Message #60 From:
TheMachine Date: May 28, 2009 12:41:30 PM
Gold Stock News GSS : Golden Star Reports Record Quarterly Gold Sales of 96,971 Ounces
Golden Star Resources Ltd. (NYSE Amex: GSS) (TSX: GSC) (GSE: GSR) today
announced its unaudited first quarter 2009 results which include record
quarterly gold sales. All currency in this news release is expressed in
U.S. dollars, unless otherwise noted. The Company will host a live
webcast and conference call to discuss its quarterly results on
Thursday, May 7, 2009 at 11:00 a.m. ET. To access the webcast and
conference call, go to the home page of the Company’s website, www.gsr.com.
Tom Mair, President and CEO, said, “Wassa turned in an excellent quarter
producing over 56,000 ounces at a cash cost of less than $400 per ounce.
This demonstrates the results of a full quarter of HBB high grade ore
deliveries to the Wassa plant. At Bogoso we continue to see progress but
power quality issues remain. We are on track to meet our 2009 guidance
of 400,000 ounces at an average cash cost of $550 per ounce.”
FIRST QUARTER 2009 RESULTS AND HIGHLIGHTS
Record quarterly gold sales of 96,971 ounces for the first quarter of
2009, a 13% increase over fourth quarter 2008 and a 69% increase over
the first quarter of 2008;
Gold revenues for the quarter of $87.6 million representing an
increase of 26% over fourth quarter 2008 revenues of $69.6 million and
an increase of 65% over first quarter of 2008;
Net loss of $1.1 million or $0.005 per share compared to a loss of
$86.8 million for the fourth quarter of 2008;
Operating cash flow of $11.1 million for the first quarter of 2009, or
$0.047 per share;
Operating cash flow before working capital charges of $19.8 million
for the first quarter of 2009, or $0.847 per share;
Quarter-end cash balance of $28.1 million; and
Realized gold price for the first quarter averaged $904 per ounce
compared to $808 in the fourth quarter of 2008, an increase of 12%;
