Golden Star Resources Ltd.
TSX : GSC
NYSE Amex : GSS

Golden Star Resources Ltd.

December 17, 2009 09:19 ET

Golden Star Announces Successful Completion of US$75.0 Million Common Share Offering

DENVER, COLORADO--(Marketwire - Dec. 17, 2009) - Golden Star Resources Ltd. (NYSE Amex:GSS)(TSX:GSC)(GSE:GSR) announced that it closed today its previously announced offering of 20 million common shares at a price of US$3.75 per share resulting in US$75.0 million in gross proceeds, or approximately US$71.6 million in net proceeds to the Company. As stated in our press release of December 4, 2009, the underwriters have an over allotment option, exercisable for a period of 30 days following today's closing, to acquire up to an additional 3.0 million common shares at a price of US$3.75 per share for additional gross proceeds of up to US$11.25 million, or net proceeds of up to approximately US$10.7 million.

Thomas G. Mair, President and CEO said, "We are very pleased with the success of this offering and the strong support from both existing and new investors. The proceeds of the offering will significantly strengthen our balance sheet and give us greater flexibility in implementing our value-enhancing exploration and development programs."

About Golden Star Resources

Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America. Golden Star has approximately 257 million shares outstanding.

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 other applicable securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the exercise of the over allotment option, the use of the proceeds of the offering and the benefits to Golden Star of the offering. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested is contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and the quarterly reports on Form 10-Q filed in 2009. There can be no assurance that future developments affecting the Company will be those anticipated by management. The Company disclaims any obligation to update or revise any of the forward-looking statements in this news release except as required by law.

Contact Information

  • Golden Star Resources Ltd.
    Bruce Higson-Smith
    Vice President Corporate Development
    +1-800-553-8436
    or
    Golden Star Resources Ltd.
    Anne Hite
    Investor Relations Manager
    +1-800-553-8436