News Details

TSX News: Golden Star Resources Ltd. Still Trading Up Following..

2006/11/14 12:26:57

Last Weeks Third Quarter 2006 Results  Nov 14, 2006 (M2 PRESSWIRE via COMTEX) -- Golden Star Resources Ltd. (TSX.GSC) holds a 90 percent equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, the Company has a majority interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star has approximately 207.8 million common shares outstanding.  Shares up slightly 2% still following last weeks third quarter 2006 financial results.  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!  More information about Golden Star Resources Ltd. is found below and at www.bellwetherreport.com.  Golden Star Resources Ltd. announced net income of $3.0 million, or $0.014 per share, for the third quarter of 2006. (All currency in this news release is expressed in U.S. dollars, unless otherwise noted.) The Company will host a live webcast and conference call to discuss its quarterly results on Tuesday, November 7, at 11:00 a.m. ET. To access the webcast and conference call, go to the home page of the Company's website, www.gsr.com.  Peter Bradford, President and CEO, said, "Despite the impact of power restrictions from late August, our third quarter operating results demonstrated continued improvement. We achieved record gold production, our second best operating margin ever and our lowest cash operating costs since the third quarter 2005. In the fourth quarter, we commenced the commissioning and testing of the Bogoso Sulfide Expansion Project and expect it to make a significant contribution to gold production in the coming quarters. The national grid power supplies in Ghana remain tight and are expected to be so until well into 2007; however, Golden Star, like other mining companies in Ghana, is managing the situation to minimize the impact on our operations."  THIRD QUARTER 2006 HIGHLIGHTS -- Revenue from gold sales of $36.0 million, up 55% relative to 2005, on record combined gold sales of 57,855 ounces from Bogoso/Prestea and Wassa, at an average realized gold price of $622 per ounce, a 44% increase over third quarter 2005, and an average cash operating cost per ounce of $373.  -- Positive operating margins (defined as gold sales revenue less total mine operating costs) of $8.1 million for the quarter.  -- Construction work on the Bogoso Sulfide Expansion Project continued on time and on budget, with the first commissioning and testing of plant components being carried out in October.  -- Golden Star's gold call option position was reduced through the expiration of 6,000 call options. The remaining 12,000 call options at $525 per ounce will expire at a rate of 2,000 ounces per month through March 2007.  -- A debt facility for $15 million was finalized in October with two Ghanaian banks and an additional $15 million of Ghanaian bank loans is being pursued.  -- Impairment of deferred exploration on the Bon Espoir property in French Guiana and Nimini property in Sierra Leone of $1.8 million.  -- Power restrictions in Ghana since late August have limited our power consumption from the Ghana grid to 75% of our normal power requirements. By operating Wassa at a reduced through-put rate and operating some of our stand-by generators we have continued to operate Bogoso/Prestea at a normal production rate and have minimized the impact on our operating results and the commissioning program for our expansion project at Bogoso/Prestea.  -- Several appointments have recently been made to strengthen the Company's operational and technical management and the search for a new Chief Financial Officer has commenced.  To review research on Golden Star Resources Ltd. as well as many more exciting articles we encourage you to visit www.bellwetherreport.com.  You can find these reports under the "Today's Articles" section. No credit Card Needed!!  The Bellwether Report will continue to research the small cap markets to bring you exciting opportunities!! 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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, 11-10-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 11-09-2006 for GSS @ $3.06.  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-  14-Nov-2006 12:26