History

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.

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.

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.

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.

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.

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.

Bogoso

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

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.

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.

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.

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.

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.

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.

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.

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.

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.