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Monday, July 25, 2016 Derek Macpherson

Despite Planned Shutdown GSC On-Track to Meet Cost Guidance

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Golden Star Resources Ltd. (TSX:GSC, NYSE MKT:GSS) reported Q2 2016 financial results which reflected the planned 2.5-week shutdown. On previously reported production of 42,472 oz, Golden Star reported consolidated operating cash costs of US$959/oz for Q2 and US$826/oz for H1 2016. Despite higher costs, the rising gold price saw CFPS before changes in working capital increased 75% QoQ to US$0.07. In our view, the 33% higher costs QoQ is likely reflective of the planned shutdown and we would expect costs to improve in H2 2016, particularly since the higher grade ore from Wassa underground is expected to hit the mill in H2. Based on these results and the expected improvement, we believe that Golden Star remains on-track to achieve both production and cost guidance in 2016. read more

Monday, July 18, 2016 Derek Macpherson

GSC Releases Solid Q2 Operating Results

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Golden Star Resources Ltd. (TSX:GSC, NYSEMKT:GSS, GSE:GSR) reported Q2 2016 production of 42,472 oz Au which brings YTD production to 95,678 oz Au, 53% of the lower-end of full-year 2016 guidance (180,000 to 205,000 oz Au). In our view, Golden Star remains on-track to meet this year’s guidance, despite a 2.5 week shutdown in Q2. As well, the company continues to make steady progress in its transition to becoming a higher-grade, lower-cost underground miner, with the first stope blasted at Wassa underground. The company’s YTD outperformance is supported by the ongoing transition; however, continued operating success, particularly with respect to costs, is likely needed to maintain this trend.  read more


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