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, 2010ORo
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  ̈     No x








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.


Yes x     No  ̈








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, 2010: $0.25.


















































2





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

17









































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 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 3390 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.





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.





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.





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.  During the fiscal year 2010, the Company’s mineral claim interest was expired and lapsed.  The Company is in the process of locating other mineral claim interests for its planned business operations.





Employees





We intend to use the services of subcontractors for 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. Further, our director Marilyn Miller entered into a consulting agreement with us on July 1, 2010 to provide certain consulting service.  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.





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.     PROPERTIES





We do not own any property.





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.








4


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 Year2010

High Bid


Low BidFourth Quarter 4-01-10 to 6-30-10

$
0.25


$
0.0Third Quarter 1-01-10 to 3-31-10

$
0.0


$
0.0Second Quarter 10-01-09 to 12-31-09

$
0.0


$
0.0First Quarter 7-01-09 to 9-30-09

$
0.0


$
0.0








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





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.





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.


5




ITEM 5.     MARKET FOR COMMON STOCK AND RELATED STOCKHOLDER MATTERS - continued
  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 $2,832 accounts payable and accrued liabilities and $40,274 loan payable) for the following: $118,332 for professional fees, $15,859 for consulting fees, $10,000 for a mineral claim payment, $3,758 for transfer and filing, and $9,181 for office and sundry outlays. Our total cash outlays have been offset by a $6,971 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.





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.





In addition, we may not have enough money to complete the acquisition and exploration of a property. If it turns out that we have not raised enough money to complete our acquisition 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.





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 acquisition and exploration of our properties, and possible cost overruns due to price increases in services.





To become profitable and competitive, we need to identify a property and 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.














6




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




Liquidity and Capital Resources





We have completed our public offering as of March 28, 2007 and to date have raised $107,060, we will attempt to raise additional money through a subsequent private placement, public offering or through loans.





Currently, we do not have sufficient funds for our intended business operation. Ms. Miller, one of our officers and directors, has agreed in financing the related operating expenditures to maintain the Company. 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.
 
 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.
 
 During the fiscal year 2010, $24,374 was advanced by companies controlled by / related to a director / a principal shareholder of the Company to cover the operating expenses.  On June 1, 2010, the Company assigned the amounts due to related parties of $40,274 to ATP Corporate Services Corp.





As of June 30 2010, our total assets were $7 and our total liabilities were $43,106.





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.











7


ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.




GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 
 FINANCIAL STATEMENTS
 
 
 JUNE 30, 2010 AND 2009
 
 (Stated in U.S. Dollars)






INDEX TO FINANCIAL STATEMENTS


Report of Independent Registered Public Accounting Firm


F-2Balance Sheets as of June 30, 2010 and 2009


F-3Statements of Operations and Comprehensive Loss for the years ended June 30, 2010 and 2009 and From Inception, April 21, 2006 to June 30, 2010


F-4Statements of Cash Flows for the years ended June 30, 2010 and 2009 and From Inception, April 21, 2006 to June 30, 2010


F-5Statements of Stockholders’ (Deficiency) Equity From Inception, April 21, 2006 to June 30, 2010


F-6Notes to Financial Statements


F-7 - F-18
     F-1
   Chang Lee LLP
 Chartered Accountants
 606 – 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 sheets of Golden Star Resource Corp.(“the Company”) (an exploration stage company)as at June 30, 2010 and 2009 and the related statements of stockholders’ (deficiency) equity, operations and comprehensive loss and cash flows for the years 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 audits.
 
 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, 2010 and 2009 and the results of their operations and their cash flows for the years 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, Canada
 September 27, 2010                                                                                                      Chartered Accountants
 
 F-2
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 BALANCE SHEETS
 (Stated in U.S. Dollars)
 
 
 
 JUNE 302010


2009ASSETSCurrentCash

$
7


$
529$
7


$
529LIABILITIESCurrent LiabilitiesAccounts payable and accrued liabilities

$
2,832


$
15,942Loan payable


40,274



-Due to related parties


-



14,62543,106



30,567STOCKHOLDERS’  ( 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, 2010 and 2009


70



70Additional paid in capital


106,990



106,990Deficit Accumulated During the Exploration Stage


(150,159
)


(137,098
)(43,099
)


(30,038
)$
7


$
529
 
 
 
 
 
 
 The accompanying notes are an integral part of these financial statements.
 
 F-3
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
 (Stated in U.S. Dollars)
 
 
 
 CUMULATIVEPERIOD FROMINCEPTIONYEAR


YEAR


APRIL 21ENDED


ENDED


2006 TOJUNE 30


JUNE 30


JUNE 302010


2009


2010Revenue

$
-


$
-


$
-ExpensesProfessional fees


7,513



22,580



118,332Consulting fees


-



-



15,859Mineral claim payment


-



-



10,000Transfer and filing fees


100



75



3,758Office and sundry


1,850



180



9,181Foreign exchange gain


3,598



(420
)


(6,971
)13,061



22,415



150,159Net Loss and Comprehensive Loss


(13,061
)


(22,415
)


(150,159
)Basic And Diluted Loss Per Common Share

$
(0.00
)

$
(0.00
)Weighted Average Number Of Common Shares Outstanding


7,070,000



7,070,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The accompanying notes are an integral part of these financial statements.
 
 F-4
 
 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 302010


2009


2010Cash Provided by (Used for):Operating ActivitiesNet loss for the year

$
(13,061
)

$
(22,415
)

$
(150,159
)Changes in operating assets and liabilities:Accounts payable and accrued liabilities


(13,110
)


7,001



2,832Due to related parties


25,649



14,625



40,274(522
)


(789
)


(107,053
)Financing ActivityIssue of share capital


-



-



107,060-



-



107,060Net Increase In Cash


(522
)


(789
)


7Cash, Beginning Of Year


529



1,318



-Cash, End Of Year

$
7


$
529


$
7Supplemental Information of Cash Flow InformationInterest paid

$
-


$
-


$
-Income taxes paid

$
-


$
-


$
-
 
 
 
 
 
 
 
 
 
 
 
 The accompanying notes are an integral part of these financial statements.
 
 
 F-5
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 STATEMENTS OF STOCKHOLDERS’ (DEFICIENCY) EQUITY
 
 PERIOD FROM INCEPTION, APRIL 21, 2006 TO JUNE 30, 2010
 (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
)Net loss for the year


















(13,061
)


(13,061
)Balance, June 30, 2010


7,070,000


$
70


$
106,990


$
-


$
(150,159
)

$
(43,099
)
 
 
 
 
 The accompanying notes are an integral part of these financial statements.
 
 
 F-6
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (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.  During the fiscal year 2010, the Company’s mineral claim interest was expired and lapsed.  Currently, the Company is actively looking for other mineral properties for its planned business operation.
 
 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 $43,099 (2009- $30,038) has incurred losses of $150,159 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-7
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (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 ASC 915 “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.
 
  F-8
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 e)      Asset Retirement Obligations
 
 The Company has adopted ASC 410, “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.
 
 f)      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.
 
 g)      Financial Instruments
 
 ASC 820, “Fair Value Measurements and Disclosures” requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 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. ASC 820 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-9
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 g)      Financial Instruments, continued
 
 The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities and due to related parties. Pursuant to ASC 820, 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.
 
 On July 1, 2009, the Company adopted ASC 820-10, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active,which addresses the application of Accounting Standard Update No.820 for illiquid financial instruments.  ASC 820-10 clarifies that approaches to determining fair value other than the market approach may be appropriate when the market for a financial asset is not active.  The adoption of ASC 820-10 did not have a material effect on the Company’s financial statements.
 
 On July 1, 2009, the Company adopted ASC 820-10, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly". The ASC 820-10 provides additional guidance for estimating fair value in accordance with ASC 820, Fair Value Measurements, when the volume and level of activity for the asset or liability have significantly decreased. This ASC 820-10 also includes guidance on identifying circumstances that indicate a transaction is not orderly. The adoption of this standard did not have a material impact on the Company’s financial statements.
 
 On July 1, 2009, the Company adopted ASC 825-10, Interim Disclosures about Fair Value of Financial Instruments. The ASC 825-10 amends ASC 825, Disclosure about Fair Value of Financial Instruments, and ASC 270, Interim Financial Reporting, to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. Adoption of the standard did not have a material impact on the Company’s financial statements.
 
 On July 1, 2009, the Company adopted ASC 320-10, Recognition and Presentation of Other-Than-Temporary Impairments. The ASC 320-10 amend the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This ASC 320-10 does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The adoption of the standard did not have a material impact on the Company’s financial statements.
 
   F-10
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 h)      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.
 
 i)      Income Taxes
 
 The Company accounts for income taxes in accordance with ASC 740, “Accounting for Income Taxes” and ASC 740 —Accounting for Uncertainty in Income Taxes, 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.
 
 j)      Basic and Diluted Net Loss Per Share
 
 The Company reports basic loss per share in accordance with ASC 260 – “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.  Diluted loss per share is equal to basic loss per share because there are no potential dilutive securities.
 
 On July 1, 2009, the Company adopted ASC 260-10, Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities.  ASC 260-10 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and affects entities that accrue cash dividends on share-based payment awards during the awards’ service period when the dividends do not need to be returned if the employees forfeit the awards.  ASC 260-10 states that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method.  The adoption of ASC 260-10  does not have a material impact on the Company’s financial statements.
    F-11
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
 
 k)      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.
 
 l) Newly Adopted Accounting Policies
 
 On July 1, 2009, the Company adopted ASC 855, Subsequent Events.  ASC 855 establishes general standards of accounting for disclosing events that occur after the balance sheet date but before financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for selecting that date, that is, whether that date represents the date the financial statements were issued or were available to be issued. The adoption of the standard did not have a material impact on the Company.
 
 On July 1, 2009, the Company adopted the FASB issued ASC 105 The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.ASC 105 establishes the FASB Accounting Standards Codification as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP in the United States. The adoption of the standard did not have a material impact on the Company.
 
 On July 1, 2009, the Company adopted ASC 805-10 (revised 2007), Business Combinations.  This statement replaces ASC 805, 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.  The adoption of the standard did not have a material impact on the Company.
    
 
 F-12
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
  l) Newly Adopted Accounting Policies (Continued)
 
 On July 1, 2009, the Company adopted ASC 805-20, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arises from Contingencies, which amends and clarifies ASC 805-10 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.  The adoption of the standard did not have a material impact on the Company.
 
 On July 1, 2009, the Company adopted ASC 350-30, Determination of the Useful Life of Intangible Assets, ASC 260-10, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, ASC 815-40, Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock, ASC 470-20, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).  The adoption of these standards did not have a material impact on the Company.
 
  3.
RECENT ACCOUNTING PRONOUNCEMENTS
 
 In June 2009, the FASB issued ASC 860, Accounting for Transfers of Financial Assets — an amendment of FASB Statement No. 140. ASC 860 requires additional disclosures about the transfer and derecognition of financial assets and eliminates the concept of qualifying special-purpose entities under ASC 860/405. ASC 860 is effective for fiscal years beginning after November 15, 2009. The adoption of the standard will not have a material impact on the Company.
 
 In June 2009, the FASB issued ASC 810, Amendments to ASC 810. ASC 810 amends the evaluation criteria to identify the primary beneficiary of a variable interest entity provided by ASC 810 Consolidation of Variable Interest Entities—An Interpretation of ASC 810. Additionally, ASC 810 requires ongoing reassessments of whether an enterprise is the primary beneficiary of the variable interest entity. The Company is currently evaluating the impact of its pending adoption on the Company’s consolidated financial statements.
 
 In September 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). This update provides amendments to Topic 820 for the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent). It is effective for interim and annual periods ending after December 15, 2009. Early application is permitted in financial statements for earlier interim and annual periods that have not been issued. The Company does not expect the provisions of ASU 2009-12 to have a material effect on the financial position, results of operations or cash flows of the Company.
 
 
 
  
 
 F-13
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 3.
RECENT ACCOUNTING PRONOUNCEMENTS (Continued)
 
 In July 2009, the FASB ratified the consensus reached by EITF (Emerging Issues Task Force) issued EITF No. 09-1, (ASC Topic 470) "Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance" ("EITF 09-1"). The provisions of EITF 09-1, clarifies the accounting treatment and disclosure of share-lending arrangements that are classified as equity in the financial statements of the share lender. An example of a share-lending arrangement is an agreement between the Company (share lender) and an investment bank (share borrower) which allows the investment bank to use the loaned shares to enter into equity derivative contracts with investors. EITF 09-1 is effective for fiscal years that beginning on or after December 15, 2009 and requires retrospective application for all arrangements outstanding as of the beginning of fiscal years beginning on or after December 15, 2009. Share-lending arrangements that have been terminated as a result of counterparty default prior to December 15, 2009, but for which the entity has not reached a final settlement as of December 15, 2009 are within the scope. Effective for share-lending arrangements entered into on or after the beginning of the first reporting period that begins on or after June 15, 2009. The Company does not expect the provisions of EITF 09-1 to have a material effect on the financial position, results of operations or cash flows of the Company.
 
 In October 2009, the FASB issued Accounting Standards Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements. This update addressed the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than a combined unit and will be separated in more circumstances that under existing US GAAP. This amendment has eliminated that residual method of allocation. Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The Company does not expect the provisions of ASU 2009-13 to have a material effect on the financial position, results of operations or cash flows of the Company.
 
 In October 2009, the FASB issued Accounting Standards Update 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements. This update changed the accounting model for revenue arrangements that include both tangible products and software elements. Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The Company does not expect the provisions of ASU 2009-14 to have an effect on the financial position, results of operations or cash flows of the Company.
 
 In January 2010, the FASB issued Accounting Standards Update 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash (A Consensus of the FASB Emerging Issues Task Force). This amendment to Topic 505 clarifies the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a limit on the amount of cash that will be distributed is not a stock dividend for purposes of applying Topics 505 and 260. Effective for interim and annual periods ending on or after December 15, 2009, and would be applied on a retrospective basis. The Company does not expect the provisions of ASU 2010-01 to have a material effect on the financial position, results of operations or cash flows of the Company.
 
 
 
 F-14
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 3.
RECENT ACCOUNTING PRONOUNCEMENTS (Continued)
 
 In January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary. This amendment to Topic 810 clarifies, but does not change, the scope of current US GAAP. It clarifies the decrease in ownership provisions of Subtopic 810-10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain or loss recognition guidance that may exist in other US GAAP. An entity will be required to follow the amended guidance beginning in the period that it first adopts FAS 160 (now included in Subtopic 810-10). For those entities that have already adopted FAS 160, the amendments are effective at the beginning of the first interim or annual reporting period ending on or after December 15, 2009. The amendments should be applied retrospectively to the first period that an entity adopted FAS 160. The Company does not expect the provisions of ASU 2010-02 to have a material effect on the financial position, results of operations or cash flows of the Company.
 
 In January 2010, the FASB issued ASU No. 2010-06 regarding fair value measurements and disclosures and improvement in the disclosure about fair value measurements. This ASU requires additional disclosures regarding significant transfers in and out of Levels 1 and 2 of fair value measurements, including a description of the reasons for the transfers.  Further, this ASU requires additional disclosures for the activity in Level 3 fair value measurements, requiring presentation of information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU; however, the Company does not expect the adoption of this ASU to have a material impact on our financial statements.
 
 In February 2010, the FASB issued ASC No. 2010-09, “Amendments to Certain Recognition and Disclosure Requirements”, which eliminates the requirement for SEC filers to disclose the date through which an entity has evaluated subsequent events.  ASC No. 2010-09 is effective for its fiscal quarter beginning after 15 December 2010.  The adoption of ASC No. 2010-09 is not expected to have a material impact on the Company’s financial statements ASU No. 2010-13 was issued in April 2010, and clarified the classification of an employee share based payment award with an exercise price denominated in the currency of a market in which the underlying security trades.  This ASU will be effective for the first fiscal quarter beginning after December 15, 2010, with early adoption permitted.  The adoption of ASU No. 2010-13 is not expected to have a material impact on the Company’s financial statements.
 
 Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.
     F-15
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 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.  During the fiscal year 2010, the Company’s mineral claim interest was expired and lapsed.  The Company is in the process of locating other mineral claim interests for its planned business operations.
   5.
LOAN PAYABLE
 
 Loan payable represents the amount payable to ATP Corporate Services Corp. as the result of the assignment of amount due to related parties on June 1, 2010 (See Note 7).  Loan payable is unsecured, non-interest bearing and due on demand.
   6.
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.
   7.
DUE TO RELATED PARTIES
 
 Due to related parties represents the amount advanced by companies controlled by a former director and principal shareholder of the Company.  The amount is unsecured, non-interest bearing and due on demand.
 
 During the fiscal year 2010, $24,374 was advanced by companies controlled by / related to a director / a principal shareholder of the Company to cover the operating expenses.
 
 On June 1, 2010, the Company assigned the amounts due to related parties of $40,274 to ATP Corporate Services Corp. (an unrelated party).
 
 
  F-16
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 8.
INCOME TAXES
 
 a) A reconciliation of income tax expense to the amount computed at the statutory rate is as follows:
 
 2010


2009Net loss for the year

$
(13,061
)

$
(22,415
)Statutory tax rate


35
%


35
%Computed expected (benefit) income taxes


(4,570
)


(7,800
)Income tax benefit not recognized


4,570



7,800$
-


$
-
 
 b) Significant components of deferred income tax assets are as follows:
 
 2010


2009Operating losses carried forward

$
53,000


$
48,000Valuation allowance


(53,000
)


(48,000
)$
-


$
-
 
 c)
The Company has incurred operating losses of approximately $150,000 which, if unutilized, will expire through to 2030.  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


DATE2010

$
13,000



20302009


22,000



20292008


68,000



20282007


37,000



20272006


10,000



2026Total operating loss carry forward

$
150,000
 
 
 
 
  
 
 F-17
 
 GOLDEN STAR RESOURCE CORP.
 (An Exploration Stage Company)
 
 NOTES TO FINANCIAL STATEMENTS
 
 JUNE 30, 2010
 (Stated in U.S. Dollars)
 
 9.
CONTRACTUAL OBLIGATIONS AND COMMITMENTS
 
 See Note 10.
 
 
 10.
SUBSEQUENT EVENTS
 
 On July 1, 2010, the Company entered into a consulting agreement with a director of the Company for a term of 24 months with a consideration of $2,500 per month.
 
 On July 1, 2010, the Company entered into an administrative service agreement with ATP Corporate Services Corp. for a term of 24 months with a consideration of $1,500 per month.
 
 The Company has evaluated subsequent events for the period July 1, 2010 through the date the financial statements were issued, and concluded other than the above noted there were no other events or transactions occurring during this period that required recognition or disclosure in its financial statements.








F-18





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.
















8


PART III





ITEM 9A.   CONTROLS AND PROCEDURES.





EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
 
 As required by Rule 13a-15 under the Securities Exchange Act of 1934, as of the end of the period covered by this annual report, being June 30, 2010, we have carried out an evaluation of the effectiveness of the design and operation of our company’s disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer. Based upon that evaluation, our Chief Executive Officer concluded that our disclosure controls and procedures are effective as at the end of the period covered by this report. There have been no significant changes in our internal controls over financial reporting that occurred during our most recent fiscal year ended June 30, 2010 that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.
 
 Disclosure controls and procedures and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our Chief Executive Officer to allow timely decisions regarding required disclosure.
 
 Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of the controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
 
 Management’s Report on Internal Controls over Financial Reporting
 
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934. Our internal control over financial reporting is a process designed to provide reasonable assurance with respect to the reliability of financial reporting and the preparation and fair presentation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures which pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
 
 Under the supervision and with the participation of our management, including our chief executive officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this evaluation under the criteria established in Internal Control – Integrated Framework, our management concluded that our internal control over financial reporting was effective as of June 30, 2010.
 
 This Annual Report does not include an attestation report of our registered public accounting firm with respect to internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission which permit us to provide only our management’s report in this Annual Report.
 
 Changes in Internal Control over Financial Reporting
 
 There have been no changes in our internal control over financial reporting identified during the year ended June 30, 2010 which have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.
 ITEM 9B.   OTHER INFORMATION





None.







9






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
63
President, Principal Executive Officer and a member3390 Toopal Drive

of the Board of DirectorsOceanside, California   92058Marilyn Miller
46
Principal Accounting Officer, Principal Financial3390 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.





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.





10




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




Background of Officers and Directors - continued




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.





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.











11




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





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, 2010. The compensation addresses all compensation awarded to, earned by, or paid to the named executive officers for the fiscal year ended June 30, 2010. 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
2010


0



0



0



0



0



0



0



0President & CEO
2009


0



0



0



0



0



0



0



02008


0



0



0



0



0



0



0



02007


0



0



0



0



0



0



0



0Marilyn Miller
2010


0



0



0



0



0



0



0



0CAO, CFO &
2009


0



0



0



0



0



0



0



0Secretary/Treasurer
2008


0



0



0



0



0



0



0



02007


0



0



0



0



0



0



0



0Egil Livgard
2010


0



0



0



0



0



0



0



0(resigned 10/07)
2009


0



0



0



0



0



0



0



02008


0



0



0



0



0



0



9,855



9,8552007


0



0



0



0



0



0



0



0Kathrine MacDonald
2010


0



0



0



0



0



0



0



0(resigned 9/08)
2009


0



0



0



0



0



0



0



02008


0



0



0



0



0



0



0



02007


0



0



0



0



0



0



0



0








12




ITEM 11.     EXECUTIVE COMPENSATION - continued




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



0Egil Livgard (resigned)


0



0



0



0



0



0



0Kathrine MacDonald

(resigned)


0



0



0



0



0



0



0


We have not paid any salaries in 2010 and we do not anticipate paying any salaries at any time in 2011. 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.





On July 1, 2010, we entered into a consulting agreement with our director Marilyn Miller for a term of 24 months for a fee of $2,500 per month.





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
%3390 Toopal DriveOceanside, California    92058Marilyn Miller


3,000,000



42.43
%3390 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.





13





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.





During the fiscal year 2010, Dimac Capital Corp. advanced $9,274 to cover our operating expenses.  On June 1, 2010, we assigned the total amount of $25,176 owed to Dimac Capital Corp. to ATP Corporate Services Corp.





During the fiscal year 2010, a company related to Dimac Capital Corp. advanced $1,431 to cover our operating expenses.  On June 1, 2010, we assigned the amount to ATP Corporate Services Corp. (remove “of” between “amount” and “to ATP Corporate”).
 
 During the fiscal year 2010, a company controlled by Marilyn Miller advanced $13,669 to cover our operating expenses.  On June 1, 2010, we assigned the amount to ATP Corporate Services Corp. (remove “of” between “amount” and “to ATP Corporate”).





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:





2010

$
7,000

Chang Lee2009

$
11,582

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:





2010

$
4,000

Chang Lee2009

$
5,866

Morgan & Company, Chartered Accountant








14




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:





2010

$
0

Chang Lee2009

$
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:





2010

$
0

Chang Lee2009

$
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%.








15


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
































16


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 28thday of September 2010.















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.










































































17


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



































18