GGR Golden Goose Resources

MONTREAL, Nov. 26 /CNW/ -- MONTREAL, Nov. 26 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report its unaudited interim financial statements for the three and nine-month periods ended September 30, 2010 with comparative figures for 2009. 2010 Third quarter operating results For the three-month period ended September 30, 2010, the Company reported a net loss of $462,339 ($0.01 per share) compared with a net loss of $259,232 ($0.01 per share) for the same period of 2009. During the period, the Company recorded realized and unrealized losses of $147,244 on held for trading financial instruments coming from financial instruments received as consideration for the sale of Lac Levac property. Also during the period, general and administrative expenses increased to $301,311 from $173,943 for the same period last year, and comes from legal fees, consultant fees and other expenses related to the arrangement with Kodiak Exploration Limited ("Kodiak") announced on August 31, 2010. Stock-based compensation reduced from $204,335 to $14,853 due to 625,000 options granted in September 2009.  Interest income increased from $601 to $21,385 due to the 8% convertible debenture received as part of the consideration for Lac Levac.   For the nine-month period ended September 30, 2010, the Company reported a net loss of $338,014 ($0.01 per share) compared with a net loss of $875,732 ($0.02) for the same period in 2009. During the period, the Company realized a gain of $187,909 on the sale of Lac Levac property on January 15, 2010 and recorded realized and unrealized gains of $192,027 on held for trading financial instruments. General and administration expenses increased from $711,096 during the same period last year to $858,134 this year for the same reason as explained above and stock-base compensation reduced from $251,696 to $81,851 this year also for the same reason as explained above.  During the nine-month period, Golden Goose recorded an income tax recovery of $237,906 as a result of renunciations in favour of the investors by the Company to tax deductions totalling $1,178,600, which was raised through the issuance of flow-through shares in 2009. Kodiak proposed arrangement On August 31, 2010, the Company signed an arrangement with Kodiak Exploration Limited ("Kodiak") with the result that the Company will become a wholly-owned subsidiary of Kodiak after all issued and outstanding common shares of the Company will be exchanged for common shares and warrants of Kodiak on the basis of 1.2 Kodiak common shares and ¼ of one Kodiak warrant for every Golden Goose share. The Board of Directors of the Company has considered at length the proposed arrangement with Kodiak and other strategic alternatives for maximizing Golden Goose shareholders' value. The Board of Directors has unanimously approved the terms of the arrangement and unanimously recommends that the shareholders vote IN FAVOUR of the arrangement resolution, at the special general meeting of Golden Goose shareholders that will be held on December 13, 2010, to approve the arrangement for the reasons set for in the management proxy circular dated November 10, 2010 and filed on SEDAR website at www.sedar.ca. This arrangement is subject to obtaining Court and other regulatory approvals, the approval of Golden Goose shareholders. If the Golden Goose shareholders approve the arrangement, it is anticipated the arrangement will be completed by December 16, 2010. Additional information in regards to the third quarter ended September 30, 2010 The financial information in regards to the three and nine-month periods ended September 30, 2010 should be read in conjunction with the Company's unaudited interim financial statements and Management and Discussion Analysis dated November 25, 2010. These documents are available at www.sedar.com ABOUT GOLDEN GOOSE RESOURCES Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold properties in Ontario and Quebec. Disclaimer in regards to Forward-Looking Statements Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." table valign="top" border="0"trtd colspan="2"bRenmark Financial Communications Inc./bbr/ Jason Roy: a href="mailto:jroy@renmarkfinancial.com"j/aa href="mailto:jroy@renmarkfinancial.com"roy@renmarkfinancial.com/abr/ Arash Shahi: a href="mailto:ashahi@renmarkfinancial.com"ashahi@renmarkfinancial.com/abr/ bMedia -/b Veronica Ortiz Rodriguez: a href="mailto:vortizrodriguez@renmarkfinancial.com"vortizrodriguez@renmarkfinancial.com/abr/ Tel.: (514) 939-3989 or (416) 644-2020br/ a href="http://www.renmarkfinancial.com"www.renmarkfinancial.com/a/td/tr trtd /td/tr trtdbGolden Goose Resources Inc./bbr/ François Perron   br/ President and Chief Executive Officer  br/ br/ br//td tdbr/ Email: a href="mailto:perron@goldengooseres.com"perron@goldengooseres.com/abr/ Website: a href="http://www.goldengooseres.com"www.goldengooseres.com/abr/ Tel.: 1-888-928-4667 Fax: 1-888-494-5371/td/tr/table

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