Notes to the Measured & Indicated Mineral Resources:
(1) The Mineral Resources for Bogoso/Prestea include Pampe and Mampon.
(2) The Mineral Resources were estimated in accordance with the definitions and requirements of Canada's National Instrument 43-101. The Mineral Resources are equivalent to Mineralized Material as defined by the SEC Industry Guide 7.
(3) The Mineral Resources were estimated using optimized pit shells at a gold price of $1,750 per ounce from which the Mineral Reserves have been subtracted. Other than gold price, the same optimized pit shell parameters and modifying factors used to determine the Mineral Reserves were used to determine the Mineral Resources. In 2011, we used a gold price of $1,500 per ounce for the optimized shell. The Prestea Underground resource was estimated using a $1,750 per ounce gold price and operating cost estimates using an economic gold cut-off of 3.0 g/t.
(4) The Mineral Resources are not included in and are in addition to the Mineral Reserves described above.
(5) The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star Resources Vice President of Exploration.
(6) Numbers may not add due to rounding.
(7) The Father Brown Underground Resource has been estimated below the $1,750 per ounce of gold pit shell using an economic gold grade cut-off of 2.9 g/t, which the Company believes would be the lower cut-off for underground.
Non-Reserves -- Inferred Mineral Resources
Cautionary Note to US Investors concerning estimates of Inferred Mineral Resources
This section uses the term "Inferred Mineral Resources." We advise US investors that while this term is recognized and required by National Instrument 43-101, the US Securities and Exchange Commission does not recognize it. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of Inferred Mineral Resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of Inferred Mineral Resources cannot form the basis of feasibility or other economic studies. US investors are cautioned not to assume that any part or all of the Inferred Mineral Resource exists, or is economically or legally mineable.
The Inferred Mineral Resources as at December 31, 2012 and December 31, 2011 have been estimated in compliance with definitions defined by NI 43-101.
---------------------------------------------------------------------------- Inferred---------------------------------------------------------------------------- Tonnes Gold Grade Ounces Property (Millions) (g/t) (Millions)---------------------------------------------------------------------------- Bogoso/Prestea 3.8 3.1 0.37---------------------------------------------------------------------------- Prestea Underground 5.2 7.4 1.24---------------------------------------------------------------------------- Wassa HBB 13.2 1.7 0.70---------------------------------------------------------------------------- Father Brown Underground 1.4 5.2 0.24-------------------------------------------------------------------------------------------------------------------------------------------------------- Total 2012 23.6 3.4 2.55---------------------------------------------------------------------------- Total 2011 13.3 3.7 1.57----------------------------------------------------------------------------
