Golden Star Announces Successful Completion of US$75.6 Million Common Share Offering



    DENVER, March 1 /CNW/ - Golden Star Resources Ltd. (TSX: GSC) (AMEX:   GSS)
today announced that it has closed its previously announced offering of 21
million common shares priced at US$3.60 per share resulting in US$75.6 million
in gross proceeds, or approximately US$72.2 million in net proceeds to the
Company.

    As stated in the press release of February 22, 2007, the underwriters
have an over allotment option, exercisable for a period of 30 days following
today's closing, to acquire up to an additional 3.15 million common shares for
additional gross proceeds of up to US$11.3 million, or net proceeds of up to
US$10.8 million.

    Peter Bradford, President and CEO, said, "We are very pleased with the
success of this public offering and the strong support from both existing and
new investors. With the benefit of the public offering, Golden Star has put
itself in a stronger financial position at a time when the near term
completion of the Bogoso Sulfide Expansion project is expected to put the
Company in a strong operating position."

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein in any jurisdiction. The
offering may be only be made in Canada by means of a prospectus, a copy of
which may be obtained from BMO Nesbitt Burns at 1 First Canadian Place, 4th
Floor, Toronto, ON M5X 1H3, and in the United States only by means of a
prospectus and the related prospectus supplement, copies of which may be
obtained from BMO Nesbitt Burns at 3 Times Square, 27th Floor, New York, NY
10036.

    Company Profile

    Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa
open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in
the currently inactive Prestea Underground mine and various other property
interests in Ghana, as well as gold exploration interests elsewhere in West
Africa and in the Guiana Shield of South America. Golden Star has
approximately 229 million common shares outstanding as of March 1, 2007.

    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. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially.
Such statements include comments regarding the completion of the Bogoso
Sulfide Expansion Project, financial and operating strength of the Company,
and the exercise of the over allotment option. Factors that could cause actual
results to differ materially include fluctuations in gold price and financial
markets and the final commissioning and successful startup and operation of
the Bogoso Sulfide Expansion Project. 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 our annual report
on Form 10-K, as amended, for the fiscal year ended December 31, 2005. While
we may elect to update the forecasts at any time, we do not undertake to
update them at any particular time or in response to any particular event.
Investors and others should not assume that any forecasts in this press
release represent management's estimate as of any date other than the date of
this press release.




For further information:

For further information: Golden Star Resources Ltd. Peter Bradford,
+1-800-553-8436 President and CEO or Bruce Higson-Smith, +1-800-553-8436 Vice
President Corporate Development or Anne Hite, +1-800-553-8436 Investor
Relations Manager


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