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EXCEL - IDEA: XBRL DOCUMENT - Golden Star Resource Corp.Financial_Report.xls
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EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. - Golden Star Resource Corp.exhibit_32-1.htm
EX-31.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. - Golden Star Resource Corp.exhibit_31-2.htm
EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. - Golden Star Resource Corp.exhibit_31-1.htm
10-Q - GOLDEN STAR RESOURCE CORP. 10-Q - Golden Star Resource Corp.goldenstar_10q-15344.htm
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EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002. - Golden Star Resource Corp.exhibit_32-2.htm
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1. NATURE OF OPERATIONS
3 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
1. NATURE OF OPERATIONS

Organization

 

The Company was incorporated in the State of Nevada, U.S.A., on April 21, 2006.

 

Exploration Stage Activities

 

The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims.  Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage.  During the fiscal year 2012, the Company entered into an agreement with Mayan Mineral Ltd. to acquire a resource property in Nevada (Note 4).  Currently, the Company is actively looking for other mineral properties for its planned business operation.

 

Going Concern

 

These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

 

The general business strategy of the Company is to acquire and explore mineral properties.  The continued operations of the Company and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete the development of its properties, and upon future profitable production.  The Company has not generated any revenues or completed development of any properties to date.  Further, the Company has a working capital deficit of $269,222 (June 30, 2012 - $238,456), has incurred losses of $376,282 since inception, and further significant losses are expected to be incurred in the exploration and development of its mineral properties.  The Company will require additional funds to meet its obligations and maintain its operations.  There can be no guarantee that the Company will be successful in raising the necessary financing.  Management’s plans in this regard are to raise equity financing as required.

 

These conditions raise substantial doubt about the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments that might result from this uncertainty.

 

Basis of Presentation

 

The unaudited financial statements as of September 30, 2012 included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations on a going basic concern-basis. This disclosure presumes funds will be available to finance on-going development, operations and capital expenditures and the realization of assets and the payment of liabilities in the normal course of operations for the foreseeable future.

 

In the opinion of the Company’s management these financial statements reflect all adjustments necessary to present fairly the Company’s financial position at September 30, 2012 and the results of its operation for the three months then ended.  Operating results for the three months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending June 30, 2013.  It is suggested that these financial statements be read in conjunction with June 30, 2012 audited financial statements and notes thereto.