GOLDEN STAR RESOURCES LTD.

5 May 2009material agreement● NeutralMajor

Golden Star entered a US$30M revolving loan facility with Standard Chartered Bank, running to September 30, 2012, with US$15M available initially. It is secured on inventory, receivables, certain accounts and subsidiary shares, and carries interest at LIBOR (or a base rate) plus 5%, plus a 2.5% fee on unused amounts. The facility must be reduced by $3M at end-2010 and $6M at end-2011, and it requires certain financial ratios to be maintained.

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13 Nov 2007capital raising announcement● NeutralMajor

Golden Star completed the private placement of US$125M of 4.0% convertible senior unsecured debentures due November 30, 2012, convertible at $5.00 per share. It used $61.76M to repay the 6.85% notes from 2005 and plans to use the rest for property development and general corporate purposes. This completes the refinancing announced October 23, and the company agreed to register resales of the debentures and conversion shares.

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23 Oct 2007material agreement● NeutralMajor

Golden Star agreed with holders to redeem its US$50M 6.85% convertible notes early for US$61.76M plus accrued interest, funded by a proposed private offering of up to US$125M of convertible debentures due 2012. It also expects a Q3 2007 net loss of about $13.4M (about $0.06 per share), versus a $2.3M loss in Q2, and says the Bogoso sulfide plant's first quarter of commercial production had throughput and recovery below expectations. Other items: up to US$5M committed to EURO Ressources' rights offering, with EURO to pay $3.6M owed and buy the residual Rosebel royalty for about $4.15M; an option letting Riverstone acquire the 90% Goulagou/Rounga interest in Burkina Faso; and a planned Ghana Stock Exchange listing with US$5-10M of share sales.

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15 Mar 2007financial restatement▼ BadMajor

Golden Star said its first three 2006 quarterly statements must be restated because of errors in how it valued in-process inventory at Bogoso-Prestea (waste-rock pre-stripping costs counted twice, overhead left out, depreciation misallocated). Restated nine-month 2006 net income is $33.9M versus $36.4M originally reported. Amended 10-Qs are expected by March 20, 2007. This is a second restatement after the warrant-accounting one on February 26.

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27 Feb 2007material agreement● NeutralMajor

Golden Star signed agreements to sell 21,000,000 new common shares at US$3.60 each (gross proceeds $75.6M), expected to close March 1, 2007, with an option for 3,150,000 more shares. This is the offering previewed by the earlier prospectus supplements, issued off the S-3 shelf declared effective May 24, 2005. It adds to the share count and so dilutes existing holders.

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26 Feb 2007financial restatement▼ BadMajor

Golden Star said its earlier financial statements should no longer be relied on, because the US GAAP reconciliation footnote wrongly treated warrants priced in Canadian dollars as equity instead of liabilities marked to fair value. The restatement covers 2001-2005 and the first three quarters of 2006; the main Canadian GAAP results are not restated. The filing says amended 2005 10-K and 2006 10-Q reports are being filed the same day, which resolves the amended-10-Q thread in the context.

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20 Feb 2007resource reserve update▲ GoodMajor

Golden Star reported year-end 2006 reserves of 4.15 million ounces (3.67M at Bogoso/Prestea, 0.48M at Wassa), 2006 gold sales of 201,407 ounces at an average cash operating cost of $421/oz, and 2007 guidance of about 390,000 ounces at $389/oz. That guidance assumes the Bogoso sulfide expansion starts April 1, 2007. It also reported that EURO Ressources is now a former subsidiary: about 18 million shares were sold in December 2006 for roughly $30.0M and a further 1.7M shares in 2007 for $2.8M, leaving about a 2% stake. Newmont can earn up to 51% of the Saramacca project in Suriname by spending $6M within five years. Golden Star would hold 25% of a planned 100 MW power station (about $10M). The 8,408,334 warrants (Cdn$4.60) expired February 14, 2007. Paul Isnard is listed as a property it has a right to acquire, with inferred resources only.

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30 Mar 2006financial restatement▼ BadMajor

Golden Star said its first three 2005 quarterly reports should no longer be relied on and will be restated, because gold forward contracts at its roughly 53%-owned subsidiary EURO Ressources did not qualify for hedge accounting. Restated net loss was $2.2M vs $1.4M in Q1, $3.7M vs $3.6M in Q2, and $6.7M vs $3.3M in Q3. This is an accounting change that recognizes unrealized mark-to-market losses earlier, and the company says the derivatives are economically effective. Amended 10-Qs were expected within ten days.

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