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April 26, 2015 5:21 PM ET

Metals and Mining

Company Overview of Golden Star Resources, Ltd.

Company Overview

Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine, the Wassa underground development project, and a carbon-in-leach processing plant located approximately 35 kilometers from the town of Bogoso in Ghana; and Bogoso gold mining and processing operation located near the town of Bogoso in Ghana. It also has a 90% interest in the Prestea Underground mine in Ghana; and holds interests in various gold exploration projects in Ghana and other parts of West Africa, and in South America, as well as holds and manages exploration properties in Brazil. Golden Star Resources Ltd. was founded in 1984 and is headquartered ...

Sun Life Financial Tower

Suite 1200

150 King Street West

Toronto, ON M5H 1J9

Canada

Founded in 1984

Phone:

416-583-3800

Key Executives for Golden Star Resources, Ltd.

Chief Executive Officer, President and Director
Age: 53
Total Annual Compensation: $500.0K
Chief Financial Officer and Executive Vice President
Age: 37
Total Annual Compensation: $251.6K
Chief Operating Officer, Executive Vice President and Director
Age: 56
Total Annual Compensation: $400.0K
Senior Vice President of Technical Services
Age: 45
Total Annual Compensation: $280.0K
Vice President of Exploration
Age: 49
Total Annual Compensation: $220.0K
Compensation as of Fiscal Year 2014.

Golden Star Resources, Ltd. Key Developments

Golden Star Resources, Ltd. Announces Results of its Feasibility Study on the Development of an Underground Mining Operation at its Currently Operating Wassa Open Pit Mine in Ghana; Provides Capital Expenditure Guidance for Years 2015-2024

Golden Star Resources, Ltd. announced the results of its Feasibility Study on the development of an underground mining operation at its currently operating Wassa open pit mine in Ghana. The Feasibility Study estimates the Wassa Mine will produce an average of 163,000 ounces of gold per annum over its production life with average cash operating costs of $780 per ounce. The Wassa Mine is in the Western Region of Ghana. It has a carbon-in-leach processing plant with a rated capacity of 2.7 million tonnes per annum ("Mtpa"). Golden Star has been mining the Wassa open pits since commissioning the plant in 2005. Mining is currently at the Wassa Open Pit, which is within 500 meters of the plant. Mineral Reserves are reported in the open pit design using a cut-off grade of 0.77 g/t Au. Underground stope optimization has been carried out using a cut-off grade of 2.5 g/t Au estimated based on zero-based underground mining costs and historic processing and G&A costs. The Deswick Stope Optimizer software was used incorporating cut-off grade and various mineable stope parameters such as stope height, width, footwall and hangingwall angles, and minimum distance between parallel stopes. Access development to the underground stoping areas will be via a twin decline system from the north east wall of the current Wassa Open Pit. The twin decline system will enable efficient ventilation during the early stages of the underground life and will remove the requirement for a raisebore ventilation raise and escape way close to the start of the decline. The main decline will be 5.8 meters high and 5.2 meters wide and developed using standard trackless mechanized mining methods. The company provided capital expenditure guidance for years 2015-2024. The company expected total capital expenditure of $189.4 million, $34.7 million, $32.2 million, $28.7 million, $22.1 million, $20.3 million and $51.4 million, for the years 2015, 2016, 2017, 2018, 2019, and 2020-2024, respectively.

Golden Star Resources, Ltd. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Impairment Charges for the Fourth Quarter of 2014

Golden Star Resources, Ltd. announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues were $86,586,000 compared to $96,034,000 for the same period a year ago. Loss before tax was $53,799,000 compared to $166,823,000 for the same period a year ago. The net loss attributable to the company shareholders totaled $48,155,000 or $0.19 per basic and diluted share compared to $148,576,000 or $0.57 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $4,316,000 compared to net cash used in operating activities of $2,401,000 for the same period a year ago. The adjusted net income attributable to shareholders of was $8,825,000 compared to adjusted net loss attributable to shareholders of $1,325,000 for the period ended September 30, 2014. The improvement in profitability at Bogoso is the main contributor to a stronger group overall performance. Capital expenditures were $9,219,000 against $5,952,000 for the period ended September 30, 2014. For the full year, the company reported revenues decreased to $328,915,000 when compared to $467,796,000 for the same period a year ago. Loss before tax was $83,695,000 compared to $310,845,000 for the same period a year ago. Net loss attributable to company shareholders was $73,079,000 or $0.28 per basic and diluted share compared to $265,892,000 or $1.03 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $2,441,000 compared to $59,246,000 for the same period a year ago. Additions to mining properties were $73,000 compared to $69,725,000 for the same period a year ago. Additions to plant and equipment was $499,000 compared to $3,780,000 for the same period a year ago. Additions to construction in progress were $32,232,000 compared to $36,454,000 for the same period a year ago. The adjusted net loss attributable to shareholders of was $12,234,000 compared to $21,493,000 for the same period a year ago. Capital expenditures were $33,655,000 against $102,867,000 for the same period a year ago. For the fourth quarter 2014, the company reported impairment charges of $57,747,000. Gold sold in 2014 was 260,788 ounces compared to 330,806 sold in 2013. At Bogoso, gold sold increased from 144,999 ounces in 2013 to 147,957 ounces in 2014, after pushbacks were completed in May of 2014. Gold sold at Wassa decreased from 185,807 ounces in 2013 to 112,831 ounces in 2014 as mining in the high grade Father Brown pit ceased in May 2014. Fourth quarter 2014 gold sold was 72,085 ounces, up 18% from 61,170 ounces sold in the prior quarter. Grade mined and processed at Wassa in the fourth quarter increased from 1.20 g/t Au in the prior quarter to 1.32 g/t Au.

Golden Star Resources, Ltd. Presents at Prospectors & Developers Association Conference 2015, Mar-03-2015 11:20 AM

Golden Star Resources, Ltd. Presents at Prospectors & Developers Association Conference 2015, Mar-03-2015 11:20 AM. Venue: Toronto, Ontario, Canada. Speakers: Samuel T. Coetzer, Chief Executive Officer, President and Director.

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