The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Golden Star Announces Third Quarter Production Update

Wednesday, September 14, 2011

Golden Star Announces Third Quarter Production Update08:00 EDT Wednesday, September 14, 2011DENVER, CO--(Marketwire - September 14, 2011) - Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today announced a revision to its third quarter 2011 production guidance.Bogoso/Prestea MineAt Bogoso, third quarter gold production is expected to be approximately 39,000 ounces, versus previous guidance of 43,000 ounces. The shortfall is a result of lower than anticipated milled grade and three shifts lost to crusher refurbishment. These factors were partially offset by higher than projected metallurgical recovery. It is important to note that Bogoso continues to improve mining productivity, the ore blend feed and consequently metallurgical recoveries continue to increase. Guidance for the fourth quarter remains unchanged.Wassa MineProduction in the third quarter is expected to be approximately 35,000 ounces versus prior guidance of 40,000 ounces. The shortfall is related to lower than expected mill throughput due to lower mill availability and ore blending issues. As a result, there has been a substantial build up of mined ore stockpiles, which contain in excess of 7,500 ounces. These stockpiles will instead be processed in the fourth quarter. Guidance for the fourth quarter remains unchanged.COMPANY PROFILE</b>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 an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in Brazil in South America. Golden Star has approximately 258.6 million shares outstanding.Statements Regarding Forward-Looking Information:</b> Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding our third and fourth quarter 2011 production estimates, the continuation of improved mining productivity, ore blend feed and metallurgical recoveries at Bogoso, and the fourth quarter processing of Wassa mined ore stockpiles. Factors that could cause actual results to differ materially include lower than expected milled grade at Bogoso, lower than anticipated mill throughput at Wassa, timing of and unexpected events at the Bogoso and Wassa plants; problems in achieving planned ore blends, variations in tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores at Bogoso; technical, permitting, mining or processing issues; and other operating problems. 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 2010. 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 and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.NYSE Amex: GSS / TSX: GSC / GSE: GSR</b>www.gsr.com10901 W Toller Drive, Suite 300Littleton, CO 80127-6312 USATel: 303-830-9000FOR FURTHER INFORMATION PLEASE CONTACT: +1-800-553-8436GOLDEN STAR RESOURCES LTD.Bruce Higson-SmithVice President Corporate DevelopmentORJay Pfeiffer or Geoff HighINVESTOR RELATIONSPfeiffer High Investor Relations, Inc.303-393-7044