NYSE MKT: GSS

Price: 0.86 Volume: 4,437,010 Change: -0.13 % Change: -13.83% February 27, 2017

Gold

Price: 1,253.45 Volume: Change: -3.44 % Change: -0.27% February 27, 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.

Expand All   >

2015

Wassa

Feasibility Study completed for Wassa Underground. Funding from Royal Gold secured partially to fund Wassa Underground development. Construction of twin declines began in mid 2015.

Prestea

Feasibility Study for low cost non-mechanised mining operation at Prestea Underground completed in late 2015. Mining began at Prestea surface pits, and Prestea Underground expected to be in production in 2017.

Bogoso

High cost refractory operations at Bogoso terminated in the third quarter of 2015.

2014

Wassa

PEA released on the development of an underground mine at Wassa. 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. Wassa secures funding of $25 million in debt from Ecobank in Ghana to fund the development of underground mine.

Prestea

PEA released on development of low cost non-mechanised mining operation at Prestea that is estimated to require capital expenditure of $40 million and has potential to be in production in 2017.

2013

Bogoso

Publication of feasibility study for the Prestea underground mine. Tailings retreatment commenced.

Wassa

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

2012

Bogoso

Non-refractory plant converted successfully to a tailings reprocessing facility. Back-filling of Plant North pit completed.

Wassa

Commenced drilling of the deeper zones below Wassa pits. Results promising, indicating potential underground mine.

2011

Bogoso

Upgraded BIOX®tanks.

Wassa

Open pit mining at Father Brown commences.

2010

Bogoso

Plant North pit mining ceases. Mining continues at Chujah and Beusichem pits.

2009

Bogoso

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

Wassa

Mining at Adoikrom commences. Deep drilling suggests potential underground mining is possible at both Adoikrom and Father Brown.

2008

Bogoso

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

Wassa

Mining at Benso commenced, feeding higher grade ore to the Wassa plant.

2007

Bogoso

Bogoso Refractory Processing Plant commissioned in July.

Wassa

Construction of 80 km dedicated haul road from Hwini-Butre to Wassa mine.

2006

Bogoso

Processing of the non-refractory ores in the Bogoso plant continued but deeper, more sulphidic ore demonstrated need for the refractory processing plant. The Prestea underground mineral resources total nearly 2 million ounces.

Wassa

Grid power connected, reducing power costs dramatically. Acquisition of St. Jude Resources, which owned the Hwini-Butre Benso concessions. Resource drilling on these concessions commenced.

2005

Bogoso

Construction of the Bogoso Refractory Processing Plant commences. At Prestea, the West Reef area returned encouraging results leading to further expenditures on drilling and underground refurbishment.

Wassa

CIL plant commissioned and powered by on site diesel generators (9MW) until the grid power was connected. Achieved expected recoveries (90%+) from commissioning date while ramping up plant throughput.

2004

Bogoso

Refractory plant capacity doubled. The West Reef area is identified as prospective and underground drilling commenced.

Wassa

Feasibility study on converting Wassa from a heap leach operation to a conventional CIL plant. Construction began.

2003

Bogoso

Feasibility study on the refractory ore commenced with use of Biox® technology contemplated. Plant North pit on the Prestea concession is commissioned.

Wassa

Wassa mine acquired from Standard Bank for $16M as a result of their foreclosure of Glencar Mining assets.

2002

Bogoso

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

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 was successful ultimately increasing the non-refractory mineral reserves 10 fold and finding millions of ounces of refractory ore.

Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk.

Neither Golden Star Resources Ltd. nor its affiliates, subsidiaries, officers, directors or agents (collectively, “Golden Star” or the “Company”) have any control over (a) the External Site or any linked websites accessible through any External Site, or (b) any data or other content contained, or accessible, therein or in or through any such linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company’s securities.

By clicking “Accept” below you acknowledge and agree that neither Golden Star nor the third party provider of the External Site, Virtua Research, Inc. (“Virtua”), is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data contained in or accessible on or through, or the technical operation of the External Site. Golden Star and Virtua are not liable to you for, and take no responsibility for, third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably forever waive, and release Golden Star from, any and all rights and claims against Golden Star and Virtua and further acknowledge and agree that in no event shall Golden Star or Virtua, its officers, employees, directors and agents be liable for any (i) direct or indirect, consequential, incidental, special, compensatory, punitive or other damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site or any linked websites.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if Golden Star and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

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.