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
operations
operations

Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2016.

 

 

 Dec 31, 2016
Proven Mineral
Reserve 		Dec 31, 2016
Probable Mineral
Reserve 		Dec 31, 2016
Proven and Probable Mineral Reserve 		Dec 31, 2015
Proven and Probable Mineral Reserve

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

-

-

-

11,264

1.56

565

11,264

1.56

565

11,179

1.46

667

Wassa Underground

-

-

-

5,477

4.21

742

5,477

4.21

742

5,397

4.59

796

Stockpiles

695

0.96

21

-

-

-

695

0.96

21

789

0.93

24

Subtotal Wassa

695

0.96

21

16,741

2.43

1,307

17,436

2.37

1,328

20,365

2.27

1,486

Mampon

-

-

-

301

4.64

45

301

4.64

45

304

4.60

45

Prestea South

-

-

-

510

2.31

38

510

2.31

38

1,892

2.30

140

Prestea Underground

-

-

-

1,094

13.93

490

1,094

13.93

490

1,041

14.02

469

Stockpiles

115

2.55

9

-

-

-

115

2.55

9

25

2.69

2

Total
Bogoso / Prestea

115

2.55

9

1,905

9.35

573

2,020

8.96

582

3,261

6.26

656

Total

810

1.18

31

18,646

3.13

1,879

19,456

3.05

1,910

23,626

2.82

2,143
  1. The Mineral Reserves as of December 31, 2016, were estimated using a gold price assumption of $1,100 per ounce.
  2. The slope angles of all pit designs are based on geotechnical criteria as established by external consultants. The shape and size of the pit designs are guided by consideration of the results from a pit optimization program.
  3. Cut-off grades have been estimated based on operating cost projections, mining dilution and recovery, government royalty payment requirements and applicable metallurgical recovery. Marginal cut-off grade estimates for the open pits are as follows: Wassa: 0.7g/t; Mampon (part of the Prestea Mineral Reserves): 1.5g/t; and Prestea South: 1.2g/t. Break-even cut-off grade estimates for the underground mines are as follows: Wassa Underground: 2.4g/t; and Prestea Underground: 7.7g/t.
  4. Numbers may not add correctly due to rounding.
  5. Only non-refractory ore is included in Golden Star’s Mineral Reserves.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2016

 

 DECEMBER 31, 2016
Indicated Mineral Resources 		December 31, 2016
Measured and Indicated
Mineral Resources 		December 31, 2015
Measured and Indicated
Mineral Resources

Tonnes (000)

Grade
g/t Au

Ounces
(000)

Tonnes (000)

Grade
g/t Au

Ounces
(000)

Tonnes (000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

27,500

1.43

1,265

27,500

1.43

1,265

37,974

1.23

1,501

Wassa Underground

13,499

3.82

1,656

13,499

3.82

1,656

13,909

3.85

1,621

Wassa Other

3,348

3.78

407

3,348

3.78

407

3,583

3.76

434

Subtotal Wassa

44,347

2.33

3,328

44,347

2.33

3,328

54,647

2.02

3,556

Bogoso/Prestea Refractory

14,424

3.01

1,396

14,242

3.01

1,396

14,740

3.00

1,420

Mampon

418

4.11

55

418

4.11

55

396

4.25

54

Prestea South

1,176

2.28

86

1,176

2.28

86

2,568

2.12

175

Prestea Underground

1,570

15.69

792

1,570

15.69

792

1,597

15.52

797

Bogoso/Prestea Other

2,230

1.69

121

2,230

1.69

121

2,151

1.70

118

Subtotal
Bogoso / Prestea

19,818

3.85

2,451

19,818

3.85

2,451

21,452

3.72

2,565

Total (Including Refractory)

64,165

2.80

5,778

64,165

2.80

5,778

76,099

2.50

6,120

TOTAL NON REFRACTORY

49,741

2.70

4,382

49,741

2.74

4,382

61,359

2.38

4,700

Golden Star Inferred Mineral Resources as at December 31, 2016

 

 Dec 31, 2016
Inferred Mineral Resources 		Dec 31, 2015
Inferred Mineral Resources

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

149

1.43

7

286

1.37

13

Wassa Underground

14,450

4.16

1,913

14,442

4.16

1,930

Wassa Other

982

5.18

164

1,764

4.53

257

Subtotal Wassa

15,581

4.20

2,102

16,492

4.15

2,200

Bogoso/Prestea Refractory

1,112

2.78

99

1,184

4.22

161

Mampon

100

2.10

7

103

2.08

7

Prestea South

40

1.97

3

72

2.34

5

Prestea Underground

3,203

8.78

905

3,249

8.74

913

Bogoso/Prestea Others

380

1.55

19

389

1.54

19

Subtotal
Bogoso / Prestea

4,835

6.64

1,032

4,997

6.88

1,105

Total (including refractory)

20,417

4.77

3,134

20,305

4.82

3,144

TOTAL NON REFRACTORY

19,305

4.89

3,034

20,305

4.82

3,144
  1. The Mineral Resources for Wassa Other include Father Brown, Benso and Chichiwilli.
  2. The Mineral Resources for “Bogoso/Prestea Others” include Chujah, Dumasi, Bogoso North, Buesichem, Opon, and Ablifa.
  3. The Wassa Underground Mineral Resource has been estimated below the $1,300 per ounce of gold pit shell using an economic gold grade cut-off of 1.81g/t, which the Company believes would be the lower cut-off grade for underground mining.
  4. The Father Brown Underground Mineral Resource has been estimated below the $1,300 per ounce of gold pit shell using an economic gold grade cut-off of 3.17g/t, which the Company believes would be the lower cut-off grade for underground mining.
  5. Prestea Underground Mineral Resource has been estimated below the $1,300 pit shell of Prestea South down to 3,800 metres elevation using a gold cut-off grade at 5.43g/t.
  6. Mineral Resources were estimated using optimized pit shells at a gold price of $1,300 per ounce. Other than gold price, the same optimized pit shell and underground parameters and modifying factors used to determine the Mineral Reserves were used to determine the Mineral Resources.
  7. Mineral Resources are inclusive of Mineral Reserves.
  8. Numbers may not add correctly due to rounding.

Mr. S. Mitchel Wasel is a "Qualified Person" as defined by Canada's NI 43-101. Mineral Resources were prepared under the supervision of S. Mitchel Wasel, Vice President of Exploration for Golden Star.

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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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