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08.11.2007 Business & Finance

Golden Star Posts Record Profits

By Daily Guide

Golden Star Resources, operators of the Prestea and Bogoso mines, yesterday announced record quarterly gold sales of 70,143 ounces- an increment of 21.2 per cent compared to 57,855 ounces of gold sales for the third quarter of 2006.

According to the results, the mining giant increased gold sales at Wassa to 29,625 ounces compared to gold sales of 23,244 ounces for the third quarter of 2006. This represents a 27 per cent increase in ounces of gold sold.

Peter Bradford, President and Chief Executive Officer of the company, said despite the difficulties experienced during the ramping up of its new Bogoso sulfide processing plant, it achieved a record gold production for the company in the third quarter.

He said development of the Hwini-Butre and Benso projects has commenced with construction of the haul road to Benso having started in October 2007.

Meanwhile, the company is still pursuing a listing on the Ghana Stock Exchange in an effort to allow participation in the company by Ghanaian financial institutions and local Golden Star employees, as well as support the local stock exchange.

The listing prospectus is currently being worked on by Strategic African Securities Limited, an investment advisory and brokerage firm.

The company is expected to issue $10 million of shares to individual and institutional investors, subject to regulatory approval.

While the listing on the GSE is intended to add up to the company's listing on the Toronto and the American Stock exchanges, it will enable common shares of Golden Star to be tradable on all three bourses.

It also says since the majority of its exploration and production assets are located in Ghana, it wants to be listed on the local stock exchange to support the further growth of the Accra bourse.

Mr. Bradford noted that his outfit is expected to complete feasibility studies by the end of the year so as to re-commence underground mining at Prestea.

From The Business Desk