Golden Star Reports Record Quarterly Gold Sales of 96,971 Ounces
DENVER--(BUSINESS WIRE)--May. 6, 2009-- Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GSE: GSR) today announced its unaudited first quarter 2009 results which include record quarterly gold sales. All currency in this news release is expressed in U.S. dollars, unless otherwise noted. The Company will host a live webcast and conference call to discuss its quarterly results on Thursday, May 7, 2009 at 11:00 a.m. ET. To access the webcast and conference call, go to the home page of the Company’s website, www.gsr.com.
Tom Mair, President and CEO, said, “Wassa turned in an excellent quarter producing over 56,000 ounces at a cash cost of less than $400 per ounce. This demonstrates the results of a full quarter of HBB high grade ore deliveries to the Wassa plant. At Bogoso we continue to see progress but power quality issues remain. We are on track to meet our 2009 guidance of 400,000 ounces at an average cash cost of $550 per ounce.”
FIRST QUARTER 2009 RESULTS AND HIGHLIGHTS
* Record quarterly gold sales of 96,971 ounces for the first quarter of 2009, a 13% increase over fourth quarter 2008 and a 69% increase over the first quarter of 2008;
* Gold revenues for the quarter of $87.6 million representing an increase of 26% over fourth quarter 2008 revenues of $69.6 million and an increase of 65% over first quarter of 2008;
* Net loss of $1.1 million or $0.005 per share compared to a loss of $86.8 million for the fourth quarter of 2008;
* Operating cash flow of $11.1 million for the first quarter of 2009, or $0.047 per share;
* Operating cash flow before working capital charges of $19.8 million for the first quarter of 2009, or $0.847 per share;
* Quarter-end cash balance of $28.1 million; and
* Realized gold price for the first quarter averaged $904 per ounce compared to $808 in the fourth quarter of 2008, an increase of 12%;
FINANCIAL SUMMARY
SUMMARY OF CONSOLIDATED
FINANCIAL RESULTS
§ First Quarter First Quarter
§2009 2008
Bogoso/Prestea gold sold (oz) 40,546 31,414
Wassa gold sold (oz) 56,425 26,013
Total gold sold (oz) 96,971 57,427
Average realized price ($/oz) 904 926
Cash operating cost--combined ($/oz) 571 621
Gold revenues ($000's) 87,645 53,183
Cash flow provided/(used) by operations ($000's) 11,093 (5,038 )
Net loss ($000's) (1,146 ) (3,692 )
Net loss per share - basic ($) (0.005 ) (0.016 )
§
BOGOSO/PRESTEA
Bogoso increased its gold sold to 40,546 ounces, a small increase over the prior quarter, as higher ore grades and recoveries were offset by lower mill throughputs due. During the quarter, approximately two weeks of production was lost due to electrical issues including an electrical fire in the liquid resistance starter and continuing poor quality power from the VRA. The Genser power plant should be commissioned in the second quarter and this should improve the power situation. Sulfide plant re...
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