1025362--3/31/2009--GOLDEN_QUEEN_MINING_CO

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{interest, director, officer}

{product, candidate, development}

{capital, credit, financial}

{cost, contract, operation}

{stock, price, share}

{gas, price, oil}

{loss, insurance, financial}

{acquisition, growth, future}

{personnel, key, retain}

The Likelihood Of Continued Losses From Operations Ability To Continue As A Going Concern The Need for Significant Additional Financing We must secure approvals and permits. Our ability to obtain mine financing is likely dependant on the price of gold and silver remaining at current levels, which, given historical fluctuations, can vary significantly. The agreements with landholders need ongoing monitoring. We rely extensively on the services of our President, Mr. Lutz Klingmann, who has considerable current knowledge of our operations, including the Soledad Mountain Project, and the loss of his services would likely result in delay and cost associated with acquiring and training additional management. The notes to our financial statements raise the issue of our ability to continue as a going concern. The going concern basis of presentation assumes that we will continue in operation for the foreseeable future and will be able to realize our assets and discharge our liabilities and commitments in the normal course of business. Risks and Contingencies Associated with the Mining Industry Generally Most of our directors are ordinarily resident outside of the United States and accordingly it may be difficult to effect service of process on them, or to enforce any legal judgment against them. Because our common shares will likely trade at prices below $5.00 per share, and because we will not be listed on a national U.S. exchange, there are additional regulations imposed on U.S. broker-dealers trading in our shares that may make it more difficult for you to resell our shares through a U.S. broker-dealer.

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1025362--3/31/2009--GOLDEN_QUEEN_MINING_CO_LTD