Golden Star Resources Reports First Quarter 2019 Results - 01.05.19 - News

TORONTO, May 1, 2019

TORONTO, May 1, 2019 /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 first quarter ended March 31, 2019.

HIGHLIGHTS:

Focus on safety reflected in continued improvement with a lost time injury frequency rate ("LTIFR") of 0.07 and a total recordable injury frequency rate ("TRIFR") of 0.85
Total gold production of 53,284 ounces in the first quarter of 2019, in line with budget and an 8% decrease compared to the first quarter of 2018 (57,616 ounces)
Cash operating cost per ounce¹ of $731 and All-In Sustaining Cost ("AISC") per ounce¹ of $976 in the first quarter of 2019, 20% and 17% lower than the same period last year, respectively
Mining rates at Wassa Underground of approximately 3,600 tonnes per day ("tpd") on average in the first quarter of 2019 represents a 53% increase compared to the first quarter of 2018 and surpasses the 2019 targeted average mining rate of 3,500 tpd
Gold production from Wassa was 42,910 ounces for the first quarter of 2019, a 21% increase from the 35,506 ounces produced during the same period in 2018
Prestea produced 10,374 ounces of gold during the quarter, 53% lower than the first quarter of 2018 as a result of the focus on underground production and the lower than planned tonnes and grade
Mineral Reserve and Mineral Resource update released March 28, 2019; Wassa Underground Reserves increased by 47% and inferred mineral resources increased by 12%²
Father Brown Resource Statement released February 19, 2019; 93% increase in Inferred Mineral Resources³
Cash provided by operations before changes in working capital of $14.9 million ($0.14 per share) in the first quarter of 2019 and mine operating margin of $16.6 million
Consolidated cash balance of $81.9 million at March 31, 2019
Golden Star remains on track to achieve its consolidated full year ("FY") 2019 guidance

Notes:

1.

See "Non-GAAP Financial Measures".

2.

ARIVA.DE Börsen-Geflüster

Kurse

Golden Star Resources

-

0,00%

See press release dated March 28, 2019 entitled, "Golden Star Announces Mineral Reserve and Mineral Resource Update; Wassa Underground Reserve increase 47%".

3.

See press release dated February 21, 2019 entitled, "Golden Star Updates Mineral Resource Statement at Father Brown: 93% Increase in Inferred Mineral Resources".

Andrew Wray, President and Chief Executive Officer of Golden Star, commented:

"I am delighted to take over as President and CEO at what is a pivotal time for the company as demonstrated by this set of results. Our operation at Wassa continues to deliver on its promise, not only with the low cost, record underground production seen during the first quarter but also the recently released reserve and resource update which demonstrated continued growth in the ore body and a significant step up in its reserve base. At the same time, Prestea is not delivering to the targets set for it or to its potential both in terms of tonnes moved as well as the grade delivered and as a result is not generating the returns we expect from it. Our priority is to assess and address the root causes of this so that we can achieve consistent operational performance and returns commensurate with the resources being applied, and improve the overall optionality of the business.

I would also like to thank the entire team at Golden Star for a sincere welcome to the Company and am looking forward to the opportunities that exist to increase shareholder value by growing the Company in a disciplined fashion, increasing cash flow, and continuing on operational improvements.

Underpinning these priorities for the Company will be a continued absolute requirement to carry out our business in a safe and responsible manner that benefits all stakeholders."

First Quarter 2019 Conference Call Details

The Company will conduct a conference call and webcast to discuss these results tomorrow, Thursday May 02, 2019 at 10:00 am ET.

Toll Free (North America): +1 833 231-8263
Toronto Local and International: +1 647 689-4108
Conference ID: 3289245
Webcast: https://event.on24.com/wcc/r/1956473/B39D93F6E551735F39788DCB10539C1B and on the home page of the Company's website: www.gsr.com.

A recording and webcast replay of the call will be available on the Company's website: www.gsr.com following the call.

SUMMARY OF CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS

		Three Months Ended
		March 31,
OPERATING SUMMARY		2019	2018
Wassa gold sold	oz	42,999	35,853
Prestea gold sold	oz	10,497	22,507
Total gold sold	oz	53,496	58,360
Wassa gold produced	oz	42,910	35,506
Prestea gold produced	oz	10,374	22,110
Total gold produced	oz	53,284	57,616
Average realized gold price¹	$/oz	1,257	1,258

Cost of sales per ounce – Consolidated²	$/oz	947	1,204
Cost of sales per ounce – Wassa²	$/oz	724	1,000
Cost of sales per ounce – Prestea²	$/oz	1,859	1,562
Cash operating cost per ounce – Consolidated²	$/oz	731	909
Cash operating cost per ounce – Wassa²	$/oz	552	683
Cash operating cost per ounce – Prestea²	$/oz	1,463	1,306
All-In Sustaining cost per ounce – Consolidated²	$/oz	976	1,171
All-In Sustaining cost per ounce – Wassa²	$/oz	760	956
All-In Sustaining cost per ounce – Prestea²	$/oz	1,865	1,547

Notes:
1.	Average realized gold price per ounce for the three months ended March 31, 2018 excludes 2,049 pre- commercial production ounces sold at Prestea Underground in January 2018.
2.	See "Non-GAAP Financial Measures".

Three Months Ended

March 31,

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