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Golden Star Announces Extension of Scheduled Maintenance at Bogoso Mine Refractory Processing Plant
By: Marketwired .
Feb. 19, 2013 07:00 PM
TORONTO -- (Marketwire) -- 02/19/13 -- Golden Star Resources Ltd. (NYSE MKT: GSS) (TSX: GSC) (GHANA: GSR) ("Golden Star" or the "Company") today advises that the planned maintenance for the semi-autogenous ("SAG") mill in the Refractory Plant at Bogoso has been extended from 4 days to approximately 8 days. High temperatures on an inboard bearing with the SAG mill motor were identified after restart, and this required immediate shutdown to revisit the driving components of the mill. Although the SAG mill overrun itself is not a major concern, the BIOX® bacteria activity requires preservation and therefore a gradual ore feed once the SAG mill restarts. The Company will update the market accordingly and advises that the bearings and other equipment and resources required are available and on site.
This maintenance extension will delay the production schedule by an estimated 4,000 ounces for the first quarter of 2013. However, current annual guidance of 320,000 to 350,000 ounces remains unchanged.
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/HBB 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 Brazil in South America. Golden Star has approximately 259 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 and under Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual facts to differ materially. Forward-looking statements in the news release include statements regarding the timing for the restart of the SAG mill, the impact of the maintenance extension on annual production guidance and the expectations for production in the second quarter. Factors that could cause actual results to differ materially include timing of and unexpected events at the SAG mill; variations in ore grade, tonnes mined, crushed or milled; and variations in relative amounts of refractory, non-refractory and transition ores. 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 Form 10-K for 2011 and subsequent Forms 10-Q for 2012 and other filings of the Company made with the United States and the applicable Canadian securities regulatory authorities. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake any estimate at any particular time or in response to any particular event.
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