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History of Company

The Company's predecessor corporation, Bayou Oil, was incorporated under the laws of Minnesota in 1973. From 1973 through to 1981 Bayou Oil was engaged in the design and production of athletic equipment and it also owned rights to a line of sportswear. These business lines were ultimately discontinued and in March 1981 Bayou Oil entered into the oil and gas exploration business by acquiring certain rights to oil and gas leases. These rights were not profitable and, as a result, from 1981 through to May 1986 Bayou Oil did not engage in any meaningful business activities or operations.

On March 6, 1987 Bayou Oil was reincorporated in the State of Delaware, its name was changed to Bayou International, Ltd, and the par value of the stock was increased from US$0.01 to US$0.15 per share.

In 1987 the Company acquired 54 percent of the issued and outstanding capital stock of Solmecs, and in January 1992 acquired the remaining 46 per cent of the issued and outstanding shares. At that time, therefore, Solmecs became a wholly owned subsidiary of the Company.

On February 13, 1998, the Company acquired a 100 per cent owned subsidiary, Bayou Australia Pty Ltd, a corporation incorporated under the laws of Australia.

On June 29, 1999 the Company undertook a reverse stock split on a 1:20 basis and amended its Articles of Incorporation to amend the par value of its shares from US$0.15 cents to US$0.0001 cents per share.

On September 27, 1999 the Company changed its name from Bayou International, Ltd to Baynet, Ltd.

On July 13, 2000 the Company changed the name of its subsidiary, Bayou Australia Pty Ltd to Baynex.com Pty Ltd.

On August 21, 2000 the Company incorporated a new wholly owned subsidiary, Baynet International Pty Ltd, a corporation incorporated under the laws of Australia.

On October 17, 2000 the Company changed its name from Baynet, Ltd to Bay Resources Ltd and announced it intended to pursue opportunities in the mining and exploration industry.

During fiscal 2001, the Company conducted a due diligence review of St. Andrew Goldfields Ltd ("St. Andrew") with a view to taking a substantial investment in St. Andrew. Following the conclusion of the review, the Company decided not to proceed with the investment.

During the 2002 fiscal year the Company continued to expand its gold exploration business by:

  • entering into an agreement to explore for gold on Tahera's extensive property interests in the Slave Craton of northern Canada; and

  • making application via a new 100% owned subsidiary, 4075251 Canada Inc, for properties in the highly prospective Committee Bay Greenstone Belt in Nunavut, Canada.

In October 2002, the Company announced that it had entered into a co-operative agreement with the Tibet BGMR to undertake exploration for porphyry copper-gold deposits in the porphyry copper-gold belt east and west of Lhasa in Tibet.

In December 2002, the Company changed the name of its subsidiary from Baynet International Pty Ltd to Bay Resources (Asia) Pty Ltd.

In February 2003, the Company withdrew from the Tibet project as a result of increasing difficulties with the registration process in China.

In March 2003, the Company announced that it planned to focus its exploration in the Committee Bay Greenstone Belt, Canada.

In March 2004, the holders of options in the Company exercised options into common stock and financier to the Company agreed to convert its debt into equity.  The Company issued 6,943,057 units of common stock and 1,753,984 warrants over common stock, with a 2 year exercise period and an exercise price of US$1.30, in satisfaction of the conversion of debt into equity.

On April 1, 2004, the Company placed 1.67 million shares at a price of US$1.00 raising US$1.67 million to RAB Special Situations LP.  RAB also received 1.67 million warrants that had an exercise period of 2 years and an exercise price of US$1.30 each.

In April 2004, the Company commenced its exploration programs on the Committee Bay and Slave projects.

In April 2006, the Company changed its name to Golden River Resources Corporation.

In December 2008, the Company completed a private placement of 100 million shares of common stock for proceeds of US$500,000.

In March 2009, the Company entered into a transaction to acquire a 68% interest in TSX listed company, Acadian Mining Corporation which has gold interests in Nova Scotia, Canada.

Copyright 2006 Golden River Resources Corporation. All Rights Reserved

Logo Bay Resources Ltd Canada

History of Company

The Company's predecessor corporation, Bayou Oil, was incorporated under the laws of Minnesota in 1973. From 1973 through to 1981 Bayou Oil was engaged in the design and production of athletic equipment and it also owned rights to a line of sportswear. These business lines were ultimately discontinued and in March 1981 Bayou Oil entered into the oil and gas exploration business by acquiring certain rights to oil and gas leases. These rights were not profitable and, as a result, from 1981 through to May 1986 Bayou Oil did not engage in any meaningful business activities or operations.

On March 6, 1987 Bayou Oil was reincorporated in the State of Delaware, its name was changed to Bayou International, Ltd, and the par value of the stock was increased from US$0.01 to US$0.15 per share.

In 1987 the Company acquired 54 percent of the issued and outstanding capital stock of Solmecs, and in January 1992 acquired the remaining 46 per cent of the issued and outstanding shares. At that time, therefore, Solmecs became a wholly owned subsidiary of the Company.

On February 13, 1998, the Company acquired a 100 per cent owned subsidiary, Bayou Australia Pty Ltd, a corporation incorporated under the laws of Australia.

On June 29, 1999 the Company undertook a reverse stock split on a 1:20 basis and amended its Articles of Incorporation to amend the par value of its shares from US$0.15 cents to US$0.0001 cents per share.

On September 27, 1999 the Company changed its name from Bayou International, Ltd to Baynet, Ltd.

On July 13, 2000 the Company changed the name of its subsidiary, Bayou Australia Pty Ltd to Baynex.com Pty Ltd.

On August 21, 2000 the Company incorporated a new wholly owned subsidiary, Baynet International Pty Ltd, a corporation incorporated under the laws of Australia.

On October 17, 2000 the Company changed its name from Baynet, Ltd to Bay Resources Ltd and announced it intended to pursue opportunities in the mining and exploration industry.

During fiscal 2001, the Company conducted a due diligence review of St. Andrew Goldfields Ltd ("St. Andrew") with a view to taking a substantial investment in St. Andrew. Following the conclusion of the review, the Company decided not to proceed with the investment.

During the 2002 fiscal year the Company continued to expand its gold exploration business by:

  • entering into an agreement to explore for gold on Tahera's extensive property interests in the Slave Craton of northern Canada; and

  • making application via a new 100% owned subsidiary, 4075251 Canada Inc, for properties in the highly prospective Committee Bay Greenstone Belt in Nunavut, Canada.

In October 2002, the Company announced that it had entered into a co-operative agreement with the Tibet BGMR to undertake exploration for porphyry copper-gold deposits in the porphyry copper-gold belt east and west of Lhasa in Tibet.

In December 2002, the Company changed the name of its subsidiary from Baynet International Pty Ltd to Bay Resources (Asia) Pty Ltd.

In February 2003, the Company withdrew from the Tibet project as a result of increasing difficulties with the registration process in China.

In March 2003, the Company announced that it planned to focus its exploration in the Committee Bay Greenstone Belt, Canada.

In March 2004, the holders of options in the Company exercised options into common stock and financier to the Company agreed to convert its debt into equity.  The Company issued 6,943,057 units of common stock and 1,753,984 warrants over common stock, with a 2 year exercise period and an exercise price of US$1.30, in satisfaction of the conversion of debt into equity.

On April 1, 2004, the Company placed 1.67 million shares at a price of US$1.00 raising US$1.67 million to RAB Special Situations LP.  RAB also received 1.67 million warrants that had an exercise period of 2 years and an exercise price of US$1.30 each.

In April 2004, the Company commenced its exploration programs on the Committee Bay and Slave projects.

In April 2006, the Company changed its name to Golden River Resources Corporation.

In December 2008, the Company completed a private placement of 100 million shares of common stock for proceeds of US$500,000.

In March 2009, the Company entered into a transaction to acquire a 68% interest in TSX listed company, Acadian Mining Corporation which has gold interests in Nova Scotia, Canada.

Copyright 2006 Golden River Resources Corporation. All Rights Reserved