the Netiana Lodes
3/7/2013Letter to Shareholders, Entitlement Offer
2/22/2013Mali Assets Divested for US$4.4 Million
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