quarterley report out all on track

ACTIVITIES REPORT
FOR THE QUARTER ENDED 31 DECEMBER 2006
Highlights
Sabeto Gold Project, Fiji
�� Induced Polarisation (IP) geophysical data secured from a previous explorer at Sabeto
highlighted significant anomalies in the southern portion of the Kingston Mine prospect and at
the Tuvatu North prospect. Both anomalies have not been tested by drilling and provide
exciting new gold target areas for Golden Rim Resources Ltd (“Golden Rim”).
�� Golden Rim signed a contract with a drilling contractor to conduct a 3,000 m diamond drilling
program. Drilling start-up is scheduled for mid-January 2007.
�� Significant preparation for the drilling was completed. By the end of the quarter staffing was in
place, camp facilities finalised and the drilling rig had arrived on site. Meetings were held with
landowners and compensation agreements executed.
�� The recent coup has had no impact on exploration activities in Fiji.
Webe Creek Gold Project, Vanuatu
�� Diamond drilling continued at Webe Creek. Three additional holes (LADH003, 004 and 007) for
a total of 452 m were completed during the quarter. Drilling was halted in December as a result
of continuing access problems due to wet weather. The last hole LADH004 was suspended in
mineralisation short of the planned target depth. Several priority gold target areas remain
untested and Golden Rim are looking at options to continue drilling early in 2007.
�� A 1.5 m wide zone of significant quartz veining with base metal sulphide mineralisation was
located in the bottom of hole LADH004. This mineralisation remains open at depth. Assays for
this mineralised zone are expected in early February 2007.
�� Anomalous gold and silver intercepts were obtained from holes LADH003 and LADH007. The
best results include 4 m @ 0.6 g/t gold, 11.3 g/t silver and 0.8 % zinc (48 – 52 m), including 1.5
m @ 0.9 g/t gold, 12.6 g/t silver and 1.1 % zinc, and 0.7 m @ 0.4 g/t gold , 12.9 g/t silver and
0.2 % zinc (93 – 93.7 m) in LADH003.
�� The Prime Minister of Vanuatu the Honourable Ham Lini conducted a site visit to Webe Creek.
Key New Appointment
�� Golden Rim appointed Peter Olubas as the Exploration Manager of the Company.
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 2 of 7
Golden Rim’s Pacific Rim Projects
Sabeto Gold Project, Fiji
(Golden Rim earning 75% from Mincor Resources NL)
Golden Rim Resources Ltd (“Golden Rim”) controls the majority of the under-explored Navilawa
Caldera (or Navilawa goldfield) in Fiji. The adjacent volcanic centre, the Tavua Caldera, located 35
km to the northeast hosts the giant Vatukoula gold deposit (greater than 10 million ounces of gold),
currently operating as a multi-shaft operation by Emperor Mines, with production of some 120,000
ounces of gold per annum. Golden Rim considers the Navilawa Caldera to be as prospective as
the Tavua Caldera.
The Sabeto licence is also prospective for bonanza grade epithermal veining of similar style to the
nearby Tuvatu gold deposit (1.64 million tonnes @ 8.5 grams per tonne (g/t) for 450,000 ounces of
gold).
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 3 of 7
Sabeto project location
During the quarter, data from a large Induced Polarisation (IP) geophysical survey conducted by
CRA Exploration at Sabeto in 1994 was secured and reprocessed. A strong resistivity high
anomaly was located in the southern portion of the Kingston Mine prospect. This anomaly may
represent a significant zone of silicification and possibly quartz veining. A strong chargeability high
anomaly was located at the Tuvatu North prospect. The anomaly may be related to sulphide
alteration and/or mineralisation. Both anomalies have not been tested by drilling and provide
exciting new gold target areas for Golden Rim.
Golden Rim signed a contract with a drilling contractor to conduct a 3,000 m diamond drilling
program at Sabeto. The size of the planned drilling program has been significantly increased
following the recent delineation of a number of exciting new target areas. These include the Tuvatu
North prospect which comprises large IP chargeability and potassium radiometric anomalies that
extend directly along strike from Emperor Mines’ 0.45 Moz Tuvatu gold deposit and highly
anomalous gold-in-soil samples with assays results of up to 8.5 g/t gold. The potassium anomaly is
believed to be related to hydrothermal alteration associated with mineralisation.
Drilling will also be conducted to test copper-gold mineralised dykes and recently discovered high
grade gold bearing epithermal veining (grading 9.9 g/t gold) at the Kingston Mine prospect .
By the end of the quarter preparation for the drilling was almost complete. Staffing was in place,
camp facilities had been finalised and the drilling rig had arrived on site. Meetings were held with
landowners and compensation agreements executed. Drilling start-up is scheduled for mid-January
2007.
There is excellent all-weather gravel road access to the target areas at Sabeto which should
ensure that drilling can continue through the wet season. The program is expected to take
approximately 3 months to compete. Drilling will be conducted 24 hours per day, 6 days a week.
The recent coup in Fiji has had no impact on exploration activities.
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 4 of 7
Webe Creek Gold Project, Vanuatu
(Golden Rim earning 81.25% from Mincor Resources NL and Rimfire Resources Ltd)
Webe Creek is situated on the Pacific Rim of Fire on the northern Island of Espiritu Santo in
Vanuatu and is subject to Golden Rim’s farm-in agreement with Mincor.
At the Laonasmata prospect, a 4 km long and 300 m wide mineralised zone has been identified.
Coincident within the zone are outcropping epithermal gold and silver-bearing veins, anomalous
gold-in-soils, hydrothermal alteration and geophysical anomalies. To date, rock chip values of up to
13.2 g/t gold and 270 g/t silver have been obtained from the veining. The Laonasmata prospect is
prospective for a ‘Porgera-style’ (+14 million ounces) gold discovery.
During the quarter diamond drilling continued at the Laonasmata prospect. Three additional holes
(LADH003, 004 and 007) for a total of 452 m were completed during the period. Drilling was halted
in December as a result of continuing access problems due to wet weather. The last hole LADH004
was suspended in mineralisation at 131.5 m, short of the planned target depth. Several priority gold
target areas at the Laonasmata prospect remain untested and Golden Rim is looking at options to
continue drilling early in 2007.
A 1.5 m wide zone of significant quartz veining with base metal sulphide mineralisation was located
in the bottom of hole LADH004. This mineralisation remains open at depth. Assays for this
mineralised zone are expected in early February 2007.
Anomalous gold and silver results were obtained from holes LADH003 and LADH007. The best
intercepts include 4 m @ 0.6 g/t gold, 11.3 g/t silver and 0.8 % zinc (48 – 52 m), including 1.5 m @
0.9 g/t gold, 12.6 g/t silver and 1.1 % zinc, and 0.7 m @ 0.4 g/t gold , 12.9 g/t silver and 0.2 % zinc
(93 – 93.7 m) in LADH003. The deeper intercept relates to a quartz-pyrite-sphalerite-fluorite vein
which is interpreted to be the La Fete epithermal vein approximately 70 m below surface. The
apparent strong continuity of this mineralised structure is encouraging. As in most epithermal veins
the gold and silver grades in the La Fete vein are expected to be highly variable. Previous rock chip
samples from the vein have returned grades of up to 13.2 g/t gold and 271 g/t silver (8.7 oz/t). The
La Fete vein has now been mapped for over 300 m in strike and additional holes are planned to
further test the strike and depth extent of this exciting exploration target.
During the quarter the Prime Minister of Vanuatu the Honourable Ham Lini conducted a site visit to
Webe Creek. He re-confirmed his government’s strong support for the Company’s exploration
program.
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 5 of 7
Golden Rim drilling at Webe Creek in Vanuatu, November 2006
Vanuatu Prime Minister Honourable Ham Lini conducts a site visit to Webe Creek.
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 6 of 7
Tafuse Gold Project, Vanuatu
(Golden Rim earning 75% from Mincor Resources NL)
The Tafuse Licence adjoins Webe Creek to the north. Five (5) gold targets have been identified,
comprising epithermal alteration zones with gold mineralisation on surface. The most advanced
prospect at Tafuse North consists of a series of explosive breccia bodies aligned over 700 m along
an elongated northwest trending zone with a coincident gold (generally greater than 0.5 g/t),
ars enic, copper, lead and zinc soil anomaly. Exotic siliceous clasts in the breccia have assayed up
to 10 g/t gold and 860 g/t silver.
No exploration was conducted during the period.
Corporate
The following matters occurred during the quarter:
• Golden Rim appointed Peter Olubas as the Exploration Manager of the Company. Mr
Olubas is a geologist with 17 years experience. Prior to his commencement with Golden
Rim, Mr Olubas was Exploration Manager with Emperor Gold Mining Company.
• A Renounceable Rights Issue of 2 new shares for every 5 shares held at the record date of
9 November 2006 to raise $1,685,368 was made. The issue was fully underwritten by
Patersons Securities Limited, a leading Australian Broking Firm. The issue was well
received with the existing shareholders taking up 80.28% of their entitlement and the
balance being taken up by clients of the Underwriter.
• A General Meeting of shareholders was held on 24 October 2006 for consideration and
voting on the following resolutions:
• Change of Company Type and Name;
• Adoption of a New Constitution;
• Approval for issue of 1,500,000 shares; and
• Ratify previous issue of 1,750,000 Class A options and 750,000 Class B options.
All resolutions were passed with the required majority.
• The Company participated at the Mining 2006 Convention held in Brisbane in November
2006 and a paper was delivered by the Exploration Director, Craig Mackay. The Company
also participated in an exhibition at the convention.
• The Company’s 2006 Annual General Meeting was held on 23 November 2006 for
consideration and voting on the following resolutions:
• Remuneration Report;
• Re-election of Rick W Crabb as a Director;
• Approval to Grant Class C options to Craig Mackay; and
• Approval to Grant Class C options to Gilbert Rodgers.
All resolutions were passed with the required majority.
Should you have any further queries, please do not hesitate to contact this office.
Golden Rim Resources Ltd – Quarterly Report Ended 31 December 2006
Page 7 of 7
Yours faithfully
GOLDEN RIM RESOURCES LTD
GILBERT RODGERS
Company Secretary
30 January 2007
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. Mr Mackay consults to the Company. This report accurately reflects the
information compiled by Mr Mackay and 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.