Profile: Golden Star Resources Ltd (GSS)

GSS on American Stock Exchange

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30 Oct 2014
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Golden Star Resources Ltd, (Golden Star), incorporated on May 15, 1992, is an international gold mining and exploration company producing gold in Ghana, West Africa. The Company also conducts gold exploration in other countries in West Africa and in South America. Golden Star owns controlling interests in several gold properties in southwest Ghana. Through a 90% owned subsidiary, Golden Star (Bogoso/Prestea) Limited (GSBPL), it owns and operates the Bogoso/Prestea gold mining and processing operations (Bogoso/Prestea) located near the town of Bogoso, Ghana. Through another 90% owned subsidiary, Golden Star (Wassa) Limited (GSWL), it owns and operates the Wassa open-pit gold mine and carbon-in-leach processing plant (Wassa), located approximately 35 kilometer east of Bogoso/Prestea. It also holds interests in several gold exploration projects in Ghana and elsewhere in West Africa, including Sierra Leone, Niger and Cote d'Ivoire, and in South America it holds and manages exploration properties in Brazil. During the year ended December 31, 2012, the Company sold its Saramacca property to Newmont Mining Corporation (Newmont).

The Prestea South project is located on the Ashanti Trend, southwest of the town of Prestea and approximately 20 kilometers southwest of the Bogoso processing plants. As of December 31, 2012, the Prestea South properties had total proven and probable mineral reserves of 4.6 million tons grading 2.47 grams per ton (g/t) containing approximately 0.36 million ounces.

The Bogoso/Prestea Gold Mine

GSBPL operates a gold ore processing facility at Bogoso/Prestea with a capacity of up to 3.5 million tons of ore per annum, which uses bio-oxidation technology to treat refractory sulfide ore (Bogoso sulfide plant). In addition, GSBPL has a carbon-in-leach (CIL) processing facility located next to the sulfide plant, which is suitable for treating oxide gold ores (Bogoso oxide plant) at a rate up to 1.5 million tons per annum. During the year ended December 31, 2012, Bogoso/Prestea produced and sold 172,379 ounces of gold. Bogoso/Prestea consists of a gold mining and processing operation located along the Ashanti Trend in western Ghana, approximately 35 kilometers northwest of the town of Tarkwa. There are two ore processing facilities at Bogoso/Prestea and open pit mining methods are employed. Ore is hauled by truck from the pits to the processing plants. The Mampon deposit is located approximately 35 kilometers north east of the Bogoso Sulfide plant. The Pampe deposit is located approximately 19 kilometers west of the Bogoso processing plants. The Prestea South property is located 20 kilometer south west of the Bogoso/Prestea processing plants.

The Wassa Gold Mine

The Company owns and operates the Wassa gold mine located approximately 35 kilometers east of Bogoso/Prestea in southwest Ghana. The property includes several open-pit mines, the nominal 3.0 million ton per annum CIL Wassa plant with its crushing and grinding circuits, a fleet of mining equipment, a tailings storage facility, ancillary facilities, including an administration building, a warehouse, a maintenance shop, a stand-by power generating facility and an employee residential complex. GSWL also owns and operates the Hwini-Butre and Benso mines located 80 and 50 kilometers, respectively, south of Wassa.

Prestea South Properties

The Prestea South project is located on the Ashanti Trend, southwest of the town of Prestea and approximately 20 kilometers southwest of the Bogoso processing plants. Gold mineralization is associated with the same Ashanti Trend fault structure that continues to the north through its Bogoso and Prestea properties. As of December 31, 2012, the Prestea South properties had total Probable Mineral Reserves of 4.6 million tons grading 2.47 grams per tons containing approximately 0.36 million ounces.

Akropong Trend Properties

The Akropong properties are located along a fault structure which roughly parallels the Ashanti Trend and is located approximately 20 kilometers to the west of its Bogoso refractory plant. During 2012, exploration work at Pampe and Afranse were limited.

Dunkwa Properties

The Dunkwa Properties, are located along the Ashanti trend, northeast of its Bogoso mining lease, and consist of two prospecting licenses, Mansiso and Asikuma, the latter hosting its Mampon deposit. The 2012 exploration programs on the Dunkwa properties were limited to a rotary air blast drilling program testing a geophysical conductor located east of the Opon deposit on the Mansiso prospecting license.

Sierra Leone and Deba and Tialkam Projects, Niger

The Sonfon project was a gold exploration property owned by a joint venture between Golden Star and Aureus Mining, with Golden Star as the majority owner and project manager. The Company’s interest in the Deba and Tialkam gold properties in Niger were optioned to AMI Resources Inc. (AMI).

Company Address

Golden Star Resources Ltd

Sun Life Financial Tower
Suite 1200, 150 King Street West
TORONTO   ON   M5H 1J9
P: +1416.5833800

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