Denver, CO—December 21, 2010—Golden Star Resources Ltd. (NYSE Amex: GSS; TSX: GSC; GSE: GSR)
(“Golden Star” or the “Company”) announced today that 2010 production guidance for
Bogoso/Prestea has been revised from 185,000 ounces to 170,000 - 172,000 ounces of gold. At
Wassa/HBB guidance remains essentially unchanged at 182,000 (previously 185,000) ounces of gold.
Ore deliveries to the Bogoso sulfide processing mill have been impacted by pit dewatering and access
issues exacerbated by higher than normal rainfall. This meant that a larger than forecast proportion
of mill feed consisted of partially-oxidized transitional stockpile material which resulted in lower
flotation recovery. In addition, ore deliveries to the Bogoso oxide mill and metallurgical recoveries
from stockpiled non-refractory ores were below forecast.
Ore delivery issues have been resolved and we expect that metallurgical recovery will improve during
2011 as we access deeper, more sulfidic ores at Chujah and Bogoso North pits.
We were recently notified that our power rates were being increased to approximately $0.15 per
kilowatt-hour (kWh). We have been accruing power at $0.12 per kWh. We will be adjusting our
power rate accruals retroactive to June 1, 2010. This will result in a fourth quarter charge of
approximately $3.2 million at Bogoso/Prestea and $1.3 million at Wassa/HBB.
Tom Mair, President and CEO, stated, “We are obviously very disappointed with the 2010 production
shortfalls. Up until the third quarter of this...www.sedar.com