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

Golden Star Resources Ltd.

March 04, 2010 09:25 ET

Golden Star Reports New Discovery at Prestea Concession

DENVER, COLORADO--(Marketwire - March 4, 2010) - Golden Star Resources Ltd. (TSX:GSC)(NYSE Amex:GSS)(GSE:GSR) today announced results from a new discovery along the Ashanti Trend on the Prestea concession in Ghana. Highlights include hole BUVTDD013 which intercepted 26.3 meters grading 3.71 grams gold per tonne (g/t) and hole BUVTDD016 with a 23.6 meter intercept at a grade of 4.03 g/t.

Mitch Wasel, Vice President Exploration, commented, "The discovery of an extensive and totally new deposit in a historically mined area such as Buesichem is a testament to the continued potential for further discoveries along the Ashanti Trend particularly through the application of the VTEM technology. This discovery could have a significant impact on the optimization and design of the Buesichem pit. Drilling is still on-going and a resource estimation exercise is expected to be undertaken in the second half of this year to evaluate the impact of this new discovery."

The new discovery outcrops on surface on section 17000 N (see website for section), 300 meters south of the southernmost boundary of the currently active Buesichem pit located 6 kilometers south of the Bogoso processing facility. The first hole of the program initially targeted a strong conductive zone defined by the VTEM geophysical survey and intersected 22 meters true width of mineralization grading 2.2 g/t gold. This conductor was found to be approximately 200 meters vertical depth below the surface. Initially it was believed that this zone represented the southern extent of the main Buesichem ore body that we have been mining for three years. The drill program continued following up the initial success and was conducted on 100 meter spaced fences. After several more drill holes, it was apparent that this zone was not the southern, down plunge extension of the main Buesichem ore body but was indeed a second zone that plunges shallowly to the north (see long section posted on the website). Of note, holes BUVTDD019 and BUVTDD020 helped demonstrate that the zone extended to surface with results of 14 meters grading 3.87 g/t and 13.2 meters grading 2.50 g/t, respectively.

There are currently two drill rigs actively running step out and in-fill drilling on 50 meter sections from 17000 N. Holes BUVTDD021 and BUVTDD023 were drilled 100 meters further to the south on section 16900 N and these have intersected the zone that appears to be narrower in this location but this is typical of the pinch and swell geometry that is seen with this type of mineralization.

The strong VTEM geophysical conductor is open to the south and extends below the oxide pits at Beposo, which was mined in 2002-2003 and has not yet been tested for sulfide potential below. Additional drilling is currently been assessed to test this target to the south.

This new discovery was made as a result of the ongoing drilling program testing the VTEM geophysical targets in proximity to our operating pits which began in the fourth quarter of 2009. The VTEM targets were prioritized based on a combination of favorable geology and structural trends coinciding with high conductivity zones. A total of 28,000 meters of drilling has been budgeted for the VTEM drilling program in 2010, and this will include drilling along both the Prestea and Bogoso concessions.

Mineralization is hosted within a sheared graphitic zone with disseminated arsenopyrite and pyrite. Only a portion of the new discovery has been tested along strike and the trend remains open at depth and to the south. The drilling programs returned several significant intersections including the following:

         
Hole ID From (m) To (m) TrueWidth (m) Grade Au(g/t)
         
BUVTDD001 249 273 21.7 2.17
BUVTDD003 288 303 13.9 2.76
BUVTDD006 328 332 3.6 4.27
BUVTDD009 303 314 9.8 5.32
BUVTDD011 367 376 8.0 3.49
BUVTDD013 190 218 26.3 3.71
BUVTDD014 135 140 4.6 3.81
BUVTDD015 236 246 7.1 2.95
BUVTDD015 251 263 8.5 2.45
BUVTDD016 197 222 23.6 4.03
BUVTDD017 165 173 5.7 3.42
BUVTDD018 245 254 6.6 3.34
BUVTDD019 119 135 13.9 3.87
BUVTDD020 152 170 13.2 2.50
BUVTDD021 172 180 7.4 2.66
BUVTDD022 332 345 12.2 4.52
BUVTDD023 209 217 5.7 3.11

Full details of the drill results can be found on our website at www.gsr.com.

QA-QC

The technical contents of this press release have been reviewed by S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to Canada's National Instrument 43-101. Mr. Wasel is Vice President Exploration for Golden Star and an active member of the Australasian Institute of Mining and Metallurgy. The results herein are based on the analysis of saw-split HQ sized (64mm) diamond half core or a three kilogram single stage riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample which has been sampled over nominal one meter intervals (adjusted where necessary for mineralized structures). Sample preparation and analyses have been carried out at SGS Laboratories in Tarkwa using a 50 gram assay charge with a flame Atomic Absorption Spectrophotometry (AAS) finish and a detection limit of 0.01 ppm. All analytical work is subject to a systematic and rigorous Quality Assurance-Quality Control (QA-QC). At least 5% of samples are certified standards and the accuracy of the analysis is confirmed to be acceptable from comparison of the recommended and actual 'standards' results. The remaining half core is stored on site for future inspection and detailed logging.

COMPANY PROFILE

Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own 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 Brazil in 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. 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 timing and results of future drilling and development activities; and the timing of reserve and resource estimates. Factors that could cause actual results to differ materially include timing of and unexpected events during exploration; variations in ore grade; variations in relative amounts of refractory, non-refractory and transition ores; technical or permitting issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2009.

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