News Details

Resource News: In-Depth Research on Golden Star Resources Ltd.

2006/11/07 13:03:58

Nov 07, 2006 (M2 PRESSWIRE via COMTEX) -- Gold gets top billing at Golden Star Resources (AMEX:GSS). The company's main assets are in southern Ghana, in West Africa's Ashanti gold belt, and include the Bogoso, Prestea, and Wassa properties. Overall, the company has proved and probable reserves of about 4 million ounces of gold. Golden Star owns a controlling stake in EURO Ressources (formerly Guyanor Ressources), which is developing a gold mining project in French Guiana, in South America. In addition, the company has interests in gold exploration projects elsewhere in Africa (Congo, Cote d'Ivoire, Mali, Sierra Leone) and South America (Chile, Peru, Suriname). In 2005 Golden Star expanded in Africa by acquiring St. Jude Resources for $118 million.  Shares were up 4% as the company swings to third quarter profits.  BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio. Investors seeking the most up to date information on Golden Star Resources Ltd. are invited to sign up for a free complimentary subscription to www.bellwetherreport.com. No credit card needed!  Gold miner Golden Star Resources Ltd. said Monday it swung to a third-quarter profit, as it sold more gold at higher prices.  The company reported quarterly net income of $3 million, or 1.4 cents per share, compared with a year-ago loss of $6.7 million, or 5 cents per share. Wall Street, on average, had been expecting a break-even quarter, according to an analyst poll by Thomson Financial.  Revenue from gold sales jumped 55 percent to $36.6 million from $24.7 million in the year-ago period.  The company said it sold 57,855 ounces of gold in this year's quarter at an average price of $622 per ounce, up from 53,658 ounces at $433 per ounce.  Power restrictions in Ghana since late August have limited Golden Star's power consumption from the Ghana grid to 75 percent of its normal power requirements. Looking ahead, Chief Executive and President Peter Bradford said in a statement that he expects national grid power supplies to remain tight well into 2007.  The company also said it has begun a search for a new chief financial officer, after it announced the retirement of Allan Marter last month.  Golden Star's shares rose a penny to close at $2.86 on the American Stock Exchange.  More information on Golden Star Resources Ltd. available in the members section of www.BellwetherReport.com.  To review research on Golden Star Resources Ltd. as well as many more exciting articles we encourage you to visit www.bellwetherreport.com. 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This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Bellwether is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. 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The forward-looking statements in this release are made as of the date hereof and Bellwether undertakes no obligation to update such statements.  M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.  (C)1994-2006 M2 COMMUNICATIONS LTD  **********************************************************************  As of Friday, 11-03-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 09-20-2006 for GSS @ $2.69.  For more information on Comtex SmarTrend? Alert, contact your market data provider or go to www.CSTADirect.com  SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright ? 2004-2006 Comtex News Network, Inc. All rights reserved.  -0-  07-Nov-2006 13:03