With the Feasibility Study now completed, discussions will commence with a number of project debt, equity, equipment, and other finance providers to fund the Prestea Underground Mine West Reef Project to full production.
Underground drilling in the West Reef area is currently underway to upgrade Inferred Mineral Resources and to identify extensions of the known gold mineralization to the north following the high-grade shoot down plunge below 24 Level.
The scientific and technical data contained in this news release pertaining to the Prestea Underground Mine West Reef Project has been reviewed and approved by the following Qualified Persons under NI 43-101, who consent to the inclusion of their names in this release. The Feasibility Study was prepared by SRK (UK) Ltd., under the supervision of the following personnel:
•Michael Beare, C.Eng. - Overall FS compilation, mining, reserve estimate and financial; •Dr. John Arthur, C.Geol. - Mineral Resource estimate; •Neil Marshall, C.Eng., - Underground geotechnical; •Dr. John Willis, MAusIMM (CP) - Metallurgical and process;
The personnel listed above have reviewed and approved the scientific and technical contents of this press release.
Notes to this press release:
1. All currency figures are expressed in US dollars, unless noted otherwise.
2. Base case gold price for the Feasibility Study is $1,500/oz.
3. Indicated and Inferred Mineral Resources have been estimated at an economic cut-off grade based on a gold price of $1,750 per ounce for December 31, 2012, and on economic parameters deemed realistic.
4. Cash operating costs per ounce represent the mine site operating costs such as mining, processing, ore transport, refining and site general and administration expenses, and are exclusive of amortization, reclamation, capital, and exploration and development costs.
The NI 43-101 Technical Report, Prestea Underground West Reef Feasibility Study, will be filed within 45 days on SEDAR at www.sedar.com and will be also available at that time on Golden Star's corporate website at www.gsr.com.
Golden Star Resources holds the largest land package in one of the world's largest and most prolific gold producing provinces. 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 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 259 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 and applicable Canadian securities laws. Such statements include plans for the development of the Prestea Underground Mine; estimates of mineral reserves and mineral resources; estimates concerning cash operating costs, gold prices, recovery rates, ounces of gold produced, net present values (including assumed discount rates), the internal rate of return, payback periods, life of mine and production data, levels of investment and capital cost necessary to bring the Prestea Underground Mine into production; mining methods and access plans at the Prestea Underground Mine and expected processing of mined material and tailings storage; and the submission of the environmental impact statement. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially, including timing of and unexpected events at the Prestea Underground Mine; variations in grade of mineralized material; delay or failure to receive government approvals and permits; the availability and cost of electrical power and key inputs; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues; fluctuations in gold price and 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 Form 10-K for 2012. 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.
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For further information, please contact:
GOLDEN STAR RESOURCES LTD.
Executive Vice President and Chief Financial Officer
The Capital Lab, Inc.
The Capital Lab, Inc.
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