Golden Star is a mid-tier gold mining company over a quarter-century in age and total historical production of over two million ounces of gold. The Company has two operating mines situated along the prolific Ashanti Gold Belt in Ghana, West Africa. Production in 2009 totaled 409,902 ounces of gold from these two mines. Our growth strategy is the result of our exploration and expansion activities at both Bogoso/Prestea and Wassa/HBB. Our Bogoso sulfide and oxide processing plants are working in tandem to enable us to achieve our 2010 operating guidance. The CIL plant at Wassa is processing ore from the Wassa pits in addition to high grade ore from the HBB satellite mines. In addition to operational growth, the Company has consistently grown through exploration and corporate development activities. Lastly, Golden Star has a long-term commitment to sustainability with particular emphasis on health, education and the environment.
The Wassa mine is a conventional open pit, Carbon-in-Leach (CIL) mine with production in 2009 of 223,848 ounces of gold. In May 2007, a feasibility study was completed for the HBB project and subsequently, the Board of Directors gave approval for the development of the HBB properties. Capital expenditures were approximately $50 million. These deposits serve as satellite open pits for mine feed for the Wassa processing plant. 2010 production from Wassa is anticipated to be approximately 200,000 ounces of gold.
Over its 25-plus year history, Golden Star has maintained an aggressive exploration program. Year over year, our exploration budget has ranged between $10 and $20 million per year. While the majority of our exploration activities are proximal to our operations in Ghana, we have a property portfolio that includes projects in Sierra Leone, Côte d’Ivoire, Burkina Faso, and Niger in West Africa and Brazil in South America.
Golden Star’s goal is to grow its business in Ghana, other selected countries in West Africa, through organic growth and accretive acquisitions. The Company is well financed and has a strong, experienced and operationally focused management team.
