The year-end resource and reserves estimates are currently being updated for the Wassa Main pits using an interim model which utilized new drill results up to August 2012 but did not include most of the drilling that occurred during the second half of 2012. The Company expects a substantial increase in the Wassa Main resources and reserves for 2012 and ongoing drilling during 2013 should continue this trend as more of the drilling program results are generated.
Sam Coetzer, President and CEO, commented, "The continued drilling success at Wassa Main has prompted the addition of another drill rig to fully assess the potential of this growing deposit. This new drilling strongly suggests that Wassa Main's overall average grade should increase and contained gold should grow significantly from where we are today. As the target area remains open in all directions we will prioritize our drilling program to define the boundaries of the Wassa resource so we can then focus on in-fill drilling to improve our confidence and convert resources to a growing reserve base. "
Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing regions. The Company 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, West Africa. In addition, Golden Star has an 81% interest in the 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 259 million shares outstanding. Additional information is available at www.gsr.com.
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. Such statements include: the Company's expectations regarding its planned drilling and exploration activities for 2013 and the timing thereof; the Company's ability to evaluate expansion potential; the interpretation of drilling results; expected increases in resources and reserves at Wassa Main for 2012; and the impact of 2013 drilling on resources and reserves including grade increases and contained gold growth. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties. 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 risks and other factors in the Company's Form 10-K for 2011 and subsequent Form 10-Qs for 2012 and other filings of the Company with the United States Securities and Exchange Commission and the applicable Canadian securities regulatory authorities. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
The technical contents of this press release have been reviewed and approved by S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National Instrument 43-101. Mr. Wasel is Vice President of Exploration for Golden Star and an active member and Registered Chartered Professional of the Australasian Institute of Mining and Metallurgy.
The results for Wassa quoted herein are based on the analysis of saw-split HQ/NQ 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 1,000 gram slurry of sample and tap water which is prepared and subjected to an accelerated cyanide leach (LEACHWELL). The sample is then rolled for twelve hours before being allowed to settle. An aliquot of solution is then taken, gold extracted into Di-iso Butyl Keytone (DiBK), and determined by flame Atomic Absorption Spectrophotometry (AAS). Detection Limit is 0.01ppm.
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, to provide valuable information on mineralogy, structure, alteration patterns and the controls on gold mineralization.
Additional information on earlier drilling results at Wassa are available in the Company's February 7, 2012, May 2, 2012 and October 15, 2012 press releases.
For further information, please contact:
GOLDEN STAR RESOURCES LTD.
Senior Vice President Corporate Strategy
Pfeiffer High Investor Relations, Inc.
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