TORONTO, June 1, 2017 /PRNewswire/ - Golden Star Resources
Ltd. (NYSE MKT: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or the
"Corporation") announces that it has repaid the remaining
$13.6 million principal amount of its
5.0% convertible senior unsecured debentures ("5.0% Convertible
Debentures") due June 1, 2017, plus
accrued interest, in cash.
André van Niekerk,
Executive Vice President and Chief Financial Officer,
commented:
"In 2016 Golden Star took a number of important steps towards
strengthening our balance sheet. These included restructuring the
5.0% Convertible Debentures, in order to secure a robust financial
future for our shareholders. I am very pleased that we have
repaid the balance of the 5.0% Convertible Debentures, as planned,
as this will further simplify our balance sheet as we continue
along our path to become a high grade, low cost gold
producer."
All monetary amounts refer to United States dollars unless otherwise
indicated.
Company Profile
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
mines situated on the prolific Ashanti Gold
Belt in Ghana, West Africa. Listed on the NYSE MKT, the TSX,
and the GSE, Golden Star is
strategically focused on increasing operating margins and cash flow
through the development of its two high grade, low cost underground
mines both in conjunction with existing open pit operations. The
Wassa Underground Gold Mine commenced commercial production in
January 2017 and the Prestea
Underground Gold Mine is expected to achieve commercial production
in the third quarter of 2017. Gold production in 2017 is expected
to be 255,000-280,000 ounces with cash operating costs of
$780-860 per ounce.
Cautionary note regarding forward-looking information
Some statements contained in this news release are "forward
looking information" within the meaning of Canadian securities laws
and "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally,
forward-looking statements and information can be identified by the
use of forward-looking terminology or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative
connotation thereof. Forward looking statements and information
include, but are not limited to, statements and information
regarding: the impact of the repayment of the 5.0% Convertible
Debentures on Golden Star's balance
sheet; the timing of the commencement of commercial production at
the Prestea Underground Gold Mine; 2017 production guidance; and
the ability to transition into a high grade, low cost producer.
Investors are cautioned that forward-looking statements are
inherently uncertain and involve risks, assumptions and
uncertainties that could cause actual facts to differ materially.
There can be no assurance that future developments affecting the
Corporation will be those anticipated by management. Please refer
to the discussion of these and other factors in the Corporation's
annual information form for the year ended December 31, 2016 which is filed under the
Corporation's profile on SEDAR at www.sedar.com. The forecasts
contained in this press release constitute management's current
estimates, as of the date of this press release, with respect to
the matters covered thereby. We expect that these estimates will
change as new information is received. While we may elect to update
these estimates at any time, we do not undertake to update any
estimate at any particular time or in response to any particular
event.
SOURCE Golden Star Resources Ltd.