NYSE MKT: GSS

Price: 0.67 Volume: 1,415,400 Change: +0.00 % Change: +0% June 23, 2017

Gold

Price: 1,241.29 Volume: Change: -10.08 % Change: -0.81% June 26, 2017

Golden Star has two producing open pit mines, each with a transformational underground development.

Wassa

The Wassa Gold Mine is located in western Ghana, 35 km northeast of the town of Tarkwa along the Ashanti Greenstone Belt.  It has been in production since 2005.

Ore is sourced from the single large Wassa Main Pit and the Wassa Underground Mine. Wassa Underground achieved commercial production in January 2017 and it will operate in conjunction with the open pit operations.

Prestea

Prestea consists of the Prestea Open Pits and the Prestea Underground Gold Mine.  The mines are adjacent to the town of Prestea and they are 40km from Wassa.  

The Prestea Open Pits are high grade, non-refractory, oxide deposits, which began production in Q3 2015.  They were brought into production when Golden Star ceased refractory production at the neighbouring Bogoso mine and they are bridging the production gap until Prestea Underground commences production, which is expected in Q3 2017.

Prestea Underground was first mined over 100 years ago and during its history it is recorded to have produced approximately nine million ounces of gold.

 

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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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