Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) has announced that its total mineral reserves estimate as of 31 December 2018 increased by 6% after depletion, including a 47% increase in the Wassa Underground Gold Mine Mineral Reserves.

Highlights:

• Proven and Probable Mineral Reserves increased by 6% to 1.8 million ounces of gold after mined depletion

• Measured and Indicated Mineral Resources stable at 5.9 million ounces of gold

• Inferred Mineral Resources increased by 12% to 7.2 million ounces of gold

• Wassa Underground Mineral Reserve increased by 47% after mined depletion

• Prestea Mineral Reserve decreased by 36% including mined depletion

Mr Sam Coetzer, President and Chief Executive Officer of Golden Star, commented: "The updated Mineral Reserve at Wassa Underground shows a significant increase, specifically in the upper levels of the mine, and strongly suggests that there is excellent potential to increase our production rate in the near term. In addition, the increase of over 1 million ounces of gold in Inferred Mineral Resources at the Wassa complex to over 6.4 million ounces of gold further demonstrates the potential for the mine. The Company continues to improve its view of the orebody and I am very excited by how Wassa Underground is turning into a world class mine.

"At Prestea, the mine is endowed with good infrastructure and the focus remains on improving operations. The Company continues to address the ramp-up challenges with the Alimak shrinkage mining method, and expects steady productivity improvements this year from the mine."

The mineral reserves were estimated using a gold price of $1,250 per ounce.

Mineral resources were estimated using a gold price of $1,450 per ounce.

During 2018, Golden Star's Proven and Probable Mineral Reserves increased by 97,000 ounces, primarily as a result of a positive conversion of Mineral Resources at Wassa Underground.


Source: Ghana/ClassFMonline.com/91.3FM