Golden Star gold output at Ghana mines rises 12% in 2012

gold-barsGolden Star Resources (GSR) has indicated that it produced a total of 336,348 gold ounces during the full year 2012 from its Bogoso/Prestea and Wassa operations in Ghana.

The 2012 figure represents a 12% increase over the 301,120 ounces produced in 2011.

According to the miner, of the total ounces produced, 331,278 ounces were sold.

In a press release January 8, 2013, the Ghana- listed company also announced its 2012 fourth quarter production results for its two Ghana operations.

“The Company produced and poured 92,614 ounces of gold in the fourth quarter of 2012, of which 87,544 ounces were sold, representing a 31% increase over 70,811 ounces of gold produced in the fourth quarter last year and a 15% increase over third quarter 2012 gold production of 80,826 ounces,” it said.

GSR indicated that cash operating costs per ounce was estimated to be within the guidance range of $1,040 to $1,100.

The company closed 2012 with an estimated cash and cash equivalents balance of approximately $73 million, not including the estimated proceeds of approximately $8.4 million expected in early 2013 for the 5,070 ounces poured but not sold by December 31, 2012.

“Achieving both production and cost guidance is a testament to the operational improvements accomplished through the hard work and dedication of our entire team and sets the tone for the future” said Sam Coetzer, the company’s President and CEO.

It indicated plans of restarting mining at the Prestea Underground mine following completion of the favorable Preliminary Economic Assessment.

By Ekow Quandzie

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