[GCHR]: Golden Chief Resources, Inc. files THIRD Amended 10-K with SEC in 2 months

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1. You might remember that in February, the_worm06 research department predicted that GCHR would have to restate their financial statements and 10-Q's for three interim periods that were filed with the SEC:

http://snipurl.com/n3zu


2. These are the comments made when GCHR filed the first amended 10-K for the year ending Sept 2005 with the SEC. the_worm06 Research Department continued with the same restatement prediction:

http://snipurl.com/qvm7



and now,




3. Today, GCHR has filed its THIRD AMENDED 10-K in only 2 months for the year ending Sept 2005:

http://www.secinfo.com/d1Z1S9.v8a.htm



4. The following is one of the addtions in the Third Amended 10-K:


Item 8A. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulatedand communicated to its management, including its Chief Executive Officer, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e). In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired controlobjectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

At the end of the period covered by this Annual Report, we carried out an evaluation, under the supervision and with the participation of our management, including its Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon the foregoing, our Chief Executive Officer concluded that, as of September 30, 2005,our disclosure controls and procedures were not effective to ensure that the information required to be disclosed in the Company's Exchange Act reports was recorded, processed, summarized and reported on a timely basis.

In connection with the completion of its audit of, and the issuance of its report on the financial statements of Golden Chief for the year ended September 30, 2005, Malone & Bailey, PC identified deficiencies in our internal controls related to the failure to record the value of common stock issued for services disclosure controls relating to such transactions during the interim periods of 2005. The adjustments to these accounts and the footnote disclosure deficiencieswere detected in the audit process and have been appropriately recorded and disclosed in this Form 10-KSB. We are in the process of improving our internal controls by training our new bookkeeper in an effort to remediate these deficiencies. Additional effort is needed to fully remedy these deficiencies and we are continuing our efforts to improve and strengthen our control processes and procedures. Our management and directors will continue to work with our auditors and other outside advisors to ensure that our controls and procedures are adequate and effective.



5. Notice the bold underline above.



6. the_worm06 Research Department continues to predict that:


"GCHR will be RESTATING its financial statements filed with the SEC for the periods ending Dec. 31, 2004, March 31, 2005 and June 30, 2005. The corresponding 10-Q's for the same periods will be amended and refiled with the SEC."




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