DENVER, CO — (Marketwire) — 02/22/12 — Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GHANA: GSR) („Golden Star“ or the „Company“) is pleased to announce its Proven and Probable Mineral Reserves (collectively „Mineral Reserves“) and Mineral Resources as at December 31, 2011.
The Mineral Reserve and Mineral Resource estimates have been estimated by our technical personnel in accordance with definitions and guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves published by the Canadian Institute of Mining, Metallurgy, and Petroleum and as required by Canada-s National Instrument 43-101.
The Mineral Reserve and Mineral Resource estimates have been estimated by the Company-s technical personnel in accordance with definitions and guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves published by the Canadian Institute of Mining, Metallurgy, and Petroleum and as required by Canada-s National Instrument 43-101.
MINERAL RESERVES
Notes to the Mineral Reserve Statement:
Notes to the reconciliation of Mineral Reserves:
Since the Company reports its Mineral Reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible for its Mineral Reserve figures to vary between the two. Where such a variance occurs it will arise from the differing requirements for reporting Mineral Reserves. For example, NI 43-101 has a minimum requirement that Mineral Reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a detailed feasibility study that demonstrates that economic extraction is justified. For the Mineral Reserves at December 31, 2011, and 2010, there is no difference between the Mineral Reserves as disclosed under NI 43-101 and those disclosed under SEC Industry Guide 7, and therefore no reconciliation is provided.
This section uses the terms „Measured Mineral Resources“ and „Indicated Mineral Resources.“ The Company advises US investors that while these terms are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize them.
The Measured and Indicated Mineral Resources reported below are exclusive of the Proven and Probable Mineral Reserves as shown above and have been estimated in compliance with definitions set out in Canada-s National Instrument 43-101.
Except as otherwise provided, the total Measured and Indicated Mineral Resources for all properties have been estimated at an economic cut-off grade based on a gold price of $1,500 per ounce for December 31, 2011 and $1,300 per ounce for December 31, 2010 and on economic parameters deemed realistic. The economic cut-off grades for Mineral Resources are higher than those for Mineral Reserves and are indicative of the fact that the Mineral Resource estimates include material that may become economic under more favorable conditions including increases in gold price.
The following table summarizes Golden Star-s estimated non-reserves – Measured and Indicated Mineral Resources as of December 31, 2011 as compared to the totals for December 31, 2010:
Notes to the Measured & Indicated Mineral Resources:
This section uses the term „Inferred Mineral Resources.“ We advise US investors that while this term is recognized and required by NI 43-101, the US Securities and Exchange Commission does not recognize it. „Inferred Mineral Resources“ have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of Inferred Mineral Resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of Inferred Mineral Resources cannot form the basis of feasibility or other economic studies.
The 2011 Inferred Mineral Resources have been estimated in compliance with definitions defined by NI 43-101.
Notes to Non-Reserves – Inferred Mineral 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/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 259 million shares outstanding.
: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include our expectations regarding reserves and resources changes for 2012, our 2012 exploration activities and the number of drill rigs conducting such exploration, and our plans for processing refractory ore and non-refractory ore. 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 2011. 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:
Bruce Higson-Smith Senior Vice President Finance and Corporate Development 1-800-553-8436
Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303-393-7044
