Golden Star Completes Sale of US$125 Million Convertible Senior Unsecured Debentures

    DENVER, November 8 /CNW/ - Golden Star Resources Ltd. (AMEX:   GSS)(TSX:
GSC) ("Golden Star") today announced that it has completed the sale of US$125
million aggregate principal amount of 4.0% Convertible Senior Unsecured
Debentures due November 30, 2012 (the "Debentures"). The Debentures were sold
to qualified institutional buyers in the United States in reliance on Rule
144A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and
on a private placement basis in Canada to accredited investors pursuant to
applicable Canadian prospectus exemptions and in reliance on Regulation S
under the Securities Act.

    The net proceeds of the offering were US$121,250,000. Golden Star has
used US$61.76 million of the net proceeds to repay its existing US$50 million
aggregate principal amount 6.85% senior convertible notes due April 15, 2009,
and intends to use the balance for property development and general corporate

    The Debentures, and the common shares issuable upon conversion of the
Debentures, have not been registered under the Securities Act or the
securities laws of any other jurisdiction, and may not be offered or sold in
the United States without registration under, or an applicable exemption from,
the registration requirements of the Securities Act, and will be subject to
resale restrictions in Canada.

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.

    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 other
applicable securities laws. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially, including comments regarding
the use of proceeds from the offering. Actual results may differ materially
from those presented. Factors that could cause results to differ materially
include fluctuations in gold price. Golden Star assumes no obligation to
update this information. There can be no assurance that future developments
affecting Golden Star will be those anticipated by management. Please refer to
the discussion of risk factors in our Form 10-K for the year ended December
31, 2006, as amended.

For further information:

For further information: Golden Star Resources Ltd. 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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