----

----

| x                                                              |  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  |
|----------------------------------------------------------------|------------------------------------------------------------------------------------|
|                                                           |  ACT OF 1934                                                                  |
| For the quarterly period ended: September 30, 2010             |
| or                                                             |
|                                                           |                                                                               |
| o                                                              |  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
|                                                           |  ACT OF 1934                                                                  |
| For the transition period from: _____________ to _____________ |

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

|   | x |  Yes |   o |  No |
|--------|---|-----------|----------|----------|

| * The registrant has not yet been phased into the interactive data requirements. |   o |  Yes |   o |  No |
|----------------------------------------------------------------------------------|----------|-----------|----------|----------|

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

|   |   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 | 16      |
| Item 3        | Quantitative and Qualitative Disclosure about Market Risk                                   | 19      |
| Item 4        | Controls and Procedures                                                                     | 20      |
|          |                                                                                        |    |
| PART II       | OTHER INFORMATION                                                                           |    |
|          |                                                                                        |    |
| Item 1        | Legal Proceedings                                                                           | 21      |
| Item 1A       | Risk Factors                                                                                | 21      |
| Item 2        | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 21      |
| Item 3        | Defaults Upon Senior Securities                                                             | 21      |
| Item 4        | Removed and Reserved                                                                        | 21      |
| Item 5        | Other Information                                                                           | 21      |
| Item 6        | Exhibits                                                                                    | 21      |
|          |                                                                                        |    |
|          |                                                                                        |    |
| SIGNATURES    |                                                                                        | 22      |
|          |                                                                                        |    |
| EXHIBIT INDEX |                                                                                        | 23      |
|          |                                                                                        |    |
|          |                                                                                        |    |
| Exh. 31.1     | Certification                                                                               | 24      |
| Exh. 31.2     | Certification                                                                               | 25      |
| Exh. 32.1     | Certification                                                                               | 26      |
| Exh. 32.2     | Certification                                                                               | 27      |
|          |                                                                                        |    |
|          |                                                                                        |    |

----

PART I – FINANCIAL INFORMATION

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

----

|                                                                                      |   | September 30, 2010 |    |   | June 30, 2010   |   |
|-------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|-----------------|--------|
|                                                                                      |   | CDN$000’s    |    |   | CDN$000’s |   |
|                                                                                      |   | (Unaudited)        |    |   |            |   |
| ASSETS                                                                                    |   |               |    |   |            |   |
|                                                                                      |   |               |    |   |            |   |
| Current Assets                                                                            |   |               |    |   |            |   |
| Cash                                                                                      |   |               | 1,351   |   |            |   | 957 |   |
| Receivables                                                                               |   |               | 125     |   |            |   | 78 |   |
| Prepaid expenses and deposits                                                             |   |               | 172     |   |            |   | 141 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Current Assets                                                                      |   |               | 1,648   |   |            |   | 1,176 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Non Current Assets                                                                        |   |               |    |   |            |   |   |   |
| Cash held for site remediation (note 13)                                                  |   |               | 925     |   |            |   | 925 |   |
| Property, plant and equipment (note 14)                                                   |   |               | 6,644   |   |            |   | 6,757 |   |
| Mineral rights (note 12)                                                                  |   |               | 43,790  |   |            |   | 43,790 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Non Current Assets                                                                  |   |               | 51,359  |   |            |   | 51,472 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Assets                                                                              |   |               | 53,007  |   |            |   | 52,648 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                      |   |               |    |   |            |   |   |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Current Liabilities                                                                       |   |               |    |   |            |   |   |   |
| Accounts payable and accrued expenses                                                     |   |               | 2,182   |   |            |   | 2,090 |   |
| Note payable (note 4)                                                                     |   |               | 900     |   |            |   | - |   |
| Other current liability (note 16)                                                         |   |               | 2,099   |   |            |   | 2,099 |   |
| Advances from affiliates (note 4)                                                         |   |               | 205     |   |            |   | 203 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Current Liabilities                                                                 |   |               | 5,386   |   |            |   | 4,392 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Non Current Liabilities                                                                   |   |               |    |   |            |   |   |   |
| Accrued site remediation (note 15)                                                        |   |               | 2,800   |   |            |   | 2,400 |   |
| Note payable (note 4)                                                                     |   |               | -       |   |            |   | 900 |   |
| Advances from affiliates (note 4)                                                         |   |               | 1,413   |   |            |   | 1,129 |   |
| Deferred tax liability (note 17)                                                          |   |               | 2,729   |   |            |   | 2,624 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Non Current Liabilities                                                             |   |               | 6,942   |   |            |   | 7,053 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Liabilities                                                                         |   |               | 12,328  |   |            |   | 11,445 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Commitments and Contingencies (notes 8 and 16)                                            |   |               |    |   |            |   |   |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Stockholders’ Equity:                                                               |   |               |    |   |            |   |   |   |
| Common Stock: $.0001 par value                                                            |   |               |    |   |            |   |   |   |
| 400,000,000 shares authorized                                                             |   |               |    |   |            |   |   |   |
| 24,359,344 and 22,931,764 issued and outstanding                                          |   |               | 2       |   |            |   | 2 |   |
| Additional paid-in-capital                                                                |   |               | 51,797  |   |            |   | 48,810 |   |
| Less treasury stock at cost, 250 shares                                                   |   |               | (19     | )      |            |   | (19 | ) |
| Accumulated other comprehensive loss                                                      |   |               | (372    | )      |            |   | (372 | ) |
| Retained profit (deficit) during exploration stage                                        |   |               | (1,175  | )      |            |   | 376 |   |
| Retained (deficit) prior to exploration activities                                        |   |               | (24,748 | )      |            |   | (24,748 | ) |
|                                                                                      |   |               |    |   |            |   |   |   |
| Golden River Resources Stockholder’s Equity                                         |   |               | 25,485  |   |            |   | 24,049 |   |
| Non Controlling Interests (note 11)                                                       |   |               | 15,194  |   |            |   | 17,154 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Equity                                                                              |   |               | 40,679  |   |            |   | 41,203 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| Total Liabilities and Equity                                                              |   |               | 53,007  |   |            |   | 52,648 |   |
|                                                                                      |   |               |    |   |            |   |   |   |
| The accompanying notes are an integral part of the consolidated financial statements |   |

----

|                                                                                        |   | Three Months Ended September 30, 2010CDN$000’s |   |   | Three Months EndedSeptember 30, 2009 CDN$000’s |   |   | July 1, 2002toSeptember 30, 2010CDN$000’s |   |
|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|--------|-------------------------------------------------|--------|
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |
| Revenues                                                                                    |   | $                                                         | -      |   |                                                      | $      | -      |                                            |   | $ | - |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Costs and expenses:                                                                         |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Stock based compensation                                                                    |   |                                                      | -      |   |                                                      |   | 33     |                                            |   |   | 2,760 |   |
| Exploration expenditure                                                                     |   |                                                      | 829    |   |                                                      |   | 699    |                                            |   |   | 7,417 |   |
| Depreciation and amortization                                                               |   |                                                      | 125    |   |                                                      |   | 88     |                                            |   |   | 613 |   |
| Interest expense, net                                                                       |   |                                                      | 42     |   |                                                      |   | 99     |                                            |   |   | 586 |   |
| Legal, accounting and professional                                                          |   |                                                      | 236    |   |                                                      |   | 120    |                                            |   |   | 1,972 |   |
| Administration expenses                                                                     |   |                                                      | 571    |   |                                                      |   | 209    |                                            |   |   | 5,825 |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Total costs and expenses                                                                    |   |                                                      | 1,803  |   |                                                      |   | 1,248  |                                            |   |   | 19,173 |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| (Loss) from operations                                                                      |   |                                                      | (1,803 | )      |                                                      |   | (1,248 | )                                               |   |   | (19,173 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Foreign currency exchange (loss)                                                            |   |                                                      | (126   | )      |                                                      |   | (5     | )                                               |   |   | (243 | ) |
| Adjustment to fair value on stepped acquisition                                             |   |                                                      | -      |   |                                                      |   | 7,433  |                                            |   |   | 7,433 |   |
| Gain on bargain purchase                                                                    |   |                                                      | -      |   |                                                      |   | 10,305 |                                            |   |   | 10,305 |   |
| Other income:                                                                               |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Profit from sale of equity investment                                                       |   |                                                      | -      |   |                                                      |   | -      |                                            |   |   | 1,355 |   |
| Interest– net, related entity– net, related entity                              |   |                                                      | -      |   |                                                      |   | -      |                                            |   |   | 5 |   |
|  – Other                                                                         |   |                                                      | 35     |   |                                                      |   | -      |                                            |   |   | 46 |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Profit/(loss) before income taxes and equity in profits/(losses) of unconsolidated entities |   |                                                      | (1,894 | )      |                                                      |   | 16,485 |                                            |   |   | (272 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Provision for  income taxes (note 17)                                             |   |                                                      | (105   | )      |                                                      |   | (2,715 | )                                               |   |   | (2,729 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Profit/(loss) before equity in profits/(losses) of unconsolidated entities                  |   |                                                      | (1,999 | )      |                                                      |   | 13,770 |                                            |   |   | (3,001 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Equity in profits/(losses) of unconsolidated entities                                       |   |                                                      | -      |   |                                                      |   | 396    |                                            |   |   | (26 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Net profit/(loss)                                                                           |   |                                                      | (1,999 | )      |                                                      |   | 14,166 |                                            |   |   | (3,027 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Net loss attributable to non-controlling interests                                          |   |                                                      | 448    |   |                                                      |   | 553    |                                            |   |   | 1,852 |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Net profit/(loss) attributable to Golden River Resources stockholders                       |   |                                                      | (1,551 | )      |                                                      |   | 14,719 |                                            |   |   | (1,175 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Basic and diluted net profit/(loss) per common equivalent shares                            |   | $                                                         | (0.06  | )      |                                                      | $      | 1.06   |                                            |   | $ | (0.23 | ) |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |
| Weighted average number of common equivalent shares                                         |   |                                                      | 24,158 |   |                                                      |   | 13,938 |                                            |   |   | 5,186 |   |
|                                                                                        |   |                                                      |   |   |                                                      |   |   |                                            |   |   |   |   |

----

|                                                                                              | Three Months Ended September 30, 2010 CDN$000’s |   |   | Three Months EndedSeptember 30, 2009 CDN$000’s |    |   | July 1, 2002toSeptember 30, 2010CDN$000’s |   |
|---------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------|--------|-----------------------------------------------------------|---------|--------|-------------------------------------------------|--------|
| CASH FLOW FROM OPERATING ACTIVITIES                                                               |                                                       |   |   |                                                      |    |   |                                            |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |
| Net profit/(loss)                                                                                 | (1,999                                                     | )      |   |                                                      | 14,166  |   |                                            |   | (3,027 | ) |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Adjustments to reconcile net profit (loss) to net cash provided by (used) in operating activities |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Foreign currency exchange (gain)/ loss                                                            | 126                                                        |   |   |                                                      | 5       |   |                                            |   | 243 |   |
| Depreciation /amortization of property, plant and equipment                                       | 125                                                        |   |   |                                                      | 88      |   |                                            |   | 613 |   |
| Stock based compensation                                                                          | -                                                          |   |   |                                                      | 33      |   |                                            |   | 2,760 |   |
| Site remediation                                                                                  | 400                                                        |   |   |                                                      | 1,000   |   |                                            |   | 400 |   |
| Provision for deferred income tax                                                                 | 105                                                        |   |   |                                                      | 2,715   |   |                                            |   | 2,729 |   |
| Equity in profits(losses) of unconsolidated entities                                              | -                                                          |   |   |                                                      | (396    | )      |                                            |   | 26 |   |
| Adjustment to fair value on stepped acquisition                                                   | -                                                          |   |   |                                                      | (7,433  | )      |                                            |   | (7,433 | ) |
| Gain on bargain purchase of controlled entities                                                   | -                                                          |   |   |                                                      | (10,305 | )      |                                            |   | (10,305 | ) |
| Profit from sale of equity investment                                                             | -                                                          |   |   |                                                      | -       |   |                                            |   | (1,355 | ) |
| Accrued interest added to principal                                                               | -                                                          |   |   |                                                      | -       |   |                                            |   | 320 |   |
| Net change (net of acquisition) in:                                                               |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Receivables                                                                                       | (47                                                        | )      |   |                                                      | (2      | )      |                                            |   | (124 | ) |
| Staking deposit                                                                                   | -                                                          |   |   |                                                      | -       |   |                                            |   | 22 |   |
| Prepaid expenses and deposits                                                                     | (27                                                        | )      |   |                                                      | (82     | )      |                                            |   | (168 | ) |
| Accounts payable and accrued expenses                                                             | 1,726                                                      |   |   |                                                      | 437     |   |                                            |   | 2,330 |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Net Cash Provided by (Used in) Operating Activities                                               | 409                                                        |   |   |                                                      | 226     |   |                                            |   | (12,969 | ) |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| CASH FLOW FROM INVESTING ACTIVITIES                                                               |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Investment in Consolidated Entity                                                                 | (1,477                                                     | )      |   |                                                      | (3,585  | )      |                                            |   | (10,062 | ) |
| Proceeds of sale of equity investment                                                             | -                                                          |   |   |                                                      | -       |   |                                            |   | 1,963 |   |
| Purchase of plant and equipment                                                                   | (13                                                        | )      |   |                                                      | -       |   |                                            |   | (193 | ) |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Net Cash (Used) in Investing Activities                                                           | (1,490                                                     | )      |   |                                                      | (3,585  | )      |                                            |   | (8,292 | ) |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| CASH FLOW FROM FINANCING ACTIVITIES                                                               |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Borrowings from affiliates                                                                        | -                                                          |   |   |                                                      | -       |   |                                            |   | 6,344 |   |
| Repayments to affiliates                                                                          | -                                                          |   |   |                                                      | (650    | )      |                                            |   | (3,166 | ) |
| Proceeds from issuance of stock                                                                   | 1,475                                                      |   |   |                                                      | 5,568   |   |                                            |   | 12,239 |   |
| Repayment of borrowings                                                                           | -                                                          |   |   |                                                      | (99     | )      |                                            |   | (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                                                         | 1,475                                                      |   |   |                                                      | 4,240   |   |                                            |   | 22,914 |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Effects of Exchange Rate on Cash                                                                  | -                                                          |   |   |                                                      | -       |   |                                            |   | (97 | ) |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Net Increase  in Cash                                                                   | 394                                                        |   |   |                                                      | 881     |   |                                            |   | 1,351 |   |
| Cash at Beginning of Period                                                                       | 957                                                        |   |   |                                                      | 19      |   |                                            |   | - |   |
|                                                                                              |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Cash at End of Period                                                                             | 1,351                                                      |   |   |                                                      | 900     |   |                                            |   | 1,351 |   |
| Supplemental Disclosures                                                                          |                                                       |   |   |                                                      |    |   |                                            |   |   |   |
| Interest Paid                                                                                     | 42                                                         |   |   |                                                      | 99      |   |                                            |   | 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 |        | CommonStockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | Retained Profit/(Deficit)during theExplorationstage |            |   | Retained (Deficit)prior toExplorationActivities |            |   | Deferred Compen-sation |            |   | AccumulatedOtherCompre-hensiveLoss |            | Non-ControllingInterests |            |    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 |        |   | CommonStockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | RetainedProfit/(Deficit)during theExplorationstage |            |   | Retained (Deficit)prior toExplorationActivities |            |    | DeferredCompen-sation |            |   | AccumulatedOtherCompre-hensiveLoss |            |   | Non-ControllingInterests |            |   |    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 | ) |   |   | - |   |
|                                                                       |   |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |    |                  |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Fair value of non-controlling interest                                     |   |                     | -           |   |              |            | -      |                  |            |   | -                        |            |   |                                               | -               |   |                                                 |            | -       |                  |            |   | -                                  |            |   |                     | -               |   |                    |            | - |   |   | $ | 20,552 |   |   | $ | 20,552 |   |
|                                                                       |   |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |    |                  |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to non-controlling interests                         |   |                     | -           |   |              |            | -      |                  |            |   | -                        |            |   |                                               | -               |   |                                                 | $               | 1,404   |                  |            |   | -                                  |            |   |                     | -               |   |                    |            | - |   |   | $ | (1,404 | ) |   |   | - |   |
|                                                                       |   |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |    |                  |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance June 30, 2010                                                      |   |                     | 22,931      |   |              | $               | 2      |                  |            | $      | (19                      | )               |   | $                                                  | 48,810          |   |                                                 | $               | 376     |                  |            | $      | (24,748                            | )               |   | $                        | -               |   |                    | $               | (372 | ) |   | $ | 17,154 |   |   | $ | 41,203 |   |

----

|                                                                       |    Shares |        |   | CommonStockAmount |            |   | TreasuryStock, atCost |            |   | AdditionalPaid-inCapital |            |   | RetainedProfit/(Deficit)during theExplorationstage |            |   | Retained (Deficit)prior toExplorationActivities |            |   | DeferredCompensation |            |   | AccumulatedOtherCompre-hensiveLoss |            |   | Non-ControllingInterests |            |   |    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 1,427,580 shares                                                  |                     | 1,428       |   |              |            | -      |                  |            |   | -                        |            |   | $                                                  | 1,475           |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   | $ | 1,475 |   |
|                                                                       |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |
| Net (loss)                                                                 |                     | -           |   |              |            | -      |                  |            |   | -                        |            |   |                                               | -               |   |                                                 | $               | (1,999 | )                    |            |   | -                                  |            |   |                     | -               |   |                    |            | - |   |   |   | - |   |   | $ | (1.999 | ) |
|                                                                       |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Adjustment for  additional investment in consolidated subsidiary |                     | -           |   |              |            | -      |                  |            |   | -                        |            |   | $                                                  | 1,512           |   |                                                 |            | -      |                 |            |   | -                                  |            |   |                     | -               |   |                    |            | - |   |   | $ | (1,512 | ) |   |   | - |   |
|                                                                       |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to non-controlling interests                         |                     | -           |   |              |            | -      |                  |            |   | -                        |            |   |                                               | -               |   |                                                 | $               | 448    |                 |            |   | -                                  |            |   |                     | -               |   |                    |            | - |   |   | $ | (448 | ) |   |   | - |   |
|                                                                       |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |
| Balance September 30, 2010                                                 |                     | 24,359      |   |              | $               | 2      |                  |            | $      | (19                      | )               |   | $                                                  | 51,797          |   |                                                 | $               | (1,175 | )                    |            | $      | (24,748                            | )               |   | $                        | -               |   |                    | $               | (372 | ) |   | $ | 15,194 |   |   | $ | 40,679 |   |
|                                                                       |                     |        |   |              |            |   |                  |            |   |                     |            |   |                                               |            |   |                                                 |            |   |                 |            |   |                               |            |   |                     |            |   |                    |            |   |   |   |   |   |   |   |   |   |   |

----

|                                                |   | PreliminaryFair ValueAmountsCDN$000’s |    |   | FinalFair ValueAmountsCDN$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    |   |             | US$10.00 |   |             |   | US$10.00 |   |
|              |   |             |     |   |             |   |   |   |
| Expiration date   |   | October 15, 2014 |     |   | October 15, 2014 |   |

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

|                                 |   | Three months endedSeptember 30 |            |
|--------------------------------------|--------|--------------------------------|-----------------|
|  Weighted average shares        |   |                           | 2010‘000s |   |   |   | 2009‘000s |   |
|                                 |   |                           |            |   |   |   |   |   |
| Outstanding   - basic |   |                           | 24,142          |   |   |   | 13,938 |   |
| - Warrants                           |   |                           | -               |   |   |   | - |   |
|                                 |   |                           |            |   |   |   |   |   |
| Weighted average shares outstanding  |   |                           | 24,142          |   |   |   | 13,938 |   |

|                                        |   | Three months endedSeptember 30 |            |
|---------------------------------------------|--------|--------------------------------|-----------------|
|  Diluted weighted average shares       |   |                           | 2010‘000s |   |   |   | 2009‘000s |   |
|                                        |   |                           |            |   |   |   |   |   |
| Basic                                       |   |                           | 24,158          |   |   |   | 13,938 |   |
| Effect of employee stock based awards       |   |                           | -               |   |   |   | - |   |
|                                        |   |                           |            |   |   |   |   |   |
| Diluted weighted average shares outstanding |   |                           | 24,158          |   |   |   | 13,938 |   |

----

|                                   |   | CostCDN$ |    |   | AccumulatedDepreciationCDN$ |   |   | NetCDN$ |   |
|----------------------------------------|--------|----------|---------|--------|-----------------------------|--------|--------|---------|--------|
| Office                                 |   |     |    |   |                        |   |   |    |   |
| Building                               |   |     | 260,119 |   |                        |   | 9,335  |    |   |   | 250,784 |   |
| Automotive equipment                   |   |     | 63,015  |   |                        |   | 23,030 |    |   |   | 39,985 |   |
| Office fixtures and computer equipment |   |     | 270,536 |   |                        |   | 64,591 |    |   |   | 205,945 |   |
| Land                                   |   |     | 405,617 |   |                        |   | -      |    |   |   | 405,617 |   |
|                                   |   |     | 999,287 |   |                        |   | 96,956 |    |   |   | 902,331 |   |
|                                   |   |     |    |   |                        |   |   |    |   |   |   |   |

----

|                       |   | CostCDN$ |      |   | AccumulatedDepreciationCDN$ |   |    | NetCDN$ |   |
|----------------------------|--------|----------|-----------|--------|-----------------------------|--------|---------|---------|--------|
| Mine Site                  |   |     |      |   |                        |   |    |    |   |
| Land                       |   |     | 566,950   |   |                        |   | -       |    |   |   | 566,950 |   |
| Building                   |   |     | 1,842,204 |   |                        |   | 180,184 |    |   |   | 1,662,020 |   |
| Automotive equipment       |   |     | 212,684   |   |                        |   | 47,677  |    |   |   | 165,007 |   |
| Equipment                  |   |     | 3,636,602 |   |                        |   | 287,939 |    |   |   | 3,348,663 |   |
|                       |   |     | 6,258,440 |   |                        |   | 515,800 |    |   |   | 5,742,640 |   |
| Other                      |   |     | 6,589     |   |                        |   | 6,589   |    |   |   | - |   |
| Balance September 30, 2010 |   |     | 7,264,316 |   |                        |   | 619,345 |    |   |   | 6,644,971 |   |

|                                         |   | CDN$000s |   |
|----------------------------------------------|--------|----------|--------|
| Deferred tax assets                          |   |     |   |
|   Net operating loss carry-forward |   |     | 1,890  |   |
|   Exploration expenditure          |   |     | 734    |   |
|                                         |   |     | 2,624  |   |
|   Less valuation allowance         |   |     | (2,624 | ) |
|                                         |   |     |   |   |
| Deferred tax liability                       |   |     |   |   |
|   Investment in subsidiary         |   |     | (2,729 | ) |
| Net deferred taxes                           |   |     | (2,729 | ) |

----

----

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

|                                                |   | PreliminaryFair ValueAmountsCDN$000’s |    |   | FinalFair ValueAmountsCDN$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 legal, accounting and professional expense from CDN$120,000 for the three months ended September 30, 2009 to CDN$236,000 for the three months ended September 30, 2010, primarily as a result of costs associated with  the Company’s SEC compliance obligations and costs of audit work following the acquisition of Acadian. Included within legal, accounting and professional expense for the three months ended September 30, 2010 is CDN$68,000 for Acadian which relates to general legal work, audit and stock transfer costs compared to CDN$35,000 for the three months ended September 30, 2009. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | an increase in administration expenses including salaries from CDN$209,000 in the three months ended September 30, 2009 to CDN$571,000, in the three months ended September 30, 2010. Included within administration expenses for the three months ended September 30, 2009 is CDN$194,000 for Acadian which includes head office salaries, rent, office related costs and travel, compared to CDN$535,000 for the three months ended September 30, 2010. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | c) | an increase in the exploration expenditure expense from CDN$699,000 for the three months ended September 30, 2009 to CDN$829,000 for the three months ended September 30, 2010. The costs related to consultants providing exploration reviews and advice. No field work was undertaken during the three months ended September 30, 2009 or 2010 by the Company on the Slave and Committee Bay properties. Included within exploration expenditure expense for the three months ended September 30, 2010 is CDN$668,000 for work undertaken by Acadian for field exploration activities on its gold properties and certain maintenance work on its Scotia mine which is currently on care and maintenance. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | a decrease in stock based compensation from CDN$33,000 for the three months ended September 30, 2009 to CDN$nil for the three months ended September 30, 2010 as the options became fully vested in a prior period. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | an increase in depreciation and amortization expense from CDN$88,000 for the three months ended September 30, 2009 to CDN$125,000 for the three months ended September 30, 2010. 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. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | a decrease in interest expense, net from CDN$99,000 for the three months ended September 30, 2009 to CDN$42,000 for the three months ended September 30, 2010. The interest expense relates to the activities of Acadian which was paying interest on capital debt and the final cost of having the debtor in possession financing in place. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

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

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

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

| (c) | We believe that because of its inherent limitations, internal control over financial reporting may not always prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

PART II – OTHER INFORMATION

| Item 1.                                      | Legal Proceedings.                                           |
|----------------------------------------------|--------------------------------------------------------------|
|                                         |
| Not Applicable                               |
|                                         |
| Item 1A.                                     | Risk Factors.                                                |
|                                         |                                                         |
| Not Applicable for Smaller Reporting Company |
|                                         |
| Item 2.                                      | Unregistered Sales of Equity Securities and Use of Proceeds. |
|                                         |                                                         |
| Not Applicable                               |
|                                         |
| Item 3.                                      | Defaults Upon Senior Securities.                             |
|                                         |                                                         |
| Not Applicable                               |
|                                         |
| Item 4.                                      | Removed and Reserved.                                        |
|                                         |                                                         |
| Not Applicable                               |
|                                         |
| Item 5.                                      | Other Information.                                           |
|                                         |                                                         |
| Not Applicable                               |
|                                         |
| Item 6.                                      | Exhibits.                                                    |
|                                         |                                                         |
| (a)                                          | Exhibit No.                                                  | Description |
|                                         |                                                         |   |
|                                         | 3.1                                                          | Amendment to Certificate of Incorporation dated December 14, 2009. |
|                                         |                                                         |   |
|                                         | 31.1                                                         | Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|                                         |                                                         |   |
|                                         | 31.2                                                         | Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act |
|                                         |                                                         |   |
|                                         | 32.1                                                         | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|                                         |                                                         |   |
|                                         | 32.2                                                         | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |

----

SIGNATURES

|   | Golden River Resources Corporation |
|--------|------------------------------------|
|   |                               |   |
|   | By:                                |   |
|   |                               | /s/ Joseph I. Gutnick |
|   |                               |   |
|   |                               | Joseph I. Gutnick |
|   |                               | Chairman of the Board, President and |
|   |                               | Chief Executive Officer |
|   |                               | (Principal Executive Officer) |
|   |                               |   |
|   | By:                                |   |
|   |                               | /s/ Peter Lee |
|   |                               |   |
|   |                               | Peter Lee |
|   |                               | Director, Secretary and |
|   |                               | Chief Financial Officer |
|   |                               | (Principal Financial Officer) |
|   |                               |   |
|   | Dated: November 12, 2010           |

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EXHIBIT INDEX

|   | Exhibit No. | Description                                                                                                                                   |
|--------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
|   |        |                                                                                                                                          |
|   | 31.1        | Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act                                          |
|   |        |                                                                                                                                          |
|   | 31.2        | Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act                                          |
|   |        |                                                                                                                                          |
|   | 32.1        | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |
|   |        |                                                                                                                                          |
|   | 32.2        | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley act of 2002 |