July 26, 2016 3:25 AM 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 Tarkwa, Ghana; and Bogoso gold mining and processing operation located near the town of Prestea, 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. The company was founded in 1984 and is headquartered in Toronto, Canada...

Sun Life Financial Tower

Suite 1200

150 King Street West

Toronto, ON M5H 1J9


Founded in 1984



Key Executives for Golden Star Resources, Ltd.

Chief Executive Officer, President and Non-Independent Director
Age: 55
Total Annual Compensation: $500.0K
Chief Financial Officer and Executive Vice President
Age: 39
Total Annual Compensation: $270.0K
Chief Operating Officer, Executive Vice President and Non-Independent Director
Age: 58
Total Annual Compensation: $400.0K
Senior Vice President of Project Development and Technical Services
Age: 47
Total Annual Compensation: $280.0K
Vice President of Exploration
Age: 51
Total Annual Compensation: $220.0K
Compensation as of Fiscal Year 2015.

Golden Star Resources, Ltd. Key Developments

Golden Star Resources Ltd. Appoints Gil Clausen as Director

Golden Star Resources Ltd. announced that Gil Clausen is joining the company's Board of Directors, with immediate effect. Mr. Clausen is the President of a division of Yamana Gold Inc., and former President, Chief Executive Officer and Director of Augusta Resource Corporation. He also serves as an independent director of Plata Latina Minerals Corporation. With over 30 years of executive, financial, developmental and operational industry experience, Mr. Clausen has been responsible for executing growth strategies for mining companies on a range of continents and across a variety of commodities.

Golden Star Resources, Ltd. Reports Production Results for the Second Quarter of 2016; Provides Production and Capital Expenditure Guidance for the Year 2016

Golden Star Resources, Ltd. reported production results for the second quarter of 2016. For the quarter, the company produced 42,461 ounces of gold from its open pit operations, with production from Wassa of 21,543 ounces of gold and production from the Prestea Gold Mine (Prestea) of 20,918 ounces of gold. The company expected there to be a decline in second quarter 2016 production compared to the first quarter due to a scheduled maintenance shutdown at the Wassa processing plant, in addition to the seasonality traditionally impacting the second and third quarters of 2016. The company remains on track to achieve its 2016 production guidance of 180,000 ounces - 205,000 ounces of gold with cash operating costs of $815 per ounce - $925 per ounce. The company also continues to expect sustaining capital expenditure of $9 million and development capital expenditure of $81 million for total capital spending of $90 million for the year.

Golden Star Announces Commencement of Stoping from Wassa Underground

Golden Star Resources announced that pre-commercial production has commenced at its Wassa Underground Mine in Ghana. The successful blasting of the first stope in the F Shoot of Wassa Underground took place on July 10, 2016 delivering the first ore from the new underground mine to the Wassa processing plant. This first stope was mined using longitudinal longhole open stoping, utilizing remote control scoops for ore loading and then hauled to surface via 50 tonne trucks. The first stope is in the upper part of the F Shoot, which is one of the more moderate grade areas of the deposit. The higher grade areas within the B Shoot are scheduled to be accessed in early 2017.

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