Golden Star Resources Reports Preliminary First Quarter 2013 Production Results and Announces Conference Call

04.04.2013

TORONTO -- (Marketwired) -- 04/04/13 -- Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today announced its preliminary production results for its Bogoso/Prestea and Wassa/HBB operations for the three month period ended March 31, 2013.

In the first quarter of 2013 the Company sold a total of 81,358 ounces ("oz") of gold ("Au") at an average realized price of $1,634 per ounce.

  • Bogoso/Prestea mine sold 35,492 oz Au for the quarter
  • Wassa/HBB operations sold 45,866 oz Au for the quarter

Sam Coetzer , President and CEO, commented, "The first quarter production of 81,358 ounces of gold is a very positive accomplishment despite the extended planned maintenance shutdown of the SAG mill at the Bogoso sulfide plant during the quarter which deferred some of our first quarter production into the second quarter. We are on track to meet our production guidance estimate for the year."

Annual General Meeting

The Company's Annual General Meeting of shareholders is on Thursday, May 9, 2013, at 2:00 p.m. Eastern Time, at Fasken Martineau, 333 Bay Street, Suite 2400 in the Escarpment/Huron Boardroom.

First Quarter Financial Results, Conference Call, and Webcast

The Company plans to release its first quarter financial results after market close on May 8, 2013. On May 9, 2013 the Company will conduct a conference call and webcast at 11:00 a.m. Eastern Time. Please call in at least five minutes prior to the conference call start time to ensure prompt access to the conference. The call can be accessed by telephone or by webcast as follows:

Participants (North America): (877) 407-8289
Participants (Outside U.S. and Canada): (201) 689-8341
Webcast: www.gsr.com

A recording of the conference call will be available until May 30, 2013, through the Company's website at www.gsr.com or by dialing:

North America: (877) 660-6853
International (Outside U.S. and Canada): (201) 612-7415
Conference ID number: 411929

Company Profile

Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding.

Statements Regarding Forward-Looking Information:

Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. Specifically, the statement in this news release regarding expected gold production for the remainder of 2013 is a forward looking statement. Factors that could cause actual results to differ materially include timing of and unexpected events at the Wassa and Bogoso processing plants; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and costs and general economic conditions. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2012. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake any estimate at any particular time or in response to any particular event.

For Further Information, Please Contact:

GOLDEN STAR RESOURCES LTD.
Jeff Swinoga
Executive Vice President Chief Financial Officer
416-583-3803

INVESTOR RELATIONS
Belinda Labatte
The Capital Lab, Inc.
647-427-0208

Greg DiTomaso
The Capital Lab, Inc.
647-427-0208

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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.

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