NYSE MKT: GSS

Price: 0.79 Volume: 1,006,043 Change: +0.01 % Change: +1.36% September 25, 2018

Gold

Price: 1,201.96 Volume: Change: +2.35 % Change: +0.2% September 25, 2018

Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2017.

Mineral Reserves

Dec 31, 2017
Proven Mineral
Reserve
Dec 31, 2017
Probable Mineral
Reserve
Dec 31, 2017
Proven and Probable Mineral Reserve
Dec 31, 2016
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

-

-

-

12,254

1.30

512

12,254

1.30

512

11,264

1.56

565

Wassa Underground

-

-

-

4,899

4.11

647

4,899

4.11

647

5,477

4.21

742

Stockpiles

1,595

0.71

37

-

-

-

1,595

0.71

37

695

0.96

21

Subtotal Wassa

1,595

0.71

37

17,153

2.10

1,159

18,748

1.98

1,196

17,436

2.37

1,328

Mampon

-

-

-

105

2.23

8

105

2.23

8

301

4.64

45

Prestea South

-

-

-

103

1.80

6

103

1.80

6

510

2.31

38

Prestea Underground

-

-

-

1,165

12.35

463

1,165

12.35

463

1,094

13.93

490

Stockpiles

547

1.21

21

-

-

-

547

1.21

21

115

2.55

9

Subtotal
Prestea

547

1.21

21

1,373

10.79

476

1,920

8.06

497

2,020

8.96

582

GSR Total

2,143

0.84

58

18,525

2.75

1,635

20,668

2.55

1,693

19,456

3.05

1,910

  1. The stated Mineral Reserves have been prepared in accordance with the requirements of National Instrument (“NI”) 43-101 and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards – For Mineral Resources and Mineral Reserves”. Mineral Reserve estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be obtained and maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral Reserves.
  2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution at grades assumed to be zero.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. The 2017 Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Project Development and Technical Services for the Company. Dr. Raffield is a QP as defined by Canada’s NI 43-101.
  4. The Mineral Reserves at December 31, 2017 were estimated using a gold price assumption of $1,250 per ounce.
  5. The slope angles of all pit designs are based on geotechnical criteria as established by external consultants. The size and shape of the pit designs are guided by consideration of the results from a pit optimization program
  6. 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 0.6 grams per tonne (“g/t”) of gold (“Au”); Mampon 1.3 g/t Au; and Prestea South 1.1 g/t Au. Break-even cut-off grade estimates for the underground mines are as follows: Wassa Underground 2.0 g/t Au; and Prestea Underground 6.5 g/t Au.
  7. Numbers may not add due to rounding
  8. Only non-refractory ore is included in Mineral Reserves.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2017

 

DECEMBER 31, 2017
Indicated Mineral Resources
December 31, 2016
Measured and Indicated
Mineral Resources

Tonnes (000)

Grade
g/t Au

Ounces
(000)

Tonnes (000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

26,652

1.32

1,134

27,500

1.43

1,265

Wassa Underground

13,003

4.10

1,713

13,499

3.82

1,656

Wassa Other

4,251

3.49

476

3,348

3.78

407

Subtotal Wassa

43,906

2.35

3,323

44,347

2.33

3,328

Bogoso/Prestea Refractory

17,809

2.84

1,625

14,424

3.01

1,396

Mampon

103

1.59

5

418

4.11

55

Prestea South

1,627

2.12

111

1,176

2.28

86

Prestea Underground

1,649

15.16

804

1,570

15.69

792

Bogoso/Prestea Other

2,414

1.65

128

2,230

1.69

121

Subtotal
Bogoso / Prestea

23,601

3.52

2,673

19,818

3.85

2,451

Total (Including Refractory)

67,507

2.76

5,996

64,165

2.80

5,778

TOTAL NON REFRACTORY

49,698

2.74

4,371

49,741

2.74

4,382

  1. All Measured and Indicated Mineral Resources in 2017 and 2016 estimates are in Indicated category.

Golden Star Inferred Mineral Resources as at April 6, 2018

 

April 6, 2018
Inferred Mineral Resources
Dec 31, 2016
Inferred Mineral Resources

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

91

1.16

3

149

1.43

7

Wassa Underground

44,909

3.57

5,153

14,450

4.16

1,913

Wassa Other

2,011

4.23

274

982

5.18

164

Subtotal Wassa

47,011

3.59

5,431

15,581

4.20

2,102

Bogoso/Prestea Refractory

922

2.60

77

1,112

2.78

99

Mampon

14

1.68

1

100

2.10

7

Prestea South

68

1.89

4

40

1.97

3

Prestea Underground

3,193

8.46

868

3,203

8.78

905

Bogoso/Prestea Others

470

1.50

23

380

1.55

19

Subtotal
Bogoso / Prestea

4,666

6.48

973

4,835

6.64

1,032

Total (including refractory)

51,677

3.85

6,403

20,417

4.77

3,134

TOTAL NON REFRACTORY

50,756

3.88

6,326

19,305

4.89

3,034

Notes to Mineral Resource Estimates

  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 $1,450 per ounce of gold pit shell using an economic gold grade cut-off of 1.62 g/t Au, which the Company believes would be the lower cut-off grade for underground mining. And constrained to a 1.5 g/t Au mineralized grade shell
  4. The Father Brown Underground Mineral Resource has been estimated below the $1,450 per ounce of gold pit shell using an economic gold grade cut-off of 2.84 g/t Au, which the Company believes would be the lower cut-off grade for underground mining.
  5. Prestea Underground Mineral Resource has been estimated below the $1,450 per ounce pit shell of Prestea South down to 3,800 metres elevation using a gold cut-off grade at 5.50 g/t Au.
  6. Mineral Resources were estimated using optimized pit shells at a gold price of $1,450 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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