Golden Star Resources Ltd (GSS) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2012

Golden Star Resources Ltd.

CIK: 903571 Ticker: GSS

Exhibit 99



Golden Star Resources Reports First Quarter Financial Results

Sequential Quarter Gold Sales Up 10% to 77,725 Ounces in Q1 2012 from 70,811 Ounces in Q4 2011

Company Generates $17.9 Million in Cash from Operations in Q1 2012, versus $19.5 Million in Q4 2011 and $5.9 Million in Cash Used in Operations in Q1 2011

Net Income in Q1 2011 of $9.1 Million, up 26% over $7.2 Million in Q4 2011 and up 54% Year Over Year from $5.9 Million

Denver, CO—May 9, 2012—Golden Star Resources Ltd. (NYSE Amex: GSS; TSX: GSC; GSE: GSR) (“Golden Star” or the “Company”) today reported unaudited financial results for the first quarter ending March 31, 2012.

Total first quarter 2012 gold sales increased to 77,725 ounces, up 10% over fourth quarter 2011 gold sales of 70,811 ounces. Compared with the first quarter of 2011, gold sales in Q1 2012 were down 7% but the higher gold price drove revenues higher by 12% to $131 million.

Total material mined in Q1 2012 was 13.3 million tonnes, 38% higher than Q1 2011 and 6% lower than Q4 2011. Nevertheless cash operating costs at Bogoso/Prestea came down from $1,370 per ounce in Q1 2011 to $1,222 per ounce in Q1 2012, partially as a result of the more efficient mining operations. At Wassa, in the same period, cash operating costs increased from $757 per ounce to $999 per ounce, predominantly as a result of lower grade ore processed. Quarter on quarter, the cash operating costs across both mines were similar despite lower grades of ore processed in each case.

The Company generated $17.9 million in net cash from operations in the first quarter of 2012 compared with $5.9 million of cash used in operations in the first quarter last year. Net income attributable to Golden Star shareholders in the first quarter of 2012 increased 54% to $9.1 million from $5.9 million in the same quarter last year. Diluted earnings per share in the first quarter were $0.035, up from $0.023 in the first quarter of 2011. The Company recognized a $22.4 million gain on sale of assets in the first quarter related to the sale of its Goulagou-Rounga property in Burkina Faso to Riverstone Resources Inc.

“We generated solid revenue and earnings growth in the first quarter and recorded our third consecutive quarter of positive cash flow from operations,” said Tom Mair, President and CEO. “While sequential quarter gold production continued to increase and metallurgical recoveries remained solid, we are experiencing higher than desired cash operating costs due to various



Golden Star Resources Ltd. (   News Release 12-13 Page 1 of 10

The following information was filed by Golden Star Resources Ltd. (GSS) on Thursday, May 10, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Golden Star Resources Ltd.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

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SEC Filing Tools
Ticker: GSS
CIK: 903571
Form Type: 10-Q Quarterly Report
Accession Number: 0000903571-12-000005-2
Submitted to the SEC: Wed May 09 2012 6:04:56 PM EST
Accepted by the SEC: Thu May 10 2012
Period: Saturday, March 31, 2012
Industry: Gold And Silver Ores

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