Microsoft power point 2014 november investor presentation

I N V E S T O R P R E S E N T A T I O N
1 1 . 1 4
1

DISCLAIMER AND OTHER MATTERS
SAFE HARBOR: Some statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995
and applicable Canadian securities laws. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could
cause actual results to differ materially. Such statements include comments regarding: transformation of Golden Star to a low cost underground gold producer and the timing
thereof; our production expectations for the remainder of 2014, including our cash operating costs and expected operational improvements, including grade and recovery,
during Q4 2014; life of mine cash operating costs for combined operations from the start of 2016; the timing for completing mining at Bogoso North and Chujah; estimated
capital expenditures;; use of the existing Wassa processing plant and Bogoso oxide and sulfide processing plants; matters relating to the PEA for Wassa, including estimated
post-tax internal rate of return and net present value of Wassa underground (including assumed discount rates), the timing for first production from Wassa underground,
pre-production capital expenditures, and the life of mine cash operating costs and sustaining costs at Wassa underground; remaining capital expenditures for the year;
positive cash flow at Bogoso until the end of the life of mine; timing of revised preliminary economic assessment at Prestea Underground; timing of Prestea Underground to
commercial production; and our mineral reserve and mineral resource estimates. Factors that could cause actual results to differ materially include timing of and unexpected
events at the Bogoso oxide and sulfide processing plants and/or at the Wassa processing plant; variations in ore grade, tonnes mined, crushed or milled; variations in
relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals and permits; the availability and cost of
electrical power; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, including difficulties in establishing the
infrastructure for Wassa Underground; changes in U.S. and Canadian securities markets; and fluctuations in gold price and input costs and general economic conditions.
There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other
factors in our Annual Information Form for the year ended December 31, 2013. The forecasts contained in this presentation constitute management's current estimates, as of
the date of this presentation, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results
will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any
particular time or in response to any particular event. Investors and others should not assume that any forecasts in this presentation represent management's estimate as of
any date other than the date of this presentation.
NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms "cash operating cost per ounce" and "all-in sustaining cost per ounce". These terms should be
considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP. "Cash operating cost per ounce" for a period is equal to the cost of sales excluding depreciation and
amortization for the period less royalties and production taxes, minus the cash component of metals inventory net realizable value adjustments and severance charges
divided by the number of ounces of gold sold during the period. "All-in sustaining costs per ounce" commences with cash operating costs and then adds sustaining capital
expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs. This measure
seeks to represent the total costs of producing gold from operations. These measures are not representative of all cash expenditures as they do not include income tax
payments or interest costs. These measures are not necessarily indicative of operating profit or cash flow from operations as would be determined under International
Financial Reporting Standards. Changes in numerous factors including, but not limited to, mining rates, milling rates, gold grade, gold recovery, and the costs of labor,
consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are the same or similar
to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In order to indicate to stakeholders the
company's earnings excluding the non-cash (gain)/loss on the fair value of debentures, non-cash impairment charges and severance charges, the Company calculates
adjusted net loss attributable to Golden Star shareholders" and "adjusted net loss per share attributable to Golden Star shareholders" to supplement the condensed interim
consolidated financial statements.
INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable, however no
representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed herein is based upon
technical reports prepared and filed pursuant to National Instrument 43-101 Standards for Disclosure of Mineral Properties ("NI 43-101") and other publicly available
information regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Preliminary Economic Assessment of the Wassa Open Pit Mine and
Underground Project in Ghana” effective October 30, 2014 prepared by SRK Consulting (UK) Limited; (ii) “NI 43-101 Technical Report on Resources and Reserves, Golden
Star Resources Ltd., Bogoso Prestea Gold Mine, Ghana” effective December 31, 2013 prepared by SRK Consulting (UK) Limited, and (iii) Golden Star's press release dated
February 10, 2014. Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2013 which is filed on SEDAR. Mineral
Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a "Qualified Person" as defined
by Canada's National Instrument 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star Resources
Vice President of Exploration.
CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.
November 2014 Investor 2 Presentation

EXECUTING ON STRATEGY
— Golden Star is transforming to a lower cost producer
— Higher cost Bogoso refractory operation to close late 2015
— Wassa underground development reduces Wassa’s costs per oz
dramatically
— Tailings retreatment has delivered lower cost oz
— Development of Prestea mine is next logical development
— PEA indicates Prestea can deliver ~70k oz/ year for 4.5 years
at average cost of $370 per oz for $40 million investment
— Expenditure of ~$80 million on Wassa and Prestea unlocks
significant value for shareholders
— Realization of corporate strategy to favour margin over production
Group Life of Mine CoC expected to reduce below $700/ oz from 2016
1. See note on slide 2 regarding Non-GAAP Financial Measures
2. LOM is from 2016 onwards and assumes Wassa construction proceeds as per technical report and Prestea construction commences early 2015
3 November 2014 Investor Presentation

Q3 2014 OPERATIONAL PERFORMANCE MIXED
4
MINING DEVELOPMENT OPTIMISATION
61,170 ounces
produced and sold
Q3’14, expect
improvement in Q4’14
Wassa PEA delivers
STRONG
RESULTS
Revised Prestea
development plans
indicate SHORTER
DEVELOPMENT
period
Intermittent GRID
POWER constrained
milling capacity, more
stable lines now installed
Wassa FUNDING
SECURED, decision
taken to commence
exploration decline
6% lower mine operating
expenses, third quarter
of LOWER COSTS
Mining 27%
HIGHER GRADE
at Bogoso Q3’14
REDUCED
PRODUCTION
RISK with large
stockpile at Bogoso
November 2014 Investor Presentation

Q3 2014 FINANCIALS REFLECT IMPROVED PROFITABILITY
5
REVENUE FLAT
Revenue flat quarter over quarter with similar
production at slightly lower gold prices
COSTS SIGNIFICANTLY REDUCED AGAIN
Mine operating expenses reduced 6% to $70 M
COC per ounce reduced 12% to $1,052
MINIMAL LOSS
Group approaching profitability with the
adjusted net loss reduced to $1 M

COSTS AND EXPENSES REDUCING
Mine Operating Expenses ($ M)
Cost of Sales Excluding D&A ($ M)
$88.5
$84.3
$78.4
$70.7
$90
$85
$80
$75
$70
$65
$60
$55
$90
$85
$80
$75
$70
$65
$60
$55
$50
Q4 2013 Q1 2014 Q2 2014 Q3 2014
6
Cash Operating Costs Per Ounce
$1,206 $1,201
$1,052 $1,000-
1,100 BELOW
$750
$1,523
$1,349
$1,222
$1,150-
1,350
BELOW
$800
Q1 2014 Q2 2014 Q3 2014 FY 2014E LOM
$84.8
$83.0
$74.0
$69.7
$50
Q4 2013 Q1 2014 Q2 2014 Q3 2014
— Cash operating costs per ounce
declining over the year
— Bogoso cash costs dramatically
reduced
— LOM cash costs expected to reduce to
below $750/oz from 2016

WASSA MINE POISED FOR GROWTH
— Large continuous shallow deposit
with free milling gold
— 2.0M oz of Mineral Reserves at
1.75 g/t Au1
— Currently one large open pit -
Wassa Main
— CIL plant with 2.7 mtpa capacity
performing well
— 500 meters from Wassa Main pit
— Easy access by road and on
national power grid
— 2014E production of 115,000-
125,000 oz at cash costs $925-
1,000/oz
1. Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to Company's press release dated 10 February 2014.

WASSA OPERATIONAL PERFORMANCE STEADY
Q3 2014 Q2 2014
Ore mined kt 631 723
Fewer ore tonnes mined with closure of
Father Brown
Waste mined kt 2,317 2,812
Fewer waste tonnes mined with closure of
Father Brown
Ore processed kt 613 661
Milling below capacity in July due to power
related outages
Grade
processed g/t 1.20 1.48
Exclusion of high grade Father Brown
ore, Wassa Main grade expected to improve
Recovery % 91.9 92.8 Recovery impacted by grade
Gold sales oz 22,716 29,446

WASSA FINANCIAL PERFORMANCE
Cash operating cost per oz1
$955 $967
$1,072
$1,200
$1,000
$800
$600
$400
$200
$-
Q1 2014 Q2 2014 Q3 2014
— Mine operating expenses reduced
to $24.7 M (Q2 2014: $29.4 M)
— Elimination of high cost contract
mining
— Expenses reduced by $9 million
since Q1 2014
— Costs per ounce increased with
lower grade processed
— Full year cash operating costs
expected to be $925-1,000/oz
— Reduction in costs per ounce from
2015 as grade increases with
depth

10
CAPEX COSTS RETURN
Underground pre-production
capex
$41 MILLION
LOM cash operating
costs of
$684 PER OZ
Post tax IRR at
$1,200 gold price of
78%
Operating cash flow
plus $35 million in
facilities FUNDS
project
LOM all-in sustaining
costs of
$778 PER OZ
NPV5% at $1,200 gold
price
$271 MILLION
Bulk of expenditure
in 2015
REDUCED
EXPOSURE to
weather and fuel price
fluctuations with
underground mining
First production
expected
EARLY 2016
WASSA PEA INDICATES SUBSTANTIAL VALUE

WASSA DEVELOPMENT IS STRATEGY IN ACTION
1,200
1,100
1,000
900
800
700
600
500
250
200
150
100
50
— Underground ore blended with open pit ore to achieve anticipated head grade
of >2.5 g/t Au
— Wassa’s expected LOM average CoC from beginning of 2016 of $660 per oz
11
400
-
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Costs per Ounce US$
Gold Production – Ounces 000’s
Gold Production CoC AiSC
1. See note on slide 2 regarding Non-GAAP Financial Measures of Cash Operating Costs and All-in Sustaining Costs per ounce

BOGOSO MINE DELIVERING RETURNS
— 2.0M oz of Mineral Reserves1 at
3.17 g/t Au
— Significant portion in refractory
deposits
— National road to site, on local
power grid
— Mining in Bogoso North and
Chujah pits, tailings retreatment
provides supplemental ounces
— Strategic value in two processing
plants
— Third party ore treatment
— Prestea mine
— FY2014E production of 145,000 –
155,000 oz at cash costs $1,100-
1,200 per oz
1. Based on December 31, 2013 Mineral Reserve and Resource estimate. Please refer to the NI 43-101 Technical Report Golden Star Resources Ltd, Bogoso Prestea Gold Mine of the same date.

BOGOSO OPERATIONAL PERFORMANCE IMPROVED
13
Q3 2014 Q2 2014
Ore mined refractory kt 775 531 Pushbacks complete, full access to ore
Waste mined kt 2,143 3,408 Strip ratio reducing
Refractory ore processed kt 559 610 Power outage in July reduced throughput
Refractory grade g/t 2.67 2.10 High grade ore now accessible
Gold recovery – refractory % 72.7 68.5 Recovery improves with grade
Non-refractory ore processed kt 315 331 Processing slowed to improve recoveries
Non-refractory grade g/t 1.07 0.82 Mining higher grade benches only
Gold recovery - non-refractory % 42.4 32.5 Recovery improves with grade
Gold sold refractory oz 33,610 28,620
Gold sold non-refractory oz 4,844 3,655
Total gold sold oz 38,454 32,275

BOGOSO FINANCIAL PERFORMANCE STRONG
Cash operating cost per oz1
$1,489
$1,415
$1,041
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
Q1 2014 Q2 2014 Q3 2014
— Higher grade processed
reduced costs per ounce,
lowest cash cost per ounce in
four years
— Mine operating margin now
positive
— Refractory pits expected to
generate positive cash flow
until end of LOM
— Gold price dependent
— Headcount reduction underway,
reducing future liabilities
1. See note on slide 2 regarding non-GAAP financial measures

PRESTEA IS ENDOWED WITH SOLID INFRASTRUCTURE
— Located on Ashanti trend in town
of Prestea, Western Ghana
— More than 16 surface and six
underground shafts
— Two surface and two underground
shafts operational today – Central
and Bondaye shafts
— 15 kms from Bogoso processing
plant along dedicated haul road
— Existing, permitted and
constructed processing plants at
Bogoso
— Labour with underground
experience in local community
— Utilities including grid electricity
available

PRESTEA HAS A LONG HISTORY OF PRODUCTION
— Prestea in operation as underground
mine since 19th century
— 9 million oz of production from the
larger mineralized zone, Main Reef
— Acquired in 2002, placed on care and
maintenance
— Refurbishment and dewatering
ongoing
— Exploration development and drilling
2003-2013
— Identified and defined the West Reef
mineralized zone
— 2013 Feasibility Study demonstrated
positive economics for mechanised
mining on the West Reef

PRESTEA GEOLOGY AND RESOURCES
— Prestea mineralized trend has strike length of over 9 km
— Primary structure is Main Reef - north south trending, steeply
dipping, narrow, mineralized quartz vein
— Multiple secondary vein structures are developed to the east and
west of the Main Reef
— PEA is focused on the West Reef, high grade mineralized zone
—Indicated Resource of 0.8 Mt @ 18.5 g/t for 502k oz
—Inferred Resource of 0.5 Mt @ 12.1 g/t for 185k oz
—Non-refractory material
—Expected recovery of 90% with high gravity gold recovery
—Strike length 800 m, dip 70-85º west, 0.5-4.0 m wide
—570m to 950 m depth (17 to 24 Level)

PRESTEA MINING METHOD
— West Reef last mined in 2000 above 17 level in the PEA target area
—These stopes used shrinkage mining and are accessible today
— Feasibility Study published in mid-2013 for mechanized cut and fill
mining method and a new access shaft system for the West Reef
— PEA supersedes the Feasibility Study
—Shrinkage mining method
—Low operating and capital cost
—Higher NPV and enhanced IRR in a lower gold price environment

PRESTEA DEVELOPMENT AND COSTS
26,800
84,100
79,200 81,400
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
— Year 1 focused on infrastructure upgrades
— Development commences in year 2
— 50% production rate achieved mid year 2
— Full production rate of ~500 tpd achieved in year 3
— 649k tonnes at 17.2 g/t for 359k oz contained
— Includes 17% mining dilution
51,900
64
374 406 389
431
502 470 500
484
501
-
2 3 4 5 6
Production Coc Aisc
Costs per tonne
Mining $133
Process/hauling $29
G&A $28
Total $190

PRESTEA CAPITAL COSTS
40
24.1
8.3 8.3 7.7
3.6
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
1 2 3 4 5 6
Development capex Sustaining capex
Capital Expenditure
Infrastructure rehab $30 M
Refurb & development $24 M
Sustaining capital $22 M
Development & stoping $7 M
Mining equipment $6 M
Owner costs $2 M
Closure $2 M
Total $94 M
20
— Preproduction capex estimated at $40 million all in year 1
— Infrastructure includes hoist and shaft upgrades, electrical, ventilation,
dewatering and process plant modifications
— Refurbishment and development overheads include power, labor and
maintenance during the construction period
— Capital supports underground mining beyond the West Reef PEA target

PRESTEA UNDERGROUND ECONOMICS
— At Au $1,200, post-tax IRR of 72%
— At Au $1,200, post-tax NPV5% of $121 million
— LOM cash operating costs of $370/oz
— LOM all-in sustaining costs of $518/oz
Gold Price NPV5% IRR
$ 1,000 75 50%
$ 1,100 98 62%
$ 1,200 121 72%
$ 1,300 144 82%
$ 1,400 167 92%
— The PEA demonstrates robust economics for Prestea
— At Au $1,160, IRR is 68% and post tax NPV5% is $112 million
— High grade nature of the deposit, combined with the low capex
requirements, makes the project viable at low gold prices

WAY FORWARD
— Development period of 12 – 18 months
— Disciplined approach to funding, options being evaluated at
subsidiary and corporate level
— Critical permits and licenses in place, updated Environmental
permit application ongoing
— Enthusiastic local community and Government support for
mine
— Prestea represents the third low cost ore source to be
identified and developed in the last 18 months
22
Golden Star will continue to assess and develop its existing assets
to lower our group cost profile and improve shareholder returns

CATALYSTS FOR VALUE CREATION


PEA on
underground
mining at
Wassa
complete

Establish
Wassa
Main pit


Operational
cost savings
achieved
Complete
push back
at Bogoso
Updated
Mineral
Resource
estimate for
Wassa
Wassa
Feasibility
complete
Q2 2014 Q3 2014 Q4 2014 2015 2016
First
production
from Wassa
Underground
First
production
Prestea
Wassa
decline
construction
begins

Revised
PEA for
Prestea
* Development of projects dependent on positive study results and adequate access to finance
Prestea
development
commences

Investment Case
Established gold mining company with
15 years of production history in Ghana
Successfully reduced overall operating
costs over last two years
Development projects to deliver low cost
ounces through 2026
3.9M oz in Mineral Reserves on the
largest land package on the Ashanti
Gold belt
Low operational risk in a stable African
mining jurisdiction
Significant exploration & development
upside development
Offers investors leveraged, un-hedged
exposure to the gold price
24

MANAGEMENT AND BOARD
Sam Coetzer
President and
CEO
Sam was appointed CEO in January 2013
after joining Golden Star in March 2011 as
COO. Sam is a mining engineer and a
member of the World Gold Council. He
has over 26 years of international mining
experience with Kinross, Xstrata, Xstrata
Coal and Placer Dome.
André van Niekerk
EVP and CFO
André joined Golden Star in 2006 and
spent five years in Ghana as the head of
finance and business operations, after
which he transferred to the corporate
office as Controller. André was appointed
to the role of CFO in 2014. Prior to joining
Golden Star, André spent six years with
KPMG serving clients in the mining and oil
and gas industries
Daniel Owiredu
EVP and COO
Daniel was appointed COO in January
2013, after joining Golden Star in
September 2006 as VP, Ghana Operations.
He has more than 20 years of experience
in the mining sector in Ghana and West
Africa. Most recently, Daniel was Deputy
Chief Operating Officer for AngloGold
Ashanti where he successfully managed
the construction and operation of the
Bibiani, Siguiri, and the Obuasi mines.
Tim Baker
Chairman
Tim was appointed Chairman in January
2013. Tim most recently served as the
COO of Kinross. He is a geologist with
over 30 years of global project
development and operational experience
in Chile, Tanzania, United States,
Venezuela, Kenya and Liberia.
Tony Jensen
Director
Tony has over 25 years of mining industry
experience and is CEO of Royal Gold Inc.
Prior to joining Royal Gold, Tony was the
Mine General Manager of the Cortez Joint
Venture and spent eighteen years with
Placer Dome. Tony has extensive
experience in operations in the United
States and Chile where he held several
senior management positions.
Chris Thompson
Director
Chris has 40 years of experience in
international mining. Chris formerly served
as Chairman and CEO of Gold Fields
Limited, Chairman of the World Gold
Council and Founder, President and CEO of
Castle Group Inc. Chris has held
directorships at over 25 public gold mining
companies
25

Anu is the Managing Director of Miniqs
Limited, a private group primarily
interested in developing resource projects.
She is also a Director of Atlatsa Resources,
Frontier Rare Earths, and of Energulf
Resources. Prior to founding Miniqs, Anu
was VP, Corporate Development and
Company Secretary at Katanga Mining.
Anu Dhir
Director
MANAGEMENT AND BOARD
Craig is a geologist with over 30 years of
experience in the mining business. He is
Founder, CEO and Director of Avanti
Mining. Formerly, Craig was EVP,
Exploration of Gold Fields Limited;
Founder, CEO and Chairman of the former
Metallica Resources (now New Gold), and
held a variety of strategic positions at Lac
Minerals.
Robert has more than 30 years of mining;
from international resource exploration,
development, and fundraising, to
production. Most recently, he was
Founder, and CEO of Medoro Resources,
now Gran Colombia Gold Corp. Prior to
this, he served as CFO of Pacific Stratus
Energy, CFO of Coalcorp Mining and CFO
of Bolivar Gold Corp. Currently, Robert
serves as a Director of Mandalay
Resources and Detour Gold
Craig Nelson
Director
Rob Doyle
Director
Bill Yeates
Director
Bill was one of the founding partners of
Hein & Associates LLP where he served on
the Executive Committee and was their
National Director of Auditing and
Accounting. Bill has over 40 years of
auditing experience working with public
companies specializing in extractive
industries. From 2005 to 2009, he served
on the Financial Accounting Standards
Advisory Council.
26

PROVEN AND PROBABLE MINERAL RESERVES
Dec 31, 2013
Proven
Mineral Reserve
Dec 31, 2013
Probable
Mineral Reserve
Dec 31, 2013
Proven and Probable
Mineral Reserve
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main - - - 33,721 1.72 1,863 33,721 1.72 1,863
Father Brown - - - 694 4.31 96 694 4.31 96
Stockpiles 438 0.68 10 59 0.54 1 497 0.67 11
Subtotal Wassa 438 0.68 10 34,473 1.77 1,960 34,911 1.75 1,970
Bogoso 2,930 2.65 250 1,731 2.59 144 4,662 2.63 394
Dumasi 3,116 2.39 239 5,826 2.36 443 8,941 2.37 682
Mampon - - - 1,133 5.24 191 1,133 5.24 191
Prestea South 969 2.74 85 2,170 2.52 176 3,139 2.59 261
Prestea Underground - - - 1,434 9.61 443 1,434 9.61 443
Stockpiles 106 1.79 6 - - - 106 1.79 6
Subtotal Bogoso 7,122 3 581 12,294 4 1,397 19,415 3 1,977
Total 7,559 2.43 590 46,767 2.23 3,357 54,327 2.26 3,947
Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in our Annual Information form for the year ended December 31, 2013
27

MEASURED AND INDICATED MINERAL RESOURCES1
Dec 31, 2013
Measured
Mineral Resources
Dec 31, 2013
Indicated
Mineral Resources
Dec 31, 2013
Measured and Indicated
Mineral Resources
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main2 - - - 25,582 1.41 1,160 25,582 1.41 1,160
Wassa Underground2 - - - 10,116 4.27 1,389 10,116 4.27 1,389
Father Brown - - - 692 3.86 86 692 3.86 86
Father Brown Underground - - - 1,000 6.47 208 1,000 6.47 208
Wassa Other - - - 2,115 2.40 163 2,115 2.40 163
Subtotal Wassa - - - 39,505 2.37 3,007 39,505 2.37 3,007
Bogoso 2,697 2.94 255 1,856 2.95 176 4,553 2.94 431
Dumasi 3,255 2.56 268 9,868 2.41 764 13,123 2.45 1,032
Mampon - - - 1,553 4.79 239 1,553 4.79 239
Prestea South 986 2.87 91 3,318 2.62 279 4,304 2.67 370
Prestea Underground - - - 1,356 14.50 632 1,356 14.50 632
Bogoso Other - - - 3,835 2.64 325 3,835 2.64 325
Subtotal Bogoso 6,938 2.75 614 21,786 3.45 2,415 28,724 3.28 3,029
Total 6,938 2.75 614 61,291 2.75 5,422 68,229 2.75 6,036
1. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Information Form for the year ended
December 31, 2013.
2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to NI 43-101 Technical Report on a Preliminary Economic
Assessment Of The Wassa Open Pit Mine And Underground Project dated October 30, 2014.
28

INFERRED MINERAL RESOURCES1
Dec 31, 2013 Inferred Mineral Resources
tonnes
(000)
grade
g/t Au
ounces
(000)
Wassa Main2 237 1.56 12
Wassa Underground2 8,841 3.95 1,122
Father Brown 40 1.85 2
Father Brown Underground 881 6.35 180
Wassa Other 85 2.93 8
Subtotal Wassa 10,084 4.08 1,324
Bogoso 288 2.08 19
Dumasi - - -
Mampon 221 1.79 13
Prestea South 581 6.00 112
Prestea Underground 3,289 8.02 848
Bogoso Other 892 2.37 68
Subtotal Bogoso 5,271 6.25 1,060
Total 15,355 4.83 2,384
1. Please refer to the relevant disclosure on Mineral Reserve and Mineral Resource Estimates contained in the Company’s Annual Information Form for the year ended
December 31, 2013.
2. All Mineral Resources for Wassa Main and Wassa Underground are as at September 15, 2014. Please refer to NI 43-101 Technical Report on a Preliminary Economic
Assessment Of The Wassa Open Pit Mine And Underground Project dated October 30, 2014.
29

PEA target
PRESTEA WEST REEF LOCATION
30

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