TORONTO, Oct. 22, 2019 /PRNewswire/ - Golden Star
Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE:
GSR) ("Golden Star" or the "Company") announced today that
it plans to close its Toronto
office by April 30, 2020 and that its
executive team will be located in London, England. André van Niekerk,
Executive Vice President and Chief Financial Officer, has decided
not to accept the offer to move to London and expects to leave the Company by
April 30, 2020.
In addition to the above changes, two other appointments have
been made to the executive team. Nathalie
Lion Haddad has recently joined as Executive Vice President,
Head of People. Nathalie was previously with Sherritt
International Corporation where she was Vice President, Human
Resources. Secondly, effective November 1,
2019, Peter Spora will be
joining as Executive Vice President, Growth & Exploration.
Peter is currently in the role of Head of Discovery at La Mancha
and was previously Head of Discovery at Acacia Mining plc.
Andrew Wray, Chief
Executive Officer, commented:
"The relocation of the corporate office to London was a decision made only after careful
consideration. Given the location and time zone of our operations,
as well as our plans to grow the Company, the Board of Directors
and I came to the conclusion that having the executive team all
together in London was the best
option for the business. This is a significant step for the Company
and I would like to express my appreciation to our employees who
have demonstrated professionalism in assisting with what needs to
be done in order to ensure a smooth transition.
It has been a pleasure to work with André and, although only
for a relatively short period of time, André has provided
tremendous support for me during the initial period following my
appointment as CEO and I wish him all the best for the future. The
Company will immediately initiate a formal search for a Chief
Financial Officer. André will remain in his current role to take
the Company through its 2019 financial reporting obligations and to
ensure an orderly transition of his responsibilities. I am also
delighted to welcome Nathalie and Peter to the senior team, and I
am confident they will make a significant contribution to the
future success of the business."
André van Niekerk, Executive Vice President and Chief
Executive Officer, commented:
"I have thoroughly enjoyed my fourteen years with Golden Star and wish the Company all the best
going forward. While this was a difficult decision to make, I have
determined that now is the appropriate time to embark on new
opportunities after I provide for a smooth transition for my
successor."
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
underground mines in Ghana,
West Africa. Listed on the NYSE
American, the Toronto Stock Exchange and the Ghana Stock Exchange,
Golden Star is focused on delivering
strong margins and free cash flow from its two high-grade
underground mines. Gold production guidance for 2019 is 190,000 –
205,000 ounces at a cash operating cost per ounce of $800-$8501. As the winner of the PDAC 2018
Environmental and Social Responsibility Award, Golden Star is committed to leaving a positive
and sustainable legacy in its areas of operation.
Statements Regarding Forward-Looking Information
Some statements contained in this news release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and "forward looking
information" within the meaning of Canadian securities laws.
Forward looking statements and information include but are not
limited to, statements and information regarding: forecasted gold
production and cash operating cost per ounce for 2019 and regarding
the timing of the relocation and the last day of employment of the
Executive Vice President and Chief Financial Officer. Generally,
forward-looking information and statements can be identified by the
use of forward-looking terminology such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases (including negative or grammatical variations) 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. Investors are cautioned that
forward-looking statements and information are inherently uncertain
and involve risks, assumptions and uncertainties that could cause
actual facts to differ materially. Such statements and information
are based on numerous assumptions regarding present and future
business strategies and the environment in which Golden Star will operate in the future,
including the price of gold, anticipated costs and ability to
achieve goals. Forward-looking information and statements are
subject to known and unknown risks, uncertainties and other
important factors that may cause the actual results, performance or
achievements of Golden Star to be
materially different from those expressed or implied by such
forward-looking information and statements, including but not
limited to: risks related to international operations, including
economic and political instability in foreign jurisdictions in
which Golden Star operates; risks
related to current global financial conditions; risks related to
joint venture operations; actual results of current exploration
activities; environmental risks; future prices of gold; possible
variations in Mineral Reserves, grade or recovery rates; mine
development and operating risks; accidents, labor disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities and risks related to
indebtedness and the service of such indebtedness. Although
Golden Star has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information and statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that future developments
affecting the Company will be those anticipated by management.
Please refer to the discussion of these and other factors in
Management's Discussion and Analysis of financial conditions and
results of operations for the year ended December 31, 2018 and in our annual information
form for the year ended December 31,
2018 as filed 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
any estimate at any particular time or in response to any
particular event.
Non-GAAP Financial Measures1
In this News Release, we use the term "cash operating cost per
ounce". "Cash operating cost" for a period is equal to "cost of
sales excluding depreciation and amortization" for the period less
royalties, the cash component of metals inventory net realizable
value adjustments, materials and supplies write-off and severance
charges, and "cash operating cost per ounce" is that amount divided
by the number of ounces of gold sold (excluding pre-commercial
production ounces sold) during the period. We use cash operating
cost per ounce as a key operating metric. We monitor this measure
monthly, comparing each month's values to prior periods' values to
detect trends that may indicate increases or decreases in operating
efficiencies. We provide this measure to investors to allow them to
also monitor operational efficiencies of the Company's mines. We
calculate this measure for both individual operating units and on a
consolidated basis. Since cash operating costs do not incorporate
revenues, changes in working capital or non-operating cash costs,
they are not necessarily indicative of operating profit or cash
flow from operations as determined under IFRS. Changes in numerous
factors including, but not limited to, mining rates, milling rates,
ore grade, gold recovery, costs of labor, consumables and mine site
general and administrative activities can cause these measures to
increase or decrease. We believe that these measures are similar to
the measures of other gold mining companies, but may not be
comparable to similarly titled measures in every instance.
Non-GAAP measures are intended to provide additional information
only and do not have standardized definitions under IFRS and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These measures are
not necessarily indicative of operating profit or cash flow from
operations as determined under IFRS.
For additional information regarding the Non-GAAP financial
measures used by the Company, please refer to the heading "Non-GAAP
Financial Measures" in the Company's Management Discussion and
Analysis of Financial Condition and Results of Operations for the
three months ended June 30, 2019,
which are available at www.sedar.com.
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SOURCE Golden Star Resources Ltd.