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GSS News Golden Star Files Preliminary Prospectuses

DENVER--(BUSINESS WIRE)--Golden Star Resources Ltd. (AMEX:GSS)(TSX:GSC) today announced that it has filed a preliminary short-from prospectus with regulatory authorities in Canada and a preliminary prospectus supplement in the United States with the United States Securities and Exchange Commission, both relating to its proposed public offering of common shares. The underwriters for the offering will be BMO Capital Markets, Wellington West Capital Markets, Canaccord Capital and GMP Securities.

The number of common shares to be offered and the price for the offering have not yet been determined. The common shares are being offered in each of the provinces of Canada other than Québec on a firm commitment basis and in the United States on a best efforts basis, with no minimum number or dollar amount requirement.

The net proceeds of the offering will be used to purchase an interest in an electric power station in Ghana, for completion and start-up of the Bogoso sulfide expansion project, for completion of a feasibility study for and subsequent development of the Company’s Hwini-Butre and Benso properties located in southwest Ghana, and for general corporate working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may be only be made in Canada by means of a prospectus, a copy of which may be obtained from BMO Nesbitt Burns at 1 First Canadian Place, 4th Floor, Toronto, ON M5X 1H3 and in the United States only be means of a prospectus and the related prospectus supplement, copies of which may be obtained from BMO Nesbitt Burns at 3 Times Square, 27th Floor, New York, NY 10036.

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. Golden Star has approximately 208 million common shares outstanding as of February 16, 2007.

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 completion and terms of a proposed public offering and the use of proceeds therefrom. Factors that could cause actual results to differ materially include fluctuations in gold price, changes in U.S. and Canadian 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 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 release.