Golden Star Resources Reports Preliminary Fourth Quarter

Golden Star Resources Reports Preliminary Fourth Quarter Operational
Results and 2013 Guidance 
DENVER, CO -- (Marketwire) -- 01/08/13 --  Golden Star Resources Ltd.
(NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the
"Company") today announced preliminary 2012 fourth quarter and full
year production results for its Bogoso/Prestea and Wassa/HBB
operations. 
The Company produced and poured 92,614 ounces of gold in the fourth
quarter of 2012, of which 87,544 ounces were sold, representing a 31%
increase over 70,811 ounces of gold produced in the fourth quarter
last year and a 15% increase over third quarter 2012 gold production
of 80,826 ounces. 
For 2012, Golden Star produced and poured 336,348 ounces of gold, of
which 331,278 ounces were sold, representing a 12% increase over
301,120 ounces produced in 2011. The full year poured gold production
total of 336,348 ounces was in line with 2012 guidance, and cash
operating costs are estimated to be within the guidance range of
$1,040 to $1,100 per ounce. The Company closed 2012 with an estimated
cash and cash equivalents balance of approximately $73 million, not
including the estimated proceeds of approximately $8.4 million
expected in early 2013 for the 5,070 ounces poured but not sold by
December 31, 2012. 
"We are pleased to announce a strong fourth quarter of gold
production, which enabled Golden Star to achieve production guidance
for the full year. Additionally, we estimate that 2012 cash operating
costs will also be within our guidance range," said Sam Coetzer,
President and CEO. "Achieving both production and cost guidance is a
testament to the operational improvements accomplished through the
hard work and dedication of our entire team and sets the tone for the
future." 
2012 Highlights: 


 
--  Significantly improved operating cash flows year over year;
--  A 12% increase in gold production year over year;
--  A major drilling program at Wassa, where the Company is evaluating
    several newly discovered zones of gold mineralization below the
    current Wassa pits;
--  Planning of the restart of mining at the Prestea Underground mine
    following completion of the favorable Preliminary Economic Assessment;
--  Enhanced plant availability and ore supply at both Wa
ssa and Bogoso;
--  Successful re-start of the non-refractory plant at Bogoso and
    development of the Pampe pit as its primary feed source;
--  An improved balance sheet, including a significant reduction in debt;
--  Significant improvements in community relationships within the Bogoso
    and Wassa catchment areas; and
--  Advancement of development plans for the Dumasi and Mampon pits.

  
Golden Star recently announced key changes to its Board of Directors
and executive management team as well as plans to move its corporate
headquarters to Toronto. In addition to Sam Coetzer assuming the
position of President and Chief Executive Officer, veteran mining
industry executive Jeff Swinoga has been named Executive Vice
President and Chief Financial Officer and former Kinross COO Tim
Baker has joined the Board as Executive Chairman. 
"We have strengthened our Board and believe we have the right
executive team in place to advance our exciting pipeline of projects
and help Golden Star realize the significant potential represented by
our strong asset base," Coetzer said. "In addition, our move to
Toronto gives us better access to the capital markets, shareholders
and other resources critical to our growth plans." 
2012 quarterly and full year production results* are as follows: 


 
                                Bogoso/Prestea    Wassa/HBB      Combined   
                                -------------- -------------- --------------
                                                                            
First quarter Oz produced               41,242         36,483         77,725
                                                                            
Second quarter Oz produced              44,115         41,068         85,183
                                                                            
Third quarter Oz produced               39,844         40,982         80,826
                                                                            
Fourth quarter Oz produced              50,230         42,384         92,614
                                                                            
2012 full year Oz produced             175,431        160,917      336,348**
                                                                            
*Preliminary, subject to change until 2012 annual audited financial         
statements are filed with regulatory authorities.                           
**Total ounces produced includes 5,070 ounces poured that were not sold in  
2012.                                                                       
                                                                            
                                                                            
                                                                            
2013 GUIDANCE                                                               
                                                                            
                         Bogoso/Prestea      Wassa/HBB          Combined    
                       ----------------- ----------------- -----------------
Oz produced                   170,000 to        150,000 to        320,000 to
                                 190,000           160,000           350,000
Cash operating cost                                                         
($/oz)                    1,150 to 1,250      900 to 1,000    1,050 to 1,150
                                                                            
Notes:                                                                      
   1. Power and fuel prices used in the guidance are $0.16 per kilowatt-hour
      and $1.33 per liter, respectively.                                    
   2. Starting in late 2012, and continuing through 2014, water treatment   
      costs are estimated to add approximately $60 per ounce at Bogoso, but 
      should drop significantly thereafter when the current backlog of      
      process water is treated.                                             

 
COMPANY PROFILE 
Golden Star Resources holds the largest land package in one of the
world's largest and most prolific gold producing regions. The Company
holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited
and Golden Star (Wassa) Limited, which respectively own the
Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West
Africa. In addition, Golden Star has an 81% interest in the Prestea
Underground mine in Ghana, as well as gold exploration interests
elsewhere in Ghana, in other parts of West Africa and in Brazil in
South America. Golden Star has approximately 259 million shares
outstanding. Additional information is available at www.gsr.com.  
Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other applicable securities laws. Investors are cautioned that
forward-looking statement
s are inherently uncertain and involve risks
and uncertainties that could cause actual results to differ
materially. Specifically, statements in this news release regarding
the increase in 2012 gold production and expectations for cash
operating costs being within the guidance range; estimated proceeds
for gold poured but not sold by December 31, 2012; plans to restart
the Prestea Underground Mine and advance the Dumasi, Mampon and
Prestea South development projects; expectations regarding water
treatment at Bogoso; plans to move the corporate headquarters to
Toronto; expectations for better access to capital, shareholders and
other resources in Toronto; the potential of the Company's asset
base; plans to advance the Company's pipeline of projects; and 2013
production and cash operating cost guidance, including estimated
power and fuel prices and water treatment costs, are forward looking
statements. Factors that could cause actual results to differ
materially include timing of and unexpected events at the Wassa plant
and Bogoso/Prestea oxide and sulfide processing plant; variations in
ore grade, tonnes mined, crushed or milled; variations in relative
amounts of refractory, non-refractory and transition ores; delay or
failure to receive board or government approvals and permits; the
availability and cost of electrical power; timing and availability of
external financing on acceptable terms; technical, permitting, mining
or processing issues; changes in U.S. and Canadian securities
markets; and fluctuations in gold price and costs and general
economic conditions. There can be no assurance that future
developments affecting the Company will be those anticipated by
management. Please refer to the discussion of these and other factors
in our Form 10-K for 2011 and subsequent Forms 10-Q for 2012 and
other filings of the Company with the United States Securities and
Exchange Commission and the applicable Canadian securities regulatory
authorities. The forecasts contained in this press release constitute
management's current estimates, as of the date of this press release,
with respect to the matters covered thereby. We expect that these
estimates will change as new information is received and that actual
results will vary from these estimates, possibly by material amounts.
While we may elect to update these estimates at any time, we do not
undertake to update any estimate at any particular time or in
response to any particular event. Investors and others should not
assume that any forecasts in this press release represent
management's estimate as of any date other than the date of this
press release.  
For further information, please contact: 
GOLDEN STAR RESOURCES LTD.
Bruce Higson-Smith
Senior Vice President Finance & Corporate Development
1-800-553-8436 
INVESTOR RELATIONS
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc. 
303-393-7044 
 
 
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