NYSE MKT: GSS

Price: 0.64 Volume: 1,403,229 Change: -0.00 % Change: -0.19% July 21, 2017

Gold

Price: 1,255.65 Volume: Change: +10.16 % Change: +0.82% July 21, 2017

Operations at a Glance

Operation Name Prestea Open Pits / Prestea Underground Gold Mine
Parent and ownership percentage Golden Star Resources (90%) / Government of Ghana (10%)
Country of operation Ghana
Number of employees in 2016 715
Number of contractors in 2016 1,197
Commodity being mined Gold
P&P Mineral Reserves Prestea Underground: 490,000oz
Prestea Open Pits / Mampon: 83,000oz
Average grades of P&P Mineral Reserves Prestea Underground: 1,094Kt at 13.9 g/t Au
Prestea Open Pits / Mampon: 811Kt at 3.17 g/t Au
M&I Mineral Resources Prestea Underground: 792,000oz
Prestea Open Pits / Mampon: 141,000oz
Average grades of M&I Mineral Resources Prestea Underground: 1,570 Kt at 15.69 g/t Au
Prestea Open Pits / Mampon : 1,593 Kt at 2.76 g/t Au
Prestea Open Pits / Mampon life of mine <1 year
Prestea Underground life of mine 5.5 years
Geological setting Ribbon banded quartz vein associated with abundant free gold, pyrite and minor arsenopyrite
Surface mining method Conventional open pit bench mining
Underground mining method Mechanized shrinkage mining
Extraction method Carbon-in-leach
Processing plant capacity 1.5Mtpa
2016 Production (from Prestea Open Pits only)
Gold produced 89,673oz
Cash operating cost US$800/oz

About Prestea

Prestea is in south-western Ghana, approximately 40km from the Wassa Gold Mine. Currently, production is being delivered solely from the Prestea Open Pits and the Mampon deposit, which have been in production since 2015 and 2017 respectively. Commercial production is expected to commence from the high grade Prestea Underground Gold Mine in Q3 2017.

Prestea Underground has exploration upside through the extension and definition of the West Reef ore body, with the objective of increasing the supply of high grade ore to the processing plant in the near term. Other focuses of the exploration program include initial testing of the Main Reef and South Gap areas, which have the potential to add ore to the mine plan in the medium to long term.

For further information about Prestea’s Mineral Reserves and Mineral Resources, click here:
Reserves and Resources

Prestea Technical Report
(NI 43-101)

Prestea Targets for 2017 and Beyond

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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.

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