GLNS
Industry:
Metals & Mining

DESCRIPTION

Golden Star Resource Corp. is a Nevada-incorporated, exploration-stage mining company with no operations, no revenue, and no funded exploration plans. Its sole asset is a 100% interest in four contiguous unpatented lode mining claims totaling roughly 83 acres in Churchill County, Nevada, acquired in 2013 and located in a region historically associated with gold and silver mineralization. The company has never conducted any exploration on the property, has no known mineral reserves, and has not engaged a geologist to evaluate it. Golden Star's stated objective is to eventually explore the property for precious metals, primarily gold, but it has no capital to do so. The company survives entirely on interest-free related-party loans, primarily from Dimac Capital Corp., a company controlled by a principal shareholder, which fund basic administrative and SEC compliance costs. Golden Star has accumulated losses of approximately $995K since its 2006 inception, total assets of roughly $3K, and a stockholders' deficit of approximately $888K. Any path to revenue would require raising outside capital, conducting exploration, discovering a commercially viable deposit, and developing it for production — a multi-year process requiring substantial funding the company does not have. Golden Star's auditors have issued a going concern opinion.

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