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 area but mining is contingent on relocation of Dumase town.

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, and ultimately might 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 is currently being processed and we expect results in the second half of 2008. We expect to follow up on the VTEM targets as well as the down dip extensions of the Mampon deposit in 2008.

WASSA EXPLORATION - GHANA (90% interest)

Wassa lies on the south-eastern 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.
Work commenced by the Joint Venture in 2004 initially focused on drilling at the Yirisen Prospect on the North Pampana property, which defined a high grade but poddy and short strike length mineralized shoot. The focus in 2005 changed to regional regolith geochemical programs, which identified significant new gold anomalies on the Sonfon and Pampana properties.

» Sierra Leone Press Release «

Work in progress is designed to more tightly define this anomalism with in-fill regolith sampling preparatory to trenching and potentially drilling in 2006.

In the meantime, it has been agreed with our joint venture partner that the earn-in period will be extended by 12 months.

COTE D'IVOIRE

Afema (Aboiso)

In March 2005 Golden Star entered into an option agreement with Société d’Etat pour le Développement Minier de la Côte d’Ivoire (‘SO.DE.MI.’), the Côte d’Ivoire State Mining and Exploration Company, to acquire the Afema property in south-east Côte d’Ivoire.

The Afema property covers an area of 2,012 square kilometers of prospective Birimian rocks which represent the extension of the Sefwi Belt meta-volcanics and the Kumasi Basin meta-sedimentary rocks into Côte d'Ivoire. In Ghana, this 'belt-basin' contact hosts the multi-million ounce Chirano and Bibiani Gold Deposits.

Oxide mineralization at Afema was mined in the 1990s from a number of small, shallow open pits along a 12 km strike-length resulting in the production of some 125,000 ounces of gold. Exploration of the sulfides mineralization underlying the oxide pits reportedly defined an (unclassified) resource of 600,000 ounces, mainly at the Jonction zone.

Upon completion of the acquisition of SO.DE.MI.'s rights, Golden Star will have a 90% interest in the Afema property and the Government of Côte d'Ivoire will have a 10% interest. In addition to the acquisition payments, Golden Star will pay SO.DE.MI. a royalty on gold production from the Afema property. The royalty rate shall be indexed to the gold price. At current gold prices (in the range of $375 to $450 per ounce) the royalty rate would be 2.5%. Please see the press release dated March 29, 2005 for more information.

Work by Golden Star during the 12 month option period to the end of March 2006 involved systematic regolith geochemical sampling along the main mineralized structural trend, and the recapture in digital format of the historical drilling database. Anomalism identified during the regolith sampling program was followed up by in-fill regolith sampling and trenching. The results of this work are currently being assessed prior to a decision to exercise our option.

Abengourou (100% interest)

Golden Star was granted the approximately 1000 km² Abengourou exploration permit in late 2005. The property, which lies in east-central Côte d’Ivoire, lies 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. Work planned for 2006 involves first-pass laterite and stream-sediment sampling on this virtually unexplored property.

Tortiya (100% interest)

We acquired this diamond and gold property in 1996 based on an extensive history of alluvial diamond production in the last century. No exploration had ever been directed to the discovery of the source of these alluvial diamonds, nor the alluvial gold reportedly associated with them. Based on the regional geology and structural setting, we believe the property has potential for the discovery of diamondiferous kimberlites and shear hosted gold mineralization.

Tortiya is located in central Côte d’Ivoire in an area of potential civil disturbance and is currently under a state of force majeure.