DENVER, September 12 /CNW/ - Golden Star Resources Ltd. (AMEX: GSS)
(TSX:GSC) today announced that it intends to seek a process to apply for a
listing of its shares on the Ghana Stock Exchange.
The majority of Golden Star's exploration and production assets are
located in Ghana and, therefore, it is a natural progression to be listed on
the local stock exchange to support the further growth of the Ghana Stock
Exchange and to allow our employees and stakeholders in Ghana an opportunity
to invest in Golden Star. It is expected that the listing in Ghana will be
supported by the issuance of between US$5 and US$10 million in Golden Star
shares to investors in Ghana, subject to applicable regulatory approval.
The listing on the Ghana Stock Exchange is to be concurrent with Golden
Star's listing on the Toronto Stock Exchange and the American Stock Exchange,
and if it is successful, will be completed in compliance with the requirements
of such exchanges and will be subject to requisite regulatory approvals.
Golden Star intends to take appropriate steps to ensure that common shares of
Golden Star will be tradable on all three exchanges.
Peter Bradford, President and CEO, commented, "Since 1999, Golden Star
has been a "Ghanaian company" in that its primary assets and the majority of
its exploration activities have been centered in Ghana. We believe that our
commitment to Ghana should extend to becoming a company whose shares are
tradable on the Ghana Stock Exchange."
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea)
Limited and Golden Star (Wassa) Limited, which respectively own 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 in
Ghana, as well as gold exploration interests elsewhere in Ghana, in other
parts of West Africa and in the Guiana Shield of South America. Golden Star
has approximately 233 million shares outstanding.
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 intention to list its shares on
the Ghana Stock Exchange, proposed offering in Ghana, and the steps to be
taken to ensure common shares are tradable on all three exchanges. Factors
that could cause actual results to differ materially include fluctuations in
gold price, changes in U.S., Canadian and Ghanaian securities markets, and
failure to receive regulatory approvals. 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 risk factors in our annual
report on Form 10-K, as amended, for the fiscal year ended December 31, 2006.
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. Bruce Higson-Smith,
+1-800-553-8436 Vice President Corporate Development Anne Hite,
+1-800-553-8436 Investor Relations Manager