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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Golden Star Resources Ltd.    GSC   CA38119T1049

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Golden Star Resources Ltd. : Golden Star Resources Reports Preliminary First Quarter 2013 Production Results and Announces Conference Call

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04/04/2013 | 01:49pm CET
Golden Star Resources Reports Preliminary First Quarter 2013 Production Results and Announces Conference Call

TORONTO -- (Marketwired) -- 04/04/13 -- Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today announced its preliminary production results for its Bogoso/Prestea and Wassa/HBB operations for the three month period ended March 31, 2013.

In the first quarter of 2013 the Company sold a total of 81,358 ounces ("oz") of gold ("Au") at an average realized price of $1,634 per ounce.

  • Bogoso/Prestea mine sold 35,492 oz Au for the quarter
  • Wassa/HBB operations sold 45,866 oz Au for the quarter

Sam Coetzer, President and CEO, commented, "The first quarter production of 81,358 ounces of gold is a very positive accomplishment despite the extended planned maintenance shutdown of the SAG mill at the Bogoso sulfide plant during the quarter which deferred some of our first quarter production into the second quarter. We are on track to meet our production guidance estimate for the year."

Annual General Meeting

The Company's Annual General Meeting of shareholders is on Thursday, May 9, 2013, at 2:00 p.m. Eastern Time, at Fasken Martineau, 333 Bay Street, Suite 2400 in the Escarpment/Huron Boardroom.

First Quarter Financial Results, Conference Call, and Webcast

The Company plans to release its first quarter financial results after market close on May 8, 2013. On May 9, 2013 the Company will conduct a conference call and webcast at 11:00 a.m. Eastern Time. Please call in at least five minutes prior to the conference call start time to ensure prompt access to the conference. The call can be accessed by telephone or by webcast as follows:

Participants (North America): (877) 407-8289
Participants (Outside U.S. and Canada): (201) 689-8341
Webcast: www.gsr.com

A recording of the conference call will be available until May 30, 2013, through the Company's website at www.gsr.com or by dialing:

North America: (877) 660-6853
International (Outside U.S. and Canada): (201) 612-7415
Conference ID number: 411929

Company Profile

Golden Star 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. 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 under Canadian securities laws. Specifically, the statement in this news release regarding expected gold production for the remainder of 2013 is a forward looking statement. Factors that could cause actual results to differ materially include timing of and unexpected events at the Wassa and Bogoso processing plants; variations in ore grade, tonnes mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; the availability and cost of electrical power; timing and availability of external financing on acceptable terms; technical, mining or processing issues; changes in U.S. and Canadian securities markets; and fluctuations in gold price and costs and general economic conditions. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially. 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 any estimate at any particular time or in response to any particular event.

For Further Information, Please Contact:

Jeff Swinoga
Executive Vice President Chief Financial Officer

Belinda Labatte
The Capital Lab, Inc.

Greg DiTomaso
The Capital Lab, Inc.

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Financials ($)
Sales 2016 225 M
EBIT 2016 11,6 M
Net income 2016 -32,6 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 4,73
Capi. / Sales 2016 1,74x
Capi. / Sales 2017 1,15x
Capitalization 391 M
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Mean consensus HOLD
Number of Analysts 5
Average target price 0,80 $
Spread / Average Target -4,0%
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Samuel T. Coetzer President, CEO & Non-Independent Director
Timothy Clive Baker Chairman
Daniel M. A. Owiredu COO, Non-Independent Director & Executive VP
P. André van Niekerk Chief Financial Officer & Executive Vice President
Martin Raffield Senior Vice President-Technical Services
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