Of the four settlements originally founded in the Mississagi River Valley, only two still exist. The settlement of Goldenburg was one which did not last beyond the middle of the twentieth century.

Goldenburg was first settled in the early 1880's. James Ralph and his family came north from Owen Sound in 1881 to live in Thessalon, and wintered in Dayton. The following year he relocated slightly northward to what later came to be known as Goldenburg. As with the other settlements, the settlers didn't come directly from the old country. Like the Ralphs they migrated north from southern Ontario. They cleared their land and built houses, and made the beginnings of the settlement no doubt with the vision of prosperity that the settlement's name suggests.

In their early years, the settlements developed in much the same way. Initially, Goldenburg residents attended the church at the nearby settlement of Day Mills. Goldenburg Presbyterian Church was built in 1891, giving the community its own place of worship. The church had sixteen seats, eight on each side, and there was a shed nearby for the horses. One local resident, Mr. David Dunn (who also taught Sunday school), was against having musical instruments in the church, and so every Sunday he would lead the singing with a tuning fork. His wife was a very compassionate soul, and would often travel to the neighbouring settlements of Parkinson, Wharncliffe, Kynoch and Sowerby to care for the ill. By all accounts the community was very devout, and kept the Sabbath consistently. Unfortunately, the church burned down and residents then attended churches in outlying areas.

The church was also host to a number of dances and other social events. As dances were not allowed in either the church or school of Wharncliffe, residents would come to Goldenburg for them. The Dunn farm at Pleasant Point (on Basswood Lake) was another site for social activity; the family hosted many get-togethers during the early years. For picnics and other events, residents of the surrounding area would be invited, and a boat would pick them up to take them to the farm if they lived across the lake. These were very successful, and people would come from nearly all of the surrounding communities.

A school was built in the 1890's as well. Initially it served as a school for the children of other settlements as well, until those settlements built schools of their own.

In the early years, Goldenburg and the nearby village of Sowerby were closely associated. This was mainly because the mail was brought from there, until Goldenburg got its own post office in 1893. In 1950 the post office was closed. Interestingly enough, this was the longest-lived of all the Mississagi River Valley post offices; those in Wharncliffe and Kynoch were closed in 1933.

Like many other settlements in Northern Ontario, Goldenburg is in the process of being reclaimed by nature. The soil there proved to be too sandy to support agriculture for a prolonged length of time. Now Goldenburg is the home of summer cottagers. The road is not kept open in the winter.