TechCrunch posted a news story that Apple is preparing the first golden master candidate version of Mac OS X Lion

Specifically, Apple is gearing up to deploy an OS X Lion update to developers that they may be classifying as the “GM1″ release, we’ve heard. “GM” or “Golden Master” is a title reserved for software that is complete. But from what we’ve heard, this is only the initial Golden Master candidate. In other words, don’t get too excited just yet.

  OS X Lion Already Nearing Golden Master