----

----

----

----

| x                                                              |  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  |
|----------------------------------------------------------------|------------------------------------------------------------------------------------|
|                                                           |  ACT OF 1934                                                                  |
| For the quarterly period ended: March 31, 2011                 |
| 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).* |
|                                                                                                                                                                                                                                                                                                                                                         | o |   | o |   |
| *  The registrant has not yet been phased into the interactive data requirements                                                                                                                                                                                                                                                                   |

| 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 56,807,594 outstanding shares of Common Stock as of April 20, 2011.                                       |
|                                                                                                                                                                                                                                                     |
| 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                                                                        | 2 |
| Item 2  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| Item 3  | Quantitative and Qualitative Disclosures about Market Risk                                  | 23 |
| Item 4  | Controls and Procedures                                                                     | 23 |
|    |                                                                                        |   |
| PART II | OTHER INFORMATION                                                                           |   |
|    |                                                                                        |   |
| Item 1  | Legal Proceedings                                                                           | 24 |
| Item 1A | Risk Factors                                                                                | 24 |
| Item 2  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 24 |
| Item 3  | Defaults Upon Senior Securities                                                             | 24 |
| Item 4  | Removed and Reserved                                                                        | 24 |
| Item 5  | Other Information                                                                           | 24 |
| Item 6  | Exhibits                                                                                    | 24 |
|    |                                                                                        |   |

| SIGNATURES    |          | 25     |
|---------------|---------------|--------|
|          |          |   |
| EXHIBIT INDEX |          | 26     |
|          |          |   |
| Exh. 31.1     | Certification | 27     |
| Exh. 31.2     | Certification | 28     |
| Exh. 32.1     | Certification | 29     |
| Exh. 32.2     | Certification | 30     |

----

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

----

|                                               |   | March 31,2011   |    |   | June 30,2010    |   |
|----------------------------------------------------|--------|-----------------|---------|--------|-----------------|--------|
|                                               |   | CDN$000’s |    |   | CDN$000’s |   |
| ASSETS                                             |   |            |    |   |            |   |
|                                               |   |            |    |   |            |   |
| Current Assets                                     |   |            |    |   |            |   |
| Cash                                               |   |            | 82      |   |            |   | 957 |   |
| Receivables                                        |   |            | 72      |   |            |   | 78 |   |
| Prepaid expenses and deposits                      |   |            | 43      |   |            |   | 141 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Current Assets                               |   |            | 197     |   |            |   | 1,176 |   |
|                                               |   |            |    |   |            |   |   |   |
| Non Current Assets                                 |   |            |    |   |            |   |   |   |
| Cash held for site remediation (notes 11 and 13)   |   |            | 1,033   |   |            |   | 925 |   |
| Property, plant and equipment (notes 11 and 14)    |   |            | 5,837   |   |            |   | 6,757 |   |
| Mineral rights (notes 11 and 12)                   |   |            | 43,790  |   |            |   | 43,790 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Non Current Assets                           |   |            | 50,660  |   |            |   | 51,472 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Assets                                       |   |            | 50,857  |   |            |   | 52,648 |   |
|                                               |   |            |    |   |            |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY               |   |            |    |   |            |   |   |   |
|                                               |   |            |    |   |            |   |   |   |
| Current Liabilities                                |   |            |    |   |            |   |   |   |
| Accounts payable and accrued expenses (note 11)    |   |            | 1,473   |   |            |   | 2,090 |   |
| Note payable (note 4)                              |   |            | 900     |   |            |   | - |   |
| Other current liability (note 16)                  |   |            | 1,499   |   |            |   | 2,099 |   |
| Advances from affiliates (note 4)                  |   |            | 605     |   |            |   | 203 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Current Liabilities                          |   |            | 4,477   |   |            |   | 4,392 |   |
|                                               |   |            |    |   |            |   |   |   |
| Non Current Liabilities                            |   |            |    |   |            |   |   |   |
|                                               |   |            |    |   |            |   |   |   |
| Accrued site remediation (notes 11 and 15)         |   |            | 2,600   |   |            |   | 2,400 |   |
| Note payable (note 4)                              |   |            | -       |   |            |   | 900 |   |
| Advances from affiliates (note 4)                  |   |            | 1,023   |   |            |   | 1,129 |   |
| Deferred tax liability (note 17)                   |   |            | 2,729   |   |            |   | 2,624 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Non Current Liabilities                      |   |            | 6,352   |   |            |   | 7,053 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Liabilities                                  |   |            | 10,829  |   |            |   | 11,445 |   |
|                                               |   |            |    |   |            |   |   |   |
| Commitments (Note 8)                               |   |            |    |   |            |   |   |   |
|                                               |   |            |    |   |            |   |   |   |
| Stockholders’ Equity:                        |   |            |    |   |            |   |   |   |
| Common Stock: $.0001 par value                     |   |            |    |   |            |   |   |   |
| 400,000,000 shares authorized                      |   |            |    |   |            |   |   |   |
| 56,807,844 and 22,931,764 issued and outstanding   |   |            | 5       |   |            |   | 2 |   |
| Additional paid-in-capital                         |   |            | 53,550  |   |            |   | 48,810 |   |
| Less treasury stock at cost, 250 shares            |   |            | (19     | )      |            |   | (19 | ) |
| Accumulated other comprehensive loss               |   |            | (372    | )      |            |   | (372 | ) |
| Retained profit (deficit) during exploration stage |   |            | (3,026  | )      |            |   | 376 |   |
| Retained (deficit) prior to exploration stage      |   |            | (24,748 | )      |            |   | (24,748 | ) |
|                                               |   |            |    |   |            |   |   |   |
| Golden River Resources Stockholders’ Equity  |   |            | 25,390  |   |            |   | 24,049 |   |
| Non Controlling Interests (note 11)                |   |            | 14,638  |   |            |   | 17,154 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Equity                                       |   |            | 40,028  |   |            |   | 41,203 |   |
|                                               |   |            |    |   |            |   |   |   |
| Total Liabilities and Equity                       |   |            | 50,857  |   |            |   | 52,648 |   |

----

|                                                                                      |   | Three MonthsEndedMarch 31, 2011CDN$000’s |   |   | ThreeMonthsEndedMarch 31, 2010 CDN$000’s |   |   | Nine MonthsEndedMarch 31, 2011CDN$000’s |   |   | Nine MonthsEndedMarch 31, 2010 CDN$000’s |   |   | July 1, 2002toMarch 31, 2011CDN$000’s |   |
|-------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|------------------------------------------------|--------|--------|---------------------------------------------|--------|
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |
| Revenues                                                                                  |   |                                                | $-     |   |                                           |   | $-     |                                          |   |   | $-                                             |   |   |                                        | $-     |   |   |   | $- |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Costs and expenses:                                                                       |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Stock based compensation                                                                  |   |                                                | 134    |   |                                           |   | -      |                                          |   |   | 134                                            |   |   |                                        | 39     |   |   |   | 2,894 |   |
| Exploration expenditure                                                                   |   |                                                | 27     |   |                                           |   | 386    |                                          |   |   | 1,617                                          |   |   |                                        | 1,670  |   |   |   | 8,205 |   |
| Depreciation and amortization                                                             |   |                                                | 103    |   |                                           |   | 134    |                                          |   |   | 356                                            |   |   |                                        | 354    |   |   |   | 844 |   |
| Interest expense (income), net                                                            |   |                                                | -      |   |                                           |   | 2      |                                          |   |   | (65                                            | )      |   |                                        | 141    |   |   |   | 479 |   |
| Legal, accounting and professional                                                        |   |                                                | 107    |   |                                           |   | 119    |                                          |   |   | 508                                            |   |   |                                        | 425    |   |   |   | 2,244 |   |
| Administrative expenses                                                                   |   |                                                | 486    |   |                                           |   | 880    |                                          |   |   | 1,481                                          |   |   |                                        | 1,466  |   |   |   | 6,735 |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Total costs and expenses                                                                  |   |                                                | 857    |   |                                           |   | 1,521  |                                          |   |   | 4,031                                          |   |   |                                        | 4,095  |   |   |   | 21,401 |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| (Loss) from operations                                                                    |   |                                                | (857   | )      |                                           |   | (1,521 | )                                             |   |   | (4,031                                         | )      |   |                                        | (4,095 | ) |   |   | (21,401 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Foreign currency exchange gain (loss)                                                     |   |                                                | (2     | )      |                                           |   | (2     | )                                             |   |   | (149                                           | )      |   |                                        | 3      |   |   |   | (266 | ) |
| Adjustment to fair value on stepped acquisition (note 2)                                  |   |                                                | -      |   |                                           |   | -      |                                          |   |   | -                                              |   |   |                                        | 7,433  |   |   |   | 7,433 |   |
| Gain on bargain purchase (note 2)                                                         |   |                                                | -      |   |                                           |   | -      |                                          |   |   | -                                              |   |   |                                        | 10,305 |   |   |   | 10,305 |   |
| Profit on disposal of plant and equipment                                                 |   |                                                | -      |   |                                           |   | -      |                                          |   |   | 48                                             |   |   |                                        | -      |   |   |   | 48 |   |
| Write off of plant and equipment                                                          |   |                                                | -      |   |                                           |   | -      |                                          |   |   | (170                                           | )      |   |                                        | -      |   |   |   | (170 | ) |
| Other Income:                                                                             |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Profit from sale of equity investments                                                    |   |                                                | -      |   |                                           |   | -      |                                          |   |   | -                                              |   |   |                                        | -      |   |   |   | 1,355 |   |
| Interest (expense) income    – net, related entity                   |   |                                                | -      |   |                                           |   | -      |                                          |   |   | -                                              |   |   |                                        | -      |   |   |   | 5 |   |
| – other                                                                             |   |                                                | -      |   |                                           |   | -      |                                          |   |   | 1                                              |   |   |                                        | 1      |   |   |   | 12 |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Profit/(loss) before income tax and equity in profits/(losses) of unconsolidated entities |   |                                                | (859   | )      |                                           |   | (1,523 | )                                             |   |   | (4,301                                         | )      |   |                                        | 13,647 |   |   |   | (2,679 | ) |
| Provision for  income taxes (note 17)                                           |   |                                                | -      |   |                                           |   | -      |                                          |   |   | (105                                           | )      |   |                                        | (2,624 | ) |   |   | (2,729 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Profit/(loss) before equity in profits/(losses) of unconsolidated entities                |   |                                                | (859   | )      |                                           |   | (1,523 | )                                             |   |   | (4,406                                         | )      |   |                                        | 11,023 |   |   |   | (5,408 | ) |
| Equity in profits/(losses) of unconsolidated entities                                     |   |                                                | -      |   |                                           |   | (92    | )                                             |   |   | -                                              |   |   |                                        | 234    |   |   |   | (26 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Net profit/(loss)                                                                         |   |                                                | (859   | )      |                                           |   | (1,615 | )                                             |   |   | (4,406                                         | )      |   |                                        | 11,257 |   |   |   | (5,434 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Net loss attributable to non-controlling interests                                        |   |                                                | 209    |   |                                           |   | 415    |                                          |   |   | 1,004                                          |   |   |                                        | 1,387  |   |   |   | 2,408 |   |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Net profit/(loss) attributable to Golden River Resources Stockholders                     |   |                                                | (650   | )      |                                           |   | (1,200 | )                                             |   |   | (3,402                                         | )      |   |                                        | 12,644 |   |   |   | (3,026 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Basic and diluted net profit/(loss) per common equivalent shares                          |   |                                                | ($0.01 | )      |                                           |   | $(0.07 | )                                             |   |   | ($0.10                                         | )      |   |                                        | $0.77  |   |   |   | $(0.42 | ) |
|                                                                                      |   |                                                |   |   |                                           |   |   |                                          |   |   |                                           |   |   |                                        |   |   |   |   |   |   |
| Weighted average number of common equivalent shares                                       |   |                                                | 56,807 |   |                                           |   | 17,783 |                                          |   |   | 35,068                                         |   |   |                                        | 16,473 |   |   |   | 7,201 |   |

----

|                                                                                  |   | Nine monthsended March 31, 2011CDN$000’s |   |   | Nine monthsended March 31, 2010CDN$000’s |   |    | July 1, 2002toMarch 31, 2011CDN$000’s |   |
|---------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------|------------------------------------------------|--------|---------|---------------------------------------------|--------|
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                  |   |                                           |   |   |                                           |   |    |                                        |   |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |
| Net profit/(loss)                                                                     |   |                                           | (4,406 | )      |                                           |   | 11,257  |                                        |   |   | (5,434 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Adjustments to reconcile net profit (loss) to net cash (used) in operating activities |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Foreign currency exchange (gain)/ loss                                                |   |                                           | 149    |   |                                           |   | (3      | )                                           |   |   | 266 |   |
| Depreciation /amortization of plant and equipment                                     |   |                                           | 356    |   |                                           |   | 354     |                                        |   |   | 844 |   |
| Stock based compensation                                                              |   |                                           | 134    |   |                                           |   | 39      |                                        |   |   | 2,894 |   |
| Provision for  deferred income tax                                          |   |                                           | 105    |   |                                           |   | 2,624   |                                        |   |   | 2,729 |   |
| Equity in profits/(losses) 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 | ) |
| Profit from sale of equity investment                                                 |   |                                           | -      |   |                                           |   | -       |                                        |   |   | (1,355 | ) |
| Profit on disposal of plant and equipment                                             |   |                                           | (48    | )      |                                           |   | -       |                                        |   |   | (48 | ) |
| Write off of exploration costs                                                        |   |                                           | 377    |   |                                           |   | -       |                                        |   |   | 377 |   |
| Write off of plant and equipment                                                      |   |                                           | 170    |   |                                           |   | -       |                                        |   |   | 170 |   |
| Accrued interest added to principal                                                   |   |                                           | -      |   |                                           |   | 139     |                                        |   |   | 320 |   |
| Net change net of acquisition in:                                                     |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Receivables                                                                           |   |                                           | (6     | )      |                                           |   | (41     | )                                           |   |   | (83 | ) |
| Staking deposit                                                                       |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 22 |   |
| Prepaid expenses and deposits                                                         |   |                                           | 10     |   |                                           |   | (182    | )                                           |   |   | (131 | ) |
| Accounts payable and accrued expenses                                                 |   |                                           | 682    |   |                                           |   | (606    | )                                           |   |   | 1,286 |   |
| Accrued site remediation                                                              |   |                                           | (200   | )      |                                           |   | -       |                                        |   |   | (200 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Net Cash (Used) in Operating Activities                                               |   |                                           | (2,677 | )      |                                           |   | (4,391  | )                                           |   |   | (16,055 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| CASH FLOW FROM INVESTING ACTIVITIES                                                   |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Proceeds of sale of equity investment                                                 |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 1,963 |   |
| Investment in consolidated entity                                                     |   |                                           | (1,477 | )      |                                           |   | (7,585  | )                                           |   |   | (10,062 | ) |
| Proceeds of disposal of plant and equipment                                           |   |                                           | 76     |   |                                           |   | -       |                                        |   |   | 76 |   |
| Purchase of plant and equipment                                                       |   |                                           | (19    | )      |                                           |   | -       |                                        |   |   | (199 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Net Cash (Used) in Investing Activities                                               |   |                                           | (1,420 | )      |                                           |   | (7,585  | )                                           |   |   | (8,222 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES                                            |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Borrowings from affiliates                                                            |   |                                           | 1,747  |   |                                           |   | 5,178   |                                        |   |   | 8,091 |   |
| Repayments to affiliates                                                              |   |                                           | (1,622 | )      |                                           |   | (3,166  | )                                           |   |   | (4,788 | ) |
| Proceeds from issuance of stock                                                       |   |                                           | 3,097  |   |                                           |   | 10,764  |                                        |   |   | 13,861 |   |
| Repayment of borrowings                                                               |   |                                           | -      |   |                                           |   | (139    | )                                           |   |   | (139 | ) |
| Sale of warrants (net)                                                                |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 4,749 |   |
| Re-purchase of warrants                                                               |   |                                           | -      |   |                                           |   | (579    | )                                           |   |   | (579 | ) |
| Proceeds from loan payable                                                            |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 3,261 |   |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Net Cash Provided by Financing Activities                                             |   |                                           | 3,222  |   |                                           |   | 12,058  |                                        |   |   | 24,456 |   |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Effects of Exchange Rate on Cash                                                      |   |                                           | -      |   |                                           |   | -       |                                        |   |   | (97 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Net (Decrease)/Increase  in Cash                                            |   |                                           | (875   | )      |                                           |   | 82      |                                        |   |   | 82 |   |
| Cash at Beginning of Period                                                           |   |                                           | 957    |   |                                           |   | 19      |                                        |   |   | - |   |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Cash at End of Period                                                                 |   |                                           | 82     |   |                                           |   | 101     |                                        |   |   | 82 |   |
| Supplemental Disclosures                                                              |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Interest Paid                                                                         |   |                                           | 42     |   |                                           |   | 139     |                                        |   |   | 521 |   |
|                                                                                  |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| NON CASH FINANCING ACTIVITY                                                           |   |                                           |   |   |                                           |   |    |                                        |   |   |   |   |
| Debt repaid through issuance of shares                                                |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 5,771 |   |
| Stock options recorded as deferred compensation                                       |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 1,258 |   |
| Extinguishment of related party debt                                                  |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 593 |   |
| Stock issued for acquisition of properties                                            |   |                                           | -      |   |                                           |   | -       |                                        |   |   | 627 |   |

----

|                                                                         |   | Shares |        |   | Common StockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | Retained Profit/(Deficit)during the Exploration stage |            |   | Retained (Deficit)prior to Exploration stage |            |    | 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 stage |            |   | 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         |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Issuance of 300,000 shares as part purchase price of mining properties     |   |               | 300         |   |               | -               |   |                  | -               |   |                     | $627            |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | -               |   |              | $627            |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Re-purchase of warrants                                                    |   |               | -           |   |               | -               |   |                  | -               |   |                     | $(579           | )      |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | -               |   |              | $(579           | ) |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Net unrealized gain on foreign exchange                                    |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | $22             |   |                      | -               |   |              | $22             |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Net profit                                                                 |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | $10,261         |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | -               |   |              | $10,261         |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Adjustment for  additional investment in consolidated subsidiary |   |               | -           |   |               | -               |   |                  | -               |   |                     | $1,994          |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | $(1,994         | )      |              | $0              |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Fair value of non-controlling interest                                     |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | $20,552         |   |              | $20,552         |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Net loss attributable to non-controlling interests                         |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | $1,404          |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | $(1,404         | )      |              | $0              |   |
|                                                                       |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Balance June 30, 2010                                                      |   |               | 22,931      |   |               | $2              |   |                  | $(19            | )      |                     | $48,810         |   |                                                  | $376            |   |                                              | $(24,748        | )      |                   | $-              |   |                                | $(372           | )      |                      | $17,154         |   |              | $41,203         |   |

----

|                                                             |   |   Shares |        |   | Common StockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | Retained Profit/(Deficit)during the Exploration stage |            |   | Retained (Deficit)prior to Exploration stage |            |   | 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 |   |
| Issue of 33,875,000 shares                                       |   |               | 33,876      |   |               | $3              |   |                  | -               |   |                     | $3,094          |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | -               |   |              | $3,097          |   |
|                                                             |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Amortization of 800,000 options under employee stock option plan |   |               | -           |   |               | -               |   |                  | -               |   |                     | $134            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              | $134            |   |
|                                                             |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Net (loss)                                                       |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | $(4,406         | )      |                                              | -               |   |                   | -               |   |                                | -               |   |                      | -               |   |              | $(4,406         | ) |
|                                                             |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Adjustment for additional investment in consolidated subsidiary  |   |               | -           |   |               | -               |   |                  | -               |   |                     | $1,512          |   |                                                  | -               |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | $(1,512         | )      |              | $0              |   |
|                                                             |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Net loss attributable to non-controlling interests               |   |               | -           |   |               | -               |   |                  | -               |   |                     | -               |   |                                                  | $1,004          |   |                                              | -               |   |                   | -               |   |                                | -               |   |                      | $(1,004         | )      |              | $0              |   |
|                                                             |   |               |        |   |               |            |   |                  |            |   |                     |            |   |                                                  |            |   |                                              |            |   |                   |            |   |                                |            |   |                      |            |   |              |            |   |
| Balance March 31, 2011                                           |   |               | 56,807      |   |               | $5              |   |                  | $(19            | )      |                     | $53,550         |   |                                                  | $(3,026         | )      |                                              | $(24,748        | )      |                   | $-              |   |                                | $(372           | )      |                      | $14,638         |   |              | $40,028         |   |

----

|                                                |   | Preliminary Fair Value Amounts CDN$000’s |    |   | FinalFair Value Amounts CDN$000’s |   |
|-----------------------------------------------------|--------|------------------------------------------------|---------|--------|-----------------------------------------|--------|
| Cash and cash equivalents                           |   |                                           | 1,414   |   |                                    |   | 1,414 |   |
| Receivables                                         |   |                                           | 45      |   |                                    |   | 45 |   |
| Property, plant & equipment (net)               |   |                                           | 10,033  |   |                                    |   | 7,089 |   |
| Prepayments                                         |   |                                           | 71      |   |                                    |   | 71 |   |
| Investment in Royal Roads Corp                      |   |                                           | 855     |   |                                    |   | 855 |   |
| Cash held for remediation                           |   |                                           | 925     |   |                                    |   | 925 |   |
| Mineral rights (i)                                  |   |                                           | 86,798  |   |                                    |   | 43,790 |   |
|                                                |   |                                           |    |   |                                    |   |   |   |
| Fair value of assets                                |   |                                           | 100,141 |   |                                    |   | 54,189 |   |
|                                                |   |                                           |    |   |                                    |   |   |   |
| Accounts payable & accrued expenses             |   |                                           | (3,807  | )      |                                    |   | (3,152 | ) |
| Other current liability                             |   |                                           | (4,723  | )      |                                    |   | (2,099 | ) |
| Equipment loans payable                             |   |                                           | (371    | )      |                                    |   | (371 | ) |
| Advance from Royal Roads Corp                       |   |                                           | (2,654  | )      |                                    |   | (2,654 | ) |
| Accrued site remediation                            |   |                                           | (1,400  | )      |                                    |   | (2,400 | ) |
|                                                |   |                                           |    |   |                                    |   |   |   |
| Fair value of liabilities                           |   |                                           | (12,955 | )      |                                    |   | (10,676 | ) |
|                                                |   |                                           |    |   |                                    |   |   |   |
| Net assets acquired                                 |   |                                           | 87,146  |   |                                    |   | 43,513 |   |
| less: Cash consideration of additional 32.875%      |   |                                           | (4,000  | )      |                                    |   | (4,000 | ) |
| less: Fair value of previously held equity interest |   |                                           | (17,430 | )      |                                    |   | (8,655 | ) |
| less: Fair value of non-controlling interest        |   |                                           | (41,130 | )      |                                    |   | (20,553 | ) |
|                                                |   |                                           |    |   |                                    |   |   |   |
|                                                |   |                                           |    |   |                                    |   |   |   |
| Bargain purchase gain                               |   |                                           | 24,626  |   |                                    |   | 10,305 |   |

| (i)   | At the date of acquisition, management estimated the provisional fair value of the mineral rights using known information at the time. Subsequently, the Company retained an investment banking firm to provide a formal valuation which has been used in the final fair value calculations. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   |              |   | Outstanding      |    |   | Exercisable      |   |    |
|--------|-------------------|--------|------------------|---------|--------|------------------|--------|---------|
|   | Number of options |   |             | 80,000  |   |             |   | 80,000  |   |   |
|   | Exercise price    |   | $                | US10.00 |   |             | $      | US10.00 |   |   |
|   | Expiration date   |   | October 15, 2014 |    |   | October 15, 2014 |   |    |

|   |              |   | Outstanding      |    |   | Exercisable      |   |    |
|--------|-------------------|--------|------------------|---------|--------|------------------|--------|---------|
|   | Number of options |   |             | 405,000 |   |             |   | 405,000 |   |   |
|   | Exercise price    |   | $                | US3.08  |   |             | $      | US3.08  |   |   |
|   | Expiration date   |   | October 19, 2016 |    |   | October 19, 2016 |   |    |

----

| (a)   | On June 15, 2010, the Company granted 500,000 options to one director of the Company with an exercise price of CDN$0.45 per share expiring June 15, 2015, to be vested one-third on grant date, one-third after 12 months from grant date and one-third after 24 months from grant date. The total value of the options equates to CDN$138,765 and such amount is amortized over the vesting period. For the nine months ending March 31, 2011, stock based compensation expense relating to stock options was CDN$98,292. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |              |   | Outstanding   |    |   | Exercisable   |   |    |
|--------|-------------------|--------|---------------|---------|--------|---------------|--------|---------|
|   | Number of options |   |          | 500,000 |   |          |   | 166,666 |   |   |
|   | Exercise price    |   | CDN$0.45      |    |   | CDN$0.45      |   |    |
|   | Expiration date   |   | June 15, 2015 |    |   | June 15, 2015 |   |    |

| (b)   | On August 18, 2010, the Company granted 300,000 Acadian options to three directors of the Company with an exercise price of CDN$0.45 per share expiring August 18, 2015, to be vested one-third on grant date, one-third after 12 months from grant date and one-third after 24 months from grant date. The total value of the options equates to CDN$56,349 and such amount is amortized over the vesting period. For the nine months ending March 31, 2011, stock based compensation expense relating to stock options was CDN$35,218. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |              |   | Outstanding     |    |   | Exercisable     |   |    |
|--------|-------------------|--------|-----------------|---------|--------|-----------------|--------|---------|
|   | Number of options |   |            | 300,000 |   |            |   | 100,000 |   |   |
|   | Exercise price    |   | CDN$0.45        |    |   | CDN$0.45        |   |    |
|   | Expiration date   |   | August 18, 2015 |    |   | August 18, 2015 |   |    |

|   |                                |   | Nine months endedMarch 31 |            |   |
|--------|-------------------------------------|--------|---------------------------|-----------------|--------|
|   |  Weighted average shares       |   |                      | 2011‘000s |   |   |   | 2010‘000s |   |   |
|   | Outstanding  - basic      |   |                      | 35,068          |   |   |   | 16,473 |   |   |
|   | Warrants                            |   |                      | -               |   |   |   | - |   |   |
|   | Weighted average shares outstanding |   |                      | 35,068          |   |   |   | 16,473 |   |   |

----

|   |                                        |   | Three months endedMarch 31 |           |   |
|--------|---------------------------------------------|--------|----------------------------|----------------|--------|
|   |  Diluted weighted average shares       |   |                       | 2011‘000 |   |   |   | 2010‘000 |   |   |
|   | Basic                                       |   |                       | 56,807         |   |   |   | 17,783 |   |   |
|   | Effect of employee stock based awards       |   |                       | -              |   |   |   | - |   |   |
|   | Diluted weighted average shares outstanding |   |                       | 56,807         |   |   |   | 17,783 |   |   |

----

|   |                                     |   | EstimateCDN$Millions |   |   |
|--------|------------------------------------------|--------|----------------------|--------|--------|
|   | Assets                                   |   |                 |   |   |
|   | Property, plant and equipment            |   |                 | 5.0    |   |   |
|   | Mineral rights                           |   |                 | 4.0    |   |   |
|   | Cash held for site remediation           |   |                 | 1.0    |   |   |
|   |                                     |   |                 | 10.0   |   |   |
|   | Liabilities                              |   |                 |   |   |   |
|   | Accounts payable and accrued liabilities |   |                 | 0.9    |   |   |
|   | Accrued site remediation                 |   |                 | 2.6    |   |   |
|   |                                     |   |                 | 3.5    |   |   |
|   | Net Assets                               |   |                 | 6.5    |   |   |

|   |                                   |   | CostCDN$ |      |   | Accumulated DepreciationCDN$ |   |    | NetCDN$ |   |   |
|--------|----------------------------------------|--------|----------|-----------|--------|------------------------------|--------|---------|---------|--------|--------|
|   | Office                                 |   |     |      |   |                         |   |    |    |   |   |
|   | Building                               |   |     | 260,119   |   |                         |   | 18,853  |    |   |   | 241,266 |   |   |
|   | Automotive equipment                   |   |     | 18,378    |   |                         |   | 8,408   |    |   |   | 9,970 |   |   |
|   | Office fixtures and computer equipment |   |     | 243,983   |   |                         |   | 77,112  |    |   |   | 166,871 |   |   |
|   | Land                                   |   |     | 405,617   |   |                         |   | -       |    |   |   | 405,617 |   |   |
|   |                                   |   |     | 928,097   |   |                         |   | 104,373 |    |   |   | 823,724 |   |   |
|   |                                   |   |     |      |   |                         |   |    |    |   |   |   |   |   |
|   | Mine Site                              |   |     |      |   |                         |   |    |    |   |   |   |   |   |
|   | Land                                   |   |     | 566,950   |   |                         |   | -       |    |   |   | 566,950 |   |   |
|   | Building                               |   |     | 1,401,204 |   |                         |   | 180,299 |    |   |   | 1,220,905 |   |   |
|   | Equipment                              |   |     | 3,636,602 |   |                         |   | 411,342 |    |   |   | 3,225,260 |   |   |
|   |                                   |   |     | 5,604,756 |   |                         |   | 591,641 |    |   |   | 5,013,115 |   |   |
|   | Other                                  |   |     | 6,589     |   |                         |   | 6,589   |    |   |   | - |   |   |
|   | Balance March 31, 2011                 |   |     | 6,539,442 |   |                         |   | 702,603 |    |   |   | 5,836,839 |   |   |

----

|   |                                         |   | USACDN$000s |   |   | CanadaCDN$000s |   |   | TotalCDN$000s |   |   |
|--------|----------------------------------------------|--------|-------------|--------|--------|----------------|--------|--------|---------------|--------|--------|
|   |                                         |   |        |   |   |           |   |   |          |   |   |
|   | Deferred tax assets                          |   |        |   |   |           |   |   |          |   |   |
|   |   Net operating loss carry-forward |   |        | 1,865  |   |           |   | 343    |          |   |   | 2,208 |   |   |
|   |   Exploration expenditure          |   |        | 790    |   |           |   | 1,457  |          |   |   | 2,247 |   |   |
|   |                                         |   |        | 2,655  |   |           |   | 1,800  |          |   |   | 4,455 |   |   |
|   |   Less valuation allowance         |   |        | (2,655 | )      |           |   | (1,800 | )             |   |   | (4,455 | ) |   |
|   |                                         |   |        | -      |   |           |   | -      |          |   |   | - |   |   |
|   |                                         |   |        |   |   |           |   |   |          |   |   |   |   |   |
|   | Deferred tax liability                       |   |        |   |   |           |   |   |          |   |   |   |   |   |
|   |   Investment in subsidiary         |   |        | (2,729 | )      |           |   | -      |          |   |   | (2,729 | ) |   |
|   | Net deferred taxes                           |   |        | (2,729 | )      |           |   | -      |          |   |   | (2,729 |   |   |

----

----

Item 2. 

| a)   | an increase in stock based compensation from CDN$nil for the three months ended March 31, 2010 to CDN$134,000 for the three months ended March 31, 2011 as a result of options issued to Directors by Acadian which are being progressively expensed over the vesting period. See Note 6 concerning the Company’s outstanding stock options. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | a decrease in the exploration expenditure expense from CDN$386,000 for the three months ended March 31, 2010 to CDN$27,000 for the three months ended March 31, 2011. For Golden River Resources, the costs related to consultants providing exploration reviews and advice on the Slave and Committee Bay properties as no field work was undertaken during the three months ended March 31, 2010 or 2011 by the Company. Included within exploration expenditure expense for the three months ended March 31, 2011 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. The decrease in exploration expenditure during the three months ended March 31, 2011 was primarily due to a decrease in site remediation accrual for Acadian’s exploration and mining sites resulting from the revaluation of the remediation costs on the gold properties. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| c)   | a decrease in depreciation and amortization expense from CDN$134,000 for the three months ended March 31, 2010 to CDN$103,000 for the three months ended March 31, 2011. The depreciation and amortization expense relates to the activities of Acadian which is amortizing the mine and mill (which is on care and maintenance) and equipment. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | a decrease in interest expense from CDN$2,000 for the three months ended March 31, 2010 to CDN$nil for the three months ended March 31, 2011. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | a decrease in legal, accounting and professional expense from CDN$119,000 for the three months ended March 31, 2010 to CDN$107,000 for the three months ended March 31, 2011. Included within legal, accounting and professional expense for the three months ended March 31, 2011 is CDN$45,000 for costs associated with the Company’s SEC compliance obligations and CDN$46,000 for Acadian which relates to general legal work, audit and stock transfer costs. The decrease is primarily the result of a reduction in legal costs of Acadian following the settlement of the CCAA proceedings and a legal dispute in the prior year. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | a decrease in administrative costs including salaries from CDN$880,000 in the three months ended March 31, 2010 to CDN$486,000 in the three months ended March 31, 2011. Included within administrative expense for the three months ended March 31, 2011 is CDN$462,000 for Acadian compared to CDN$699,000 for the three months ended March 31, 2010 which includes head office salaries, rent, office related costs and travel. The decrease relates to the decrease in head office salaries, and a decrease in office and statutory filing costs. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                                                |   | Preliminary Fair Value Amounts CDN$000’s |    |   | FinalFair Value Amounts CDN$000’s |   |    |
|--------|-----------------------------------------------------|--------|------------------------------------------------|---------|--------|-----------------------------------------|--------|---------|
|   | Cash and cash equivalents                           |   |                                           | 1,414   |   |                                    |   | 1,414   |   |   |
|   | Receivables                                         |   |                                           | 45      |   |                                    |   | 45      |   |   |
|   | Property, plant & equipment (net)               |   |                                           | 10,033  |   |                                    |   | 7,089   |   |   |
|   | Prepayments                                         |   |                                           | 71      |   |                                    |   | 71      |   |   |
|   | Investment in Royal Roads Corp                      |   |                                           | 855     |   |                                    |   | 855     |   |   |
|   | Cash held for remediation                           |   |                                           | 925     |   |                                    |   | 925     |   |   |
|   | Mineral rights (i)                                  |   |                                           | 86,798  |   |                                    |   | 43,790  |   |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   | Fair value of assets                                |   |                                           | 100,141 |   |                                    |   | 54,189  |   |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   | Accounts payable & accrued expenses             |   |                                           | (3,807  | )      |                                    |   | (3,152  | ) |   |
|   | Other current liability                             |   |                                           | (4,723  | )      |                                    |   | (2,099  | ) |   |
|   | Equipment loans payable                             |   |                                           | (371    | )      |                                    |   | (371    | ) |   |
|   | Advance from Royal Roads Corp                       |   |                                           | (2,654  | )      |                                    |   | (2,654  | ) |   |
|   | Accrued site remediation                            |   |                                           | (1,400  | )      |                                    |   | (2,400  | ) |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   | Fair value of liabilities                           |   |                                           | (12,955 | )      |                                    |   | (10,676 | ) |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   | Net assets acquired                                 |   |                                           | 87,146  |   |                                    |   | 43,513  |   |   |
|   | less: Cash consideration of additional 32.875%      |   |                                           | (4,000  | )      |                                    |   | (4,000  | ) |   |
|   | less: Fair value of previously held equity interest |   |                                           | (17,430 | )      |                                    |   | (8,655  | ) |   |
|   | less: Fair value of non-controlling interest        |   |                                           | (41,130 | )      |                                    |   | (20,553 | ) |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   |                                                |   |                                           |    |   |                                    |   |    |   |   |
|   | Bargain purchase gain                               |   |                                           | 24,626  |   |                                    |   | 10,305  |   |   |

| (i)   | At the date of acquisition, management estimated the provisional fair value of the mineral rights using known information at the time. Subsequently, the Company retained an investment banking firm to provide a formal valuation which has been used in the final fair value calculations. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | an increase in stock based compensation from CDN$39,000 for the nine months ended March 31, 2010 to CDN$134,000 for the nine months ended March 31, 2011 as a result of options issued to Directors by Acadian which are being progressively expensed over the vesting period. See Note 6 concerning the Company’s outstanding stock options. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | a decrease in the exploration expenditure expense from CDN$1,670,000 for the six months ended March 31, 2010 to CDN$1,617,000 for the nine months ended March 31, 2011. In relation to Golden River Resources, the costs related to consultants providing exploration reviews and advice on the Slave and Committee Bay properties as no field work was undertaken during the nine months ended March 31, 2010 or 2011. Included within exploration expenditure expense for the nine months ended March 31, 2011 is CDN$1,347,000 for field exploration activities on Acadian’s gold properties and certain maintenance work on its Scotia mine which is currently on care and maintenance which was partially offset by a decrease in site remediation accrual for Acadian’s exploration and mining sites. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | an increase in depreciation and amortization expense from CDN$354,000 for the nine months ended March 31, 2010 to CDN$356,000 for the nine months ended March 31, 2011. The depreciation and amortization expense relates to the activities of Acadian which is amortizing the mine and mill (which is on care and maintenance) and equipment. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | a decrease in interest expense from CDN$141,000 for the nine months ended March 31, 2010 to CDN$(65,000) for the nine months ended March 31, 2011. The interest expenses for the nine months ended March 31, 2011 relates to the reversal of accruals for interest on a third party liability following confirmation of the final amount owing. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| e)   | an increase in legal, accounting and professional expense from CDN$425,000 for the nine months ended March 31, 2010 to CDN$508,000 for the nine months ended March 31, 2011. Included within legal, accounting and professional expense for the nine months ended March 31, 2011 is CDN$146,000 which relates to the Company’s tax compliance work, CDN$129,000 for costs associated with the Company’s SEC compliance obligations and $205,000 for Acadian which relates to general legal work, audit and stock transfer costs. The increase in the current year relates to professional services on tax related matters. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f)   | an increase in administrative costs including salaries from CDN$1,466,000 in the nine months ended March 31, 2010 to CDN$1,481,000 in the nine months ended March 31, 2011. Included within administrative expense for the nine months ended March 31, 2011 is CDN$1,402,000 for Acadian which includes head office salaries, rent, office related costs and travel. The increase relates to the increased cost of the new President & CEO of Acadian, increased travel and accommodation costs of Acadian in its activities, supplies and office and general costs. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

----

|   |   | Golden River Resources Corporation |
|--------|--------|------------------------------------|

----

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