Golden Star Reports Record Gold Sales

Golden Star Resources Ltd. (NYSE Amex.: GSS; TSX: GSC; GSE: GSR) has announced its fourth quarter and 2009 operational results.

All currency in this announcement is expressed in U.S. dollars, unless otherwise noted.

Golden Star is pleased to announce that it sold 409,902 ounces of gold in 2009, an increase of 38.5% over the gold sales of 2008. For 2009, the Wassa mine sold a total of 223,848 ounces, an increase of 78.5% over gold sales in 2008. At the Bogoso mine, 2009 gold sales totaled 186,054 ounces, an increase of 9.1% over gold sales in 2008. The costs associated with this production are subject to audit, and are in line with our previously released 2009 guidance of $565 per ounce for the year.

Tom Mair, President and CEO, said, “Golden Star surpassed its production guidance with nearly

410,000 ounces sold during the year. We are very pleased with the progress that has been made. In addition, during the fourth quarter of 2009, the Company has now produced over two million ounces of gold since becoming a producer in 1999. This is a significant milestone in our development and we have struck gold and silver commemorative coins to mark this achievement.”

For 2010, the Company forecasts production of 400,000 ounces of gold at a cash operating cost of $585 per ounce. Bogoso/Prestea is estimated to produce 200,000 ounces of gold, all from sulfide operations, at an average cash operating cost of $650 per ounce, and Wassa is estimated to produce 200,000 ounces of gold at a cash operating cost of $520 per ounce for 2010.

During the fourth quarter of 2009, Golden Star historic gold production exceeded two million ounces of gold since the Company commenced production in 1999. This milestone will be commemorated by the production of gold and silver coins that will soon be for sale to the public on the home page of the Company’s website.

About Golden Star Resources

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 open-pit gold mines through subsidiaries 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 the Guiana Shield of South America. Golden Star has approximately 257 million shares outstanding.

Return to Home Page…

PDAC.ca