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Golden Rim to Acquire Highly Prospective Gold Projects in Mali

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Golden Rim to Acquire Highly Prospective Gold Projects in Mali 27 June 2008 GOLDEN RIM TO ACQUIRE HIGHLY PROSPECTIVE GOLD PROJECTS IN MALI Highlights ¾ Acquisition of 90% of Farabantourou and Sanso Gold Projects in Mali covering 116 square kilometres of highly prospective Birimian greenstone belt. ¾ Both projects are located in close proximity to major gold mines. Sanso lies adjacent to the northern boundary of the AngloGold Ashanti / Randgold Morila gold mine lease. Farabantourou is located approximately 30 kilometres along strike from the AngloGold Ashanti / IAMGOLD Sadiola gold mine. ¾ Inferred Resources with 59,000 ounces of contained gold have been defined to date at Farabantourou. The potential for expanding these resources, particularly at depth, is high. Significant gold-in-soil anomalies elsewhere at Farabantourou remain poorly tested. ¾ The Sanso Project lies in a similar geological setting as the Morila gold deposit. Soil sampling has detected significant gold anomalism in the licence which has not been tested by drilling. The Directors of Golden Rim Resources Ltd (“Golden Rim”) are pleased to announce it has executed an agreement to purchase a 90% interest in two licences (Farabantourou and Sanso) held by S.A.R. Exploration (“SAR”) in western and southern Mali. The acquisition of the Mali licences is subject to GMR conducting a due diligence visit, the grant of Farabantourou licence and the execution of a Sale Agreement. Both licences are underlain by highly prospective Lower Proterozoic Birimian greenstone belts which are one of the most under-explored gold terranes in Africa. It is generally accepted that the Birimian greenstone belts of West Africa have a comparable potential for the discovery of major gold deposits as the Yilgarn greenstone belts of Western Australia. Golden Rim Resources Ltd ABN 39 006 710 774 Level 2, 10 Outram Street, West Perth, WA 6005, Australia Telephone: +61 8 9481 5758 Facsimile: +61 8 9481 5759 Email: [email protected] Website: www.goldenrim.com.au ASX RELEASE – 27 JUNE 2008 Farabantourou Licence The Farabantourou licence is on application and covers 112 square kilometers and is located in western Mali. It lies approximately 30 kilometres along strike from the Sadiola gold mine which is jointly owned by AngloGold Ashanti, IAMGOLD Corporation, the International Finance Corporation and the Government of the Republic of Mali. The Sadiola mine has produced over 4.5 million ounces of gold since operations began in 1997. Production in 2008 is projected to be 447,000 ounces of gold. Golden Rim considers the Farabantourou licence area to be highly prospective for the discovery of a major gold deposit. Geologically, the licence has a similar setting as that hosting the Sadiola gold deposit. Major structures traverse the licence and surface gold anomalism in soil is widespread. Extensive artisinal mining occurs at several prospect areas. The licence area was explored by Hyundai Mali S.A. from 1998 to 2004. RSG Global (now Coffey Mining) was contracted to carry out exploration on behalf of Hyundai and activities included soil sampling and reverse circulation drilling. RSG Global calculated Inferred Resources on several prospects. The best of these Inferred Resources is at the Barani East prospect and comprises 745,000 tonnes @ 2.5 g/t gold for 59,000 ounces, based on 190 drill holes for a total of 13,603 m. The mineralization in this resource is oxidized and potentially heap leachable. Resource intercept intervals and grades were composited at a 0.5 g/t cut-off, over a minimum width of 2 m, and not including more than 2 m of internal dilution (waste). Sanso Licence The Sanso licence is granted and is located in southern Mali. It covers 4 square kilometers and lies on the northern boundary of the Morila gold mine lease in a similar geological setting. The Morila gold mine lies approximately 3 kilometers south of this boundary and is jointly owned by AngloGold Ashanti, Randgold Resources and the Government of the Republic of Mali. By June 2006, a total of 18.7 million tonnes of ore had been processed at an average grade of 7.5 g/t producing 4.1 million ounces of gold. The Morila mine is currently producing 430,000 ounces of gold per year and its treatment life is currently planned to continue until 2012. Previous soil sampling over Sanso has produced significant gold anomalies which have not as yet been tested with drilling. The close proximity of project to the Morila mine offers scope for Golden Rim to investigate the option for the toll treating of ore if exploration is successful. Exploration Upside Previous drilling conducted at Farabantourou is generally shallow (on average, holes are 50 to 60 metres in depth) and the existing resources remain open at depth. Of most interest is the Barani East prospect because the mineralisation is higher in grade, coherent and continuous. Better drilling intercepts at Barani East are summarized in the following table: Page 2 of 7 ASX RELEASE – 27 JUNE 2008 Hole Number Gold Intercept (g/t) From (m) To (m) RCSP041 14 m @ 2.36 33 47 RCSP123 7 m @ 4.45 20 27 RCSP163 3 m @ 6.25 72 75 RCSP164 3 m @ 6.30 15 18 RCSP449 3 m @ 9.21 135 138 RCSP566 4 m @ 8.26 55 59 RCSP573 6 m @ 7.90 23 29 RCSP574 12 m @ 2.98 51 63 RCSP816 10 m @ 3.89 53 63 Including 4 m @ 9.31 56 60 RCSP829 5 m @ 5.69 110 115 8 m @ 4.58 124 132 RCSP860 4 m @ 9.99 139 143 10 m @ 3.52 151 161 A deeper drilling program at Barani East is a priority for Golden Rim and such a program would be expected to significantly expand the current resource base at this prospect of 59,000 ounces. A number other prospects at Farabantourou have interesting exploration results that require follow-up. A major gold-in-soil anomaly at the Koussili prospect remains poorly tested by drilling. At Koussili there is a drilling intercept of 4 m @ 6.1 g/t gold in the bottom of a hole (46 m depth). This hole was abandoned due to breaking of the drill rods. This significant mineralization was never followed up. Key Terms of the Agreement The acquisition of the Mali licences is subject to GMR conducting a satisfactory due diligence visit, the grant of Farabantourou licence and the execution of a Sale Agreement. On execution of a Sale Agreement, GMR will pay SAR US$50,000 in cash to purchase an initial 51% interest in the Mali Licences On the second year anniversary of the signing of the formal Sale Agreement, GMR will have the right to pay a further US$100,000 in cash to purchase an additional 20% interest in the Mali Licences. On the third year anniversary of the signing of the formal Sale Agreement, GMR will have the right to pay US$150,000 in cash to purchase an additional 19% interest in the Mali Licences. GMR will free-carry the remaining original SAR shareholders who hold the remaining 10% interest in the Mali Licences through to the completion of a Bankable Feasibility Study for a mining operation. At this stage the remaining original 10% SAR shareholders will have the right to fund their 10% share of the mine development costs and be entitled to receive their 10% of the net mine profit or to elect to revert to a 2% Net Smelter Royalty (“NSR”) on any production from the Mali Licences. Should the latter occur, GMR will acquire their remaining original 10% shareholding in exchange for the NSR. Page 3 of 7 ASX RELEASE – 27 JUNE 2008 Due Diligence Visit A due diligence field visit to the Farantourou and Sanso licence areas is scheduled for the first week of July 2008. During this visit representatives of GMR expect to meet with the Minister of Mines and the Director of the Department of Geology and Mining. It is important for GMR to determine the period of time before the grant of the Farantourou licence. About Gold Mining in Mali and West Africa West Africa is the fastest growing gold producing region in the world and owes its gold riches to highly prospective Birimian greenstone belts, which host some of the largest gold deposits in the world, including Sadiola, Yatela, Morila and Syama in Mali, Siguiri in Guinea, and Obuasi, Bogosu, Damang, Bibiani in Ghana. It is also the home for many prominent new projects such as Newmont’s 18 million ounce discovery (Akyem and Ahafo) and AngloGold Ashanti’s 66 million ounce discovery (Obuasi, Bibiani and Iduapriem-Teberebie). Mali is one of the largest countries in West Africa and the extensive Birimian greenstone belts in Mali are highly under-explored. In recent times over 25 million ounces of gold have been discovered with modern exploration techniques in Mali. From this discovery, seven major gold mines have opened and have become some of the lowest-cost gold operations in the world. As a result, the country’s production has more than tripled and Mali has become Africa’s third-largest gold producer after South Africa and Ghana. Apart from geology and a very long history of mining, Mali’s stable politics and government support for mining with the modernization of the mining code in 1991 has created a suitable environment for continuing investment. Should you require any further information, please do not hesitate to contact Golden Rim. Yours faithfully GOLDEN RIM RESOURCES LTD CRAIG MACKAY Managing Director The information in this report, insofar as it relates to exploration results, is based on information compiled by Mr Craig Mackay. Mr Mackay is a member of the Australasian Institute of Mining and Metallurgy and 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.
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