Golden Star Announces Exercise and Closing of Over-Allotment Option from Recent Common Share Offering

    DENVER, March 9 /CNW/ - Golden Star Resources Ltd. (TSX: GSC)(AMEX:   GSS)
today announced that the underwriter's over-allotment option to acquire an
additional 3.15 million common shares, described in our press release of
February 22, 2007 regarding the public offering of 21 million common shares,
which closed on March 1, 2007, has been exercised and finalized. The Company
received an additional US$10.8 million in net proceeds as a result of the
over-allotment option being exercised. The underwriters included BMO Capital
Markets, Wellington West Capital Markets, Canaccord Capital and GMP

    Peter Bradford, President and CEO said, "We are very pleased with the
further indication of support and the overall success of the public offering.
This renewed financial strength provides a solid foundation from which we can
capitalize on the near term completion of our Bogoso Sulfide Expansion Project
to investigate other opportunities to grow the Company. The first gold sales
from the Bogoso Sulfide Expansion Project are expected later this month and
the project is expected to be in commercial production early in the second

    In a separate development, the Company advises that it finalized the
remaining US$525 per ounce call position of 2,000 ounces of gold on March 6,
2007 at a price of US$635 per ounce. The Company has no remaining gold call or
forward option positions which would otherwise prevent it from fully
participating in any future increase in the gold price.

    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. Following the exercise of
the over-allotment option, Golden Star has approximately 231.4 million common
shares outstanding.

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, and first gold
sales from the Bogoso Sulfide Expansion Project, financial and operating
strength of the Company, and our focus on identifying new growth
opportunities. Factors that could cause actual results to differ materially
include fluctuations in gold price and financial markets, the final
commissioning and successful startup and operation of the Bogoso Sulfide
Expansion Project, and the availability and our ability to develop or acquire
gold projects, both internal and external, that provide a basis for future
growth. 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

For further information:

For further information: Golden Star Resources Ltd. Anne Hite,
800-553-8436 Investor Relations Manager

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