| Notes |
Golden Star is a mid-tier gold mining company whose principal properties are located in Ghana, West Africa. The Company produced 201,407 ounces of gold in 2006 from its Bogoso/Prestea and Wassa open pit mines at an average cash operating cost of $382 per ounce. We expect to see a significant increase in production in 2007 as a result of the Bogoso Sulfide Expansion Project attaining full capacity with estimated production expected to be some 390,000 ounces of gold.
Early in 2007, we expect to complete construction of the Bogoso Sulfide Expansion Project, which incorporates a sulfide/bio-oxidation circuit. The purpose of this expansion project is to enable the company to economically treat the refractory ores found at Bogoso/Prestea, where some 70% of the ore is categorized as being refractory. Annual production at Bogoso/Prestea is expected to total some 280,000 ounces of gold in 2007.
The Wassa Mine completed its first full year of production under Golden Star management. Wassa is a conventional open-pit, Carbon-in-Leach (CIL) plant with expected production of some 110,000 ounces of gold in 2007. Through our acquisition of St. Jude Resources in late 2005, we were able to obtain the high grade Hwini-Butre and Benso properties that are currently being evaluated as potential mine feed for the Wassa plant.
Historically, Golden Star has maintained an aggressive exploration program and 2006 was no exception. The exploration budget was $16 million for 2006 with the majority of that spent on mine-based drilling. Other exploration activities focused on various stages of exploration in Ghana, Sierra Leone, Burkina Faso, Niger, Côte d’Ivoire, and Suriname.
The Company’s goal is to grow its business in Ghana, and regionally in West Africa, through organic growth and appropriate acquisitions. The Company is well financed and has a strong, operationally focused management team experienced in West Africa.
[ Retrieved on 29-06-07
04-05-07 - http://www.gsr.com/ ] |