ASX/Media Announcement

15 November 2013

Excellent Gravity Gold Recoveries Confirmed at Balogo

Golden Rim Resources Ltd (Golden Rim, ASX: GMR) today announced that initial results from the Gravity, Flotation, Intensive Leach metallurgical testwork program, being carried out by Gekko Systems Pty Ltd (Gekko), in Victoria, have yielded excellent (unoptimised) gravity recoveries on gold mineralisation from the Balogo Project, Burkina Faso.

Utilising a two stage gravity circuit, 52.8% of the gold was concentrated into 11.1% of the original mass while increasing the grade from 28.9 g/t gold to 144.7 g/t gold. This was achieved at a relatively coarse grind size of 0.6mm.
The two stage gravity recovery result, obtained by Gekko, shows significant improvement over the single stage, 33.6% gravity gold recovery, at a similar coarse grind size of 0.85mm, reported in the previous metallurgical testwork program conducted by SGS Lakefield Oretest Pty Ltd (SGS) as part of the Scoping Study completed by Golden Rim in February 2013.
The gravity recovery can be improved with finer grinding, for example, the previous SGS testwork returned a single stage 49.7% recovery result at a much finer grind size of 0.075mm (75 micron). However, the objective of the testwork being conducted by Gekko is to assess the gravity recoveries at the coarser feed grind size, preferred by gravity concentrators, reducing comminution energy requirements and allowing lower CAPEX and OPEX processing options to be considered.
Flotation testwork is currently underway on the gravity tail to capture the remaining gold for intensive cyanide leaching of the combined gravity and flotation concentrates. Coffey Mining Pty Ltd (Coffey) is supervising the Gekko testwork on behalf of Golden Rim.
Golden Rim's Managing Director, Mr Craig Mackay, said "The aim of the current metallurgical testwork program is to demonstrate that a low CAPEX, low OPEX processing facility, that completely avoids a large carbon-in-leach (CIL) circuit while simultaneously downsizing the milling requirements by 70 -

80%, may be the preferred option for the Balogo project."

-ENDS- For further information, please contact:

Hayley Butcher

Golden Rim Resources
Company Secretary
+61 8 9481 5758
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

Figure 1. Producing a gravity concentrate using Wilfley shaking table in the Gekko's laboratory.

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Figure 2. 0.6mm gravity concentrate sample from the Netiana Lodes. The concentrate is predominantly comprised of pyrite and gold grains.

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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.

The information in this public report that related to the metallurgical testwork is based on information provided by Mr Chris Campbell-Hicks who is a professional mineral scientist/metallurgist with more than 40 years experience in testwork management, mineral process design and operation in gold and base metals within Australia and overseas. Mr Campbell- Hicks is Principal Metallurgist at Coffey Mining and is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIM M) and holds Charted Professional Status (CP Metallurgy) and is a member of the Mineral Industry Consultants Association (MMICA). Mr Campbell-Hicks has the appropriate relevant qualifications, experience, competence and independence to be considered an "expert" under the definitions provided in the Valmin Code and as a "Competent Person" under the definition provided in the JORC Code. Mr Campbell-Hicks 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: [email protected]

W:goldenrim.com.au

Capital Structure

Issued Shares: 653,006,923

Unlisted Options: 33,650,000

Major Shareholders

Royal Group, Abu Dhabi 8.34%

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