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

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-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:

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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]

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