TORONTO, July 31, 2019 -Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR)(“Golden Star” or the “Company”) reports its financial and operational results for the second quarter ended June 30, 2019.
HIGHLIGHTS:
- Gold Production for the second quarter: 48,422 ounces, 21% lower than the same period in 2018
- 37,356 ounces of gold production at Wassa, 3% down from the second quarter of 2018
- 11,066 ounces of gold production at Prestea, 51% down from the second quarter of 2018
- Gold revenue for Q2 2019 totaled $61.9 million compared to $77.1 million in the same period in 2018
- Gold sales totaled 48,742 ounces in the second quarter of 2019
- Mine operating margin of $8.7 million compared to $10.2 million in the second quarter of 2018
- Cash operating cost per ounce1 of $886 and All-In Sustaining Cost (“AISC”) per ounce1 of $1,212 in the second quarter of 2019, compared to $809 and $1,104, respectively in the prior year period
- Cash position of $66.2 million at June 30, 2019
- Production guidance revised to 190,000 – 205,000 ounces from 220,000 – 240,000 ounces, cash operating costs revised to $800 – $850 per ounce from $620 – $680 per ounce and AISC revised to $1,100 – $1,200 per ounce from $875 – $955 per ounce
- Commitment letter signed on July 18, 2019 with Macquarie Bank for $60 million senior secured credit facility to refinance specific debt facilities
- Initial independent review of Prestea completed and short-term changes being implemented while next steps being planned
- High grade extension drilling results from Prestea released on June 3, 2019
- Key management team changes announced with Andrew Wray appointed President & Chief Executive Office and Graham Crew appointed Chief Operating Officer