ASX/Media Announcement

12 March 2013

Completion of Positive Scoping Study on the Netiana

Lodes at Balogo

 Final Scoping Study estimates from Coffey Mining suggest that an open pit development on the Netiana Lodes would be robust, with an estimated NPV of A$46 million (after tax and royalties) and an IRR of >100% giving a Capital Cost (CAPEX) payback of <6 months.
 CAPEX for a new modular 250,000 tpa plant is estimated at A$39 million and total Operating
Cost (OPEX) is estimated at A$600/ounce at a treatment rate of 30tph.

 At a gold price of $1,550/ounce, the mine would generate gross revenue of A$104 million/year.

 Mine life is 2 years and Golden Rim is confident that this can be extended with further pit optimisation and additional discoveries of satellite gold resources in the region around the Netiana Lodes.

 Golden Rim will now seek proposals from contractors to conduct a Definitive Feasibility Study

(DFS) on the Netiana Lodes.

 The Coffey Mining report contains a number of alternatives that could see capital costs reduced and the ounces recovered increase, these will be assessed as part of the DFS.

 The Company's goal is to produce its first gold from the Netiana Lodes late in the second half

2014.

Golden Rim Resources Ltd (Golden Rim; ASX: GMR) today announced that it has received the final results of a Scoping Study conducted by Coffey Mining Pty Ltd (Coffey Mining) on the Netiana Lodes at the Balogo Project, in Burkina Faso. The Scoping Study was undertaken to assess the viability of an open cut mining and processing operation to exploit the Inferred Resource of 850,000 tonnes at 6.8 g/t gold.

Coffey Mining has provided a concept mining and processing strategy that, over two years, could recover 133,000 ounces of gold.
The conceptual operation consists of a contractor mined open pit delivering 440,000 tonnes of ore to a modularised processing plant at an average grade of 9.3 g/t gold. The optimised concept pit has a strip ratio of 10:1 and as such approximately 4.5 million tonnes of waste rock will also be

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

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mined and placed on a waste rock dump over the two year mine life. Tailings from the processing plant will be disposed of in an adjacent paddock tailings storage facility.
Several processing options have been considered. A small 30tph modularised plant is the preferred option with a smaller 20tph plant as an alternate, lower capital, higher operating cost solution. Overall processing recovery (non-optimised) of 95.4% has been derived from a recent metallurgical testing programme. At the Scoping Study level of accuracy (±40%) the capital cost for a new modularised 30tph plant is estimated at A$39 million.
Total CAPEX for the project is estimated at A$46 million with the operating cost (OPEX) estimated to be A$600/ounce delivering a total cost for the project of approximately A$950/ounce. This represents a high margin operation both on a cash and total cost basis.
For a short term project, development of the Netiana Lodes looks robust, as a starter pit, with an estimated NPV of A$46 million (after tax and royalties) and an IRR of >100% giving a CAPEX payback of less than 6 months at a nominal 30tph processing option.
At the 30tph processing option and a gold price of $1,550/ounce the mine would generate gross revenue of A$104 million/year.
Golden Rim's Managing Director, Mr Craig Mackay, said that "the final Scoping Study results from Coffey Mining are positive. They suggest that should Golden Rim proceed to develop a mine on the Netiana Lodes there is the potential for the Company to have A$40 million - A$50 million in the bank after only 2 years of operation."

"The Company is confident that the mine life of an operation can be extended with the discovery of satellite resources along strike from the Netiana Lodes. A program of auger drilling is currently underway to identify satellite targets for reverse circulation drilling"

"Golden Rim will now conduct a detailed review of the results of the Coffey Mining Scoping Study and will seek proposals, including costings, from contractors to conduct a Definitive Feasibility Study on the Netiana Lodes. It is also seeking proposals for the completion of the environmental impact study that will be conducted concurrently with the DFS. The path forward for a development on the Netiana Lodes will be determined once this process has been completed" said Mr Mackay.

-ENDS-
For further information, please contact:

Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary +61 400 205 433

+61 8 9481 5758 [email protected]

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Figure 1. Preferred Pit Design for the Netiana Lodes.

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Figure 2. Preferred Plant Flow Sheet for the Netiana Lodes.

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Figure 3. Photograph of a similar modular processing plant to that being considered for the

Netiana Lodes.

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The information in this public report that relates to exploration results and mineral resources is based on information compi led 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 inclusi on in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Scoping Study is based on information compiled by Mr Chris Campbell -Hicks. Mr Campbell-Hicks is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Campbell-Hicks is a full time employee of Coffey Mining Pty Ltd who has been engaged by Golden Rim Resources Limited to prepare a Scoping Study Report insofar as it relates to the Balogo Project. Mr Campbell-Hicks has reviewed the Report to which this Consent Statement applies and verifies that the Report is based on and fairly and accurately reflects in the form and context in which it appears. Mr Campbell-Hicks consents to the inclusion of information from this Report in this announcement in the form and context in which it appears.

Further Company Information

E: [email protected]

W:goldenrim.com.au

Capital Structure

Issued Shares: 511,206,231

Unlisted Options: 33,950,000

Major Shareholders

Royal Group, Abu Dhabi 10.7% Acorn Capital 5.6%

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]

W: securitytransfer.com.au

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