Header Image 2

CORPORATE PROFILE

Golden Star is a 25-year-old mid-tier gold mining company with total historical gold production of over two million ounces. The Company has two operating mines situated along the prolific Ashanti Gold Belt in Ghana, West Africa. Our growth strategy is the result of our exploration and expansion activities at both Bogoso/Prestea and Wassa Hwini-Butre and Benso (“HBB”). The Bogoso/Prestea mine has the ability to process both non-refractory and refractory ores. The Wassa plant processes ore from the Wassa pits in addition to high-grade ore from the HBB satellite pits. 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 Bogoso/Prestea mining complex consists of several open pit operations along thirty kilometers of the Ashanti Trend feeding both refractory and non-refractory ores to the two processing plants. The oxide plant is a conventional carbon-in-leach ("CIL") operation and can process up to 1.5 million tonnes per year of ore. The 3.5 million tonne per year sulfide plant at Bogoso processes our extensive refractory ore inventory and utilizes bio-oxidation to oxidize the sulphides, followed by a CIL circuit to extract the gold. Gold sold from both processing plants totaled 172,379 ounces in 2012 and 140,504 ounces in 2011.

The Wassa mine is an open pit operation utilizing a conventional CIL processing plant. Ore is sourced from the nearby Wassa pits and the satellite pits at Benso and Hwini-Butre. Gold sold totaled 158,899 in 2012 and 160,616 ounces in 2011.

Total gold production from both mines in 2012 totaled 331,278 ounces of gold.

Over its quarter century history, Golden Star has maintained an aggressive exploration program. While the majority of our exploration activities are proximal to our operations in Ghana, we have a property portfolio that includes projects elsewhere in Ghana, other parts of West Africa and in Brazil.

Golden Star’s goal is to grow its business in Ghana and 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.

Reserves and Resources (Ounces) - December 31, 2012

Proven and Probable Mineral Reserves(1)(2)
Tonnes (million) Gold Grade (g/t) Ounces (million)
Bogoso/Prestea(3)
Total Proven 9.2 2.42 0.71
Total Probable 26.0 2.54 2.12
Wassa/HBB
Total Proven 0.8 0.89 0.02
Total Probable 31.0 1.45 1.45
TOTAL P&P(8) 67.1 2.0 4.31

Measured and Indicated Mineral Resources(4)(5)(6)
Tonnes (million) Gold Grade (g/t) Ounces (million)
Bogoso/Prestea(3)
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(7)
Measured 0.0 0.0 0.00
Indicated 1.2 5.8 0.23
Total 1.2 5.8 0.23
TOTAL M&I(8) 41.9 2.2 3.01

Notes to Mineral Reserves and Resources Table: All estimates of the Mineral Reserves and Resources tables above have been prepared in accordance with NI 43-101 under the supervision of a Qualified Person named below.

  1. The 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
  2. 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
  3. The stated Mineral Reserves and Resources for Bogoso/Prestea includes Prestea South, Pampe and Mampon
  4. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star Resources Vice President of Exploration
  5. 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
  6. The Mineral Resources are not included in and are in addition to the Mineral Reserves described above
  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
  8. Numbers may not add due to rounding