Open Pit and Underground Indicated Resources
at Wassa Grow to 3.5 Million Ounces
TORONTO, March 26, 2015 /PRNewswire/ - Golden Star is
pleased to announce its Mineral Reserves and Mineral Resources as
at December 31, 2014.
Highlights:
- Total Proven and Probable Mineral Reserves at year end are
estimated to be 1.9 million ounces primarily as a result of the
removal of the high cost refractory material, in addition to:
- removal of Prestea Underground Mineral Reserves pending
completion of the Prestea Underground Feasibility Study on
non-mechanized mining in mid-2015;
- a lower gold price assumption of $1,200 per ounce;
- the introduction of an underground mining concept at Wassa,
which greatly accelerates access to high grade ore and thus
improves the mine economics, but reduces overall reserve ounces;
and
- 2014 mining depletion
- Total Measured and Indicated Mineral Resources increased by 5%
to 6.6 million ounces using a gold price assumption of $1,400 per ounce
- Wassa Mineral Reserves grade increased 16% resulting in 24.1
million tonnes at 2.04 grams per ton of gold ("g/t Au") for 1.58
million ounces
- Wassa Measured and Indicated Mineral Resources increased 6% to
3.5 million ounces at a 10% higher average grade of 2.21 g/t
Au
- Mineral Reserves at Bogoso decreased to 356,000 ounces.
Sam Coetzer, President and CEO of
Golden Star, commented:
"Since 2013 we have focused on developing our lower cost
non-refractory targets and have moved our efforts away from the
development of the Bogoso refractory production. The results of the
latest reserves estimation are in line with this strategy as can be
seen in the first two tables.
The results of the Wassa Underground Feasibility Study
recently released have, as expected, brought about a reserve
reduction and a grade increase with the change in mining concept
from one large pit with slow return to a smaller pit and a high
grade underground mine. The Wassa Underground deposit remains
open down plunge and has great potential to grow. The Company plans
to extend development as funds permit to enable conversion from
Inferred Mineral Resources to Measured and Indicated Mineral
Resources, and to do more exploration drilling south of existing
drilling to determine the extent of the deposit.
Our focus continues to be on developing our high return
non-refractory projects. The published results of the Wassa
Underground Feasibility Study are positive and we expect to release
the results of the Prestea Underground Feasibility Study in the
second quarter, which will allow the Company to update its 2014
Mineral Reserves with the material from Prestea
Underground."
The following tables provide a breakdown of the non-refractory
Mineral Reserves and the refractory Mineral Reserves, respectively,
at Wassa and Bogoso as at December 31,
2014 and December 31,
2013.
Non-
refractory
Reserves
|
Dec 31, 2014
Proven Mineral
Reserve
|
Dec 31, 2014
Probable
Mineral Reserve
|
Dec 31, 2014
Proven
and Probable Mineral
Reserve
|
Dec 31, 2013
Proven and
Probable Mineral
Reserve
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
Wassa
Open Pit
|
-
|
-
|
-
|
17,831
|
1.42
|
812
|
17,831
|
1.42
|
812
|
33,721
|
1.72
|
1,863
|
Wassa
Underground
|
-
|
-
|
-
|
5,437
|
4.27
|
746
|
5,437
|
4.27
|
746
|
-
|
-
|
-
|
Stockpiles
|
820
|
0.73
|
19
|
-
|
-
|
-
|
820
|
0.73
|
19
|
497
|
0.67
|
11
|
Wassa
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
694
|
4.31
|
96
|
Subtotal
Wassa
|
820
|
0.73
|
19
|
23,268
|
2.08
|
1,558
|
24,089
|
2.04
|
1,578
|
34,911
|
1.75
|
1,970
|
Bogoso
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Dumasi
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
545
|
1.66
|
29
|
Mampon
|
-
|
-
|
-
|
320
|
4.43
|
46
|
320
|
4.43
|
46
|
433
|
3.86
|
54
|
Prestea
South
|
315
|
2.00
|
20
|
1,381
|
2.30
|
102
|
1,697
|
2.24
|
122
|
2,014
|
2.18
|
141
|
Prestea
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,434
|
9.61
|
443
|
Stockpiles
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Subtotal
Bogoso
|
315
|
2.00
|
20
|
1,702
|
2.70
|
148
|
2,017
|
2.59
|
168
|
4,427
|
4.69
|
667
|
GSR
Total
|
1,135
|
1.08
|
40
|
24,970
|
2.13
|
1,706
|
26,106
|
2.08
|
1,746
|
39,338
|
2.08
|
2,637
|
* Prestea Underground
is pending completion of a non-mechanized Feasibility Study in
mid-2015 which we expect will be added to the above non-refractory
Mineral Reserves
|
The Company has down-graded most of the refractory reserves to
resources, other than material remaining in the Bogoso pits and on
the stockpiles, based on current gold prices.
Refractory
Reserves
|
Dec 31, 2014
Proven
Mineral Reserve
|
Dec 31, 2014
Probable Mineral
Reserve
|
Dec 31, 2014
Proven
and Probable Mineral
Reserve
|
Dec 31, 2013
Proven and
Probable Mineral Reserve
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounce
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
Wassa Open
Pit
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Wassa
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Stockpiles
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Wassa Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Subtotal
Wassa
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Bogoso
|
1,251
|
2.51
|
101
|
703
|
2.54
|
57
|
1,954
|
2.52
|
158
|
4,662
|
2.63
|
394
|
Dumasi
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,396
|
2.42
|
653
|
Mampon
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
700
|
6.09
|
137
|
Prestea
South
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,124
|
3.33
|
120
|
Prestea
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Stockpiles
|
405
|
1.82
|
24
|
-
|
-
|
-
|
405
|
1.82
|
24
|
106
|
1.79
|
6
|
Subtotal
Bogoso
|
1,656
|
2.34
|
125
|
703
|
2.54
|
57
|
2,359
|
2.40
|
182
|
14,989
|
2.72
|
1,310
|
GSR
Total
|
1,656
|
2.34
|
125
|
703
|
2.54
|
57
|
2,359
|
2.40
|
182
|
14,989
|
2.72
|
1,310
|
Mineral Reserve and Mineral Resource Estimation
The Mineral Reserve and Mineral Resource estimates have been
compiled by the Company's technical personnel in accordance with
definitions and guidelines set out in the Definition Standards for
Mineral Resources and Mineral Reserves adopted by the Canadian
Institute of Mining, Metallurgy, and Petroleum and as required by
Canada's National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101").
Mineral Reserves and Mineral Resources were estimated using a
gold price of $1,200 and $1,400 per ounce, respectively, as well as the
other assumptions described below in this news release.
Mineral Reserves
Total Mineral Reserves as at December 31,
2014 declined to approximately 1.9 million ounces from
approximately 3.9 million ounces as at December 31, 2013. The reduced gold price
assumption of $1,200 per ounce used
in 2014 compared to $1,300 per ounce
used in 2013 has resulted in the exclusion of the Dumasi pit from
Mineral Reserves as it showed very low returns on the capital
invested at these gold prices. This exclusion of almost 9 million
tonnes of refractory material means that the refractory plant is
scheduled to be placed on care and maintenance from the end of 2015
when mining at our current Bogoso pits is expected to be complete.
With this plant on care and maintenance, the additional refractory
material from Mampon and Prestea South pits has also been removed
from the Mineral Reserves.
Prestea Underground is currently undergoing a Feasibility Study
for non-mechanized shrinkage mining. The Mineral Reserves for
mechanized mining reported at the end of 2013 have been removed
pending completion of the new Prestea Underground Feasibility Study
in mid-2015.
The removal of the refractory material, combined with the new
strategy for non-mechanized mining at Prestea Underground, which is
awaiting completion of a Feasibility Study, and the mining
depletion during 2014, resulted in a reduction in the total Bogoso
Mineral Reserve of 82%.
At the end of 2014, the Wassa Mineral Reserve ounces decreased
by 20% and tonnes decreased by 31%, while grade increased by 16%.
This reduction in Mineral Reserve ounces is a result of changing
our strategy from mining the deep, high grade material from a large
open pit, as was the case in 2013, to developing a combined open
pit and underground mining operation. Underground mining should
enable us to access the high grade material much earlier in the
life of the mine and will significantly improve the cash flow and
mine economics compared to an open pit only operation.
The following table provides a breakdown of the Mineral Reserves
at Wassa and Bogoso as at December 31,
2014 and December 31,
2013.
|
Dec 31, 2014
Proven
Mineral Reserve
|
Dec 31, 2014
Probable
Mineral Reserve
|
Dec 31, 2014
Proven
and Probable Mineral
Reserve
|
Dec 31, 2013
Proven and
Probable Mineral Reserve
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
tonnes
|
grade
|
ounces
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
(000)
|
g/t Au
|
(000)
|
Wassa
Open Pit
|
-
|
-
|
-
|
17,831
|
1.42
|
812
|
17,831
|
1.42
|
812
|
33,721
|
1.72
|
1,863
|
Wassa
Underground
|
-
|
-
|
-
|
5,437
|
4.27
|
745
|
5,437
|
4.27
|
746
|
-
|
-
|
-
|
Stockpiles
|
820
|
0.73
|
19
|
-
|
-
|
-
|
820
|
0.73
|
19
|
497
|
0.67
|
11
|
Wassa
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
694
|
4.31
|
96
|
Subtotal
Wassa
|
820
|
0.73
|
19
|
23,268
|
2.08
|
1,558
|
24,089
|
2.04
|
1,578
|
34,911
|
1.75
|
1,970
|
Bogoso
|
1,251
|
2.51
|
101
|
703
|
2.54
|
57
|
1,954
|
2.52
|
158
|
4,662
|
2.63
|
394
|
Dumasi
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,941
|
2.37
|
682
|
Mampon
|
-
|
-
|
-
|
320
|
4.43
|
46
|
320
|
4.43
|
46
|
1,133
|
5.24
|
191
|
Prestea
South
|
315
|
2.00
|
20
|
1,381
|
2.30
|
102
|
1,697
|
2.24
|
122
|
3,139
|
2.59
|
261
|
Prestea
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,434
|
9.61
|
443
|
Stockpiles
|
405
|
1.82
|
24
|
-
|
-
|
-
|
405
|
1.82
|
24
|
106
|
1.79
|
6
|
Subtotal
Bogoso
|
1,971
|
2.29
|
145
|
2,405
|
2.65
|
205
|
4,376
|
2.49
|
350
|
19,415
|
3.17
|
1,977
|
GSR
Total
|
2,791
|
1.83
|
164
|
25,673
|
2.14
|
1,763
|
28,465
|
2.11
|
1,928
|
54,327
|
2.26
|
3,947
|
Notes to the Mineral
Reserve Statement:
|
(1)
|
The stated Mineral
Reserves have been prepared in accordance with the requirements of
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)
|
The 2014 Mineral
Reserves for Bogoso were prepared under the supervision of Dr.
Martin Raffield, Senior Vice President Project Development and
Technical Services for the Company. Dr. Raffield is a
"Qualified Person" as defined by Canada's NI 43-101.
|
(3)
|
The 2014 Mineral
Reserves for Wassa were prepared under the supervision of Mr. Mike
Beare, Ceng Beng ACSM MIMMM, SRK Corporate Consultant (Mining
Engineering). Mr. Beare is a "Qualified Person" as defined by
Canada's NI 43-101 and is independent of the Company.
|
(4)
|
The Mineral Reserves
at December 31, 2014 were estimated using a gold price assumption
of $1,200 per ounce.
|
(5)
|
The slope angles of
all pit designs are based on geo-technical 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, royalty payment requirements and applicable
metallurgical recovery and estimates are as follows: Wassa pit 0.77
g/t; Wassa underground 2.50 g/t; Bogoso refractory pits 1.60 g/t;
Mampon and Prestea South oxide pits 1.00 g/t.
|
(7)
|
Numbers may not add
due to rounding.
|
(8)
|
Further information
regarding the Company's Mineral Reserves as at December 31, 2013
can be found in the Company's annual information form for the year
ended December 31, 2013, which is available under the Company's
profile at www.sedar.com.
|
Reconciliation of Mineral Reserves
To view the graphs presenting the Wassa, Bogoso and total
combined Mineral Reserve reconciliation on an ounces basis between
December 31, 2013 and December 31, 2014, please click here.
Mineral Resources
The Measured Mineral Resources and Indicated Mineral Resources
reported below are inclusive of the Proven and Probable Mineral
Reserves as shown above and have been estimated in accordance with
the requirements of NI 43-101. All comparisons made are to
December 31, 2013 Measured Mineral
Resources and Indicated Mineral Resources.
The total Measured Mineral Resources and Indicated Mineral
Resources as well as the Inferred Mineral Resources have been
estimated on a gold price assumption of $1,400 per ounce for December 31, 2014; the same gold price assumption
that was used for the December 31,
2013 estimate. The economic cut-off grades for Mineral
Resources are lower than those for Mineral Reserves and are
indicative of the fact that the Mineral Resource estimates include
material that may become economically viable under more favorable
conditions including increases in gold price.
Wassa's total Measured and Indicated Mineral Resource has
increased by 6% to 3.52 million ounces from December 31, 2013. This is largely due to
the increase and conversion of Mineral Resources from the Wassa
Main pit to Wassa Underground. Measured and Indicated Resources at
Wassa Underground now stand at 1.47 million ounces, a 409% increase
over the 289,000 ounces of Measured and Indicated Mineral Resource
disclosed at December 31, 2013.
Overall, the Measured and Indicated Mineral Resource grade for
Wassa has increased from 2.02 g/t Au as at December 31, 2013 to 2.21 g/t Au as at
December 31, 2014.
Bogoso's Measured and Indicated Mineral Resource increased 3% to
3.1 million ounces from December 31,
2013, primarily due to the lower cost assumptions used to
constrain the Measured and Indicated Resources with the largest
increase observed at the Prestea South project. Overall grades of
the Bogoso Measured and Indicated Mineral Resource decreased by 5%
to 3.12 g/t Au from December 31,
2013.
The following table provides a breakdown of the Measured and
Indicated Mineral Resources at Wassa and Bogoso as at December 31, 2014 and December 31, 2013.
|
Dec 31,
2014 Measured
Mineral Resources
|
Dec 31,
2014 Indicated
Mineral Resources
|
Dec 31,
2014 Measured and Indicated
Mineral Resources
|
Dec 31,
2013 Measured and Indicated
Mineral Resources
|
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
|
-
|
-
|
-
|
33,039
|
1.37
|
1,458
|
33,039
|
1.37
|
1,458
|
45,082
|
1.78
|
2,580
|
Wassa
Underground
|
-
|
-
|
-
|
11,248
|
4.07
|
1,471
|
11,248
|
4.07
|
1,471
|
2,446
|
3.67
|
289
|
Wassa
Other
|
-
|
-
|
-
|
5,199
|
3.53
|
590
|
5,199
|
3.53
|
590
|
3,807
|
3.74
|
458
|
Subtotal
Wassa
|
-
|
-
|
-
|
49,486
|
2.21
|
3,519
|
49,486
|
2.21
|
3,519
|
51,336
|
2.02
|
3,327
|
Bogoso
|
1,975
|
2.56
|
163
|
2,022
|
2.67
|
173
|
3,997
|
2.62
|
336
|
4,553
|
2.94
|
431
|
Dumasi
|
3,505
|
2.49
|
281
|
10,685
|
2.39
|
820
|
14,190
|
2.41
|
1,102
|
13,123
|
2.45
|
1,032
|
Mampon
|
-
|
-
|
-
|
1,859
|
4.37
|
261
|
1,859
|
4.37
|
261
|
1,553
|
4.79
|
239
|
Prestea
South
|
1,292
|
2.59
|
108
|
4,430
|
2.43
|
346
|
5,722
|
2.47
|
454
|
4,304
|
2.67
|
370
|
Prestea
Underground
|
-
|
-
|
-
|
1,322
|
14.82
|
630
|
1,322
|
14.82
|
630
|
1,356
|
14.50
|
632
|
Bogoso
Other
|
-
|
-
|
-
|
4,153
|
2.63
|
351
|
4,153
|
2.63
|
351
|
3,835
|
2.64
|
325
|
Subtotal
Bogoso
|
6,772
|
2.53
|
551
|
24,471
|
3.28
|
2,583
|
31,243
|
3.12
|
3,134
|
28,724
|
3.28
|
3,029
|
GSR
Total
|
6,772
|
2.53
|
551
|
73,957
|
2.57
|
6,101
|
80,730
|
2.56
|
6,653
|
80,060
|
2.47
|
6,356
|
Inferred Mineral Resources
Wassa's Inferred Mineral Resource has increased by 428% from
December 31, 2013 to a total of 1.41
million ounces. This increase is largely due to the addition of the
Wassa Underground project where the 2014 drill programs focused on
extending the high grade mineralization at depth and to the South
of the Wassa Underground Feasibility Study area.
Bogoso's Inferred Mineral Resource increased by 9% to 1.2
million ounces from December 31,
2013, primarily due to lower cost assumptions used for 2014.
Overall grades decreased by 13% compared to 2013.
|
Dec 31,
2014 Inferred
Mineral Resources
|
Dec 31,
2013 Inferred
Mineral Resources
|
Tonnes (000)
|
Grade
g/t Au
|
Ounces
(000)
|
Tonnes (000)
|
Grade
g/t Au
|
Ounces
(000)
|
Wassa Open
Pit
|
137
|
1.47
|
6
|
313
|
1.28
|
13
|
Wassa
Underground
|
10,331
|
3.69
|
1,227
|
646
|
3.10
|
64
|
Wassa
Other
|
1,127
|
4.97
|
180
|
1,006
|
5.88
|
190
|
Subtotal
Wassa
|
11,596
|
3.79
|
1,414
|
1,964
|
4.23
|
267
|
Bogoso
|
1,293
|
2.43
|
101
|
288
|
2.08
|
19
|
Dumasi
|
-
|
-
|
-
|
-
|
-
|
-
|
Mampon
|
344
|
1.67
|
19
|
221
|
1.79
|
13
|
Prestea
South
|
843
|
4.79
|
130
|
581
|
6.00
|
112
|
Prestea
Underground
|
3,253
|
8.05
|
842
|
3,289
|
8.02
|
848
|
Bogoso
Other
|
908
|
2.32
|
68
|
892
|
2.37
|
68
|
Subtotal
Bogoso
|
6,642
|
5.43
|
1,159
|
5,271
|
6.25
|
1,060
|
GSR
Total
|
18,238
|
4.39
|
2,573
|
7,236
|
5.71
|
1,327
|
Notes to the Measured
and Indicated Mineral Resources and the Inferred Mineral Resources
(collectively, the "Mineral Resources"):
|
(1)
|
The Mineral Resources
were estimated in accordance with the requirements of NI
43-101.
|
(2)
|
The Mineral Resources
for Wassa Other include Father Brown, Benso and
Chichiwilli.
|
(3)
|
The Mineral Resources
for Bogoso Other include Buesichem and Ablifa.
|
(4)
|
The Wassa Underground
Mineral Resource has been estimated below the $1,400 per ounce of
gold pit shell using an economic gold grade cut-off of 2.08 g/t Au,
which the Company believes would be the lower cut-off for
underground.
|
(5)
|
The Father Brown
Underground Mineral Resource has been estimated below the $1,400
per ounce of gold pit shell using an economic gold grade cut-off of
2.81 g/t Au, which the Company believes would be the lower cut-off
for underground.
|
(6)
|
Prestea Underground
Mineral Resource has been estimated below the $1,400 pit shell of
Prestea South down to 3800m elevation using a gold cut-off at 4.94
g/t Au
|
(7)
|
Mineral Resources
were estimated using optimized pit shells at a gold price of $1,400
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.
|
(8)
|
The Qualified Person
reviewing and validating the estimation of the Mineral Resources is
S. Mitchel Wasel, Golden Star Resources Vice President of
Exploration.
|
(9)
|
Numbers may not add
due to rounding.
|
(10)
|
Further information
regarding the Company's Mineral Resources as at December 31, 2013
can be found in the Company's annual information form for the year
ended December 31, 2013, which is available under the Company's
profile at www.sedar.com.
|
Mineral Resource and Mineral Reserve Development
The Company's strategy is to grow production from low cost
non-refractory ore sources while reducing overall operating
costs. The expansion of the Wassa orebody and the potential
development of an underground mine at Wassa are central to this
strategy. The current Wassa Measured and Indicated Mineral
Resource of 3.5 million ounces includes 1.47 million ounces
reflected as Wassa Underground Measured and Indicated Mineral
Resource.
Company Profile
Golden Star Resources (NYSE MKT: GSS; TSX: GSC; GSE: GSR)
("Golden Star" or the "Company") is an established gold mining
company that holds a 90% interest in the Wassa, Prestea and Bogoso
gold mines in Ghana. In 2014, Golden
Star produced 261,000 ounces of gold and is expected to
produce 250,000 – 275,000 ounces in 2015. The Company is
pursuing brownfield development projects at its Wassa and Prestea
mines that are expected to transform these mines into lower cost
producers from 2016 onwards. As such, Golden Star offers investors leveraged exposure
to the gold price in a stable African mining jurisdiction with
significant development upside potential.
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 "forward looking
information" within the meaning of Canadian securities laws.
Forward looking statements and information include but are not
limited to, statements and information regarding: conversion of
Inferred Mineral Resources to Measured and Indicated Mineral
Resources; Mineral Reserve and Mineral Resource estimates and
underlying assumptions; drilling and exploration at Wassa
underground; timing for completion and release of the Prestea
Underground Feasibility Study; timing for completing updated
Mineral Reserve Estimates at Prestea Underground; access to higher
grade material at Wassa Underground; cash flow improvements at
Wassa Underground; the timing of accessing the high grade material
at Wassa; placing the Bogoso refractory plant on care and
maintenance; timing for completing mining at Bogoso; anticipated
production in 2015; and transformation of Wassa and Prestea to
lower cost mines. Generally,
forward-looking information and statements can be identified by the
use of forward-looking terminology such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases (including negative or grammatical variations) or
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or
the negative connotation thereof. Investors are cautioned
that forward-looking statements and information are inherently
uncertain and involve risks, assumptions 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 Annual Information
Form for the year ended December 31,
2013. Our Annual Information Form for the year ended
December 31, 2013 will be superseded
by our Annual Information From for the year ended December 31, 2014, which will contain similar
information and will be made available on SEDAR at www.sedar.com
. 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.
Technical Information and Quality Control
The technical contents of this press release have been reviewed
and approved by S. Mitchel Wasel, BSc Geology, a Qualified Person
pursuant to NI 43-101. Mr. Wasel is Vice President
Exploration for Golden Star and an
active member of the Australasian Institute of Mining and
Metallurgy. The 2014 estimates of Mineral Resources were
prepared under the supervision of Mr. Wasel. The 2014
estimates of Mineral Reserves were prepared under the supervision
of Dr. Martin Raffield, Senior Vice
President Technical Services for the Company. Dr. Raffield is
a "Qualified Person" as defined by NI 43-101.
The results for Wassa quoted herein are based on the analysis of
saw-split HQ/NQ diamond half core or a three kilogram ("kg") single
stage riffle split of a nominal 25 to 30 kg Reverse Circulation
chip sample which has been sampled over nominal one meter intervals
(adjusted where necessary for mineralized structures). Sample
preparation and analyses have been carried out at SGS Laboratories,
which is independent of the Company, in Tarkwa using a 1,000 gram
slurry of sample and tap water which is prepared and subjected to
an accelerated cyanide leach (LEACHWELL). The sample is then
rolled for twelve hours before being allowed to settle. An
aliquot of solution is then taken, gold extracted into Di-iso Butyl
Ketone (DiBK), and determined by flame Atomic Absorption
Spectrophotometry (AAS). Detection Limit 0.01ppm.
The results for Bogoso herein are based on the analysis of
saw-split HQ sized (64mm) diamond half core or a three kilogram
single stage riffle split of a nominal 25 to 30 kg Reverse
Circulation chip sample which has been sampled over nominal one
meter intervals (adjusted where necessary for mineralized
structures). Sample preparation and analyses have been
carried out at SGS Laboratories in Tarkwa using a 50 gram assay
charge with a flame Atomic Absorption Spectrophotometry (AAS)
finish and a detection limit of 0.01 ppm.
All analytical work is subject to a systematic and rigorous
Quality Assurance-Quality Control. At least 5% of samples are
certified standards and the accuracy of the analysis is confirmed
to be acceptable from comparison of the recommended and actual
"standards" results. The remaining half core is stored on
site for future inspection and detailed logging, to provide
valuable information on mineralogy, structure, alteration patterns
and the controls on gold mineralization.
Cautionary Note to US Investors Concerning Estimates of
Measured and Indicated Mineral Resources
This press release uses the terms "Measured Mineral Resources"
and "Indicated Mineral Resources". The Company advises US
investors that while these terms are recognized and required by
National Instrument 43-101, the US Securities and Exchange
Commission ("SEC") does not recognize them. Also, disclosure
of contained ounces is permitted under Canadian regulations;
however the SEC generally requires Mineral Resource information to
be reported as in-place tonnage and grade. US Investors are
cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into Mineral
Reserves.
Cautionary Note to US Investors Concerning Estimates of
Inferred Mineral Resources
This press release uses the term "Inferred Mineral
Resources." The Company advises US investors that while this
term is recognized and required by National Instrument 43-101, the
SEC 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. US investors are cautioned not to assume that any
part or all of the Inferred Mineral Resource exists, or is
economically or legally mineable.
SOURCE Golden Star Resources Ltd.