Golden Star Resources Reports Preliminary Second Quarter 2013 Production Results

TORONTO -- (Marketwired) -- 07/08/13 -- Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today announced its preliminary production results for its Bogoso/Prestea and Wassa/HBB operations for the three month period ended June 30, 2013.

In the second quarter of 2013 the Company sold a total of 85,090 ounces ("oz") of gold ("Au") at an average realized price of $1,418 per oz.

  • Bogoso/Prestea mine sold 34,316 oz Au for the quarter
  • Wassa/HBB operations sold 50,774 oz Au for the quarter

Year-to-date the Company has sold 166,451 ounces of gold and as of June 30, 2013, had a cash balance of $52.9 million.

Sam Coetzer , President and CEO of Golden Star, commented, "The second quarter of 2013 was another strong operational quarter for the Company. Despite the recent decline in gold prices and general market turmoil, we have remained resilient, with both our Bogoso and Wassa operations continuing to produce well. The Company is on track to achieve its updated gold production guidance for 2013, as press released on June 17, 2013. At the Bogoso Mine the Company continues to focus on the pit wall pushbacks at both the Bogoso North and Chujah pits and, with the new excavators in place, productivity has continued to improve."

The Company will update the market on midyear exploration results in the near future.

Company profile

Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has a 90% interest in the Prestea Underground mine in Ghana. Golden Star also holds gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 259 million shares outstanding.

Statements regarding forward-looking information:

Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. Such statements include comments regarding: the Company's ability to achieve its 2013 gold production guidance; the ability to improve productivity at Bogoso; and the timing for updating exploration results. Factors that could cause actual results to differ materially include timing of and unexpected events at the Wassa and Bogoso processing plants; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and costs and general economic conditions. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2012. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake any estimate at any particular time or in response to any particular event.

For further information, please contact:

Jeff Swinoga
Executive Vice President and Chief Financial Officer

Belinda Labatte
The Capital Lab, Inc.

Greg DiTomaso
The Capital Lab, Inc.

Source: Golden Star Resources