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DISCLAIMER – CAUTIONARY NOTE TO U.S. INVESTORS

The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce.  We use certain terms on this web site, such as "reserves," "resources," "geologic resources," "proven," "probable," "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC.  U.S. investors are urged to consider closely the disclosure in our Form 10 – K, File No. 001-12284.  You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.

DISCLAIMER - PRIVATE SECURITIES LITIGATION ACT OF 1995

Safe Harbor: The statements contained in this document are both historical and forward-looking in nature. The forward-looking statements involve risks and uncertainties including those relating to exploration, the establishment of reserves, the recovery of any reserves, future gold production and production costs, and future permitting dates for additional sources of ore. Please refer to a discussion of these and other risk factors in golden star's Form 10-K and other Securities and Exchange Commission filings. The forecasts contained in this document constitute management's current estimates, as of the date of this document, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and the actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this document represent management's estimate as of any date other than the date of this document.

Information: The information contained in this document has been obtained by Golden Star from its own records and from other sources deemed reliable, however no representation or warranty is made as to its accuracy or completeness.

Currency: All monetary amounts refer to United States dollars unless otherwise indicated.