Golden Star is a mid-tier gold mining company with two operating mines situated along the prolific Ashanti Gold Belt in Ghana, West Africa. Production in 2007 totaled 246,278 ounces of gold, totaled 295,926 ounces in 2008 and is expected to increase significantly in 2009 to 400,000 ounces of gold. Our growth strategy is the result of our expansion activities at Bogoso/Prestea and at Wassa as the Benso project commenced commercial production in 2008 and Hwini-Butre is expected in 2009. Our Bogoso sulfide and oxide processing plants are working in tandem to enable us to achieve our 2009 operating guidance. In addition to operational growth, the Company has consistently grown through exploration and corporate development activities. In addition, Golden Star has a long-term commitment to sustainability with emphasis on health, education and the environment.
Production at Bogoso/Prestea totaled 120,216 ounces for 2007 and 170,499 ounces for 2008. The sulfide plant incorporates a bio-oxidation circuit that enables us to treat the refractory ores found at Bogoso/Prestea, where over 80% of the ore is categorized as refractory. Annual production in 2009 is anticipated to be 200,000 ounces at Bogoso/Prestea.
The Wassa mine is a conventional open pit, Carbon-in-Leach (CIL) plant with production in 2007 of 126,062 ounces and production of 125,427 ounces of gold in 2008. The HBB project has been incorporated into the Wassa mine as the Benso property commenced production in 2008 and the Hwini-Butre projects will come on line in 2009 when the haul road linking Benso to Hwini-Butre is completed. These deposits will serve as satellite open pits for mine feed for the Wassa processing plant.
Historically, Golden Star has maintained an aggressive exploration program. Year over year, our exploration budget has ranged between $12 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 Suriname, French Guiana and Brazil in South America.
Golden Star’s goal is to grow its business in Ghana and in West Africa, through organic growth and accretive acquisitions. The Company is well financed and has a strong, experienced and operationally focused management team.
