UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549






FORM 10-K






x
ANNUAL REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2009ORo
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Commission file number 000-52837






GOLDEN STAR RESOURCE CORP.





(Exact name of registrant as specified in its charter)




NEVADA





(State or other jurisdiction of incorporation or organization)





3390 Toopal Drive
Oceanside, California
92058
 
 (Address of principal executive offices, including zip code.)
 
 (210) 862-3071
 
 (telephone number, including area code)






Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.


Yes  ̈     No x






Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act:


Yes ̈Nox






Indicate by check mark whether the registrant(1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 day.


YesxNo ̈






Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ̈




1




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 if the Exchange Act.






Large Accelerated Filer
 ̈
Accelerated Filer
 ̈Non-accelerated Filer
 ̈
Smaller Reporting Company
x(Do not check if a smaller reporting company)







Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesoNox




State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of June 30, 2009: $0.




2











TABLE OF CONTENTSPagePART IItem 1.
Business.
4Item 1A.
Risk Factors.
12Item 1B.
Unresolved Staff Comments.
12Item 2.
Properties.
12Item 3.
Legal Proceedings.
12Item 4.
Submission of Matters to a Vote of Security Holders.
12PART IIItem 5.
Market Price for the Registrant’s Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities.
12Item 6.
Selected Financial Data.
13Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operation.
13Item 7A.
Quantitative and Qualitative Disclosures About Market Risk.
15Item 8.
Financial Statements and Supplementary Data.
F-1Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
16PART IIIItem 9A.
Controls and Procedures.
16Item 9B.
Other Information.
16Item 10.
Directors and Executive Officers, Promoters and Control Persons.
16Item 11.
Executive Compensation.
16Item 12.
Security Ownership of Certain Beneficial Owners and Management.
20Item 13.
Certain Relationships and Related Transactions, and Director Independence.
21Item 14.
Principal Accounting Fees and Services.
21PART IVItem 15.
Exhibits and Financial Statement Schedules.
22Signatures

23































3




PART I






ITEM 1.     BUSINESS




General




We were incorporated in the State of Nevada on April 21, 2006. We are an exploration stage corporation. An exploration stage corporation is one engaged in the search for mineral deposits or reserves which are not in either development or production stages. We intend to conduct exploration activities on one property. We maintain our
statutory registered agent's office at The Corporation Trust Company of Nevada, 6100 Neil Road, Suite 500, Reno, Nevada 89511. Our business office is located at 3340 Toopal Drive, Oceanside, California 92058. This is our mailing address as well. Our telephone number is (210) 862-3071. Ms. Miller, our secretary/treasurer, provides our office space on a rent-free basis.





There is no assurance that a commercially viable mineral deposit exists on the property. Exploration will be required before a final evaluation of economic feasibility is determined.




We have no plans to change our business activities or to combine with another business. We are not aware of any events or circumstances that might cause us to change our plans.




Background




We are an exploration stage mining company, incorporated in Nevada, holding three mining claims on land owned in fee simple by the Crown. Fee simple is a term used to describe absolute ownership of real property, limited only by certain government powers. We paid Glengarry Developments Inc., a non-affiliated third party, $10,000 for
the three mining claims on the property.





We have no revenues, have achieved losses since inception, have no operations, and have been issued a going concern opinion. We are relying on the sale of our securities and loans from our officers and directors to fund operations. We have no plans to change our business activities or to combine with another business.




As background, Canadian jurisdictions allow a mineral explorer to claim a portion of available Crown lands as its exclusive area for exploration. All Canadian lands and minerals which have not been granted to private persons are owned by either the federal or provincial governments in the name of Her Majesty. Ungranted minerals are
commonly known as Crown minerals. Ownership rights to Crown minerals are vested by the Canadian Constitution in the province where the minerals are located. In the case of our property, the province is British Columbia.




The practice of reserving the minerals from fee simple Crown grants (documentary evidence of ownership) was established in the 19thcentury. Legislation now ensures that minerals are reserved from Crown land dispositions. The result is that the Crown is
the largest mineral owner in Canada, both as the fee simple owner of Crown lands and through mineral reservations in Crown grants. Most privately held mineral titles are acquired directly from the Crown. Our property is one such acquisition. Accordingly, fee simple title to our property resides with the Crown.






















4


ITEM 1.     BUSINESS(Continued)





Glengarry Developments Inc. leased the rights to mine on the property pursuant to the British Columbia Mineral Act. Thus, Glengarry Developments Inc. held exclusive rights to mine and recover all of the minerals contained within the surface boundaries of the lease continued vertically downward. We paid Glengarry Developments
$10,000 for the property rights. No additional payments were made or are due Glengarry Developments Inc. The claims were recorded in Glengarry Development’s name to avoid incurring additional costs. The additional fees would be for incorporation of a British Columbia corporation and the associated legal and accounting fees. Under British Columbia law, title to British Columbia mining claims can only be held by British Columbia residents. In the case of corporations, title must be held by a British Columbian
corporation. In order to comply with the law, we would have to incorporate a British Columbia wholly-owned subsidiary corporation and obtain audited financial statements. We believe those costs would be a waste of our money at this time.




On May 9, 2006, Glengarry Developments Inc. executed a declaration of trust acknowledging that it holds the property in trust for us and that it will not deal with the property in any way, except to transfer the property to us. In the event that we find mineralized material and the mineralized material can be economically extracted,
we will form a wholly-owned British Columbian subsidiary corporation to which Glengarry Developments Inc. will convey title to the property. Mineralized material is a mineralized body which has been delineated by appropriately spaced drilling or underground sampling to support sufficient tonnage and which has an average grade of metals to justify removal.




Glengarry Developments Inc. has not provided us with a signed or executed bill of sale in our favor. In the event that Glengarry Developments Inc. transfers title to another person who then records the deed before we record our documents, the other person will have superior title and we will have none. If that event occurs, we will
have to cease or suspend operations. However, the declaration of trust will be used as evidence that Glengarry Developments Inc. breached its fiduciary duty to us and Glengarry Developments Inc. may be liable to us for monetary damages for breaching the terms of its oral agreement to transfer its title to a subsidiary corporation we create.




Thus, if we find mineralized material on the property and form a subsidiary British Columbian corporation, Glengarry Developments Inc. has agreed to issue a bill of sale for the property to our subsidiary corporation. We cannot guarantee that they will comply. To date, we have not performed any work on the property.




The property is comprised of mining leases issued pursuant to the British Columbia Mineral Act. Glengarry Developments Inc., as lessee, has exclusive rights to mine and recover all of the minerals contained within the surface boundaries of the lease continued vertically downward. The Crown does not have the right to reclaim provided
at a minimum fee of CDN$100 is paid timely. The Crown could reclaim the property in an eminent domain proceeding, but it would have to compensate the lessee for the value of the claim if it exercised the right of eminent domain. It is highly unlikely that the Crown will exercise the power of eminent domain. In general, where eminent domain has been exercised it has been in connection with incorporating the property into a provincial
park.








5


ITEM 1.     BUSINESS(Continued)
 
 To date we have not performed any work on the property. We are presently in the exploration stage and cannot guarantee that a commercially viable mineral deposit, a reserve, exists in the property until further exploration is done. We will also need to perform comprehensive evaluation of economic and legal feasibility.




Claims




The following is the tenure number, claim, date of recording and expiration date of the claim:




Date of
Date ofTenure No.
Document Description
Recording
Expiration549055
Keg Claim
July 8, 2006
October 15, 2009




In order to maintain this claim, we must pay a fee of CND$100 per year for our claim.




Location and Access




The property contains one claim with tenure number of 549055 encompassing over 800 hectares. The claim is in the name of Glengarry Developments Inc. and is in good standing until October 15, 2009. The property lies in the Cariboo Mining division about 10 kilometers south of the village of Likely. Likely can be reached by 80 kilometers
of paved road from Highway 97 and the property can be accessed by a 10 kilometer gravel road which crosses the property. It adjoins the south border of the Mount Polley Mine mineral tenures.





Physiography




The property lies on the east margin of the central interior plateau at an elevation of about 950 metres above sea level and the topography varies by less than 20 meters. Two lakes are found on and partly on the ground. The area is partly forest covered between grassy meadows. The ground may be snow covered for 6 months of the year.
Several streams on the property drain generally southwesterly. Due to the low topography the area is partly muddy.




Geology




The property covers rocks of the Quesnelia geological terrane, which is considered very favorable for porphyry copper-gold deposition. The rock types on the property have been mapped as Triassic volcanics consisting of (1). porphyritic alkali basalt locally brecciated and containing clasts of limestone (2) ash tuff (3). mafic debris
flows with minor feldspathic clasts. The tree rock groups are interpreted as being separated by faults. Immediately north of the property these rock types have been intruded by alkali diorite – syenite.




History





There is no record or evidence of previous exploration or operations on the property.








6




ITEM 1.     BUSINESS(Continued)





MAP 1










7
  ITEM 1.     BUSINESS(Continued)





MAP 2

































8


ITEM 1.     BUSINESS(Continued)





Supplies





Competition and unforeseen limited sources of supplies in the industry could result in occasional spot shortages of supplies, such as dynamite, and certain equipment such as bulldozers and excavators that we might need to conduct exploration. We have not attempted to locate or negotiate with any suppliers of products, equipment or
materials. We will attempt to locate products, equipment and materials. If we cannot find the products and equipment we need, we will have to suspend our exploration plans until we do find the products and equipment we need.




Description of Property




Other than our interest in the property, we own no plants or other property. With respect to the property, our right to conduct exploration activity is based upon our oral agreement with Glengarry Developments Inc. Under this oral agreement, Glengarry Developments Inc. has allowed us to conduct exploration activity on the property. Glengarry
Developments Inc. holds the property in trust for us pursuant to a declaration of trust.




Our Proposed Exploration Program




Our exploration target is to find an ore body containing gold. Our success depends upon finding mineralized material. This includes a determination by our consultant that the property contains reserves. We have not selected a consultant as of the date of this report. Mineralized material is a mineralized body, which has been delineated
by appropriately spaced drilling or underground sampling to support sufficient tonnage and average grade of metals to justify removal. If we don’t find or cannot remove mineralized material, either because we do not have the money to proceed, or because it is not economically feasible, we will cease operations and you will lose your investment.




In addition, we may not have enough money to complete our exploration of the property. If we have not raised enough money to complete our exploration program, we will try to raise additional funds from a second public offering, a private placement or through loans. At the present time, we have not made any plans to raise additional
money and there is no assurance that we would be able to raise additional money in the future. If we need additional money and can’t raise it, we will have to suspend or cease operations.




The property is undeveloped raw land. Exploration and surveying has not been initiated. To our knowledge, the property has never been mined. The only event that has occurred is the acquisition of the property from Glengarry Developments Inc. and the physical examination of the property by Mr. Livgard, our geological consultant. Before
mineral retrieval can begin, we must conduct exploration to determine what amounts of minerals, if any, exist on our property. After that, we have to determine if it is economically feasible to remove the mineralized material. Economically feasible means that the costs associated with the removal of the mineralized material will not exceed the price at which we can sell the mineralized material. We can’t predict whether
any minerals found can be economically extracted and profitably processed until we first find mineralized material.




We do not know if we will find mineralized material. We believe that activities occurring on adjoining properties are not material to our activities. Any minerals located under adjoining property may or may not be located under our property.




We do not claim to have any minerals or reserves whatsoever at this time on any of the property.




We intend to implement an exploration program which consists of core sampling. Core sampling is the process of drilling holes to a depth of up to 1,400 feet in order to extract a samples of earth. Mr. Livgard, after confirming with our consultant, will determine where drilling will occur on the property. Mr. Livgard will not receive
fees for his services. The samples will be tested to determine if mineralized material is located on the property. Based upon the tests of the core samples, we will determine if we will terminate operations, proceed with additional exploration of the property, or develop the property. We intend to take our core samples to analytical chemists, geochemists and registered assayers located in Vancouver, British Columbia.




9




ITEM 1.     BUSINESS(Continued)





We estimate the cost of drilling will be $20 per foot drilled. The amount of drilling will depend on our financial ability to drill. Currently, we plan to drill approximately 3,000 linear feet, or up to eight holes to a depth of 300 feet. We estimate that it will take up to one month. We will pay a consultant up to
a maximum of $5,000 per month for his services during the period, or a total of $5,000. The total cost for analyzing the core samples will be $3,000.




We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves ourselves through the use of consultant. We have no plans to interest other companies in the property if we do not find mineralized material.




If we are unable to complete exploration because we do not have enough money, we will cease operations until we raise more money. If we cannot or do not raise more money, we will cease operations. If we cease operations, we don't know what we will do and we don't have any plans to do anything else.




We cannot provide you with a more detailed discussion of how our exploration program will work and our likelihood of success. That is because we have a piece of raw land and we intend to look for mineralized material. We may or may not find any mineralized material. We hope we do, but it is impossible to predict.




We do not have any plan to generate revenue because we have not found economic mineralization yet, and it is impossible to project revenue generation from nothing.




Competitive Factors




The gold mining industry is fragmented, that is there are many, many gold prospectors and producers, small and large. We do not compete with anyone. That is because there is no competition for the exploration or removal of minerals from the property. We will either find gold on the property or not. If we do not, we will cease or suspend
operations. We are one of the smallest exploration companies in existence, an infinitely small participant in the gold mining market. Readily available gold markets exist in Canada and around the world for the sale of gold. Therefore, we will be able to sell any gold that we are able to recover.






Regulations






Our mineral exploration program is subject to the Canadian Mineral Tenure Act Regulation. This act sets forth rules for




*
locating claims*
posting claims*
working claims*
reporting work performed




We are also subject to the British Columbia Mineral Exploration Code which tells us how and where we can explore for minerals. We must comply with these laws to operate our business. Compliance with these rules and regulations will not adversely affect our operations.






10


ITEM 1.     BUSINESS(Continued)





Environmental Law




We are also subject to the Health, Safety and Reclamation Code for Mines in British Columbia. This code deals with environmental matters relating to the exploration and development of mining properties. Its goals are to protect the environment through a series of regulations affecting:




1.
Health and Safety2.
Archaeological Sites3.
Exploration Access




We are responsible to provide a safe working environment, not disrupt archaeological sites, and conduct our activities to prevent unnecessary damage to the property.




We will secure all necessary permits for exploration and, if development is warranted on the property, will file final plans of operation before we start any mining operations. We anticipate no discharge of water into active stream, creek, river, lake or any other body of water regulated by environmental law or regulation. No endangered
species will be disturbed. Restoration of the disturbed land will be completed according to law. All holes, pits and shafts will be sealed upon abandonment of the property. It is difficult to estimate the cost of compliance with the environmental law since the full nature and extent of our proposed activities cannot be determined until we start operations and know what will be involved from an environmental standpoint.




We are in compliance with the act and will continue to comply with the act in the future. We believe that compliance with the act will not adversely affect our business operations in the future.




Exploration stage companies have no need to discuss environmental matters, except as they relate to exploration activities. The only “cost and effect” of compliance with environmental regulations in British Columbia is returning the surface to its previous condition upon abandonment of the property. We believe the cost
of reclaiming the property will be $750 if we drill 8 holes and $2,250 if we drill 23 holes. We have not allocated any funds for the reclamation of the property. Mr. Livgard has agreed to pay the cost of reclaiming the property should mineralized material not be discovered.




Employees


We intend to use the services of subcontractors for manual labor exploration work on our properties.




Employees and Employment Agreements




At present, we have no full-time employees. Our two officers and directors are part-time employees and each will devote about 10% of their time or four hours per week to our operation. Our officers and directors do not have employment agreements with us. We presently do not have pension, health, annuity, insurance, stock options, profit
sharing or similar benefit plans. However, we may adopt plans in the future. There are presently no personal benefits available to our officers and directors. Marilyn Miller, one of our officers and directors, will handle our administrative duties. Because our officers and directors are inexperienced with exploration, they will hire qualified persons to perform the surveying, exploration, and excavating of the property. As of today, we have not looked for or talked to any geologists or engineers who will perform
work for us in the future.








11




ITEM 1A.  RISK FACTORS.





We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.




ITEM 1B.  UNRESOLVED STAFF COMMENTS.




We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.




ITEM 2.     DESCRIPTION OF PROPERTIES




We do not own any property. We only have the right to explore one property and our right to conduct exploration activity is based upon an oral agreement with Glengarry Developments Inc. Under this agreement, Glengarry Developments Inc. has allowed us to conduct exploration activity on the property it holds in trust for us.




ITEM 3.     LEGAL PROCEEDINGS




We are not presently a party to any litigation.




ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS




During the fourth quarter, there were no matters submitted to a vote of our shareholders.







PART II




ITEM 5.     MARKET FOR COMMON STOCK AND RELATED STOCKHOLDER MATTERS




Only a limited market exists for our securities. There is no assurance that our limited market will develop into a regular trading market, or if developed, that it will be sustained. Therefore, a shareholder in all likelihood will be unable to resell his securities in our company. Furthermore, it is unlikely that a lending institution
will accept our securities as pledged collateral for loans unless a regular trading market develops.




Our company's securities are traded over-the-counter on the Bulletin Board operated by the Financial Industry Regulatory Authority (FINRA) under the symbol “GLNS”. Our shares were listed for trading on July 3, 2007.




Fiscal Year2009
High Bid
Low BidFourth Quarter 4-01-09 to 6-30-09
$0.0
$0.0Third Quarter 1-01-09 to 3-31-09
$0.0
$0.0Second Quarter 10-01-08 to 12-31-08
$0.0
$0.0First Quarter 7-01-08 to 9-30-08
$0.0
$0.0







Fiscal Year2008
High Bid
Low BidFourth Quarter 4-01-08 to 6-30-08
0.0
0.0Third Quarter 1-01-08 to 3-31-08
0.0
0.0Second Quarter 10-01-07 to 12-31-07
0.0
0.0First Quarter 7-01-07 to 9-30-07
0.0
0.0







Dividend Policy




We have not declared any cash dividends. We do not intend to pay dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.




Section 15(g) of the Securities Exchange Act of 1934




Our shares are covered by section 15(g) of the Securities Exchange Act of 1934, as amended that imposes additional sales practice requirements on broker/dealers who sell such securities to persons other than established customers and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with
net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouses). For transactions covered by the Rule, the broker/dealer must make a special suitability determination for the purchase and have received the purchaser's written agreement to the transaction prior to the sale. Consequently, the Rule may affect the ability of broker/dealers to sell our securities and also may affect your ability to sell your shares in the secondary market.


12




ITEM 5.     MARKET FOR COMMON STOCK AND RELATED STOCKHOLDER MATTERS (continued)





Section 15(g) also imposes additional sales practice requirements on broker/dealers who sell penny securities. These rules require a one page summary of certain essential items. The items include the risk of investing in penny stocks in both public offerings and secondary marketing; terms important to in understanding of the function
of the penny stock market, such as “bid” and “offer” quotes, a dealers “spread” and broker/dealer compensation; the broker/dealer compensation, the broker/dealers duties to its customers, including the disclosures required by any other penny stock disclosure rules; the customers rights and remedies in causes of fraud in penny stock transactions; and, the NASD's toll free telephone number and the central number of the North American Administrators Association, for information
on the disciplinary history of broker/dealers and their associated persons.




Securities authorized for issuance under equity compensation plans




We have no equity compensation plans and accordingly we have no shares authorized for issuance under an equity compensation plan.




Status of our public offering




On October 25, 2006, the Securities and Exchange Commission declared our Form SB-2 Registration Statement effective, file number 333-137922, permitting us to offer up to 2,000,000 shares of common stock at $0.10 per share. There was no underwriter involved in our public offering.




On March 28, 2007, we completed our public offering by raising $107,000. We sold 1,070,000 shares of our common stock at an offering price of $0.10 per share.




Use of Proceeds




Since the time of raising money by offering shares of our stock, we have proceeds of $107,000. We have used proceeds (net of $15,942 accounts payable and accrued liabilities and $14,625 due to a related party) for the following: $110,819 for professional fees, $15,859 for consulting fees, $10,000 for a mineral claim payment, $3,658
for transfer and filing, and $7,331 for office and sundry outlays. Our total cash outlays have been offset by a $10,569 foreign exchange gain.





ITEM 6.     SELECTED FINANCIAL DATA.




We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.




ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.




This section of the prospectus includes a number of forward- looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their
nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.




Plan of Operation




We are a start-up, exploration stage corporation and have not yet generated or realized any revenues from our business operations.




Our auditors have issued a going concern opinion. This means there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and do not anticipate generating any revenues until we begin removing
and selling minerals. There is no assurance we will ever achieve these goals. Accordingly, we must raise cash from sources other than the sale of minerals in order to implement our project and stay in business. Our only other source for cash at this time is investments by others.




We will be conducting research in the form of exploration of the property. Our exploration program is explained in as much detail as possible in the business section of this report. We are not going to buy or sell any plant or significant equipment during the next twelve months.




Our exploration target is to find an mineralized material, specifically, an ore body containing gold. Our success depends upon finding mineralized material. This includes a determination by our consultant that the property contains reserves. We have not yet selected a consultant. Mineralized material is a mineralized body which has
been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage and average grade of metals to justify removal. If we don’t find mineralized material or if it is not economically feasible to remove it, we will cease operations and you will lose your investment.


13


ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)





In addition, we may not have enough money to complete our exploration of the property. If it turns out that we have not raised enough money to complete our exploration program, we will try to raise additional funds from a second public offering, a private placement or through loans. At the present time, we have not made any plans to
raise additional money and there is no assurance that we would be able to raise additional money in the future. If we need additional money and cannot raise it, we will have to suspend or cease operations.




We must conduct exploration to determine what amount of minerals, if any, exist on our property and if any minerals can be economically extracted and profitably processed.




The property is undeveloped raw land. Exploration and surveying has not been initiated. We must explore and find mineralized material before any potential mineral retrieval can begin. If we successfully find mineralized material, we then need to determine whether it is economically feasible to remove it. Economically feasible means
that the costs associated with the removal will not exceed the price at which we can sell it. We cannot make predictions until we find mineralized material, and we acknowledge that the probability is low.




To our knowledge, the property has never been mined. The only events that have occurred is the acquisition of the property rights from Glengarry Developments Inc. and a physical examination of the property by Mr. Livgard, our geological consultant. No additional payments were made or are due Glengarry Developments Inc. The claims were
recorded in Glengarry Developments Inc.’s name to avoid incurring additional costs. As previously noted, the additional costs would be for incorporation of a British Columbian corporation and associated legal and accounting fees. On May 9, 2006, Glengarry Developments Inc. executed a declaration of trust acknowledging that it holds the property in trust for us and that it will not deal with the property in any way, except to transfer the property to us. In the event that Glengarry Developments Inc. transfers
title to a third party, the declaration of trust will be used as evidence that it breached its fiduciary duty to us. Glengarry Developments Inc. has not provided us with a signed or executed bill of sale in our favor. Glengarry Developments Inc. will issue a bill of sale to a subsidiary corporation to be formed by us should mineralized material be discovered on the property and should we choose to incorporate a British Columbian
wholly-owned subsidiary.




Glengarry Developments Inc. does not have a right to sell the property to anyone. It may only transfer the property to us. It may not demand payment for the claims when it transfers them to us. Further, Glengarry Developments Inc. does not have the right to sell the claims at a profit to us if mineralized material is discovered on
the property. Glengarry Developments Inc. must transfer title to us, without payment of any kind, regardless of what is or is not discovered on the property.




We do not know if we will find mineralized material. We believe that activities occurring on adjoining properties are not material to our activities. Whatever is located under adjoining property may or may not be located under our property. We do not claim to have any minerals or reserves whatsoever at this time on any of the property.




We intend to implement an exploration program which consists of core sampling. Core sampling is the process of drilling holes to a depth of up to 1,400 feet in order to extract samples of earth. Mr. Livgard, after confirming with our consultant, will determine where drilling will occur on the property. Mr. Livgard will not receive
fees for his services. The samples will be tested to determine if mineralized material is located on the property. Based upon the tests of the core samples, we will determine whether to terminate operations, proceed with additional exploration of the property, or develop the property. We intend to take our core samples to analytical chemists, geochemists and registered assayers located in Vancouver, British Columbia. We have not selected any of the foregoing as of the date of this report.




We estimate the cost of drilling will be $20 per foot drilled and that we will drill approximately 3,000 linear feet or up to 8 holes to depth of 300 feet. We estimate that it will take up to one month. We will pay a consultant up to a maximum of $5,000 per month for his services, or a total of $5,000. The total cost
for analyzing the core samples will be approximately $3,000.




We do not intend to interest other companies in the property if we find mineralized materials. We intend to try to develop the reserves ourselves with the help of a consultant. We have no plans to interest other companies in the property if we do not find mineralized material. To pay the consultant and develop the reserves, we will
have to raise additional funds through a second public offering, a private placement or through loans. As of the date of this report, we have no plans to raise additional funds. Further, there is no assurance we will be able to raise any additional funds even if we discover mineralized material and a have a defined ore body.




14


ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Continued)





If we are unable to complete any phase of exploration because we don’t have enough money, we will cease operations until we raise more money. If we cannot or do not raise more money, we will cease operations. If we cease operations, we don’t know what we will do and we don’t have any plans to do anything.




We do not intend to hire additional employees at this time. All of the work on the property will be conducted by unaffiliated independent contractors who we will hire. The independent contractors will be responsible for surveying, geology, engineering, exploration, and excavation. The geologists will evaluate the information derived
from the exploration and excavation and the engineers will advise us on the economic feasibility of removing the mineralized material.




Operations to Date




We acquired rights on one property containing one claim. The property is staked and we will bring our exploration plan as soon as we hire a consultant. As of the date of this report, we have yet to being operations and therefore we have yet to generate any revenues.




Limited Operating History; Need for Additional Capital




There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment
of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price increases in services.




To become profitable and competitive, we need to conduct research and explore our property before we start production of any minerals we may find. If we do find mineralized material, we will need additional funding to move beyond the research and exploration stage. We have no assurance that future financing will be available to us
on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.





Liquidity and Capital Resources




We have completed our public offering as of March 28, 2007 and to date have raised $107,060. The money will be applied to the items set forth in the Use of Proceeds section (above) of this report. If we find mineralized material and it is economically feasible to remove the mineralized material, we will attempt to raise additional money
through a subsequent private placement, public offering or through loans. We do not at this time need additional funding to complete the research and exploration stages of our plans.




Currently, we do not have sufficient funds for a one month drilling program. Ms. Miller, one of our officers and directors, has agreed in financing further reclamation of the property should mineralized material not be found. The foregoing agreement is oral; we have nothing in writing. While Ms. Miller has agreed to advance the funds,
the agreement is unenforceable as a matter of law because no consideration was given. At the present time, we have not made any arrangements to raise additional cash. If we need additional cash and can't raise it, we will either have to suspend operations until we do raise the cash, or cease operations entirely. Other than as described in this paragraph, we have no other financing plans.




Since inception, we have issued 7,070,000 shares of our common stock and received $107,060.




In March 2006, we issued 3,000,000 shares of common stock to Kathrine MacDonald, our former secretary/treasurer, in consideration of $30 and we issued 3,000,000 shares of common stock to Marilyn Miller, one of our officers and directors, in consideration of $30 pursuant to the exemption from registration contained in Regulation S of
the Securities Act of 1993. This was accounted for as an acquisition of shares. Kathrine MacDonald advanced $20,760 to cover our costs for incorporation, accounting and legal fees and Mr. Livgard advanced the sum of $10,000 for staking. These funds have been paid directly to our attorney, accountant and staker. The amounts owed to Ms. MacDonald and Mr. Livgard are non-interest bearing, unsecured and due on demand. The amounts owed were paid during the year ended June 30, 2008. The agreements with Ms. MacDonald
and Mr. Livgard are oral and there is no written document evidencing the agreement. During the fiscal year 2009 and as at June 30, 2009, $14,625 was advanced by Dimac Capital Corp. (a company controlled by a former director and principal shareholder of the Company) to fund the Company’s working capital and the amount is unsecured, non-interest bearing and due on demand.




We issued 1,070,000 shares of common stock pursuant to the exemption from registration contained in section 4(2) of the Securities Act of 1933. This was accounted for as a purchase of shares of common stock.




As of June 30 2009, our total assets were $529 and our total liabilities were $30,567.




ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.




We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.






15




ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.








GOLDEN STAR RESOURCE CORP.


(An Exploration Stage Company)





FINANCIAL STATEMENTS





JUNE 30, 2009 AND 2008


(Stated in U.S. Dollars)





INDEX TO FINANCIAL STATEMENTS




Reports of Independent Registered Public Accounting Firms - Morgan & Company


F-2Reports of Independent Registered Public Accounting Firms - Change Lee LLP


F3Consolidated Balance Sheets as of June 30, 2009 and 2008


F-4Statements of Operations and Other Comprehensive Loss for the years ended June 30, 2009 and 2008 and From Inception, April 21, 2006 to June 30, 2009


F-5Statements of Stockholders’ (Deficiency) Equity From Inception, April 21, 2006 to June 30, 2009


F-6Statements of Cash Flows for the years ended June 30, 2009 and 2008 and From Inception, April 21, 2006 to June 30, 2009


F-7Notes to Consolidated Financial Statements


F-8-16














F-1















REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
 To the Stockholders and Directors of
 Golden Star Resource Corp.
 (An Exploration Stage Company)
 
 We have audited the accompanying balance sheet of Golden Star Resource Corp. (an exploration stage company) as of June 30, 2008, and the related statements of operations and other comprehensive income, cash flows, and stockholders’ equity (deficiency) for the year ended June 30, 2008, and for the cumulative period from inception,
April 21, 2006, to June 30, 2008.  These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audit.
 
 We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company was not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.
 
 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Golden Star Resource Corp. (an exploration stage company) as of June 30, 2008, and the results of its operations and its cash flows
for the year ended June 30, 2008 and the period from inception, April 21, 2006, to June 30, 2008, in conformity with accounting principles generally accepted in the United States of America.
 
 The accompanying financial statements have been prepared assuming the Company will continue as a going concern.  As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations, has negative cash flows, has a stockholders’ deficiency and is dependent upon obtaining adequate financing
to fulfill its exploration activities.  These factors raise substantial doubt about its ability to continue as a going concern.  Management’s plans in regard to these matters are also described in Note 1.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.







Vancouver, Canada
"/s/ Morgan & Company"October 13, 2009
Chartered Accountants






F-2
 Chang Lee LLP
 Chartered Accountants
 505 – 815 Hornby Street
 Vancouver, B.C, V6Z 2E6
 Tel:  604-687-3776
 Fax: 604-688-3373
 E-mail: info@changleellp.com
 
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 To the Board of Directors and Stockholders of
 
 GOLDEN STAR RESOURCE CORP.
 (An exploration stage company)
 
 We have audited the balance sheet of Golden Star Resource Corp.(“the Company”) (an exploration stage company)as at June 30, 2009 and the related statements of stockholders’ equity, operations and other
comprehensive loss and cash flows for the year then ended. These financial statements are the responsibility of the Company's management.  Our responsibility is to express an opinion on these financial statements based on our audit.  We did not audit the Company’s financial statements as of June 30, 2008 and the period from April 21, 2006 (inception) to June 30, 2008 in the statements of stockholders’ equity, operations and comprehensive loss and cash flows, which were audited
by other auditors whose report, dated October 8, 2008, which expressed an unqualified opinion, has been furnished to us.  Our opinion, insofar as it relates to the amounts included for the period from April 21, 2006 (inception) to June 30, 2009, is based solely on the report of the other auditors.
 
 We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.
 
 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as at June 30, 2009 and the results of their operations and their cash flows for the year then ended in conformity with generally accepted accounting principles in the United States of America.
 
 The accompanying financial statements refer to above have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 1 to the financial statements, the Company has incurred losses from inception and has not generated revenue to date.  These factors raise substantial doubt about its
ability to continue as a going concern.  Management’s plans in regard to these matters are also described in Note 1.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.




Vancouver, CanadaOctober 13, 2009
Chartered Accountants












F-3





GOLDEN STAR RESOURCE CORP.


(An Exploration Stage Company)
 
 BALANCE SHEETS
 (Stated in U.S. Dollars)
 
 
 
 JUNE 302009


2008ASSETSCurrentCash

$
529


$
1,318$
529


$
1,318LIABILITIESCurrent LiabilitiesAccounts payable and accrued liabilities


15,942



8,941Due to a related party


14,625



-30,567



8,941STOCKHOLDERS’ (DEFICIENCY) EQUITYCapital StockAuthorized:100,000,000 voting common shares with a par value of $0.00001 per share100,000,000 preferred shares with a par value of $0.00001 per share,none issuedIssued:7,070,000 common shares at June 30, 2009 and 2008


70



70Additional paid in capital


106,990



106,990Deficit Accumulated During the Exploration Stage


(137,098
)


(114,683
)(30,038
)


(7,623
)$
529


$
1,318


The accompanying notes are an integral part of these financial statements.





F-4





GOLDEN STAR RESOURCE CORP.


(An Exploration Stage Company)





STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS


(Stated in U.S. Dollars)











CUMULATIVEPERIOD FROMINCEPTIONYEAR


YEAR


APRIL 21ENDED


ENDED


2006 TOJUNE 30


JUNE 30


JUNE 302009


2008


2009Revenue

$
-


$
-


$
-ExpensesProfessional fees


22,580



55,075



110,819Consulting fees


-



15,859



15,859Mineral claim payment


-



-



10,000Transfer and filing fees


75



930



3,658Office and sundry


180



6,243



7,331Foreign exchange gain


(420
)


(10,426
)


(10,569
)22,415



67,681



137,098Net Loss And Comprehensive Loss

$
(22,415
)

$
(67,681
)

$
(137,098
)Basic And Diluted Loss Per Common Share

$
(0.00
)

$
(0.01
)Weighted Average Number Of Common Shares Outstanding – Basic And Diluted


7,070,000



7,070,000







The accompanying notes are an integral part of these financial statements.






F-5




GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 STATEMENT OF STOCKHOLDERS’ (DEFICIENCY) EQUITY
 
 PERIOD FROM INCEPTION, APRIL 21, 2006, TO JUNE 30, 2009
 (Stated in U.S. Dollars)
 
 
 
 COMMON STOCK





DEFICITNUMBER








ACCUMULATED


ACCUMULATEDOF





ADDITIONAL


OTHER


DURING THECOMMON


PAR


PAID-IN


COMPREHENSIVE


EXPLORATIONSHARES


VALUE


CAPITAL


INCOME


STAGE


TOTALBeginning balance, April 21, 2006


-


$
-


$
-


$
-


$
-


$
-April 24, 2006 – shares issued for cash at $0.00001


6,000,000



60



-



-



-



60Net loss for the period


-



-



-



-



(10,440
)


(10,440
)Balance, June 30, 2006


6,000,000



60



-



-



(10,440
)


(10,380
)March 28, 2007-shares issued for cash at $0.10


1,070,000



10



106,990



-



-



107,000Net loss for the year


-



-



-



-



(36,562
)


(36,562
)Unrealized foreign exchange gain


-



-



-



6,309



-



6,309Balance, June 30, 2007


7,070,000



70



106,990



6,309



(47,002
)


66,367Net loss for the year


-



-



-



-



(67,681
)


(67,681
)Realized foreign exchange gain


-



-



-



(6,309
)


-



(6,309
)Balance, June 30, 2008


7,070,000



70



106,990



-



(114,683
)


(7,623
)Net loss for the year


















(22,415
)


(22,415
)Balance, June 30, 2009


7,070,000


$
70


$
106,990


$
-


$
(137,098
)

$
(30,038
)
 
  The accompanying notes are an integral part of these financial statements.









F-6





GOLDEN STAR RESOURCE CORP.


(An Exploration Stage Company)





STATEMENTS OF CASH FLOWS


(Stated in U.S. Dollars)











CUMULATIVEPERIOD FROMINCEPTIONYEAR


YEAR


APRIL 21ENDED


ENDED


2006 TOJUNE 30


JUNE 30


JUNE 302009


2008


2009Cash Provided by (Used for):Operating ActivitiesNet loss for the period

$
(22,415
)

$
(67,681
)

$
(137,098
)Changes in operating assets and liabilities:Prepaid expenses and deposits


-



337



-Accounts payable and accrued liabilities


7,001



6,662



15,942Due to a related party


14,625



(20,000
)


14,625(789
)


(80,682
)


(106,531
)Financing ActivityIssue of share capital


-



-



107,060-



-



107,060Net Increase In Cash


(789
)


(80,682
)


529Effect Of Unrealized Foreign Exchange Gain


-



(6,309
)


-Cash, Beginning Of Period


1,318



88,309



-Cash, End Of Period

$
529


$
1,318


$
529Supplemental Information of Cash Flow InformationInterest paid

$
-


$
-


$
-Income taxes paid

$
-


$
-


$
-







The accompanying notes are an integral part of these financial statements.






F-7
 GOLDEN STAR RESOURCE CORP.
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2009
(Stated in U.S. Dollars)







1.
NATURE OF OPERATIONS





Organization





The Company was incorporated in the State of Nevada, U.S.A., on April 21, 2006.





Exploration Stage Activities





The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims.  Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage.





Going Concern





These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.





The general business strategy of the Company is to acquire and explore mineral properties.  The continued operations of the Company and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete
the development of its properties, and upon future profitable production.  The Company has not generated any revenues or completed development of any properties to date.  Further, the Company has a working capital deficit of $30,038 (2008 - $7,623), has incurred losses of $137,098 since inception, and further significant losses are expected to be incurred in the exploration and development of its mineral properties.  The Company will require additional funds to meet its obligations
and maintain its operations.  There can be no guarantee that the Company will be successful in raising the necessary financing.  Management’s plans in this regard are to raise equity financing as required.





These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments that might result from this uncertainty.





2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





The financial statements of the Company have been prepared in accordance with US GAAP.  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment.  Actual
results may vary from these estimates. The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below.











F-8
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)




2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)




a)  Exploration Stage Enterprise





The Company’s financial statements are prepared using the accrual method of accounting and according to the provisions of Statement of Financial Accounting Standards No. 7 (“SFAS 7”), “Accounting and Reporting for Development Stage Enterprises,” as it devotes substantially all of its efforts to acquiring
and exploring mineral properties.  Until such properties are acquired and developed, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage.





b)  Cash and Cash Equivalents





The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.





c)  Mineral Property Acquisition Payments





The Company expenses all costs incurred on mineral properties to which it has secured exploration rights prior to the establishment of proven and probable reserves.  If and when proven and probable reserves are determined for a property and a feasibility study prepared with respect to the property, then subsequent exploration
and development costs of the property will be capitalized.





The Company regularly performs evaluations of any investment in mineral properties to assess the recoverability and/or the residual value of its investments in these assets.  All long-lived assets are reviewed for impairment whenever events or circumstances change which indicate the carrying amount of an asset may not be recoverable.





d)  Exploration Expenditures





The Company follows a policy of expensing exploration expenditures until a production decision in respect of the project and the Company is reasonably assured that it will receive regulatory approval to permit mining operations, which may include the receipt of a legally binding project approval certificate.





e) Deferred Offering Costs





The Company defers the costs incurred to raise equity financing until that financing occurs. At such time that the issuance of new equity occurs, these costs will be netted against the proceeds received or if the financing does not occur, they will be expensed.











F-9
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)


2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)





f)  Asset Retirement Obligations





The Company has adopted Statement of Financial Accounting Standards No. 143 (“SFAS 143’), “Accounting for Asset Retirement Obligations”, which requires that an asset retirement obligation (“ARO”) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period
which it is incurred and becomes determinable, with an offsetting increase in the carrying amount of the associated asset.





The cost of the tangible asset, including the initially recognized ARO, is depleted, such that the cost of the ARO is recognized over the useful life of the asset.  The ARO is recorded at fair value, and accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value.  The
fair value of the ARO is measured using expected future cash flow, discounted at the Company’s credit-adjusted risk-free interest rate.  To date, no significant asset retirement obligation exists due to the early stage of exploration.  Accordingly, no liability has been recorded.





g)  Use of Estimates and Assumptions





The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates.





h) Financial Instruments





SFAS No. 157 “Fair Value Measurements” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. SFAS No. 157 establishes a fair value hierarchy based on the level of independent, objective evidence
surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. SFAS No. 157 prioritizes the inputs into three levels that may be used to measure fair value:





Level 1 - Quoted prices in active markets for identical assets or liabilities;





Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and





Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.

















F-10
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)





2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)





h)  Financial Instruments (Continued)





The Company’s financial instruments consist principally of cash and accounts payable and accrued liabilities. Pursuant to SFAS No. 157, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values
of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.





The Company’s operations are in Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative
instruments to reduce its exposure to foreign currency risk.





i)  Environmental Costs





Environmental expenditures that relate to current operations are charged to operations or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are charged to operations. Liabilities are recorded when environmental assessments
and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitments to plan of action based on the then known facts.







j)  Income Taxes





The Company accounts for income taxes in accordance with SFAS No. 109, “Accounting for Income Taxes” and FASB Interpretation No. 48—Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No 109 (“FIN 48”), which require the liability method of accounting for income taxes. The liability
method requires the recognition of deferred tax assets and liabilities for future tax consequences of temporary differences between the financial statement basis and the tax basis of assets and liabilities.





k)  Basic and Diluted Net Loss Per Share





The Company reports basic loss per share in accordance with SFAS No. 128 – “Earnings Per Share”.  Basic loss per share is computed using the weighted average number of common stock outstanding during the period.  Diluted loss per share is computed using the weighted average number of common and potentially
dilutive common stock outstanding during the period.  As the Company generated net losses in the period presented, the basic and diluted loss per share is the same, as any exercise of options or warrants would be anti-dilutive.

















F-11
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)


2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)





l)  Foreign Currency Translation





The Company’s functional currency is the U.S. dollar.  Transactions in Canadian dollars are translated into U.S. dollars as follows:





i)
monetary items at the rate prevailing at the balance sheet date;


ii)
non-monetary items at the historical exchange rate;


iii)
revenue and expense at the average rate in effect during the applicable accounting period.





Gains and losses on translation are recorded in the statement of operations.





3.    RECENT ACCOUNTING PRONOUNCEMENTS





a)
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations.  This statement replaces SFAS No. 141, Business Combinations and applies to all transactions or other events in which an entity (the acquirer) obtains control of one or more businesses (the acquiree), including those sometimes referred to as “true mergers” or “mergers of equals” and combinations
achieved without the transfer of consideration.  This statement establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree; b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the financial statements to evaluate
the nature and financial effects of the business combination.  This statement will be effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008, or the Company’s fiscal year beginning July 1, 2009.  Earlier adoption is prohibited.  The Company currently is unable to determine what impact the future application of this pronouncement may have on its financial statements.





b)
In April 2009, the FASB issued FSP No. FAS 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arises from Contingencies(“FAS 141(R)-1”), which amends and clarifies SFAS No. 141(R) to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure
of assets and liabilities arising from contingencies in a business combination.  FAS 141(R)-1 is to be applied prospectively to business combinations for which the acquisition date is on or after July 1, 2009 for the Company.  The Company currently is unable to determine what impact the future application of this pronouncement may have on its financial statements.





c)
In March 2008, the FASB issued Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS No. 161”). SFAS No. 161 amends and expands the disclosure requirements of Statement No. 133, Accounting for Derivative Instruments and Hedging Activities.It
requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about credit-risk-related contingent features in derivative agreements. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Company does not anticipate the adoption of SFAS No. 161 will have a material impact on its results of operations, cash flows or financial condition.





F-12
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)





3.    RECENT ACCOUNTING PRONOUNCEMENTS(Continued)





d)
In April 2008, the FASB issued Staff Position No. 142-3, Determination of the Useful Life of Intangible Assets (“FSP 142-3”).  This FSP amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS No. 142, Goodwill
and Other Intangible Assets (“SFAS No. 142”). This FSP also adds certain disclosures to those already prescribed in SFAS No. 142. FSP 142-3 becomes effective for fiscal years, and interim periods within those fiscal years, beginning in the Company’s fiscal 2010. The guidance for determining useful lives must be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements must be applied prospectively to all intangible assets recognized as of
the effective date.





e)
In May 2008, the FASB issued Staff Position APB No. 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“FSP APB No. 14-1”),which requires issuers of convertible debt that may be settled wholly or partly in
cash when converted to account for the debt and equity components separately. FSP APB No. 14-1 is effective for fiscal years beginning after December 15, 2008, which will be the Company's fiscal year 2010, and must be applied retrospectively to all periods presented. The Company is evaluating the financial impact that FSP APB No. 14-1 will have on its financial statements.





f)
In June 2008, the FASB issued Staff Position No. EITF No. 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (“FSP EITF No. 03-6-1”). According to FSP EITF No. 03-6-1, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered
participating securities under SFAS No. 128. As such, they should be included in the computation of basic earnings per share (“EPS”) using the two-class method. FSP EITF No. 03-6-1 is effective for financial statements issued for fiscal years beginning after December 15, 2008, as well as interim periods within those years. Once effective, all prior-period EPS data presented must be adjusted retrospectively. The Company does not expect FSP EITF No. 03-6-1 to have a material impact on the Company’s
financial position or results of operations.





g)
In June 2008, the FASB’s Emerging Issues Task Force reached a consensus regarding EITF Issue No. 07-5, Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock (“EITF 07-5”). EITF 07-5 outlines a two-step approach to evaluate the instrument’s contingent exercise provisions, if any, and to
evaluate the instrument’s settlement provisions when determining whether an equity-linked financial instrument (or embedded feature) is indexed to an entity’s own stock. EITF 07-5 is effective for fiscal years beginning after December 15, 2008 and must be applied to outstanding instruments as of the beginning of the fiscal year of adoption as a cumulative-effect adjustment to the opening balance of retained earnings. Early adoption is not permitted. The Company does not anticipate the adoption
of EITF 07-5 will have a material impact on its results of operations, cash flows or financial condition.




















F-13
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)





3.    RECENT ACCOUNTING PRONOUNCEMENTS(Continued)





h)
In April 2009, the FASB issued FSP FAS 107-1 and APB Opinion No. 28-1, Interim Disclosures about Fair Value of Financial Instruments, which requires disclosures about fair value of financial instruments for interim reporting periods as well as in annual financial statements.  This FSP will not impact the consolidated financial results as the
requirements are disclosure-only in nature and is effective for interim reporting periods ending after June 15, 2009.





i)
In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standard CodificationTM (“Codification”) and the Hierarchy of Generally Accepted Accounting Principles” (“SFAS 168”), effective for interim and annual reporting periods ending after September 15, 2009. This statement replaces SFAS 162,
“The Hierarchy of Generally Accepted Accounting Principles” and establishes the Codification as the source of authoritative accounting principles used in the preparation of financial statements in conformity with generally accepted accounting principles. The Codification does not replace or affect guidance issued by the SEC or its staff. After the effective date of this statement, all non-grandfathered non-SEC accounting literature not included
in the Codification will be superseded and deemed non-authoritative.





4.   MINERAL CLAIM INTEREST





On May 9, 2006, the Company acquired, from a private company controlled by an officer/shareholder of the Company, a 100% interest in three contiguous mineral claims (now amalgamated into one mineral claim) encompassing over 800 hectares in the Cariboo Mining Division, British Columbia, Canada, for consideration of a cash payment of $10,000.  Title
continues to be recorded in the name of the vendor on behalf of the Company.





5.   CAPITAL STOCK





a)
On April 24, 2006, the Company issued 6,000,000 common shares at $0.00001 per share to two founding shareholders.




b)
On March 28, 2007, the Company closed its public offering and issued additional 1,070,000 common shares at $0.10.





c)
The Company has no stock option plan, warrants or other dilutive securities.






































F-14
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2009
 (Stated in U.S. Dollars)





6.   INCOME TAXES





a)
A reconciliation of income tax expense to the amount computed at the statutory rate is as follows:





2009


2008Net loss for the year

$
(22,415
)

$
(67,681
)Statutory tax rate


35
%


35
%Computed expected (benefit) income taxes


(7,800
)


(24,000
)Increase in valuation allowance


7,800



24,000$
-


$
-





b)
Significant components of deferred income tax assets are as follows:





2008


2008Operating losses carried forward

$
48,000


$
40,000Valuation allowance


(48,000
)


(40,000
)$
-


$
-





c)
The Company has incurred operating losses of approximately $137,000 which, if unutilized, will expire through to 2029.  Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, and have been offset by a valuation allowance.  The following table lists the fiscal year in which the loss was incurred and the expiration date of the operating
loss carry forwards:


INCOME TAX OPERATINGLOSS CARRY FORWARDSEXPIRATIONAMOUNT


DATE2009

$
22,000



20292008


68,000



20282007


37,000



20272006


10,000



2026Total income tax operating loss carry forward

$
137,000





7.   DUE TO A RELATED PARTY

Due to a related party represents the amount advanced by a company controlled by a former director and principal shareholder of the Company.  The amount is unsecured, non-interest bearing and due on demand.
 
 8. CONTRACTUAL OBLIGATIONS AND COMMITMENTS





The Company has no significant contractual obligations or commitments with any parties respecting executive compensation, consulting arrangements, rental premises or other matters, except as disclosed elsewhere in these notes.





9.   SUBSEQUENT EVENTS





In accordance with SFAS No. 165 “Subsequent Events”, the Company evaluated subsequent events through October 13, 2009, the date of issuance of the audited financial statements. During this period the Company did not have any material recognizable subsequent events.














F-15




ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.




a)
On September 9, 2009, the Audit Committee of the Board of Directors of the Company approved the dismissal of Morgan & Company, at the direction of the Audit Committee, dismissed Morgan & Company as the Company’s independent registered public accounting firm for periods ending after June 30, 2008. Morgan & Company reports on the financial statements of the Company for each of the fiscal years
ended June 30, 2007 and June 30, 2008 contained no adverse opinions or disclaimers of opinion, and none were qualified or modified as to uncertainty, audit scope or accounting principles other than the going concern as identified in the audit report dated and filed October 14, 2008. During the fiscal years ended June 30, 2007 and June 30, 2008, as well as the time between  June 30, 2008 and September 16, 2009 there were and have been no disagreements between the Company and Morgan & Company
on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Morgan & Company  would have caused it to make reference to the subject matter of the disagreement in connection with its reports. During the fiscal years ended, June 30, 2007 and June 30, 2008, there were no reportable events as defined in Item 304 (a)(1)(v) of SEC Regulation S-K.

b)
On September 9, 2009 the Audit Committee of the Board of Directors of the Company approved the engagement of Chang Lee LLP as the Company’s independent registered public accounting firm to audit the Company’s financial statements for its fiscal year ending June 30, 2009. During the Company’s two most recent fiscal years ended June 30, 2007 and June 30, 2008 as well as the time between  June
30, 2009 and September 16, 2009 , the Company did not consult with Chang Lee LLP regarding either of the following:

1)
The application of accounting principles to any specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on Registrants’ financial statements, and Chang Lee LLP did not provide a written report or oral advice on any accounting, auditing or financial reporting issue, or

2)
Any matter that was either subject of a disagreement as defined in paragraph 304(a)(1)(iv) of Regulation S-K and the related instructions, or a reportable event, as described in paragraph 304(a)(1)(v) of Item 304 of Regulation S-K.









PART III






ITEM 9A.   CONTROLS AND PROCEDURES.




Evaluation of Disclosure Controls and Procedures




Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls
and procedures designed to ensure that information required to be disclosed in the reports filed under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon and as of the date of that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports our files and submits under the Exchange Act is recorded, processed, summarized and reported as and when required.






Management’s Report on Internal Controls over Financial Reporting




We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.




ITEM 9B.   OTHER INFORMATION




None.




ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS.




Our directors serve until their successor is elected and qualified. Our officers are elected by the board of directors to a term of one (1) year and serve until their successor is duly elected and qualified, or until they are removed from office. The board of directors has no nominating, auditing or compensation committees.





The names, addresses, ages and positions of our present officers and directors are set forth below:




Name and Address
Age
Position(s)Steven Bergstrom
62
President, Principal Executive Officer and a member3340 Toopal Drive

of the Board of DirectorsOceanside, California   92058Marilyn Miller
45
Principal Accounting Officer, Principal Financial3340 Toopal Drive

Officer, Secretary, Treasurer and a member of ourOceanside, California    92058

board of directors





The persons named above have held their offices/positions are expected to hold their offices/positions until the next annual meeting of our stockholders.







16




ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS(Continued)





Background of Officers and Directors




On October 17, 2007, Steven Bergstrom was appointed President, Principal Executive Officer and member of the Board of Directors. Since April 1985, Mr. Bergstrom has been serving as President for Triad Exploration Inc. a private Washington based, exploration company. He founded Triad Exploration to exploit opportunities in the base and precious
metal mining industry. Triad Exploration specializes in the acquisition of base and precious metal mining properties and also provides consulting services to other mineral exploration companies. From December 1986 until February 2001, Mr. Bergstrom was Vice President of Mining Operations for Triumph Corporation, a private Colorado exploration company headquartered in Spokane Valley, Washington. Triumph Corporation is a precious metals exploration company. Mr. Bergstrom currently sits on the Board of Directors
of Triumph Corporation. From September 1999 to March 2003, Mr. Bergstrom was a Director for Nevak Mining Ltd., a private Nevada based, gold producing company no longer in operation. The Mud Creek Mine on the Seward Peninsula in Alaska was the once operational mine of Nevak Mining. From October 1979 to November 1984, Mr. Bergstrom founded and served as President for International Bullion Inc., a private Nevada based, exploration company no longer in operation. International Bullion was a mining company that built,
operated, and sold a heap leach gold project in Nevada. The company expanded it operations to include the direct importation of precious metal concentrates and precipitates that were subsequently processed and sold to refineries. Steve Bergstrom also serves as President for Silver Hill Mines Inc, a Nevada exploration company headquartered in Greenacres, Washington. He is President of Alliance Aviation LLC, a Nevada aviation services company headquartered in Laguna Niguel, California; Alliance Aviation's primary
aviation service will be charter operations for corporate clients. Other aviation services provided will be aircraft leasing, maintenance, and finance. He is President of Western Locators LLC, a Harrison, Idaho based exploration services and land services company; Western Locators provides exploration services such as claim staking, filing services, property acquisition consulting, land status reports, and other services necessary for the evaluation and acquisition of potential mineral properties. He is a Managing
Member of AuTech LLC, a Nevada based gold extraction technology company with headquarters in Verndale, Washington. AuTech is involved in acquiring and developing a proprietary process related to the extraction of gold from ores. All of these companies are private companies. He holds a bachelors degree in Economics from North Dakota State University(1970), has served as an E-4 in the US Army at West Point and he is a Vietnam Veteran.





On September 5, 2008, Marilyn Miller was appointed principal accounting officer, principal financial officer, secretary/treasurer and a member of the board of directors. Since May 26, 2005, Marilyn Miller has been the Vice President of Marathon Gold Corp. and a member of the board of directors. Marathon Gold is in the
business of gold mining and exploration. Since January 2007, Ms. Miller has been a director of Cierra Pacific Ventures. Cierra Pacific is in the business of mining exploration. Cierra Pacific does not file reports with the United States Securities and Exchange Commission, but is listed for trading on the TSX Venture Exchange under the symbol CIZ.H. Since April 2007, Ms. Miller has been President, Secretary Treasurer and a director of Royal Mining Corp., a private company. Since June 2007, Ms. Miller has been
the President, Secretary, Treasurer and a director of Goldstream Mining Corp., a private company. Since July 2007, Ms. Miller has been a director of Tapestry Resource Corp. Tapestry Ventures is engaged in the business of mining exploration. Tapestry Ventures does not file reports with the United States Securities and Exchange Commission, but is listed for trading on the TSX Venture Exchange under the symbol TPV.H. From December 2000 to 2001, Ms. Miller was earning her degree at the Gemological Institute of America
(GIA) in San Diego. Ms. Miller is self-employed as a GIA Graduate Gemologist Consultant since October, 2001. The Gemological Institute of America (GIA) is the world’s foremost respected authority in gemology. Marilyn Miller graduated as a Graduate Gemologist from GIA in May, 2001. Since December 2001, Ms. Miller has been President of Obelisk International Corporation. Obelisk International Corporation is located in Vancouver, British Columbia and is involved in the capital raising and development of diamond
exploration and other resource projects. Marilyn Miller previously worked as an Investment Associate with REFCO Canada Corporation in Toronto, Ontario from February 1995 to June 2000. Marilyn Miller was an Investment Associate for RBC Dominion Securities, in Toronto, Ontario from September 1992 to January 1995. Marilyn Miller attended the University of Toronto, September 1988 to May 1992.




Conflicts of Interest




At the present time, we do not foresee a direct conflict of interest because we do not intend to acquire any additional properties. The only conflict that we foresee is Mr.Bergstrom’s and Ms. Miller’s devotion of time to projects that do not involve us. In the event that Mr. Bergstrom and Ms. Miller ceases devoting time
to our operations, they have agreed to resign as officers and directors. We have no policies relating to conflicts of interest.




Involvement in Certain Legal Proceedings




Other than as described in this section, to our knowledge, during the past five years, no present or former director or executive officer of our company: (1) filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or present
of such a person, or any partnership in which he was a general partner at or within two yeas before the time of such filing, or any corporation or business association of which he was an executive officer within two years before the time of such filing; (2) was convicted in a criminal proceeding or named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
court of competent jurisdiction, permanently or temporarily enjoining him from or otherwise limiting the following activities: (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, associated person of any of the foregoing, or as an investment advisor, underwriter, broker or dealer in securities, or as an affiliated person, director of any investment company, or engaging in or continuing any conduct or
practice in connection with such activity; (ii) engaging in any type of business practice; (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodity laws; (4) was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal
or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described above under this Item, or to be associated with persons engaged in any such activity; (5) was found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any federal or state securities law and the judgment in subsequently reversed, suspended or vacate; (6) was found by a court of competent jurisdiction in
a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.




17


ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS (Continued)





Audit Committee and Charter




We have a separately-designated audit committee of the board. Audit committee functions are performed by our board of directors. None of our directors are deemed independent. All directors also hold positions as our officers. Our audit committee is responsible for: (1) selection and oversight of our independent accountant; (2) establishing
procedures for the receipt, retention and treatment of complaints regarding accounting, internal controls and auditing matters; (3) establishing procedures for the confidential, anonymous submission by our employees of concerns regarding accounting and auditing matters; (4) engaging outside advisors; and, (5) funding for the outside auditory and any outside advisors engagement by the audit committee. A copy of our audit committee charter was filed as Exhibit 99.2 to our Form 10-KSB, on September 28, 2007. The
audit committee met four (4) times during the year.




Audit Committee Financial Expert




None of our directors or officers have the qualifications or experience to be considered a financial expert. We believe the cost related to retaining a financial expert at this time is prohibitive. Further, because of our limited operations, we believe the services of a financial expert are not warranted.




Code of Ethics




We have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability
for adherence to the code. A copy of the code of ethics has been filed as Exhibit 14.1 to our Form 10-KSB, on September 28, 2007.




Disclosure Committee and Charter




We have a disclosure committee and disclosure committee charter. Our disclosure committee is comprised of all of our officers and directors. The purpose of the committee is to provide assistance to the Chief Executive Officer and the Chief Financial Officer in fulfilling their responsibilities regarding the identification and disclosure
of material information about us and the accuracy, completeness and timeliness of our financial reports. A copy of the disclosure committee charter is filed as Exhibit 99.3 to our Form 10-KSB, on September 28, 2007.




Section 16(a) of the Securities Exchange Act of 1934
  As of the date of this report, we are subject to section 16(a) of the Securities Exchange Act of 1934


18


ITEM 11.     EXECUTIVE COMPENSATION




The following table sets forth the compensation paid by us to our officers from inception on May 26, 2005 through June 30, 2009. The compensation addresses all compensation awarded to, earned by, or paid to the named executive officers for the fiscal year ended June 30, 2009. This information includes the dollar value of base salaries,
bonus awards and number of stock options granted, and certain other compensation, if any.




Non-


NonqualifiedEquity


Deferred


AllIncentive


Compensa-


OtherStock


Option


Plan


tion


Compen-Name and


Salary


Bonus


Awards


Awards


Compensation


Earnings


sation


TotalPrincipal Position
Year

(US$)


(US$)


(US$)


(US$)


(US$)


(US$)


(US$)


(US$)(a)
(b)

(c)


(d)


(e)


(f)


(g)


(h)


(i)


(j)Steven Bergstrom
2009


0



0



0



0



0



0



0



0President & CEO
2008


0



0



0



0



0



0



0



02007


0



0



0



0



0



0



0



02006


0



0



0



0



0



0



0



0Marilyn Miller
2009


0



0



0



0



0



0



0



0CAO, CFO &
2008


0



0



0



0



0



0



0



0Secretary/Treasurer
2007


0



0



0



0



0



0



0



02006


0



0



0



0



0



0



0



0Egil Livgard
2009


0



0



0



0



0



0



0



0(resigned 10/07)
2008


0



0



0



0



0



0



9,855



9,8552007


0



0



0



0



0



0



0



02006


0



0



0



0



0



0



0



0Kathrine MacDonald
2009


0



0



0



0



0



0



0



0(resigned 9/08)
2008


0



0



0



0



0



0



0



02007


0



0



0



0



0



0



0



02006


0



0



0



0



0



0



0



0
  The following table sets forth information with respect to compensation paid by us to our directors during the last completed fiscal year. Our fiscal year end is June 30.




Director Compensation Table(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)Change inPensionValue andFees


Non-Equity
Nonqualified
AllEarned


Incentive
Deferred
Otheror Paid
Stock
Option
Plan
Compensation
Compen-in Cash
Awards
Awards
Compensation
Earnings
sation
TotalName
($)
($)
($)
($)
($)
($)
($)Steven Bergstrom
0
0
0
0
0
0
0Marilyn Miller
0
0
0
0
0
0
0


Egil Livgard (resigned)
0
0
0
0
0
0
0Kathrine MacDonald
0
0
0
0
0
0
0(resigned)







19




ITEM 11.     EXECUTIVE COMPENSATION(Continued)





We have not paid any salaries in 2009 and we do not anticipate paying any salaries at any time in 2010. We will not begin paying salaries until we have adequate funds to do so. Our directors do not receive any compensation for serving as members of the board of directors.




There are no other stock option plans, retirement, pension, or profit sharing plans for the benefit of our officers and directors other than as described herein.




To date, we have not entered into employment contracts with any of our officers and do not intend to enter into any employment contracts until we have adequate funds to do so.





Long-Term Incentive Plan Awards




We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance.




Indemnification




Under our Articles of Incorporation and Bylaws of the corporation, we may indemnify an officer or director who is made a party to any proceeding, including a law suit, because of his position, if he acted in good faith and in a manner he reasonably believed to be in our best interest. We may advance expenses incurred in defending a proceeding.
To the extent that the officer or director is successful on the merits in a proceeding in which he is to be indemnified, we must indemnify him against all expenses incurred, including attorney's fees. With respect to a derivative action, indemnity may be made only for expenses actually and reasonably incurred in defending the proceeding, and if the officer or director is judged liable, only by a court order. The indemnification is intended to be to the fullest extent permitted by the laws of the State of Nevada.




Regarding indemnification for liabilities arising under the Securities Act of 1933, which may be permitted to directors or officers under Nevada law, we are informed that, in the opinion of the Securities and Exchange Commission, indemnification is against public policy, as expressed in the Act and is, therefore, unenforceable.




ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT




The following table sets forth, as of the date of this report, the total number of shares owned beneficially by each of our directors, officers and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The stockholder listed below has direct ownership of his shares and possesses
sole voting and dispositive power with respect to the shares.






Name and Address




Percentage ofBeneficial Ownership [1]

Number of Shares


OwnershipSteven Bergstrom


0



0
%3340 Toopal DriveOceanside, California    92058Marilyn Miller


3,000,000



42.43
%3340 Toopal DriveOceanside, California    92058All Officers and Directors


3,000,000



42.43
%as a Group (2 persons)Kathrine MacDonald [2]


3,000,000



42.43
%850 West Hastings Street, Suite 201Vancouver, British Columbia   V5C 1E1





[1]
The persons named above "promoters" as defined in the Securities Exchange Act of 1934. Mr. Bergstrom and Ms. Miller are the only "promoters" of our company.[2]
Ms. MacDonald holds title to her common stock in the name of Dimac Capital Corp., a British Columbia corporation which she owns and controls.







20





ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT(Continued)





Future Sales by Existing Stockholders




A total of 6,000,000 shares of our stock are currently owned by one of our officers and directors, Marilyn Miller, and one individual. 3,000,000 shares of common stock were issued to Dimac Capital Corp., a corporation owned and controlled by Kathrine MacDonald, our former officer and director, in April 2006. Another 3,000,000 shares of
common stock were issued to Marilyn Miller, one of our officers and directors. The 6,000,000 shares are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictions on the manner of sale, commencing one year after their acquisition. Rule 144 provides that a person may not sell more than 1% of the total outstanding shares in any three month period and the
sales must be sold either in a brokers’ transaction or in a transaction directly with a market maker.




Ms. MacDonald and Ms. Miller will likely sell a portion of their stock, if the market price goes above $0.10. If they sell their stock into the market, the sales may cause the market price of the stock to drop. In general, sales of shares held by officers or large shareholders, after applicable restrictions expire, could have a depressive
effect on the market price of our common stock.




Because our officers, directors and a principle shareholder control us, regardless of the number of shares sold, your ability to change the course of our operations is eliminated. As such, there is no value attributable to the right to vote. This could result in a reduction in value to the shares you own because of the ineffective voting
power.




No common stock is subject to outstanding options, warrants or securities convertible into common stock.


ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE




In April 2006, 3,000,000 shares of common stock were issued to Dimac Capital Corp., a corporation owned and controlled by Kathrine MacDonald, our former officer and director. Additionally, 3,000,000 shares of common stock were issued to Marilyn Miller, one of our officers and directors. These transactions were accounted for as acquisitions
of shares of common stock for consideration of $30.




Mr. Bergstrom and Ms. Miller are our only promoters. They have not received or will they receive anything of value from us, directly or indirectly, in their capacities as promoters.




Dimac Capital Corp. advanced $20,760 to cover some initial expenses. Egil Livgard, our geological consultant, advanced $10,000 to cover the cost of staking.




Consulting fees in the aggregate of $15,589 were paid to a former director and relatives of a former director.




ITEM 14.     PRINCIPAL ACCOUNTING FEES AND SERVICES




(1) Audit Fees




The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for our audit of annual financial statements and review of financial statements included in our Form 10-Qs or services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements for those fiscal years was:




2009
$
11,582
Morgan & Company, Chartered Accountant2008
$
8,762
Morgan & Company, Chartered Accountant




(2) Audit-Related Fees




The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported in the preceding paragraph:




2009
$
5,866
Morgan & Company, Chartered Accountant2008
$
6,638
Morgan & Company, Chartered Accountant





21


ITEM 14.     PRINCIPAL ACCOUNTING FEES AND SERVICES(Continued)




(3) Tax Fees




The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning was:




2009
$
0
Morgan & Company, Chartered Accountant2008
$
0
Morgan & Company, Chartered Accountant




(4) All Other Fees




he aggregate fees billed in each of the last two fiscal years for the products and services provided by the principal accountant, other than the services reported in paragraphs (1), (2), and (3) was:




2009
$
0
Morgan & Company, Chartered Accountant2008
$
0
Morgan & Company, Chartered Accountant




(5) Our audit committee’s pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.




(6) The percentage of hours expended on the principal accountant’s engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full time, permanent employees was 0%.










PART IV






ITEM 15.     EXHIBITS




The following is a complete list of exhibits filed as part of this annual report:




Incorporated by referenceFiledExhibit
Document Description
Form
Date
Number
herewith3.1
Articles of Incorporation.
SB-2

3.13.2
Bylaws.
SB-2

3.24.1
Specimen Stock Certificate.
SB-2

4.114.1
Code of Ethics.
10-KSB
9/28/07
14.131.1
Certification of Principal Executive Officer pursuant to



X15d-15(e), promulgated under the Securities andExchange Act of 1934, as amended.31.2
Certification of Principal Financial Officer pursuant to



X15d-15(e), promulgated under the Securities andExchange Act of 1934, as amended.32.1
Certification pursuant to 18 U.S.C. Section 1350, as



Xadopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002 (Chief Executive Officer).32.2
Certification pursuant to 18 U.S.C. Section 1350, as



Xadopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002 (Chief Financial Officer).99.2
Audit Committee Charter.
10-KSB
9/28/07
99.299.3
Disclosure Committee Charter.
10-KSB
9/28/07
99.3























22




SIGNATURES






In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized on this 13thday of October, 2009.













GOLDEN STAR RESOURCES CORPORATION(Registrant)BY:
/s/ Steven BergstromSteven BergstromPresident, Principal Executive Officer and a member of the Board of Directors.BY:
/s/ Marilyn MillerMarilyn MillerPrincipal Financial Officer, Principal Accounting Officer, Secretary/Treasurer and a member of the Board of Directors.













































23









EXHIBIT INDEX




Incorporated by referenceFiledExhibit
Document Description
Form
Date
Number
herewith3.1
Articles of Incorporation.
SB-2

3.13.2
Bylaws.
SB-2

3.24.1
Specimen Stock Certificate.
SB-2

4.114.1
Code of Ethics.
10-KSB
9/28/07
14.131.1
Certification of Principal Executive Officer pursuant to



X15d-15(e), promulgated under the Securities andExchange Act of 1934, as amended.31.2
Certification of Principal Financial Officer pursuant to



X15d-15(e), promulgated under the Securities andExchange Act of 1934, as amended.32.1
Certification pursuant to 18 U.S.C. Section 1350, as



Xadopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002 (Chief Executive Officer).32.2
Certification pursuant to 18 U.S.C. Section 1350, as



Xadopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002 (Chief Financial Officer).99.2
Audit Committee Charter.
10-KSB
9/28/07
99.299.3
Disclosure Committee Charter.
10-KSB
9/28/07
99.3












































24