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Golden Star Resources is a gold mining company that has been active in Ghana since 1999 and holds a 90% interest in two operating mines – Wassa and Prestea. Golden Star is transforming operations to become a non-refractory miner with a declining cash cost profile. This is being achieved with the brownfield expansion projects at both of its existing mines that will complete in 2016. In 2014, Golden Star produced 261,000 oz of gold. With rights to the largest land package on the Ashanti gold belt, Golden Star has strong future potential to enhance its short-term and long-term production. OVERVIEW KEY PROPERTIES Wassa • Wassa mine is located 35 km east of the town of Bogoso, in western Ghana and is host to free milling ore with a high recovery rate • Mineral Resources of 49.5 mt at 2.21 g/t Au for 3.52 M oz • Mineral Reserves of 24.1 mt at 2.04 g/t Au for 1.58 M oz • Open pit mining in single large pit with processing in adjacent 2.7 mtpa CIL plant • Expansion into underground mining for capital expenditure of US$39 million with first gold production expected in Q1 2016 − COC per oz of US$780 and AISC per oz of US$938 − IRR of 83% and 3.25 years payback • 2015 production of between 110,000 and 115,000 oz, produced at a cash operating cost of US$860 – US$990 per oz Prestea • Prestea mine is located in western Ghana, about 55 km from the Wassa mine, and consists of an existing underground mine and adjacent surface deposits • Surface deposits at Prestea south have Mineral Reserves of 122,000 oz at 2.6 g/t Au and mining commenced here in Q3 2015 • The underground mine is fully developed and historically produced 9 M oz before being placed on care and maintenance in 2002 • Drilling at the underground mine has identified the high grade West Reef mineralized zone with 502,000 oz at 18.8 g/t Au and significant potential for high grade extensions outside the known resource area • A feasibility study to reopen the underground mine is underway; indications are that the requisite capex will be US$40 million and first gold could be produced late 2016 − COC of US$370 per oz and AISC of US$518 per oz • All Prestea ore will be processed at the fully constructed and permitted 1.5 mtpa CIL plant, located at the historic Bogoso mine NYSE MKT: GSS, TSX: GSC MAMPON BUESICHEM WASSA FATHER BROWN SEFWI BELT ASHANTI BELT KONONG KUMASI BIBIANI OBUASI CHIRANO EDIKAN TARKWA NZEMA PRESTEA SOUTH BOGOSO NORTH CHUJAH-DUMASI PRESTEA UNDERGROUND TAKORADI GULF OF GUINEA MINING LEASE EXPLORATION LEASE EXPLORATION JV GOLD MINES / DEPOSITS
