Golden Star Resources Limited (GSRL) has announced that it has filed an updated technical report pursuant to National Instrument for its Bogoso/Prestea Gold Mine in Ghana.
The report, according the company, was entitled: “NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources, Bogoso/Prestea Gold Mine, Ghana,” dated March 28, 2018.
Previously, Golden Star filed individual technical reports for its Prestea and Bogoso mines.
Though production ceased from the Bogoso mine in 2015, Golden Star has retained the Bogoso licence area and consequently, the company has chosen to produce an updated, combined technical report that covers the licence areas for both Prestea and Bogoso.
The technical report is based solely on the Mineral Reserves within the Prestea licence area, including the Prestea Underground Gold Mine (“Prestea Underground”) and a small amount of open pit and stockpile material that is planned to be mined in the first half of 2018 and processed before the end of 2018.
In contrast to the Feasibility Study for Prestea Underground,’ the updated technical report includes legacy reclamation costs for Bogoso, the costs related to maintaining the full processing plant infrastructure and the additional general and administrative costs associated with maintaining a larger land package.
Golden Star believes that exploration upside potential exists on the Bogoso licence area, therefore the cost of maintaining this licence area is worthwhile.
President and Chief Executive Officer of Golden Star, Mr. Sam Coetzer, commented: “The updated technical report confirms the strong economics delivered by Prestea Underground in the 2015 Feasibility Study.
Through these two licence areas, Golden Star has access to thirty kilometres of the highly prospective Ashanti gold trend and we believe there is strong future value to be unlocked.
He went on top stated that “As the Bogoso concessions have the potential to be a core segment of the business strategy going forwards, we continue to explore, secure and be involved in community initiatives on the larger Bogoso land package.
“…costs have been allocated to ensure the option value to utilize the full capacity of the plant in the future remains intact. I look forward to releasing results from the 2018 exploration program at Prestea Underground during the second quarter of 2018, which we expect will begin to demonstrate the upside potential of this mine,” he added.
Minerals & Mining Matters
…with Freeman KORYEKPOR AWLESU