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01.08.2018 22:50
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Golden Star Reports Second Quarter 2018 Results
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PR Newswire
TORONTO, Aug. 1, 2018
TORONTO, Aug. 1, 2018 /PRNewswire/ - Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the "Company") reports its financial and operational results for the quarter ended June 30, 2018.
HIGHLIGHTS:
- Gold production of 61,209 ounces in the second quarter of 2018
- Strong production from the Wassa Complex ("Wassa") in the second quarter of 2018, continuing to exceed expectations
- 20% increase in gold production from Wassa in the second quarter of 2018 compared to the second quarter of 2017, including a 167% increase in production from the Wassa Underground Gold Mine ("Wassa Underground")
- 65% increase in grade processed at Wassa Underground to 4.99 grams per tonne ("g/t") of gold ("Au") in the second quarter of 2018 compared to the second quarter of 2017
- Significant improvements delivered at the Prestea Underground Gold Mine ("Prestea Underground") in the second quarter of 2018 compared to the first quarter of 2018, when the mine achieved commercial production
- 67% increase in gold production to 12,463 ounces in the second quarter of 2018 compared to the first quarter of 2018
- 65% increase in grade processed from Prestea Underground to 13.56 g/t Au in the second quarter of 2018 compared to the first quarter of 2018
- Targeted production rate of 650 tonnes per day ("tpd") is expected to be achieved at Prestea Underground during the fourth quarter of 2018
- Cash operating cost per ounce1 of $809 and All-In Sustaining Cost ("AISC") per ounce1 of $1,104 in the second quarter of 2018
- Higher than expected costs due to the slower than anticipated ramp up at Prestea Underground, partially offset by the stronger than expected performance at Wassa Underground
- 38% decrease in cash operating cost per ounce1 at Wassa in the second quarter of 2018 to $610 compared to the second quarter of 2017
- Capital expenditures of $10.2 million in the second quarter of 2018
- Cash provided by operations before changes in working capital of $10.3 million or $0.03 per share in the second quarter of 2018 and mine operating margin of $10.2 million
- Consolidated cash balance of $21.9 million at June 30, 2018
- Post period end, the creation of a long term, strategic relationship was agreed with La Mancha Holding S.à r.l. ("La Mancha"), including a $125.7 million investment, which will support Golden Star's growth as a leading African gold producer2
- Golden Star is on track to achieve its consolidated full year ("FY") 2018 guidance in terms of gold production, cash operating cost per ounce1 and AISC per ounce1
- The Company expects to be at the top end of the cost ranges in FY 2018
- The Company intends to review its FY 2018 capital spend in light of the proposed investment from La Mancha
| Notes: |
| 1. See "Non-GAAP Financial Measures". |
| 2. For more information, please see the press release entitled, 'Golden Star announces long term, strategic investment by La Mancha', dated August 1, 2018. |
Sam Coetzer, President and Chief Executive Officer of Golden Star, commented:
"During the second quarter of 2018, Prestea Underground delivered more ounces than the Prestea Open Pits, which is testament to the hard work and disciplined approach of our underground team. We expect to see further improvements during the coming months and we anticipate that Prestea Underground will achieve its nameplate production rate during the fourth quarter of 2018. We will also continue to right size this operation with the aim of reducing operating costs and generating a stronger cash margin. Wassa Underground delivered another impressive quarter, with both grades and tonnages exceeding our expectations. I am looking forward to releasing the Preliminary Economic Assessment for Wassa's Inferred Mineral Resources to gain a more thorough understanding of the full potential of this substantial deposit. After two quarters, we are on track to achieve our consolidated full year 2018 production and cost guidance and with our strategic relationship with La Mancha agreed, we are well-positioned to deliver significant value for our shareholders."
La Mancha Transaction and Second Quarter 2018 Conference Call Details
Golden Star will conduct a conference call and webcast to discuss the La Mancha transaction and the results of the second quarter of 2018 on Thursday, August 2, 2018 at 10:00am ET. The Chief Executive Officer of La Mancha, Andrew Wray, will join the Golden Star management team on the call.
The call can be accessed by telephone or by webcast as follows:
Toll Free (North America): +1 866 393 4306
Toronto Local and International: +1 734 385 2616
Conference ID: 3081459
Webcast: www.gsr.com
A recording and webcast replay of the call will be available at www.gsr.com following the call.
SUMMARY OF CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS
| | | Three Months Ended | |
| | | June 30, | |
| OPERATING SUMMARY | | 2018 | 2017 |
| Wassa gold sold | oz | 38,249 | 31,985 |
| Prestea gold sold | oz | 22,310 | 31,619 |
| Total gold sold | oz | 60,559 | 63,604 |
| Wassa gold produced | oz | 38,532 | 32,161 |
| Prestea gold produced | oz | 22,677 | 32,014 |
| Total gold produced | oz | 61,209 | 64,175 |
| Average realized gold price1 | $/oz | 1,273 | 1,222 |
| | | | |
| Cost of sales per ounce – Consolidated2 | $/oz | 1,106 | 1,012 |
| Cost of sales per ounce – Wassa2 | $/oz | 944 | 1,235 |
| Cost of sales per ounce – Prestea2 | $/oz | 1,383 | 785 |
| Cash operating cost per ounce – Consolidated2 | $/oz | 809 | 785 |
| Cash operating cost per ounce – Wassa2 | $/oz | 610 | 980 |
| Cash operating cost per ounce – Prestea2 | $/oz | 1,149 | 585 |
| All-In Sustaining cost per ounce – Consolidated2 | $/oz | 1,104 | 960 |
| Notes: | |
| 1. | Average realized gold price per ounce excludes pre-commercial production ounces sold at Prestea Underground in 2018 and 2017. |
| 2. | See "Non-GAAP Financial Measures". |
| | | Three Months Ended | ||
| | | June 30, | ||
| FINANCIAL SUMMARY | | 2018 | 2017 | |
| Gold revenues | $'000 | 77,121 | 77,335 | |
| Cost of sales excluding depreciation and amortization | $'000 | 57,717 | 55,173 | |
| Depreciation and amortization | $'000 | 9,235 Werbung Mehr Nachrichten zur Golden Star Resources Aktie kostenlos abonnieren
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