Golden Star Resources
|Traded as||TSX: GSC
NYSE MKT: GSS
Golden Star Resources Ltd (TSX: GSC, NYSE MKT: GSS, GSE: GSR), is a mid-tier Canadian gold mining company, whose principal operating properties are located in Ghana, West Africa. It has a total historical production of over two million ounces of gold.
History of Company
Golden Star is an established gold mining company with producing assets and development projects in Ghana since 1999. Golden Star holds a 90% interest in both the Bogoso and Wassa open-pit gold mines, situated on the prolific Ashanti Gold Belt in western Ghana. The Company is strategically focused on growing its operating margin through shifting production to new lower cost ore ounces.
The company operates two mines in Ghana; Wassa and Bogoso with an annual total production from both mines of over 300,000 ounces of gold in 2013.
The Wassa open pit gold mine is located in the southwestern region of Ghana approximately 35 km northeast from the town of Tarkwa. It lies in the Birimian Province of the West African Precambrian shield, within the southern portion of the Ashanti Greenstone Belt along the belt’s eastern margin. The mine is accessible by a combination of paved and gravel roads. The property includes: a conventional carbon-in-leach (“CIL”) processing plant with a processing capacity of 2.7 million tonnes per annum and tailings storage facilities. Ore is sourced from the single large Wassa Pit.
The mining method used at the Wassa Main pit is conventional excavator and truck methods typical for this type and style of gold mineralization.
As at December 31, 2013, Wassa had mineral Proven and Probable Mineral Reserves of 2.0 million ounces at an average grade of 1.75 grams per tonne, and had 3.3 million ounces at an average grade of 2.02 grams per tonne in the Measured and Indicated Mineral Resources.
In 2013, Wassa produced and sold 186,000 gold ounces. The Company expects to produce 115,000 to 125,000 ounces in 2014.
Bogoso gold mine is located in western Ghana near the town of Bogoso, approximately 35 km northwest from the town of Tarkwa. The mine lies within the southern portion of the Ashanti Greenstone Belt along the western margin of the belt. The mine site can be reached by paved roads from Accra, Ghana’s capital city. The operations include; the Bogoso and the Prestea properties which are adjoining mining concessions that together cover approximately 40 km of strike along the southwest-trending Ashanti gold district. The property includes: a conventional CIL plant for non-refractory ore and a refractory plant utilizing the BIOX® process with processing capacities of 1.5 and 2.7 million tonnes per annum, respectively.
Currently, ore for the refractory processing plant is mined at the Bogoso North and Chujah pits. Non-refractory tailings are retreated through the CIL plant.
The Prestea Underground mine, located on the Prestea concession, is currently on care and maintenance. Permitting and financing efforts are underway to bring this mine back into production.
As at December 31, 2013, Bogoso had Proven and Probable Mineral Reserves of 2.0 million ounces of gold at an average grade of 3.17 grams gold per tonne, and had Mineral Resources of 3.0 million ounces at an average grade of 3.28 grams per tonne in the Measured and Indicated categories.
In 2013, Bogoso produced and sold 145,000 ounces of gold. The Company expects Bogoso to produce 145,000 to 155,000 ounces of gold in 2014.
Golden Star Resources Ltd shares are traded on stock exchanges of
- the Toronto Stock Exchange (TSX) under the symbol “GSC”,
- the NYSE MKT (NYSE MKT) under the symbol “GSS”,
- the Ghana Stock Exchange (GSE) under the symbol “GSR”.