NYSE MKT: GSS

Price: 0.76 Volume: 587,670 Change: -0.00 % Change: -0.18% October 19, 2017

Gold

Price: 1,290.55 Volume: Change: +0.01 % Change: +0% October 19, 2017

Golden Star Results of Annual General and Special Meeting

05.05.2017

TORONTO, May 5, 2017 /PRNewswire/ - Golden Star Resources Ltd. (NYSE MKT: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the "Corporation") is pleased to announce that all resolutions at yesterday's Annual General and Special Meeting ("AGSM") were duly passed.

The results of the votes were as follows:

 

Resolution #1

Votes For

Votes Withheld

Percentage
of Votes
For

Percentage
of Votes
Withheld

To elect the following persons
as directors of the
Corporation:





(a)       Timothy C. Baker

171,649,468

3,219,401

98.2%

1.8%

(b)       Samuel T. Coetzer

171,590,586

3,278,283

98.1%

1.9%

(c)       Anu Dhir

171,360,889

3,507,980

98.0%

2.0%

(d)       Robert E. Doyle

171,009,023

3,859,846

97.8%

2.2%

(e)       Gilmour Clausen

170,997,872

3,870,997

97.8%

2.2%

(f)        Daniel Owiredu

171,569,333

3,299,536

98.1%

1.9%

(g)       Craig J. Nelsen

170,986,373

3,882,496

97.8%

2.2%

(h)       Mona Quartey

171,589,181

3,279,688

98.1%

1.9%



 

Resolution #2

 

Votes For

Votes Withheld

Percentage
of Votes
For

Percentage
of Votes
Withheld

To re-appoint
PricewaterhouseCoopers LLP
as the auditors of the
Corporation and to authorize
the Audit Committee to fix
the auditors' remuneration.

265,609,736

9,323,334

96.6%

3.4%






 

Resolution #3

Votes For

Votes Against

Percentage
of Votes
For

Percentage
of Votes
Against

To pass the Advisory Vote
on Named Executive Officer Compensation.1

168,194,482

6,674,387

96.2%

3.8%






 

Resolution #4

Votes For

Votes Against

Percentage
of Votes For

Percentage
of Votes
Against

To pass the 2017 PRSU Plan

Resolution.1

 

135,890,523

39,017,342

77.7%

22.3%


Notes:

1.

As defined in the Management Information Circular of the Corporation dated March 13, 2017

 

Tim Baker, Chairman of Golden Star, commented:
"Following yesterday's AGSM we say goodbye to two of our Directors, Tony Jensen and Bill Yeates, and we welcome Mona Quartey.  I'd like to thank Tony and Bill for their hard work and dedication over the years; they have made a huge contribution to Golden Star.  The Company they leave is very different from the one they joined and our transformation into a high grade, low cost, mid-tier producer is well underway. I am delighted that Mona is joining the Board and we will all benefit from her experience in finance, politics and operating in Ghana.  2017 is on track to be another important year for Golden Star and we have a strong team at all levels of the Company to enable us to deliver our objectives."

Company Profile

Golden Star is an established gold mining company that owns and operates the Wassa and Prestea mines situated on the prolific Ashanti Gold Belt in Ghana, West Africa. Listed on the NYSE MKT, the TSX, and the GSE, Golden Star is strategically focused on increasing operating margins and cash flow through the development of its two high grade, low cost underground mines both in conjunction with existing open pit operations. The Wassa Underground Gold Mine commenced commercial production in January 2017 and the Prestea Underground Gold Mine is expected to achieve commercial production during the third quarter of 2017. Gold production in 2017 is expected to be 255,000-280,000 ounces with cash operating costs of $780-860 per ounce.

SOURCE Golden Star Resources Ltd.

please visit www.gsr.com or contact: Katharine Sutton, Vice President, Investor Relations and Corporate Affairs, 1 416 583 3800, investor@gsr.com

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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.