In the second quarter of 2014, the Company sold a total of 61,720 ounces of gold at an average realized price of
Management is reviewing the mine plans for the remainder of the year to determine if the Company's mines will meet the gold production guidance previously disclosed to the public.
The Company plans to release its second quarter 2014 financial results on
"Gold production in the second quarter was below expectations. The primary reason for this was the high level of rainfall concentrated over a short period of time. Despite extensive dewatering of the Bogoso North and Chujah pits, access to higher grade ore at the bottom of these pits was very limited. Access to ore at Wassa was also hampered. Stockpiled lower grade ore was therefore treated at all operations during the quarter and production from higher grade material, particularly at Bogoso, has been deferred. Rain also hampered hydraulic mining at the Bogoso tailings facility. Encouragingly, when access was facilitated, mined grade from the bottom of the Bogoso North and Chujah pits was significantly higher than in the last quarter, in line with our mine plan. At the start of the third quarter, with the heavy rains expected to be behind us, we are now mining in higher grade zones. Accordingly we expect improved production in the next two quarters."
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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 applicable Canadian securities laws. Such statements include comments regarding: the Company's ability to achieve its 2014 gold production guidance; the timing for releasing our financial results; the decrease in heavy rains and impact on gold production for the remainder of 2014; and our mining and drilling plans. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially include: timing of and unexpected events at the Wassa and/ or Bogoso processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive board or government approvals and permits; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues; changes in U.S. and Canadian securities markets; inclement weather; and fluctuations in gold price and input costs and general economic conditions. 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 Annual Information Form for the year ended
FOR FURTHER INFORMATION PLEASE CONTACT:
Golden Star Resources Ltd. Angela ParrVice President Investor Relations and Corporate Affairs 416-583-3815 firstname.lastname@example.org Source: Golden Star Resources Ltd.