Golden Star Announces Mineral Reserves and Resources Estimates as at December 31, 2012

Golden Star Announces Mineral Reserves and Resources Estimates as at December 
31, 2012 
Significant Increases in Mineral Reserves and Resources at Wassa 
TORONTO -- (Marketwire) -- 02/05/13 --  Golden Star Resources Ltd.
(NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the
"Company") is pleased to announce its Proven and Probable Mineral
Reserves (collectively "Mineral Reserves") and Mineral Resources as
at December 31, 2012.  
During 2012 the Company's exploration strategy focused on drilling at
Wassa, where the Company increased Proven and Probable Mineral
Reserves by 85% to 1.47 million ounces of contained gold, relative to
December 31, 2011. At Bogoso, the combination of mining depletion and
improved pit design focused on maximization of cash flow and resulted
in a reduction in Proven and Probable Mineral Reserves to 2.84
million ounces. 
Sam Coetzer, President and CEO of Golden Star, commented: "The
excellent drilling results at Wassa and below the existing Wassa pits
have almost doubled the reserves at Wassa Main. This resulted in the
life of mine being increased to more than 12 years, assuming the
current 2.7 million tonnes per year processing rate. The ongoing
drilling program at Wassa is utilizing six drill rigs to test the
mineralizat
ion down plunge where the zone remains open, in addition
to infill drilling within the year-end resource pit shells. We are
optimistic that reserves will increase further when we update the
resource models and pit designs in the second half of 2013. Depending
on the results of the ongoing Wassa Expansion Project scoping study,
we will undertake a prefeasibility study expected to be published
towards the end of 2013. At Prestea Underground, we are nearing
completion of the West Reef Feasibility Study, which should enable
the Company to report reserves in July 2013. 
"These developments at Wassa and Prestea Underground demonstrate the
Company's strategy to unlock value by shifting production to
sustainable, lower-cost ore with greater processing recoveries." 
Mineral Reserves and Mineral Resources 
The Mineral Reserve and Mineral Resource estimates have been
estimated by the Company's technical personnel in accordance with
definitions and guidelines set out in the Definition Standards for
Mineral Resources and Mineral Reserves published by the Canadian
Institute of Mining, Metallurgy, and Petroleum and as required by
Canada's National Instrument 43-101. 
Mineral Reserves 
In 2012, the Company replaced its mined Reserves. The replacement was
due largely to the addition of Proven and Probable Reserves at Wassa,
which grew by 85%. 


 
                                                                            
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PROVEN and         As at December 31, 2012        As at December 31, 2011   
 PROBABLE                                                                   
 MINERAL                                                                    
 RESERVES                                                                   
              --------------------------------------------------------------
Property,                                                                   
 Mineral                                                                    
 Reserve         Tonnes  Gold Grade  Ounces     Tonnes  Gold Grade  Ounces  
 Category      (millions)   (g/t)  (millions) (millions)   (g/t)  (millions)
----------------------------------------------------------------------------
Bogoso/Prestea                                                              
 Proven                                                                     
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory         1.3      1.82      0.08        1.3      1.64      0.07
  Refractory          7.8      2.52      0.64        8.3      2.72      0.73
----------------------------------------------------------------------------
  Total Proven        9.2      2.42      0.71        9.6      2.57      0.80
----------------------------------------------------------------------------
 Probable                                                                   
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory         4.8      2.35      0.36        6.9      2.31      0.51
  Refractory         21.2      2.58      1.76       24.2      2.60      2.02
----------------------------------------------------------------------------
  Total                                                                     
   Probable          26.0      2.54      2.12       31.1      2.54      2.54
----------------------------------------------------------------------------
Total Proven                            
                                    
 and Probable                                                               
  Non-                                                                      
   refractory         6.2      2.23      0.44        8.2      2.21      0.58
  Refractory         29.0      2.57      2.39       32.6      2.63      2.75
----------------------------------------------------------------------------
Total                                                                       
 Bogoso/Preste                                                              
 a Proven and                                                               
 Probable            35.2      2.51      2.84       40.8      2.55      3.34
----------------------------------------------------------------------------
Wassa/HBB                                                                   
 Proven                                                                     
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory         0.8      0.89      0.02        0.6      1.27      0.03
 Probable                                                                   
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory        31.0      1.45      1.45       17.4      1.38      0.77
----------------------------------------------------------------------------
Total                                                                       
 Wassa/HBB                                                                  
 Proven and                                                                 
 Probable            31.8      1.44      1.47       18.1      1.38      0.80
----------------------------------------------------------------------------
TOTALS                                                                      
 Proven                                                                     
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory         2.1      1.47      0.10        1.9      1.52      0.10
  Refractory          7.8      2.52      0.64        8.3      2.72      0.73
----------------------------------------------------------------------------
  Total Proven       10.0      2.30      0.74       10.3      2.49      0.82
----------------------------------------------------------------------------
 Probable                                                                   
  Mineral                                                                   
  Reserves                                                                  
  Non-                                                                      
   refractory        35.9      1.57      1.82       24.3      1.65      1.29
  Refractory         21.2      2.58      1.76       24.2      2.60      2.02
----------------------------------------------------------------------------
  Total                                                                     
   Probable          57.1      1.95      3.57       48.5      2.12      3.31
----------------------------------------------------------------------------
Total Proven                                                                
 and Probable                                                               
  Non-                                                                      
   refractory        38.0      1.57      1.92       26.3      1.64      1.38
  Refractory         29.0      2.57      2.39       32.6      2.63      2.75
----------------------------------------------------------------------------
Total Proven                                                                
 and Probable        67.1      2.00      4.31       58.8      2.19      4.14
----------------------------------------------------------------------------

 
Notes to the Mineral Reserve Statement: 
 (1) The stated Mineral
Reserve for Bogoso/Prestea includes Prestea South, Pampe and Mampon. 
(2) The stated Mineral Reserve for Wassa/HBB includes the
Hwini-Butre property. 
 (3) The stated Mineral Reserves have been
prepared in accordance with Canada's National Instrument 43-101 --
Standards of Disclosure for Mineral Projects and are classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum's "CIM Definition Standards -- For Mineral Resources and
Mineral Reserves". Mineral Reserves are equivalent to Proven and
Probable Reserves as defined by the SEC Industry Guide 7. Mineral
Reserve estimates reflect the Company's reasonable expectation that
all necessary permits and approvals will be obtained and maintained.
Mining dilution and mining recovery vary by deposit and have been
applied in estimating the Mineral Reserves. 
 (4) The 2011 and 2012
Mineral Reserves were prepared under the supervision of Dr. Martin
Raffield, Senior Vice President Technical Services for the Company.
Dr. Raffield is a "Qualified Person" as defined by Canada's National
Instrument 43-101. 
 (5) The Mineral Reserves at December 31, 2012
were estimated using a gold price of $1,450 per ounce, which is
approximately equal to the three-year average gold price. At December
31, 2011, Mineral Reserves were estimated using a gold price of
$1,250 per ounce. 
 (6) The terms "non-refractory" and "refractory"
refer to the metallurgical characteristics of the ore. We plan to
process the refractory ore in the Bogoso sulfide bio-oxidation plant
and to process the non-refractory ore in the Bogoso and Wassa
non-refractory processing plants. 
 (7) The slope angles of all pit
designs are based on geo-technical criteria as established by
exte
rnal consultants. The size and shape of the pit designs are
guided by consideration of the results from a pit optimization
program. The parameters for the pit optimization program are based on
a gold price of $1,450 per ounce, historical and projected operating
costs at Bogoso/Prestea, Wassa and Hwini-Butre and Benso.
Metallurgical recoveries are based on historical performance or
estimated from test work and typically range from 60% to 95% for
non-refractory ores and from 70% to 85% for refractory ores. A
government royalty of 5% is allowed as are other applicable
royalties. 
 (8) Numbers may not add due to rounding.  
Reconciliation of Mineral Reserves 


 
                                                                            
----------------------------------------------------------------------------
                      Tonnes   Contained Ounces    Tonnes         Ounces    
                    (Millions)    (Millions)   (% of Opening) (% of Opening)
----------------------------------------------------------------------------
2011 Reserves             58.8             4.14          100%           100%
----------------------------------------------------------------------------
Gold Price (1 & 6)         3.5             0.75            6%            18%
----------------------------------------------------------------------------
Exploration Changes       23.6             1.03           40%            25%
 (2 & 7)                                                                    
----------------------------------------------------------------------------
Mine Depletion (3)        -6.6            -0.49          -11%           -12%
----------------------------------------------------------------------------
Engineering (4)          -12.3            -1.11          -21%           -27%
----------------------------------------------------------------------------
2012 Reserves (5)         67.1             4.31          114%           104%
----------------------------------------------------------------------------

 
Notes to the reconciliation of Mineral Reserves:
 (1) Gold Price
Increase represents changes resulting from an increase in gold price
used in the Mineral Reserve estimates from $1,250 per ounce in 2011
to $1,450 per ounce in 2012. 
 (2) Exploration Changes include
changes due to geological modeling, data interpretation and resource
block modeling methodology as well as exploration discovery of new
mineralization. 
 (3) Mining Depletion represents the 2011 Mineral
Reserve within the volume mined in 2012 with adjustments to account
for stockpile addition and depletions during 2012 and therefore does
not correspond with 2012 actual gold production. 
 (4) Engineering
includes changes as a result of changes in operating costs, mining
dilution and recovery assumptions, metallurgical recoveries, pit
slope angles and other mine design and permitting considerations.  
(5) Numbers may not add due to rounding. 
 (6) Pit design changes
that are primarily due to a higher gold price are included here.  
(7) Pit design changes that are primarily due to exploration
discoveries are included here. 
Non-Reserve -- Measured and Indicated Mineral Resources  
Cautionary Note to US Investors concerning estimates of Measured and
Indicated Mineral Resources
 This section uses the terms "Measured
Mineral Resources" and "Indicated Mineral Resources." The Company
advises US investors that while these terms are recognized and
required by Canadian regulations, the US Securities and Exchange
Commission does not recognize them. US investors are cautioned not to
assume that any part or all of the mineral deposits in these
categories will ever be converted into Mineral Reserves.  
The Measured and Indicated Mineral Resources reported below are
exclusive of the Proven and Probable Mineral Reserves as shown above
and have been estimated in compliance with definitions set out in
Canada's National Instrument 43-101. 
Except as otherwise provided, the total Measured and Indicated
Mineral Resources for all properties have been estimated at an
economic cut-off grade based on a gold price of $1,750 per ounce for
December 31, 2012 and $1,500 per ounce for December 31, 2011 and on
economic parameters deemed realistic. The economic cut-off grades for
Mineral Resources are lower than those for Mineral Reserves and are
indicative of the fact that the Mineral Resource estimates include
material that may become economic under more favorable conditions
including increases in gold
 price. 
The following table summarizes Golden Star's estimated non-reserves
-- Measured and Indicated Mineral Resources as at December 31, 2012
as compared to the totals as at December 31, 2011: 


 
                                                                            
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                                         Measured & Indicated               
                                                                            
                          --------------------------------------------------
                                                        Gold                
         Property            Category      Tonnes       Grade      Ounces   
                                         (Millions)     (g/t)    (Millions) 
----------------------------------------------------------------------------
      Bogoso/Prestea         Measured            2.9         1.9        0.18
                             Indicated          16.1         2.2        1.13
                          --------------------------------------------------
                               Total            19.0         2.1        1.31
----------------------------------------------------------------------------
    Prestea Underground      Measured            0.0         0.0        0.00
                             Indicated           1.6        13.2        0.66
                          --------------------------------------------------
                               Total             1.6        13.2        0.66
----------------------------------------------------------------------------
         Wassa HBB           Measured            0.0         0.0        0.00
                             Indicated          20.0         1.3        0.81
                          --------------------------------------------------
                               Total            20.1         1.3        0.81
----------------------------------------------------------------------------
 Father Brown Underground    Measured            0.0         0.0        0.00
                             Indicated           1.2         5.8        0.23
                          --------------------------------------------------
                               Total             1.2         5.8        0.23
----------------------------------------------------------------------------
        Total 2012                              41.9         2.2        3.01
----------------------------------------------------------------------------
        Total 2011                              41.3         2.2        2.92
----------------------------------------------------------------------------

 
Notes to the Measured & Indicated Mineral Resources:
 (1) The Mineral
Resources for Bogoso/Prestea include Pampe and Mampon. 
 (2) The
Mineral Resources were estimated in accordance with the definitions
and requirements of Canada's National Instrument 43-101. The Mineral
Resources are equivalent to Mineralized Material as defined by the
SEC Industry Guide 7. 
 (3) The Mineral Resources were estimated
using optimized pit shells at a gold price of $1,750 per ounce from
which the Mineral Reserves have been subtracted. Other than gold
price, the same optimized pit shell parameters and modifying factors
used to determine the Mineral Reserves were used to determine the
Mineral Resources. In 2011, we used a gold price of $1,500 per ounce
for the optimized shell. The Prestea Underground resource was
estimated using a $1,750 per ounce gold price and operating cost
estimates using an economic gold cut-off of 3.0 g/t. 
 (4) The
Mineral Resources are not included in and are in addition to the
Mineral Reserves described above. 
 (5) The Qualified Person
reviewing and validating the estimation of the Mineral Resources is
S. Mitchel Wasel, Golden Star Resources Vice President of
Exploration. 
 (6) Numbers may not add due to rounding. 
 (7) The
Father Brown Underground Resource has been estimated below the $1,750
per ounce of gold pit shell using an economic gold grade cut-off of
2.9 g/t, which the Company believes would be the lower cut-off for
underground.  
Non-Reserves -- Inferred Mineral Resources  
Cautionary Note to US Investors concerning estimates of Inferred
Mineral Resources
 This section uses the term "Inferred Mineral
Resources." We advise US investors that while this term is recognized
and required by National Instrument 43-101, the US Securities and
Exchange Commission does not recognize it. "Inferred Mineral
Resources" have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of Inferred Mineral Resources
will ever be upgraded to a higher category. In accordance with
Canadian rules, estimates of Inferred Mineral Resources cannot form
the basis of feasibility or other economic studies. US investors are
cautioned not to assume that any part or all of the Inferred Mineral
Resource exists, or is economically or legally mineable.  
The Inferred Mineral Resources as at December 31, 2012 and December
31, 2011 have been estimated in compliance with definitions defined
by NI 43-101. 


 
                                                                            
----------------------------------------------------------------------------
                                                  Inferred                  
----------------------------------------------------------------------------
                                   Tonnes       Gold Grade       Ounces     
            Property              (Millions)       (g/t)        (Millions)  
----------------------------------------------------------------------------
         Bogoso/Prestea                    3.8            3.1           0.37
----------------------------------------------------------------------------
      Prestea Underground                  5.2            7.4           1.24
----------------------------------------------------------------------------
           Wassa HBB                      13.2            1.7           0.70
----------------------------------------------------------------------------
    Father Brown Underground               1.4            5.2           0.24
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
           Total 2012                     23.6            3.4           2.55
----------------------------------------------------------------------------
           Total 2011                     13.3            3.7           1.57
----------------------------------------------------------------------------

 
Notes to Non-Reserves -- Inferred Mineral Resources:
 (1) The Mineral
Resources for Bogoso/Prestea include Pampe and Mampon. 
 (2) The
Mineral Resources were estimated in accordance with the definitions
and requirements of Canada's National Instrument 43-101. The Mineral
Resources are equivalent to Mineralized Material as defined by the
SEC Industry Guide 7. 
 (3) The Mineral Resources were estimated
using optimized pit shells at a gold price of $1,750 per ounce from
which the Mineral Reserves have been subtracted. Other than gold
price, the same optimized pit shell parameters and modifying factors
used to determine the Mineral Reserves were used to determine the
Mineral Resources. In 2011, we used a gold price of $1,500 per ounce
for the optimized shell. The Prestea Underground resource was
estimated using a $1,750 per ounce gold price and operating cost
estimates using an economic gold cut-off of 3.0 g/t. 
 (4) The
Mineral Resources are not included in and are in addition to the
Mineral Reserves described above. 
 (5) The Qualified Person
reviewing and validating the estimation of the Mineral Resources is
S. Mitchel Wasel, Golden Star Resources Vice President of
Exploration. 
 (6) Numbers may not add due to rounding. 
 (7) The
Father Brown Underground Resource has been estimated below the $1,750
per ounce of gold pit shell using an economic gold grade cut-off of
2.9 g/t, which the Company believes would be the lower cut-off for
underground.  
QA/QC: 
The technical contents of this press release have been reviewed by S.
Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National
Instrument 43-101. Mr. Wasel is Vice President Exploration for Golden
Star and an active member of the Australasian Institute of Mining and
Metallurgy.  
The results for Wassa/HBB quoted herein are based on the analysis of
saw-split HQ/NQ diamond half core or a three kilogram single stage
riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample
which has been sampled over nominal one meter intervals (adjusted
where necessary for mineralized structures). Sample preparation and
analyses have been carried out at SGS Laboratories in Tarkwa using a
1,000 gram slurry of sample and tap water which is prepared and
subjected to an accelerated cyanide leach (LEACHWELL). The sample is
then rolled for twelve hours before being allowed to settle. An
aliquot of solution is then taken, gold extracted into Di-iso Butyl
Keytone (DiBK), and determined by flame Atomic Absorption
Spectrophotometry (AAS). Detection Limit 0.01ppm.  
The results for Bogoso/Prestea herein are based on the analysis of
saw-split HQ sized (64mm) diamond half core or a three kilogram
single stage riffle split of a nominal 25 to 30 kg Reverse
Circulation chip sample which has been sampled over nominal one meter
intervals (adjusted where necessary for mineralized structures).
Sample preparation and analyses have been carried out at SGS
Laboratories in Tarkwa using a 50 gram assay charge with a flame
Atomic Absorption Spectrophotometry (AAS) finish and a detection
limit of 0.01 ppm.  
All analytical work is subject to a systematic and rigorous Quality
Assurance-Quality Control (QA-QC). At least 5% of samples are
certified standards and the accuracy of the analysis is confirmed to
be acceptable from comparison of the recommended and actual
"standards" results. The remaining half core is stored on site for
future inspection and detailed logging, to provide valuable
information on mineralogy, structure, alteration patterns and the
controls on gold mineralization. 
Company Profile 
Golden Star 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. In addition, Golden Star has an 81% interest in the
currently inactive 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. 
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 under Canadian securities laws. Such
statements include the Company's expectations regarding reserves and
resources changes for 2013, the timing for updating resource models
in 2013, the timing of undertaking and publishing a pre-feasibility
study for the Wassa Expansion Project, the timing of the completion
of the West Reef feasibility study and its impact on Mineral
Reserves, our 2013 exploration activities and the number of drill
rigs conducting such exploration, and our plans for processing
refractory ore and non-refractory ore. Investors are cautioned that
forward-looking statements are inherently uncertain and involve risks
and uncertainties that could cause actual facts to differ materially.
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 2012. 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. While we may elect to update
these estimates at any time, we do not undertake any estimate at any
particular time or in response to any particular event.  
For Further Information, Please Contact: 
GOLDEN STAR RESOURCES LTD.
Bruce Higson-Smith
Senior Vice President Corporate Strategy
1-800-553-8436 
INVESTOR RELATIONS
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc. 
303-393-7044 
Belinda Labatte
The Capital Lab, Inc.
647-427-0208 
 
 
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