WEST AFRICAN EXPLORATION

Prestea South Surface Exploration

Gold mineralization at Prestea South is associated with the same reef structure that continues through the Bogoso property. While there was underground mining at Prestea South in the past, the surface oxide material has not been previously mined.

Golden Star has applied for mining permits for the Prestea South deposits.

Akropong Trend (earning 90%)

The Akropong Trend is a mineralized corridor trending sub-parallel to and west of the Ashanti Trend approximately 20 kilometers from Bogoso/Prestea. We have continued to evaluate our property holdings in this area, dropping tested non-prospective ground and picking up additional untested ground through joint ventures. The objective of this work was to identify additional mineral reserve opportunities in the immediate vicinity of Bogoso/Prestea that could, in the future, provide additional sources of processing plant feed for the Bogoso processing plants.

Our exploration geologists are mapping rock exposures that have been revealed through mining activities in order to determine controls to ore mineralization. The combination of this exploration mapping and detailed grade control drilling will be used to determine the potential for further gold mineralization along this trend and will be tested in 2008. Several gold anomalies have already been identified in the projected southern extension of the Pampe South Trend.

Drilling at the Pampe property established a Measured and Indicated Mineral Resource at Pampe in 2005 and we commenced mining from this deposit in 2007.

The other Akropong Trend projects are still at an early stage of exploration and to date they do not have proven and probable mineral reserves.

Dunkwa (90%)

In 2003, we acquired two prospecting licenses, Asikuma and Mansiso, collectively referred to as the Dunkwa properties. These properties are located on the Ashanti Trend directly north of and contiguous with the current Bogoso mining lease.

Exploration on the Dunkwa concessions dates back to the 1930's when at least five quartz vein occurrences were prospected but not developed. The mineralization is similar to that seen at Bogoso. The Mampon prospect located on the northern portion of the Dunkwa properties was discovered in 1988 using regional geochemical methods and was subsequently drilled by the previous operators.

The Mansiso and Asikuma Prospecting Licenses were flown by VTEM airborne geophysical system in 2007. In order to interpret this geophysical data, a regional geological mapping program was completed since limited data existed previously. The geophysical data has been and is being analyzed to determine prospective drill targets and their priority. We expect to follow up on the VTEM targets as well as the down dip extensions of the Mampon deposit.

WASSA EXPLORATION - GHANA (90% interest)

Wassa lies on the southeastern flank of the Ashanti Belt in Ghana in close proximity to a major structural zone termed the Inchaban High Strain Zone. The highly deformed Birimian rocks associated with this High Strain Zone host mineralization at several locations, including the Hwini-Butre and Benso properties as well as Wassa.

GHANA REGIONAL

Mano River Joint Venture - Sierra Leone (earning up to 85% interest)

In late 2003 we entered into a joint venture agreement with Mano River Resources Inc., which holds seven gold properties in central Sierra Leone. Golden Star may earn an interest in these properties between 51 and 85% depending on funding elections by Mano. The projects, including Nimini, Sonfon, and Pampana North and South, are located in the Archean Nimini Hills and Sula Mountains Greenstone Belts where numerous banded iron formation (bif) and shear-zone-hosted gold occurrences have been identified.

Modern exploration of these prospects, some of which were significant alluvial gold producers in the 1930s to 50s, was just commencing when the Sierra Leone civil war broke out in the mid 90s. Prior to this, UNDP and EU funded prospecting programs had completed geochemical sampling, trenching, and limited drilling at several locations with encouraging results.

Exploration activities at the Mano River joint venture concentrated on the Sonfon prospect. Zones of massive sulfides with good grades were intersected from the 2008 drilling and follow-up drilling is planned for 2009.

COTE D'IVOIRE

Amélikia, Abengourou, and Agboville (100% interest)

These properties, which lie in east-central Côte d’Ivoire, lie within a broad zone of deformation along the northern margin of the Sefwi Belt. In Ghana, this contact hosts the >10 million ounce Ahafo deposit. Between 2005 and 2007, we carried out a regional stream and laterite sampling exploration program that identified two coincidental stream and laterite gold anomalies on the Amélika license. These two zones over an area approximately 4.5 km by 20 and 24km long, respectively. In addition, a smaller 4 km by 8 km coincident laterite and stream anomaly was also identified on the Abengourou license. Exploration activities in 2009 will focus on following up these anomalies with further soil sampling on a tighter grid pattern with the goal of identifying future drill targets.