|   |
|--------|

| x                                                              | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE        |
|----------------------------------------------------------------|------------------------------------------------------------------------------------|
|                                                           | ACT OF 1934                                                                        |
| For the quarterly period ended: March 31, 2010                 |
| or                                                             |
|                                                           |                                                                               |
| o                                                              |  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
|                                                           |  ACT OF 1934                                                                  |
| For the transition period from: _____________ to _____________ |

| Delaware                     | 0-16097      | 98-0079697          |
|------------------------------|--------------|---------------------|
| (State or Other Jurisdiction | (Commission  | (I.R.S. Employer    |
| of Incorporation)            | File Number) | Identification No.) |

| Indicate by check mark whether the registrant (1) has filed all reports required to be filed 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 days.     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                         | x |  Yes | o |  No |
|                                                                                                                                                                                                                                                                                                                                                         |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).* |
| * The registrant has not yet been phased into the interactive data requirements.                                                                                                                                                                                                                                                                             | o |  Yes | o |  No |

|                                                                                                                                                        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer., or a smaller reporting company. |
|                                                                                                                                                        |
| Large accelerated filer                                                                                                                                     | o |   | Accelerated filer | o |   |
| Non-accelerated filer                                                                                                                                       | o |   | Smaller reporting company | x |   |

|                                                                                                                                                                                                                                                     |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                  | o      |  Yes | x |  No |
|                                                                                                                                                                                                                                                     |   |
| Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 22,931,764 outstanding shares of Common Stock as of May 14, 2010.                                    |
| APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY                                                                                                                                                                                                    |
| PROCEEDINGS DURING THE PRECEDING FIVE YEARS:                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                     |
| Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. |
|                                                                                                                                                                                                                                                     | o      |  Yes | o |  No |

|   |
|--------|

----

----

|    | PAGE NO                                                                                     |
|---------|---------------------------------------------------------------------------------------------|
|    |                                                                                        |   |
| PART I. | FINANCIAL INFORMATION                                                                       |   |
|    |                                                                                        |   |
| Item 1  | Financial Statements                                                                        | 3 |
| Item 2  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 |
| Item 3  | Quantitative and Qualitative Disclosure about Market Risk                                   | 27 |
| Item 4  | Controls and Procedures                                                                     | 27 |
|    |                                                                                        |   |
| PART II | OTHER INFORMATION                                                                           |   |
|    |                                                                                        |   |
| Item 1  | Legal Proceedings                                                                           | 28 |
| Item 1A | Risk Factors                                                                                | 28 |
| Item 2  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 28 |
| Item 3  | Defaults Upon Senior Securities                                                             | 28 |
| Item 4  | Removed and Reserved                                                                        | 28 |
| Item 5  | Other Information                                                                           | 28 |
| Item 6  | Exhibits                                                                                    | 28 |
|    |                                                                                        |   |

|          |          |
|---------------|---------------|
| SIGNATURES    |          | 29 |
|          |          |   |
| EXHIBIT INDEX |          | 30 |
|          |          |   |
|          |          |   |
| Exh. 31.1     | Certification | 31 |
| Exh. 31.2     | Certification | 32 |
| Exh. 32.1     | Certification | 33 |
| Exh. 32.2     | Certification | 34 |

----

| Item 1. | Financial Statements. |
|---------|-----------------------|

----

|                                                                                      |   | March 31, 2010                           |    |   | June 30, 2009   |   |
|-------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|-----------------|--------|
|                                                                                      |   | CDN$000’s(As restated) (Unaudited) |    |   | CDN$000’s |   |
|                                                                                      |   |                                     |    |   |            |   |
| ASSETS                                                                                    |   |                                     |    |   |            |   |
|                                                                                      |   |                                     |    |   |            |   |
| Current Assets                                                                            |   |                                     |    |   |            |   |
| Cash                                                                                      |   |                                     | 101     |   |            |   | 19 |   |
| Receivables                                                                               |   |                                     | 47      |   |            |   | 7 |   |
| Prepaid expenses and deposits                                                             |   |                                     | 182     |   |            |   | - |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Current Assets                                                                      |   |                                     | 330     |   |            |   | 26 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Non Current Assets                                                                        |   |                                     |    |   |            |   |   |   |
| Cash held for site remediation (note 11)                                                  |   |                                     | 925     |   |            |   | - |   |
| Property, plant and equipment (note 12)                                                   |   |                                     | 6,891   |   |            |   | - |   |
| Investment in non consolidated entity (note 13)                                           |   |                                     | 607     |   |            |   | 745 |   |
| Mineral rights (note 10)                                                                  |   |                                     | 43,790  |   |            |   | - |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Non Current Assets                                                                  |   |                                     | 52,213  |   |            |   | 745 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Assets                                                                              |   |                                     | 52,543  |   |            |   | 771 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                      |   |                                     |    |   |            |   |   |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Current Liabilities                                                                       |   |                                     |    |   |            |   |   |   |
| Accounts payable and accrued expenses                                                     |   |                                     | 1,791   |   |            |   | 116 |   |
| Note payable (note 3)                                                                     |   |                                     | 1,000   |   |            |   | - |   |
| Lease liability                                                                           |   |                                     | 2,099   |   |            |   | - |   |
| Advances from affiliates (note 3)                                                         |   |                                     | 3       |   |            |   | 1,138 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Current Liabilities                                                                 |   |                                     | 4,893   |   |            |   | 1,254 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Non Current Liabilities                                                                   |   |                                     |    |   |            |   |   |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Accrued site remediation (note 14)                                                        |   |                                     | 2,400   |   |            |   | - |   |
| Advances from affiliates (note 3)                                                         |   |                                     | 1,054   |   |            |   | - |   |
| Deferred tax liability (note 15)                                                          |   |                                     | 2,624   |   |            |   | - |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Non Current Liabilities                                                             |   |                                     | 6,078   |   |            |   | - |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Liabilities                                                                         |   |                                     | 10,971  |   |            |   | 1,254 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Commitments (Note 9)                                                                      |   |                                     |    |   |            |   |   |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Stockholders’ Equity (Deficit):                                                     |   |                                     |    |   |            |   |   |   |
| Common Stock: $.0001 par value                                                            |   |                                     |    |   |            |   |   |   |
| 40,000,000 shares authorized (20,000,000 at June 30, 2009)                                |   |                                     |    |   |            |   |   |   |
| 22,631,764 and 12,671,413 issued and outstanding                                          |   |                                     | 2       |   |            |   | 1 |   |
| Additional paid-in-capital                                                                |   |                                     | 48,183  |   |            |   | 35,966 |   |
| Less treasury stock at cost, 250 shares                                                   |   |                                     | (19     | )      |            |   | (19 | ) |
| Accumulated other comprehensive loss                                                      |   |                                     | (372    | )      |            |   | (394 | ) |
| Retained profit (deficit) during exploration stage                                        |   |                                     | 1,355   |   |            |   | (11,289 | ) |
| Retained (deficit) prior to exploration stage                                             |   |                                     | (24,748 | )      |            |   | (24,748 | ) |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Golden River Resources Stockholder’s Equity (Deficit)                               |   |                                     | 24,401  |   |            |   | (483 | ) |
| Non Controlling Interests (note 10)                                                       |   |                                     | 17,171  |   |            |   | - |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Equity (Deficit)                                                                    |   |                                     | 41,572  |   |            |   | (483 | ) |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| Total Liabilities and Equity                                                              |   |                                     | 52,543  |   |            |   | 771 |   |
|                                                                                      |   |                                     |    |   |            |   |   |   |
| The accompanying notes are an integral part of the consolidated financial statements |   |

----

|                                                                                      |   | ThreeMonthsEnded March 31, 2010CDN$000’s(restated) |   |   | ThreeMonthsEndedMarch 31, 2009 CDN$000’s |   |   | NineMonthsEndedMarch 31, 2010CDN$000’s(restated) |   |   | NineMonthsEndedMarch 31, 2009 CDN$000’s |   |   | July 1, 2002toMarch 31, 2010CDN$000’s |   |
|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |
| Revenues                                                                                  |   | $                                                             | -      |   |                                                | $      | -      |                                                   |   | $      | -                                                  |   |   | $                                           | -      |   |   | $ | - |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Costs and expenses:                                                                       |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Stock based compensation                                                                  |   |                                                          | -      |   |                                                |   | 28     |                                                   |   |   | 39                                                 |   |   |                                        | 145    |   |   |   | 2,760 |   |
| Exploration expenditure                                                                   |   |                                                          | 386    |   |                                                |   | 39     |                                                   |   |   | 1,670                                              |   |   |                                        | 111    |   |   |   | 4,981 |   |
| Depreciation and amortization                                                             |   |                                                          | 134    |   |                                                |   | -      |                                                   |   |   | 354                                                |   |   |                                        | -      |   |   |   | 354 |   |
| Interest expense, net                                                                     |   |                                                          | 2      |   |                                                |   | 1      |                                                   |   |   | 141                                                |   |   |                                        | 1      |   |   |   | 538 |   |
| Legal, accounting and professional                                                        |   |                                                          | 119    |   |                                                |   | 168    |                                                   |   |   | 425                                                |   |   |                                        | 227    |   |   |   | 1,494 |   |
| Administration expenses                                                                   |   |                                                          | 880    |   |                                                |   | 31     |                                                   |   |   | 1,466                                              |   |   |                                        | 100    |   |   |   | 4,853 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Total costs and expenses                                                                  |   |                                                          | 1,521  |   |                                                |   | 267    |                                                   |   |   | 4,095                                              |   |   |                                        | 584    |   |   |   | 14,980 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| (Loss) from operations                                                                    |   |                                                          | (1,521 | )      |                                                |   | (267   | )                                                      |   |   | (4,095                                             | )      |   |                                        | (584   | ) |   |   | (14,980 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Foreign currency exchange gain (loss)                                                     |   |                                                          | (2     | )      |                                                |   | (26    | )                                                      |   |   | 3                                                  |   |   |                                        | (48    | ) |   |   | (156 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Adjustment to fair value on stepped acquisition (note 10)                                 |   |                                                          | -      |   |                                                |   | -      |                                                   |   |   | 7,433                                              |   |   |                                        | -      |   |   |   | 7,433 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Gain on bargain purchase (note 10)                                                        |   |                                                          | -      |   |                                                |   | -      |                                                   |   |   | 10,305                                             |   |   |                                        | -      |   |   |   | 10,305 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Other income:                                                                             |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Interest– net, related entity                                                       |   |                                                          | -      |   |                                                |   | -      |                                                   |   |   | -                                                  |   |   |                                        | -      |   |   |   | 5 |   |
|    – Other                                                                |   |                                                          | -      |   |                                                |   | 1      |                                                   |   |   | 1                                                  |   |   |                                        | 6      |   |   |   | 11 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Profit/(loss) before income tax and equity in profits/(losses) of unconsolidated entities |   |                                                          | (1,523 | )      |                                                |   | (292   | )                                                      |   |   | 13,647                                             |   |   |                                        | (626   | ) |   |   | 2,618 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Provision for income taxes (note 15)                                                      |   |                                                          | -      |   |                                                |   | -      |                                                   |   |   | (2,624                                             | )      |   |                                        | -      |   |   |   | (2,624 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Profit/(loss) before equity in profit/(losses) of unconsolidated entities                 |   |                                                          | (1,523 | )      |                                                |   | (292   | )                                                      |   |   | 11,023                                             |   |   |                                        | (626   | ) |   |   | (6 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Equity in profits/(losses) of unconsolidated entities                                     |   |                                                          | (92    | )      |                                                |   | -      |                                                   |   |   | 234                                                |   |   |                                        | -      |   |   |   | (26 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Net profit/(loss)                                                                         |   |                                                          | (1,615 | )      |                                                |   | (292   | )                                                      |   |   | 11,257                                             |   |   |                                        | (626   | ) |   |   | (32 | ) |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Net loss attributable to non-controlling interests                                        |   |                                                          | 415    |   |                                                |   | -      |                                                   |   |   | 1,387                                              |   |   |                                        | -      |   |   |   | 1,806 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Net profit/(loss) attributable to Golden River Resources stockholders                     |   |                                                          | (1,200 | )      |                                                |   | (292   | )                                                      |   |   | 12,644                                             |   |   |                                        | (626   | ) |   |   | 1,774 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Basic and diluted net profit/(loss) per common equivalent shares                          |   | $                                                             | (0.07  | )      |                                                | $      | (0.02  | )                                                      |   | $      | 0.77                                               |   |   | $                                           | (0.08  | ) |   | $ | 0.44 |   |
|                                                                                      |   |                                                          |   |   |                                                |   |   |                                                   |   |   |                                               |   |   |                                        |   |   |   |   |   |   |
| Weighted number of common equivalent shares used in per share calculation (000’s)   |   |                                                          | 17,783 |   |                                                |   | 13,671 |                                                   |   |   | 16,473                                             |   |   |                                        | 7,795  |   |   |   | 4,003 |   |

----

|                                                                                  |   | 2010(As restated) CDN$000’s |    |   | 2009 CDN$000’s |   |   | July 1, 2002to Mar 31, 2010( As restated)CDN$000’s |   |
|---------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|---------------------------|--------|--------|----------------------------------------------------------|--------|
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                  |   |                                   |    |   |                      |   |   |                                                     |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |
| Net profit/(loss)                                                                     |   |                                   | 11,257  |   |                      |   | (626   | )                                                        |   |   | (32 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Adjustments to reconcile net profit (loss) to net cash (used) in operating activities |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Foreign currency exchange (gain)/ loss                                                |   |                                   | (3      | )      |                      |   | 27     |                                                     |   |   | 136 |   |
| Depreciation /amortization of plant and equipment                                     |   |                                   | 354     |   |                      |   | -      |                                                     |   |   | 380 |   |
| Stock based compensation                                                              |   |                                   | 39      |   |                      |   | 142    |                                                     |   |   | 2,760 |   |
| Provision for  deferred income tax                                          |   |                                   | 2,624   |   |                      |   | -      |                                                     |   |   | 2,624 |   |
| Equity in profits of non-consolidated entities                                        |   |                                   | (234    | )      |                      |   | -      |                                                     |   |   | 26 |   |
| Adjustment to fair value on stepped acquisition                                       |   |                                   | (7,433  | )      |                      |   | -      |                                                     |   |   | (7,433 | ) |
| Bargain purchase of controlled entities                                               |   |                                   | (10,305 | )      |                      |   | -      |                                                     |   |   | (10,305 | ) |
| Accrued interest added to principal                                                   |   |                                   | 139     |   |                      |   | -      |                                                     |   |   | 312 |   |
| Net change net of acquisition in:                                                     |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Receivables                                                                           |   |                                   | (41     | )      |                      |   | 12     |                                                     |   |   | (47 | ) |
| Staking deposit                                                                       |   |                                   | -       |   |                      |   | -      |                                                     |   |   | 22 |   |
| Prepaid expenses and deposits                                                         |   |                                   | (182    | )      |                      |   | -      |                                                     |   |   | (182 | ) |
| Accounts payable and accrued expenses                                                 |   |                                   | (606    | )      |                      |   | 9      |                                                     |   |   | (487 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Net Cash (Used) in Operating Activities                                               |   |                                   | (4,391  | )      |                      |   | (436   | )                                                        |   |   | (12,226 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| CASH FLOW FROM INVESTING ACTIVITIES                                                   |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Acquisition of majority owned subsidiary net of cash acquired                         |   |                                   | (7,585  | )      |                      |   | (998   | )                                                        |   |   | (8,585 | ) |
| Purchase of plant and equipment                                                       |   |                                   | -       |   |                      |   | -      |                                                     |   |   | (25 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Net Cash (Used) in Investing Activities                                               |   |                                   | (7,585  | )      |                      |   | (998   | )                                                        |   |   | (8,610 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES                                            |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Borrowings from affiliates                                                            |   |                                   | 5,178   |   |                      |   | -      |                                                     |   |   | 6,144 |   |
| Repayments to affiliates                                                              |   |                                   | (3,166  | )      |                      |   | -      |                                                     |   |   | (3,166 | ) |
| Proceeds from issuance of stock                                                       |   |                                   | 10,764  |   |                      |   | -      |                                                     |   |   | 10,764 |   |
| Repayment of borrowings                                                               |   |                                   | (139    | )      |                      |   | -      |                                                     |   |   | (139 | ) |
| Sale of warrants (net)                                                                |   |                                   | -       |   |                      |   | 643    |                                                     |   |   | 4,749 |   |
| Re-purchase of warrants                                                               |   |                                   | (579    | )      |                      |   | -      |                                                     |   |   | (579 | ) |
| Proceeds from loan payable                                                            |   |                                   | -       |   |                      |   | 837    |                                                     |   |   | 3,261 |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Net Cash Provided by Financing Activities                                             |   |                                   | 12,058  |   |                      |   | 1,480  |                                                     |   |   | 21,034 |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Effects of Exchange Rate on Cash                                                      |   |                                   | -       |   |                      |   | (25    | )                                                        |   |   | (97 | ) |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Net Increase  in Cash                                                       |   |                                   | 82      |   |                      |   | 21     |                                                     |   |   | 101 |   |
| Cash at Beginning of Period                                                           |   |                                   | 19      |   |                      |   | 7      |                                                     |   |   | - |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Cash at End of Period                                                                 |   |                                   | 101     |   |                      |   | 28     |                                                     |   |   | 101 |   |
| Supplemental Disclosures                                                              |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Interest Paid                                                                         |   |                                   | 139     |   |                      |   | -      |                                                     |   |   | 479 |   |
|                                                                                  |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| NON CASH FINANCING ACTIVITY                                                           |   |                                   |    |   |                      |   |   |                                                     |   |   |   |   |
| Debt repaid through issuance of shares                                                |   |                                   | -       |   |                      |   | -      |                                                     |   |   | 5,771 |   |
| Stock options recorded as deferred compensation                                       |   |                                   | -       |   |                      |   | -      |                                                     |   |   | 1,258 |   |
| Extinguishment of related party debtAcquisition of subsidiary (note 10)               |   |                                   | -       |   |                      |   | -      |                                                     |   |   | 593 |   |

----

|                                                                         |   | Shares |        |   | Common StockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | Retained Profit/(Deficit)during the Exploration stage |            |   | Retained (Deficit)prior to Exploration Activities |            |   | Deferred Compen-sation |            |   | Accumulated OtherCompre-hensiveLoss |            |   | Non-Controlling Interests |            |   | Total  |            |
|------------------------------------------------------------------------------|--------|--------|-------------|--------|--------------------|-----------------|--------|-----------------------|-----------------|--------|--------------------------|-----------------|--------|-------------------------------------------------------|-----------------|--------|--------------------------------------------------------|-----------------|--------|------------------------|-----------------|--------|-------------------------------------|-----------------|--------|---------------------------|-----------------|--------|--------|-----------------|
|                                                                         |   |   | 000’s |   |               | CDN$000’s |   |                  | CDN$000’s |   |                     | CDN$000’s |   |                                                  | CDN$000’s |   |                                                   | CDN$000’s |   |                   | CDN$000’s |   |                                | CDN$000’s |   |                      | CDN$000’s |   |   | CDN$000’s |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2002                                                        |   |   | 635         |   |               |            | -      |                  |            | $      | (19                      | )               |   | $                                                     | 24,061          |   |                                                   |            | -      |                   |            | $      | (24,748                             | )               |   |                      | -               |   |   | $               | (461 | ) |   |   | - |   |   | $ | (1,167 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                     |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   | $               | (639   | )                      |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   |   | (639 | ) |
| Balance June 30, 2003                                                        |   |   | 635         |   |               |            | -      |                  |            | $      | (19                      | )               |   | $                                                     | 24,061          |   |                                                   | $               | (639   | )                      |            | $      | (24,748                             | )               |   |                      | -               |   |   | $               | (461 | ) |   |   | - |   |   | $ | (1,806 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Issuance of 175,398 shares and warrants in lieu of debt repayment            |   |   | 175         |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 2,331           |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 2,331 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Sale of 167,000 shares and warrants                                          |   |   | 167         |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 2,221           |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 2,221 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Issuance of 694,306 shares on cashless exercise of options                   |   |   | 694         |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 0 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized (loss) on foreign exchange                                    |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   | $               | (317 | ) |   |   | - |   |   | $ | (317 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                                   |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   | $               | (1,616 | )                      |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | (1,616 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2004                                                        |   |   | 1,671       |   |               |            | -      |                  |            | $      | (19                      | )               |   | $                                                     | 28,613          |   |                                                   | $               | (2,255 | )                      |            | $      | (24,748                             | )               |   |                      | -               |   |   | $               | (778 | ) |   |   | - |   |   | $ | 813 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Issuance of 140,000 options under 2004 stock option plan                     |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 1,646           |   |                                                   |            | -      |                   |            |   | -                                   |            |   | $                         | (1,646          | )      |   |            | - |   |   |   | - |   |   | $ | 0 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 140,000 options under 2004 stock option plan                 |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   |            | -      |                   |            |   | -                                   |            |   | $                         | 1,095           |   |   |            | - |   |   |   | - |   |   | $ | 1,095 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized (loss) on foreign exchange                                    |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   | $               | (17 | ) |   |   | - |   |   | $ | (17 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net/(loss)                                                                   |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   | $               | (3,156 | )                      |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | (3,156 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2005                                                        |   |   | 1,671       |   |               |            | -      |                  |            | $      | (19                      | )               |   | $                                                     | 30,259          |   |                                                   | $               | (5,411 | )                      |            | $      | (24,748                             | )               |   | $                         | (551            | )      |   | $               | (795 | ) |   |   | - |   |   | $ | (1,265 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| To eliminate deferred compensation against Additional Paid-In Capital        |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | (551            | )      |                                                   |            | -      |                   |            |   | -                                   |            |   | $                         | 551             |   |   |            | - |   |   |   | - |   |   | $ | 0 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Issuance of 1,000,000 shares and 2,000,000 options in lieu of debt repayment |   |   | 1,000       |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 3,321           |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 3,321 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Capital gain on shares and options issued in lieu of debt repayment          |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | (1,610          | )      |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | (1,610 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Sale of 2,000,000 normal warrants                                            |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 827             |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 827 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Sale of 1,000,000 special warrants                                           |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 887             |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 887 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 140,000 options under 2004 stock option plan                 |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   | $                                                     | 532             |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | 532 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized gain on foreign exchange                                      |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   |            | -      |                   |            |   | -                                   |            |   |                      | -               |   |   | $               | 369 |   |   |   | - |   |   | $ | 369 |   |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                                   |   |   | -           |   |               |            | -      |                  |            |   | -                        |            |   |                                                  | -               |   |                                                   | $               | (1,588 | )                      |            |   | -                                   |            |   |                      | -               |   |   |            | - |   |   |   | - |   |   | $ | (1,588 | ) |
|                                                                         |   |   |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                                   |            |   |                   |            |   |                                |            |   |                      |            |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2006                                                        |   |   | 2,671       |   |               |            | -      |                  |            | $      | (19                      | )               |   | $                                                     | 33,665          |   |                                                   | $               | (6,999 | )                      |            | $      | (24,748                             | )               |   | $                         | -               |   |   | $               | (426 | ) |   |   | - |   |   | $ | 1,473 |   |

----

|                                                                      |   |    Shares |        |   |  Common StockAmount |            |   |  TreasuryStock, atCost |            |   |  AdditionalPaid-inCapital |            |   | Retained Profit/(Deficit)during the Exploration stage |            |   | Retained (Deficit)prior to Exploration Activities |            |    |  Deferred Compen-sation |            |   | Accumulated OtherCompre-hensiveLoss |            |   | Non-Controlling Interests |            |   |    Total |            |
|---------------------------------------------------------------------------|--------|--------------------------|-------------|--------|--------------------------|-----------------|--------|-----------------------------|-----------------|--------|--------------------------------|-----------------|--------|-------------------------------------------------------|-----------------|--------|--------------------------------------------------------|-----------------|---------|------------------------------|-----------------|--------|-------------------------------------|-----------------|--------|---------------------------|-----------------|--------|-------------------------|-----------------|
|                                                                      |   |                     | 000’s |   |                     | CDN$000’s |   |                        | CDN$000’s |   |                           | CDN$000’s |   |                                                  | CDN$000’s |   |                                                   | CDN$000’s |    |                         | CDN$000’s |   |                                | CDN$000’s |   |                      | CDN$000’s |   |                    | CDN$000’s |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Costs associated with sale of normal and special warrants                 |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | (3              | )      |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | (3 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 140,000 options under 2004 stock option plan              |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 19              |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | 19 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 465,000 options under 2006 stock option plan              |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 510             |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | 510 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized gain on foreign exchange                                   |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    | $               | 48 |   |   |   | - |   |   | $ | 48 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                                |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   | $               | (1,965  | )                            |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | (1,965 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2007                                                     |   |                     | 2,671       |   |                     | $               | -      |                        |            | $      | (19                            | )               |   | $                                                     | 34,191          |   |                                                   | $               | (8,964  | )                            |            | $      | (24,748                             | )               |   | $                         | -               |   |                    | $               | (378 | ) |   |   | - |   |   | $ | 82 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 465,000 options under 2006 stock option plan              |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 333             |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   |   | 333 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized gain on foreign exchange                                   |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    | $               | 27 |   |   |   | - |   |   | $ | 27 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                                |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   | $               | (1,073  | )                            |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | (1,073 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2008                                                     |   |                     | 2,671       |   |                     | $               | -      |                        |            | $      | (19                            | )               |   | $                                                     | 34,524          |   |                                                   | $               | (10,037 | )                            |            | $      | (24,748                             | )               |   | $                         | -               |   |                    | $               | (351 | ) |   |   | - |   |   | $ | (631 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 465,000 options under 2006 stock option plan              |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 173             |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   |   | 173 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Sale of 10,000,000 shares                                                 |   |                     | 10,000      |   |                     | $               | 1      |                        |            |   | -                              |            |   | $                                                     | 681             |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   |   | 682 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealized loss on foreign exchange                                   |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    | $               | (43 | ) |   |   | - |   |   | $ | (43 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Forgiveness of advances from affiliate                                    |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 588             |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   |   | 588 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                                |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   | $               | (1,252  | )                            |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | (1,252 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2009                                                     |   |                     | 12,671      |   |                     | $               | 1      |                        |            | $      | (19                            | )               |   | $                                                     | 35,966          |   |                                                   | $               | (11,289 | )                            |            | $      | (24,748                             | )               |   | $                         | -               |   |                    | $               | (394 | ) |   |   | - |   |   | $ | (483 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Amortization of 465,000 options under 2006 stock option plan              |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 39              |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   |   |   |   | $ | 39 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Sale of 9,960,351 shares                                                  |   |                     | 9,960       |   |                     | $               | 1      |                        |            |   | -                              |            |   | $                                                     | 10,763          |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | 10,764 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Re-Purchase of warrants                                                   |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | (579            | )      |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | (579 | ) |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net unrealised gain on foreign exchange                                   |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    | $               | 22 |   |   |   | - |   |   | $ | 22 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net profit                                                                |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   | $               | 11,257  |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   |   | - |   |   | $ | 11,257 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Adjustment for  additional investment in consolidated subsidary |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   | $                                                     | 1,994           |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   | $ | (1,994 | ) |   | $ | 0 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Fair value of non-controlling interest                                    |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   |            | -       |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   | $ | 20,552 |   |   | $ | 20,552 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to non-controlling interests                        |   |                     | -           |   |                     |            | -      |                        |            |   | -                              |            |   |                                                  | -               |   |                                                   | $               | 1,387   |                         |            |   | -                                   |            |   |                      | -               |   |                    |            | - |   |   | $ | (1,387 | ) |   | $ | 0 |   |
|                                                                      |   |                     |        |   |                     |            |   |                        |            |   |                           |            |   |                                                  |            |   |                                                   |            |    |                         |            |   |                                |            |   |                      |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance March 31, 2010                                                    |   |                     | 22,631      |   |                     | $               | 2      |                        |            | $      | (19                            | )               |   | $                                                     | 48,183          |   |                                                   | $               | 1,355   |                         |            | $      | (24,748                             | )               |   |                      | -               |   |                    | $               | (372 | ) |   | $ | 17,171 |   |   | $ | 41,572 |   |

----

| (i)   | Functional and Reporting Currency |
|-----------------|-----------------------------------|

----

| (ii)   | Property, plant and equipment |
|------------------|-------------------------------|

| Vehicles                               |   |   | 30 | % |
|----------------------------------------|--------|--------|----|---|
| Building                               |   |   | 5  | % |
| Office fixtures and computer equipment |   |   | 20 | % |

----

----

----

|              |   | Outstanding      |     |   | Exercisable      |   |
|-------------------|--------|------------------|----------|--------|------------------|--------|
|              |   |             |     |   |             |   |   |   |
| Number of options |   |             | 80,000   |   |             |   | 80,000 |   |
|              |   |             |     |   |             |   |   |   |
| Exercise price    |   |             | US$10.00 |   |             |   | US$10.00 |   |
|              |   |             |     |   |             |   |   |   |
| Expiration date   |   | October 15, 2014 |     |   | October 15, 2014 |   |

----

|              |   | Outstanding      |    |   | Exercisable      |   |
|-------------------|--------|------------------|---------|--------|------------------|--------|
|              |   |             |    |   |             |   |   |   |
| Number of options |   |             | 405,000 |   |             |   | 405,000 |   |
|              |   |             |    |   |             |   |   |   |
| Exercise price    |   |             | US$3.08 |   |             |   | US$3.08 |   |
|              |   |             |    |   |             |   |   |   |
| Expiration date   |   | October 19, 2016 |    |   | October 19, 2016 |   |

|                                 |   | Nine months endedMarch 31 |        |
|--------------------------------------|--------|---------------------------|-------------|
|                                 |   | 2010                      |        |   | 2009 |   |
| Weighted average shares              |   |                      | ‘000s |   |   |   | ‘000s |   |
|                                 |   |                      |        |   |   |   |   |   |
| Outstanding   - basic |   |                      | 16,473      |   |   |   | 6,796 |   |
| - Warrants                           |   |                      | -           |   |   |   | 1,000 |   |
| Weighted average shares outstanding  |   |                      | 16,473      |   |   |   | 7,796 |   |

|                                        |   | Three months endedMarch 31 |        |
|---------------------------------------------|--------|----------------------------|-------------|
|                                        |   | 2010                       |        |   | 2009 |   |
| Diluted weighted average shares             |   |                       | ‘000s |   |   |   | ‘000s |   |
|                                        |   |                       |        |   |   |   |   |   |
| Basic                                       |   |                       | 17,783      |   |   |   | 13,671 |   |
| Effect of employee stock based awards       |   |                       | -           |   |   |   | - |   |
| Diluted weighted average shares outstanding |   |                       | 17,783      |   |   |   | 13,671 |   |

----

|                                                |   | CDN$000’s |    | Fair Value Hierarchy |
|-----------------------------------------------------|--------|-----------------|---------|----------------------|
| Cash and cash equivalents                           |   |            | 1,414   |                 | Level 1 |
| Receivables                                         |   |            | 45      |                 | Level 3 |
| Property, plant & equipment (net)               |   |            | 7,089   |                 | Level 3 |
| Prepayments                                         |   |            | 71      |                 | Level 3 |
| Investment in Royal Roads Corp                      |   |            | 855     |                 | Level 3 |
| Cash held for remediation                           |   |            | 925     |                 | Level 3 |
| Mineral rights                                      |   |            | 43,790  |                 | Level 3 |
|                                                |   |            |    |                 |   |
| Fair value of assets                                |   |            | 54,189  |                 | Level 3 |
|                                                |   |            |    |                 |   |
| Accounts payable & accrued expenses             |   |            | (3,152  | )                    | Level 3 |
| Other current liability                             |   |            | (2,099  | )                    | Level 3 |
| Equipment loans payable                             |   |            | (371    | )                    | Level 3 |
| Advance from Royal Roads Corp                       |   |            | (2,654  | )                    | Level 3 |
| Accrued site remediation                            |   |            | (2,400  | )                    | Level 3 |
|                                                |   |            |    |                 |   |
| Fair value of liabilities                           |   |            | (10,676 | )                    |   |
|                                                |   |            |    |                 |   |
| Net assets acquired                                 |   |            | 43,513  |                 |   |
| less: Cash consideration of additional 32.875%      |   |            | (4,000  | )                    |   |
| less: Fair value of previously held equity interest |   |            | (8,655  | )                    | Level 1 |
| less: Fair value of non-controlling interest        |   |            | (20,553 | )                    | Level 1 |
|                                                |   |            |    |                 |   |
| Bargain purchase gain                               |   |            | 10,305  |                 |   |

----

|                                     |   | 2010CDN$000’s |   |   | 2009CDN$000’s |   |
|------------------------------------------|--------|---------------------|--------|--------|---------------------|--------|
| Revenue                                  |   |                | -      |   |                |   | - |   |
| Net profit(loss)                         |   |                | (2,191 | )      |                |   | (22,147 | ) |
| Basic and diluted profit(loss) per share |   |                | (0.13  | )      |                |   | (2.84 | ) |

----

|                                   |   | CostCDN$ |      |  Accumulated DepreciationCDN$ |   |   | NetCDN$ |   |
|----------------------------------------|--------|----------|-----------|-----------------------------------------|--------|--------|---------|--------|
| Office                                 |   |     |      |                                    |   |   |    |   |   |
| Building                               |   |     | 260,118   |                                    |   |   | 4,822   |   |   |   | 255,296 |   |
| Automotive equipment                   |   |     | 63,015    |                                    |   |   | 14,701  |   |   |   | 48,314 |   |
| Office fixtures and computer equipment |   |     | 257,702   |                                    |   |   | 37,977  |   |   |   | 219,725 |   |
| Land                                   |   |     | 405,617   |                                    |   |   | -       |   |   |   | 405,617 |   |
|                                   |   |     |      |                                    |   |   |    |   |   |   |   |   |
|                                   |   |     | 986,452   |                                    |   |   | 57,500  |   |   |   | 928,952 |   |
|                                   |   |     |      |                                    |   |   |    |   |   |   |   |   |
| Mine Site                              |   |     |      |                                    |   |   |    |   |   |   |   |   |
| Land                                   |   |     | 566,950   |                                    |   |   | -       |   |   |   | 566,950 |   |
| Building                               |   |     | 1,842,204 |                                    |   |   | 103,590 |   |   |   | 1,738,614 |   |
| Automotive equipment                   |   |     | 212,684   |                                    |   |   | 28,358  |   |   |   | 184,326 |   |
| Equipment                              |   |     | 3,636,602 |                                    |   |   | 164,537 |   |   |   | 3,472,065 |   |
|                                   |   |     |      |                                    |   |   |    |   |   |   |   |   |
|                                   |   |     | 6,258,440 |                                    |   |   | 296,485 |   |   |   | 5,961,955 |   |
|                                   |   |     |      |                                    |   |   |    |   |   |   |   |   |
| Other                                  |   |     | 6,589     |                                    |   |   | 6,589   |   |   |   | - |   |
|                                   |   |     |      |                                    |   |   |    |   |   |   |   |   |
| Balance March 31, 2010                 |   |     | 7,251,481 |                                    |   |   | 360,574 |   |   |   | 6,890,907 |   |

|                                           |   | CDN$000s |   |
|------------------------------------------------|--------|----------|--------|
| Deferred tax asset                             |   |     |   |
| Net operating loss carry forward               |   |     | 2,996  |   |
| Exploration expenditure                        |   |     | 469    |   |
|                                           |   |     | 3,465  |   |
| Less valuation allowance                       |   |     | (3,465 | ) |
|                                           |   |     | -      |   |
|                                           |   |     |   |   |
| Deferred tax liabilityInvestment in subsidiary |   |     | (2,624 | ) |
| Net deferred taxes                             |   |     | (2,624 | ) |

----

|  Consolidated Balance SheetMarch 31, 2010             |
|------------------------------------------------------------|
|                                                       |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |
|                                                       |   | CDN$000’s(original) |   |  Companyacquisition fairvalue changesCDN$000’s |   |   | CDN$000’s(restated) |   |
| ASSETS                                                     |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |
| Current Assets                                             |   |   |   |   |   |   |   |   |   |
| Cash                                                       |   |   | 101 |   |   |   | - |   |   |   | 101 |   |
| Receivables                                                |   |   | 47 |   |   |   | - |   |   |   | 47 |   |
| Prepaid expenses and deposits                              |   |   | 182 |   |   |   | - |   |   |   | 182 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Current Assets                                       |   |   | 330 |   |   |   | - |   |   |   | 330 |   |
| Non Current Assets                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash held for site remediation                             |   |   | 925 |   |   |   | - |   |   |   | 925 |   |
| Property, plant and equipment                              |   |   | 7,148 |   |   |   | (257 | ) |   |   | 6,891 |   |
| Investment in non consolidated entity                      |   |   | 620 |   |   |   | (13 | ) |   |   | 607 |   |
| Mineral rights                                             |   |   | 86,798 |   |   |   | (43,008 | ) |   |   | 43,790 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non Current Assets                                   |   |   | 95,491 |   |   |   | (43,278 | ) |   |   | 52,213 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                                               |   |   | 95,821 |   |   |   | (43,278 | ) |   |   | 52,543 |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Current Liabilities                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                      |   |   | 1,791 |   |   |   | - |   |   |   | 1,791 |   |
| Note payable                                               |   |   | 1,000 |   |   |   | - |   |   |   | 1,000 |   |
| Lease liability                                            |   |   | 2,527 |   |   |   | (428 | ) |   |   | 2,099 |   |
| Advances from affiliates                                   |   |   | 3 |   |   |   | - |   |   |   | 3 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Current Liabilities                                  |   |   | 5,321 |   |   |   | (428 | ) |   |   | 4,893 |   |
| Non Current Liabilities                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Accrued site remediation                                   |   |   | 2,400 |   |   |   | - |   |   |   | 2,400 |   |
| Advances from affiliates                                   |   |   | 1,054 |   |   |   | - |   |   |   | 1,054 |   |
| Deferred tax liability                                     |   |   | 13,486 |   |   |   | (10,862 | ) |   |   | 2,624 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non Current Liabilities                              |   |   | 16,940 |   |   |   | (10,862 | ) |   |   | 6,078 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities                                          |   |   | 22,261 |   |   |   | (11,290 | ) |   |   | 10,971 |   |
| Stockholders’ Equity :                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Common Stock: $.0001 par value                             |   |   |   |   |   |   |   |   |   |   |   |   |
| 40,000,000 shares authorized (20,000,000 at June 30, 2009) |   |   |   |   |   |   |   |   |   |   |   |   |
| 22,631,764 and 12,671,413 issued and outstanding           |   |   | 27 |   |   |   | (25 | ) |   |   | 2 |   |
| Additional Paid-in-Capital                                 |   |   | 55,368 |   |   |   | (7,185 | ) |   |   | 48,183 |   |
| Less treasury stock at cost, 250 shares                    |   |   | (19 | ) |   |   | - |   |   |   | (19 | ) |
| Accumulated other comprehensive loss                       |   |   | (372 | ) |   |   | - |   |   |   | (372 | ) |
| Retained profit during exploration stage                   |   |   | 13,076 |   |   |   | (11,721 | ) |   |   | 1,355 |   |
| Retained deficit prior to exploration stage                |   |   | (24,748 | ) |   |   | - |   |   |   | (24,748 | ) |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Golden River Resources Stockholders Equity                 |   |   | 43,332 |   |   |   | (18,931 | ) |   |   | 24,401 |   |
| Non controlling interests                                  |   |   | 30,228 |   |   |   | (13,057 | ) |   |   | 17,171 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Equity                                               |   |   | 73,560 |   |   |   | (31,988 | ) |   |   | 41,572 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Equity                               |   |   | 95,821 |   |   |   | (43,278 | ) |   |   | 52,543 |   |

----

|  Consolidated Statement of OperationsThree months ended March 31, 2010             |
|-----------------------------------------------------------------------------------------|
|                                                                                    |   |   |   |   |   |   |   |   |
|                                                                                    |   | CDN$000’s(original) |   |  CompanyAcquisition fairvalue changesCDN$000s |   |   | CDN$000’s(restated) |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Costs and Expenses:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Exploration expenditure                                                                 |   |   | 546 |   |   |   | (160 | ) |   |   | 386 |   |
| Depreciation and amortization                                                           |   |   | 160 |   |   |   | (26 | ) |   |   | 134 |   |
| Profit on disposal of equipment                                                         |   |   | (12 | ) |   |   | 12 |   |   |   | - |   |
| Interest  expense, net                                                        |   |   | 2 |   |   |   | - |   |   |   | 2 |   |
| Legal, accounting and professional                                                      |   |   | 119 |   |   |   | - |   |   |   | 119 |   |
| Administration expenses                                                                 |   |   | 890 |   |   |   | (10 | ) |   |   | 880 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and expenses                                                                |   |   | 1,705 |   |   |   | (184 | ) |   |   | 1,521 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from operations                                                                  |   |   | (1,705 | ) |   |   | 184 |   |   |   | (1,521 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency exchange gain (Loss)                                                   |   |   | (2 | ) |   |   | - |   |   |   | (2 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) before income tax and equity in losses of unconsolidated entities                |   |   | (1,707 | ) |   |   | 184 |   |   |   | (1,523 | ) |
| Equity in (losses) of unconsolidated entities                                           |   |   | (92 | ) |   |   | - |   |   |   | (92 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) before income tax                                                                |   |   | (1,799 | ) |   |   | 184 |   |   |   | (1,615 | ) |
| Provision for deferred income tax                                                       |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss)                                                                              |   |   | (1,799 | ) |   |   | 184 |   |   |   | (1,615 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss attributable to non-controlling interests                                      |   |   | 473 |   |   |   | (58 | ) |   |   | 415 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (Loss) attributable to Golden River Resources stockholders                          |   |   | (1,326 | ) |   |   | 126 |   |   |   | (1,200 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted net profit/(loss) per common equivalent shares                        |   | $ | (0.07 | ) |   |   | - |   |   | $ | (0.07 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted weighted number of common equivalent shares outstanding (000’s) |   |   | 17,783 |   |   |   |   |   |   |   | 17,783 |   |

----

|  Consolidated Statement of OperationsNine months ended March 31, 2010              |
|-----------------------------------------------------------------------------------------|
|                                                                                    |
|                                                                                    |   | CDN$000’s(original) |   |  CompanyAcquisition fairvalue changesCDN$000s |   |   | CDN$000’s(restated) |   |
| Revenues                                                                                |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and Expenses:                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock based compensation                                                                |   |   | 39 |   |   |   | - |   |   |   | 39 |   |
| Exploration expenditure                                                                 |   |   | 1,547 |   |   |   | 123 |   |   |   | 1,670 |   |
| Depreciation and amortization                                                           |   |   | 892 |   |   |   | (538 | ) |   |   | 354 |   |
| Loss/(profit) on disposal of equipment                                                  |   |   | 247 |   |   |   | (247 | ) |   |   | - |   |
| Interest  expense, net                                                        |   |   | 141 |   |   |   | - |   |   |   | 141 |   |
| Legal, accounting and professional                                                      |   |   | 413 |   |   |   | 12 |   |   |   | 425 |   |
| Administration expenses                                                                 |   |   | 1,545 |   |   |   | (79 | ) |   |   | 1,466 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Total costs and expenses                                                                |   |   | 4,824 |   |   |   | (729 | ) |   |   | 4,095 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from operations                                                                  |   |   | (4.824 | ) |   |   | 729 |   |   |   | (4,095 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency exchange gain                                                          |   |   | 3 |   |   |   | - |   |   |   | 3 |   |
| Adjustment to fair value on stepped acquisition                                         |   |   | 16,098 |   |   |   | (8,665 | ) |   |   | 7,433 |   |
| Gain on bargain purchase                                                                |   |   | 24,626 |   |   |   | (14,321 | ) |   |   | 10,305 |   |
| Other Income:                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest – other                                                             |   |   | 1 |   |   |   | - |   |   |   | 1 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit before income tax and equity in profits of unconsolidated entities               |   |   | 35,904 |   |   |   | (22,257 | ) |   |   | 13,647 |   |
| Provision for deferred income tax                                                       |   |   | (13,486 | ) |   |   | 10,862 |   |   |   | (2,624 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit before equity in profits of unconsolidated enti8ties                             |   |   | 22,418 |   |   |   | (11,395 | ) |   |   | 11,023 |   |
| Equity in profits of unconsolidated entities                                            |   |   | 234 |   |   |   | - |   |   |   | 234 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Profit                                                                              |   |   | 22,652 |   |   |   | (11,395 | ) |   |   | 11,257 |   |
| Net profit attributable to non-controlling interests                                    |   |   | 1,713 |   |   |   | (326 | ) |   |   | 1,387 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net profit attributable to Golden River Resources stockholders                          |   |   | 24,365 |   |   |   | (11,721 | ) |   |   | 12,644 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted net profit per common equivalent shares                               |   | $ | 1.48 |   |   | $ | - |   |   | $ | 0.77 |   |
|                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted weighted number of common equivalent shares outstanding (000’s) |   |   | 16,473 |   |   |   | - |   |   |   | 16,473 |   |

----

|                                                                                                                              |   | CDN$000s(Original) |    |  CompanyAcquisition FairValue changes CDN$000s |   |   | CDN$000s(Restated) |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|----------------------------------------------------------|--------|--------|--------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                              |   |               |    |                                                     |   |   |               |   |   |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Net Profit                                                                                                                        |   |               | 24,365  |                                                     |   |   | (13,108            | )      |   |   | 11,257 |   |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Adjustments to reconcile net profit to net cash (used) in operatingactivities attributable to Golden River Resources shareholders |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Foreign currency exchange (loss)                                                                                                  |   |               | (3      | )                                                        |   |   | -                  |   |   |   | (3 | ) |
| Depreciation/amortization of plant and equipment                                                                                  |   |               | 892     |                                                     |   |   | (538               | )      |   |   | 354 |   |
| Loss on disposal of equipment                                                                                                     |   |               | 247     |                                                     |   |   | (247               | )      |   |   | - |   |
| Stock based compensation                                                                                                          |   |               | 39      |                                                     |   |   | -                  |   |   |   | 39 |   |
| Provision for deferred income tax                                                                                                 |   |               | 13,486  |                                                     |   |   | (10,862            | )      |   |   | 2,624 |   |
| Equity in profits of non-consolidated entities                                                                                    |   |               | (234    | )                                                        |   |   | -                  |   |   |   | (234 | ) |
| Net loss attributable to non controlling interests                                                                                |   |               | (1,713  | )                                                        |   |   | 1,713              |   |   |   | - |   |
| Adjustment to fair value on stepped acquisition                                                                                   |   |               | (16,098 | )                                                        |   |   | 8,665              |   |   |   | (7,433 | ) |
| Bargain purchase of controlled entities                                                                                           |   |               | (24,626 | )                                                        |   |   | 14,321             |   |   |   | (10,305 | ) |
| Accrued interest added to principal                                                                                               |   |               | 139     |                                                     |   |   | -                  |   |   |   | 139 |   |
| Net Change net of acquisition in:                                                                                                 |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Receivables                                                                                                                       |   |               | (41     | )                                                        |   |   | -                  |   |   |   | (41 | ) |
| Prepayments and deposits                                                                                                          |   |               | (182    | )                                                        |   |   | -                  |   |   |   | (182 | ) |
| Accounts payable and accrued expenses                                                                                             |   |               | (662    | )                                                        |   |   | 56                 |   |   |   | (606 | ) |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Net Cash (used) in Operating Activities                                                                                           |   |               | (4,391  | )                                                        |   |   | -                  |   |   |   | (4,391 | ) |
| CASH FLOW FROM INVESTING ACTIVITIES                                                                                               |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Acquisition of majority owned subsidiary net of cash acquired                                                                     |   |               | (7,585  | )                                                        |   |   | -                  |   |   |   | (7,585 | ) |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Net Cash (Used) in Investing Activities                                                                                           |   |               | (7,585  | )                                                        |   |   | -                  |   |   |   | (7,585 | ) |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES                                                                                        |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Borrowings from affiliates                                                                                                        |   |               | 5,178   |                                                     |   |   | -                  |   |   |   | 5,178 |   |
| Repayment s from affiliates                                                                                                       |   |               | (3,166  | )                                                        |   |   | -                  |   |   |   | (3,166 | ) |
| Proceeds from issuance of stock                                                                                                   |   |               | 10,764  |                                                     |   |   | -                  |   |   |   | 10,764 |   |
| Repayment of borrowings                                                                                                           |   |               | (139    | )                                                        |   |   | -                  |   |   |   | (139 | ) |
| Re-Purchase of warrants                                                                                                           |   |               | (579    | )                                                        |   |   | -                  |   |   |   | (579 | ) |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Net Cash Provided by Financing Activities                                                                                         |   |               | (12,058 | )                                                        |   |   | -                  |   |   |   | (12,058 | ) |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Effects of Exchange Rate on Cash                                                                                                  |   |               | -       |                                                     |   |   | -                  |   |   |   | - |   |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Net Increase  in Cash                                                                                                   |   |               | 82      |                                                     |   |   | -                  |   |   |   | 82 |   |
| Cash at Beginning of Period                                                                                                       |   |               | 19      |                                                     |   |   | -                  |   |   |   | 19 |   |
|                                                                                                                              |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Cash at End of Period                                                                                                             |   |               | 101     |                                                     |   |   | -                  |   |   |   | 101 |   |
| Supplemental Disclosures                                                                                                          |   |               |    |                                                     |   |   |               |   |   |   |   |   |
| Interest Paid                                                                                                                     |   |               | 139     |                                                     |   |   | -                  |   |   |   | 139 |   |

----

----

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations.

----

| a)   | an decrease in legal, accounting and professional expense from CDN$168,000 for the three months ended March 31, 2009 to CDN$119,000 for the three months ended March 31, 2010, primarily as a result of the non-reoccurrence in the three months ended March 31, 2010 of certain legal and accounting costs associated with the acquisition of Acadian Mining that were incurred in the three months ended March 31, 2009. Included within legal, accounting and professional expense for the three months ended March 31, 2010 is CDN$68,000 for Acadian which relates to general legal work, audit and stock transfer costs. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | an increase in administration expenses including salaries from CDN$31,000 in the three months ended March 31, 2009 to CDN$880,000 in the three months ended March 31, 2010. Included within administrative expense for the three months ended March 31, 2010 is CDN$699,000 for Acadian which includes head office salaries, rent, office related costs and travel. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | an increase in the exploration expenditure expense from CDN$39,000 for the three months ended March 31, 2009 to CDN$386,000 for the three months ended March 31, 2010. The costs related to consultants providing exploration reviews and advice. No field work was undertaken during the three months ended March 31, 2009 or 2010 by the Company on the Slave and Committee Bay properties. Included within exploration expenditure expense for the three months ended March 31, 2010 is work undertaken by Acadian for field exploration activities on its gold properties and certain maintenance work on its Scotia mine which is currently on care and maintenance. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | a decrease in stock based compensation from CDN$28,000 for the three months ended March 31, 2009  to CDN$Nil for the three months ended March 31, 2010 as a result of options being fully expensed prior to the current period. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | an increase in depreciation and amortization expense from CDN$nil for the three months ended March 31, 2009 to CDN$134,000 for the three months ended March 31, 2010. The depreciation and amortization expense for the three months ended March 31, 2010 relates to the activities of Acadian which is amortizing  the mine and mill (which is on care and maintenance), and equipment. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | an increase in interest expense from CDN$1,000 for the three months ended March 31, 2009 to CDN$2,000 for the three months ended March 31, 2010. The interest expense, net for the three months ended March 31, 2010 relates to the activities of Acadian which was paying interest on capital debt and the final cost of having the debtor in possession financing in place. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| a)   | an increase in legal, accounting and professional expense from CDN$227,000 for the nine months ended March 31, 2009 to CDN$425,000 for the nine months ended March 31, 2010, primarily as a result of costs associated with the Company’s SEC and IRS compliance obligations. Included within legal, accounting and professional expense for the nine months ended March 31, 2010 is CDN$71,000 which relates to the Company’s tax compliance work and CDN$103,000 for Acadian which relates to general legal work, audit and stock transfer costs. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | an increase in administration expenses including salaries from CDN$100,000 in the nine months ended March 31, 2009 to CDN$1,466,000 in the nine months ended March 31, 2010. Included within administrative expense for the nine months ended March 31, 2010 is CDN$1,122,000 for Acadian which includes head office salaries, rent, office related costs and travel. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | an increase in the exploration expenditure expense from CDN$111,000 for the nine months ended March 31, 2009 to CDN$1,670,000 for the nine months ended March 31, 2010. The costs related to consultants providing exploration reviews and advice. No field work was undertaken during the nine months ended March 31, 2009 or 2010 by the Company on the Slave and Committee Bay properties. Included within exploration expenditure expense for the nine months ended March 31, 2010 is work undertaken by Acadian for field exploration activities on its gold properties and certain maintenance work on its Scotia mine which is currently on care and maintenance and CDN$1,000,000 increase in provision for site remediation. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | a decrease in stock based compensation from CDN$145,000 for the nine months ended March 31, 2009 to CDN$39,000 for the nine months ended March 31, 2010 as a result of options being fully expensed prior to the current period. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | an increase in depreciation and amortization expense from CDN$nil for the nine months ended March 31, 2009 to CDN$354,000 for the nine months ended March 31, 2010. The depreciation and amortization expenses for the nine months ended March 31, 2010 relates to the activities of Acadian which is amortizing  the mine and mill (which is on care and maintenance), and equipment. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | an increase in interest expense from CDN$1,000 for the nine months ended March 31, 2009 to CDN$141,000 for the nine months ended March 31, 2010. The interest expense, net for the nine months ended March 31, 2010 relates to the activities of Acadian which was paying interest on capital debt and the final cost of having the debtor in possession financing in place. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
|---------|-------------------------------------------------------------|

| Item 4. | Controls and Procedures. |
|---------|--------------------------|

| a) | Disclosure Controls and Procedures |
|----|------------------------------------|

|  (b) | Changes in Internal Control Over Financial Reporting |
|-----------|------------------------------------------------------|

| (c) | Other |
|-----|-------|

----

| Item 1. | Legal Proceedings. |
|---------|--------------------|

| Item 1A. | Risk Factors. |
|----------|---------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|--------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities. |
|---------|----------------------------------|

| Item 4. | Removed and Reserved. |
|---------|-----------------------|

| Item 5. | Other Information. |
|---------|--------------------|

| Item 6. | Exhibits. |
|---------|-----------|

|   | (a) | Exhibit No. | Description |
|--------|-----|-------------|-------------|

|   | 3.1 | Amendment to Certificate of Incorporation dated December 14, 2009. |
|--------|-----|--------------------------------------------------------------------|

|   | 31.1 | Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

SIGNATURES

----

EXHIBIT INDEX

|   | Exhibit No. | Description |
|--------|-------------|-------------|

|   | 31.1 | Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|