Current Business Activities

Golden River Resources Corporation is focussing its activities in the mining and exploration industry.

Investment in Acadian Mining Corporation

In March 2009, the Company announced that it had entered into a private placement transaction to acquire a 68% interest in TSX listed Acadian Mining Corporation ("Acadian").

As at June 1, 2009, closing had occurred for the first tranches of the private placement for an investment of 19.9% in Acadian.

Acadian holds gold and base metal interests in Nova Scotia, Canada.

For further information on Acadian, see Acadian's website at www.acadianmining.com.

Exploration Activities

Canada - Gold

The Company has reached an agreement with Tahera to explore for gold on Tahera's extensive properties on the Slave Craton in northern Canada. Tahera is a diamond exploration company listed on the Toronto Stock Exchange and is engaged in the diamond exploration in the northern Slave Craton. Tahera has developed an extensive database to explore for diamonds and under the terms of the agreement, Golden River Resources will use the database and geochemical samples to explore for gold.

In late June 2002, the Company commenced acquiring a strategic land position in the highly prospective Committee Bay Greenstone Belt. In March 2003, it announced that it would focus its gold exploration efforts on the Committee Bay greenstone belt, west of Melville Peninsula, Nunavut, Canada.

Slave Craton

Tahera will retain a two percent net smelter return royalty on any production from deposits discovered as a result of the Company using the Tahera samples and database.

Tahera's diamond exploration data that Golden River Resources will have access to includes electromagnetic geophysical surveys, overburden and bedrock mapping, overburden sampling and drilling data. The Tahera overburden samples cover some 60,000 square kilometers of the northern Slave Craton with some 17,000 samples being potentially available for gold and base metal analysis. The overburden samples have been taken on a reconnaissance scale with line intervals at 2.5 - 5.0 kilometers with some detailed surveys at 50-100 meter sample spacings. The Tahera samples cover areas of known gold mineralisation including in the vicinity of the Lupin and Ulu gold deposits.

Tahera's Jericho and Contwoyto properties lie in close proximity to the Lupin gold mine, which is a large, high grade, gold deposit (some three million ounce gold endowment produced to date), currently operated by Echo Bay Mines Ltd. Bay Resources considers there to be significant potential for gold mineralization, similar to that found at Lupin, on Tahera's Jericho and Contwoyto properties.

Utilising the Tahera database in conjunction with existing public data, Golden River Resource's objective for fiscal year ended June 30, 2003 is to delineate new areas of gold mineralization on the northern Slave Craton that could lead to a multi-million ounce gold discovery.

Click here for a summary of the results of the 2004 exploration season.

Committee Bay

The Committee Bay greenstone belt, located approximately 240 kilometers northeast of Baker Lake in Nunavut, is believed to represent one of the largest unexplored greenstone belts in North America, with potential to host world-class gold deposits.

The area is best known for the Meliadine Gold Project, which is currently in the pre-feasibility stage and has a major interest held by WMC International, as well as the Meadowbank Project of Cumberland Resources, which is in post feasibility stage. These two projects host 7.5 million ounces of gold resources. The Committee Bay greenstone belt is also situated in the same general region as the developing diamond play currently being explored by De Beers, BHP-Billiton, Northern Empire Minerals Ltd. and Stornoway Ventures Ltd. Bay Resources has accumulated a large landholding in the belt.

Committee Bay Resources Ltd. ("CBR"), a company with large landholding in the Committee Bay area, recently signed a letter of intent with Gold Fields Explorations Ltd. ("Goldfields"), to form a joint venture, whereby Goldfields will take an equity position in CBR and spend US$10 million on exploration to earn a 65% interest in that project.

Throughout the Archaean-aged (2.73 Million years ["Ma"]) Committee Bay greenstone belt, there are numerous gold showings spanning over an area in excess of 6,000 square kilometers. The stratigraphy of the Committee Bay greenstone belt includes Banded Iron Formation ("BIF"), of up to 50 meters thick, komatiite flows, basalts, intermediate to felsic tuffs and quartz cobble conglomerates.

Deformation in the area is recorded by major shear zones, second order faults, complex folding and felsic intrabelt intrusions (including a pluton with the same 2.7 Ma age as the Dome Stock in Red Lake). In addition to the BIF hosted gold targets, the Committee Bay greenstone belt has potential for shear-hosted lode gold, komatiite hosted stratiform nickel-copper and platinum group elements in layered igneous complexes. Previous work in the Committee Bay area returned samples grading up to 245 grams per tonne gold, 0.5% nickel and 0.8% copper.

This demonstrates the enormous prospectivity of the Committee Bay greenstone belt.

Click here for a summary of the results of the 2004 exploration season.