DENVER, Oct. 2 /PRNewswire/ -- Golden Star Resources Ltd. (``Golden Star''
or the ``Company'') is pleased to
announce the following statement of Mineral Resources for its 90% owned
consolidated Bogoso - Prestea gold property in Ghana, West Africa.
TOTAL MEASURED AND INDICATED MINERAL RESOURCES
Material Tonnes Grade Contained Ounces
Oxide 3,776,000 2.83 343,000
Transition 2,292,000 3.31 243,900
Primary 3,952,000 3.20 406,800
Refractory Sulfide 10,716,000 3.52 1,212,000
Total 20,736,000 3.31 2,205,700
MEASURED MINERAL RESOURCES
Material Tonnes Grade Contained Ounces
Oxide 1,029,000 3.12 103,100
Transition 797,000 3.43 87,700
Primary 1,177,000 3.62 136,800
Refractory Sulfide 6,767,000 3.75 816,800
Total 9,770,000 3.64 1,144,400
INDICATED MINERAL RESOURCES
Material Tonnes Grade Contained Ounces
Oxide 2,747,000 2.72 239,900
Transition 1,495,000 3.25 156,200
Primary 2,775,000 3.03 270,000
Refractory Sulfide 3,949,000 3.11 395,200
Total 10,966,000 3.01 1,061,300
NOTES TO THE MINERAL RESOURCE STATEMENT:
1. The Mineral Resource Statement has been prepared in accordance with
the definitions and guidelines of the Canadian Institute of Mining,
Metallurgy and Petroleum definitions and guidelines adopted in August
2000.
2. The stated Total Measured and Indicated Resource is equivalent to
Mineralized Material as defined by the US Securities Exchange
Commission.
3. The Mineral Resource Statement was prepared by geoscientists working
for Golden Star with the assistance of a number of specialist
consultants under the supervision of Mr. S. Mitchel Wasel an employee
of Golden Star, who following the acquisition of the Bogoso gold mine
in 1999 was appointed Exploration Manager for Bogoso Gold Limited. Mr.
Wasel is a qualified geologist with 13 years of experience in gold and
base metal exploration and is a Member of the Australasian Institute
of Mining and Metallurgy. Mr. Wasel is the Company's Qualified Person
for this press release.
4. An independent technical report required by the Canadian Securities
Administrators for compliance with Canadian National Instrument 43-101
is being prepared under the supervision of Mr. Keith McCandlish,
P.Geol. of Associated Mining Consultants Ltd. Mr. McCandlish satisfies
the requirements of a Qualified Person defined in NI 43-101.
5. The "oxide", "transition", and "primary" portions of the Mineral
Resource are non-refractory and amenable to processing in the existing
Bogoso processing plant. The "refractory sulfide" portion of the
Mineral Resource is refractory and would only be amenable to
processing using refractory ore processing methods. Golden Star has
substantially completed a detailed feasibility study for the upgrading
of the Bogoso processing plant for the processing of refractory ores
using a stirred tank bio-oxidation method.
6. The Mineral Resources have been determined using a cut-off grade based
on (i) a gold price of US$300 per ounce, and (ii) mining and
processing costs and recoveries actually being achieved at Bogoso, or
derived from appropriate testwork.
7. The Mineral Resources are reported as in-situ Mineral Resources with
no allowance for mining dilution or mining loss.
8. Individual one-metre assay results have been subjected to a top cut
equal to the 97.5 percentile of the relevant database. The one-metre
intersection grades have then been composited into two metre averages
for geostatistical modeling using either ordinary Kriging or inverse
distance squared algorithms.
9. The Mineral Resource Statement incorporates work that was undertaken
by Golden Star and work carried out by previous owners of the Bogoso
and Prestea properties. The work carried out by Golden Star has been
submitted to a quality control program comprised of rigorous controls
on the site and a program of duplication and re-evaluation of analysis
and control samples, including verification of 10% of the samples
originating in the mineralized zone. The majority of samples,
approximately 90%, were processed in independent laboratories with the
remaining samples analysed at Golden Star's on-site laboratory at
Bogoso. All analysis was done using a fire assay pre-concentration
with either atomic absorption or gravimetric finishes.
The work carried out by others has been vetted and validated by
independent consultants and has been verified by Golden Star. This
verification has confirmed that the work was submitted to a quality
control program comprised of rigorous controls on the site and a
program of duplication and re-evaluation of analysis and control
samples, including verification of 10% of the samples originating in
the mineralized zone. The majority of samples, approximately 90%, were
processed in independent laboratories using the fire assay technique
with an atomic absorption finish. Any drill results that could not be
verified or did not meet the above criteria were excluded from the
Mineral Resource determination.
10. The geology of the Bogoso and Prestea properties is broadly similar
and is as reported in Golden Star's 10-K filing to the US Securities
and Exchange Commission. There is however a subtle change in the
mineralization between that found on the northern part of the Prestea
concession (and the Bogoso Concession) with that on the southern
portion of the Prestea concession. The broad crush zone with
refractory sulfides at depth, characteristic of the northern
mineralization, is replaced by more discrete, higher-grade, shear type
mineralization, with non-refractory sulfides at depth, in the south.
Golden Star holds a 90% equity interest in the Bogoso gold mine in Ghana,
a 30% equity interest in the Omai gold mine in Guyana, and a 50% interest in
the Gross Rosebel gold project in Suriname.
In addition, the Company has
other gold and diamond exploration interests in the Guiana Shield in South
America and in West Africa.
Golden Star has approximately 47 million shares
outstanding.
The Company is listed on the Toronto Stock Exchange under the
symbol ``GSC'' and trades on the OTC Bulletin Board under the symbol ``GSRSF''.
The statements contained in this press release are both historical and
forward-looking in nature. The forward-looking statements involve risks and
uncertainties including those relating to exploration, the establishment of
reserves, the recovery of any reserves, future gold production, future costs
of production, future permitting and future operations. Please refer to a
discussion of these and other risk factors in Golden Star's Form 10-K and
other Securities and Exchange Commission Filings.
For further information, please contact: GOLDEN STAR RESOURCES LTD.,
+1-800-553-8436, Peter Bradford, President and CEO, +1-303-894-4613, or Allan
Marter, Chief Financial Officer, +1-303-894-4631, both of Golden Star
Resources Ltd.
