NYSE MKT: GSS

Price: 0.71 Volume: 961,201 Change: +0.00 % Change: +0.2% August 18, 2017

Gold

Price: 1,285.25 Volume: Change: -3.51 % Change: -0.27% August 18, 2017

History

Incorporated in May 1992, Golden Star is an established gold mining company with operations in Ghana. For more information on our key milestones, please explore our timeline below.

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2016

Wassa

The first stope is blasted at Wassa Underground in July 2016 in the F Shoot zone of the deposit, with commercial production achieved on January 1, 2017. Development continues and drilling results continue to confirm wide zones of high grade gold mineralization in the B Shoot.

Prestea

Underground infrastructure refurbishment is largely completed by the end of 2016 and Prestea Underground is expected to be in commercial production by mid-2017. Alimak stoping is selected as the mining method for Prestea Underground due to its safety and efficiency benefits.

The Prestea Open Pits deliver substantially higher gold production in 2016 than expected. The mining lease for the Mampon deposit, which will be mined in 2017, is received. Mampon’s high grade ore will be blended with ore from Prestea Open Pits to extend the mine life of the Prestea Open Pits into the second half of 2017.

2015

Wassa

The Feasibility Study is completed for Wassa Underground. Funding is secured from Royal Gold for the development of Wassa Underground and Prestea Underground. Construction of the twin declines at Wassa Underground begins in mid-2015.

Prestea

A Feasibility Study for Prestea Underground is completed in late 2015. Mining begins at Prestea Open Pits and Prestea Underground is expected to be in production in mid-2017.

Bogoso

The high cost refractory operations at Bogoso are terminated in the third quarter of 2015.

2014

Wassa

The Preliminary Economic Assessment (PEA) is released for Wassa Underground. Development is estimated to require initial capital expenditure of $41 million and reduce life of mine cash operating costs to below $800 from the start of 2015. Open pit mining at Father Brown is sidelined due to higher mining costs.

Prestea

A PEA is released on the development of Prestea Underground.

2013

Wassa

Alterations to the Wassa plant are completed to enable processing of deeper, harder ores. Ongoing drilling below the Wassa pits continues to extend underground mineralization 400m to the south. Work commences to transform the Wassa pits into a single large pit – the Wassa Main Pit.

Bogoso

Tailings retreatment commenced.

2012

Wassa

Drilling commences of the deeper zones below the Wassa pits. Results are promising, indicating the potential for an underground mining operation.

Bogoso

The non-refractory plant is converted successfully to a tailings reprocessing facility. The back-filling of the Plant North pit is completed.

2011

Wassa

Mining at Adiokrom is completed and open pit mining at Father Brown commences.

Bogoso

The Biox® tanks at the Refractory Processing Plant are upgraded.

2010

Bogoso

Mining of the Plant North pit ceases. Mining continues at the Chujah and Buesichem pits.

2009

Wassa

Mining of the Benso deposit is completed, while mining at the Adiokrom deposit commences. Deep drilling suggests potential underground mining is possible at both the Adiokrom and Father Brown deposits.

Bogoso

Construction of a back-up 20MW diesel-fired power station at Bogoso is completed.

2008

Wassa

Mining of the Benso deposit commences, feeding higher grade ore to the Wassa plant.

Bogoso

Bogoso mine operations are optimized but the processing plants are impacted by intermittent grid power supply.

2007

Wassa

Construction of an 80km dedicated haul road from the Hwini-Butre deposits to the Wassa mine is completed.

Bogoso

The Bogoso Refractory Processing Plant is commissioned in July.

2006

Wassa

Wassa is connected to grid power, reducing power costs dramatically. St. Jude Resources is acquired, which owned the Hwini-Butre and Benso concessions. Resource drilling on these concessions commences.

Bogoso

Processing of the non-refractory ores in the Bogoso plant continues but deeper, more sulphidic ore demonstrates the need for the refractory processing plant, which continues to be constructed. The Prestea Underground Mineral Resources total nearly 2 million ounces.

2005

Wassa

The carbon in leach (CIL) plant is commissioned.

Bogoso

Construction of the Bogoso Refractory Processing Plant, designed to use Biox® technology, commences. At Prestea, the West Reef area drilling returns encouraging results leading to further expenditures on drilling and underground refurbishment.

2004

Wassa

A Feasibility Study is completed on converting Wassa from a heap leach operation to a conventional CIL plant and construction begins.

Bogoso

The capacity of the refractory processing plant capacity is doubled. The West Reef area is identified as prospective and underground drilling commences.

2003

Wassa

Golden Star acquires the Wassa Gold Mine from Standard Bank for $16 million as a result of their foreclosure of Glencar Mining assets.

Bogoso

A Feasibility Study on the refractory Mineral Reserves commences, with use of Biox® technology contemplated. The Plant North pit on the Prestea concession is commissioned.

2002

Bogoso

The Prestea concession is acquired from the joint venture between the Government of Ghana and the Ghana National Mineworkers Union. Prestea had been in intermittent production since the 1890s, producing over 9 million ounces of gold from underground mining techniques. Work to repair the pumping system and dewater the mine, refurbish both shafts, and repair electrical and ventilation systems commences.

1999

Bogoso

Golden Star acquires the Bogoso concessions and the associated infrastructure. Mining of oxide ores continues while investing heavily in exploration drilling. This exploration is successful, ultimately increasing the non-refractory Mineral Reserves tenfold and finding millions of ounces of refractory ore.

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If in any jurisdiction, any part of this disclaimer is determined to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent necessary to comply with such determination and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is given as at the date and the time of its original release. Changes in such historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

Golden Star also uses certain non-International Financial Reporting Standards (“IFRS”) financial measures as defined in applicable Canadian and United States securities laws ("non-GAAP measures"), including the terms “cash operating cost per ounce”, “all-in sustaining costs”, “cash generated from operations before working capital changes”, “adjusted net (loss)/income attributable to Golden Star shareholders and “adjusted net (loss)/income per share attributable to Golden Star shareholders”. Golden Star believes that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In addition, changes in numerous factors including, but not limited to, Golden Star’s share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease.

Golden Star believes these measures are useful non-GAAP operating measures and supplement the IFRS disclosures made by the Company. These non-GAAP measures are not representative of all of Golden Star's cash expenditures and there are material limitations associated with the use of such non-GAAP measures. Since these non-GAAP measures do not incorporate all non-cash expense and income items, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

The non-GAAP information is not prepared in accordance with IFRS and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed in isolation or as a substitute for, or superior to, other data prepared in accordance with IFRS. For an explanation of the Non-GAAP financial measures used by the Company, please refer to the heading “Non-GAAP Financial Measures” in the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Three Months ended March 31, 2014 and the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2013, available at www.sedar.com.