SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 1996
GOLDEN STAR RESOURCES LTD.
(Exact name of registrant as specified in its charter)
Canada 0-21708 98-0101955
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
One Norwest Center, 1700 Lincoln Street, Suite 1950
Denver, Colorado 80203
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(Address of principal executive offices) (zip code)
(303) 830-9000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On January 8, 1997, the Registrant reported drilling results from
Antino, Suriname. A copy of the Registrant's press release regarding such
results is attached hereto as an exhibit and incorporated herein by reference.
On January 20, 1997, the Registrant, Guyanor Ressources S.A., the
Registrant's French subsidiary ("Guyanor"), Cambior Inc. and Cambiex Exploration
Inc. jointly reported drilling results from Yaou, French Guiana. A copy of the
Registrant's joint press release regarding such results is attached hereto as an
exhibit and incorporated herein by reference.
On January 29, 1997, the Registrant and Companhia Vale do Rio Doce
jointly announced drilling results from Andorinhas, Brazil . A copy of the
Registrant's joint press release regarding such results is attached hereto as an
exhibit and incorporated herein by reference.
On February 24, 1997, the Registrant and Guyanor jointly updated
activities at St-Elie, French Guiana. A copy of the Registrant's joint press
release regarding such activities is attached hereto as an exhibit and
incorporated herein by reference.
On February 24, 1997, the Registrant and Guyanor jointly announced
results from the Dachine, French Guiana diamond bulk sampling program. A copy of
the Registrant's joint press release regarding such results is attached hereto
as an exhibit and incorporated herein by reference.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GOLDEN STAR RESOURCES LTD.
Date: March 10, 1997 By: /s/ David A. Fennell
--------------------------------------
David A. Fennell
President and Chief Executive Officer
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<PAGE>
EXHIBIT INDEX
Exhibit Description of Exhibit
- ------- ----------------------
99.1 Registrant's press release, dated January 8, 1997, entitled "DRILLING
RESULTS FROM ANTINO IN SURINAME."
99.2 Registrant's joint press release, dated January 20, 1997, entitled
"DRILLING RESULTS FROM THE YAOU PROJECT."
99.3 Registrant's joint press release, dated January 29, 1997, entitled
"DRILLING RESULTS FROM ANDORINHAS."
99.4 Registrant's joint press release, dated February 24, 1997, entitled
"ST-ELIE EXPLORATION UPDATE AND TRENCHING
RESULTS."
99.5 Registrant's joint press release, dated February 24, 1997, entitled
"COMPLETION OF DACHINE BULK SAMPLE PROCESSING."
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Exhibit 99.1
PRESS RELEASE
GOLDEN STAR RESOURCES LTD.
DRILLING RESULTS FROM ANTINO IN SURINAME
DENVER - JANUARY 8, 1997
Golden Star Resources Ltd. (Golden Star) is pleased to announce results from the
first phase of core drilling on the Antino property, located in southeastern
Suriname. Golden Star has the right to earn a 100% interest in the Right of
Exploration granted to a local Surinamese company with respect to Antino. The
Antino property hosts two significant anomalous areas known as Upper and Lower
Antino. The object of the first phase of core drilling has been Upper Antino
where soil sampling and deep augering had previously identified four targets:
the Central, Middle, Northwest and Northeast zones. A total of 35 holes totaling
approximately 3,100 meters were drilled to test potential gold bearing zones at
both Upper and Lower Antino.
The focus of the core drilling has been the Central zone of Upper Antino, where
20 holes totaling approximately 1,800 meters drilled on 50-meter centers, have
verified the existence of a strongly mineralized, northwest striking and steeply
dipping tabular shear zone over a strike length of approximately 350 meters to a
vertical depth of approximately 100 meters. Results from this core drilling are
presented in Table 1. The shear zone underlies a mineralized saprolite profile
exhibiting economic gold grades across a surface area of up to 65 meters in
width, as previously announced. At depth in hard rock, the shear zone reaches
true widths of up to 8 meters. Gold mineralization is related to quartz veining
and the presence of sulfides, principally pyrite, pyrrhotite and chalcopyrite.
Based upon the first phase of drilling, mineralization within the shear zone
exhibits a weighted average gold grade of approximately 12 g/t over an average
true thickness of approximately 4 meters. To the north, the shear zone is
believed to be offset to the east by a late east-west striking fault, and
extends further to the north at least another 150 meters on the basis of prior
deep augering and two core drill holes, UA-024 and UA-029. This potential strike
extension remains open to the north and at depth.
Core drilling is scheduled to recommence January 15, following the holiday
break. The purpose of the second phase of drilling is to test for continuity of
mineralization at depth on the main shear in the Central zone of Upper Antino to
a vertical depth of 400 meters over the 350 meter strike length of the zone.
Concurrently, a program of ground geophysics and additional deep augering will
be conducted to allow for improved structural interpretation and planning of
additional core drilling of the potential offset extensions of the main Central
zone shear both to the north and south. Deep augering is planned to continue in
the Northwest and Northeast zones of Upper Antino as well as the principal
anomalous zones of Lower Antino.
<PAGE>
Dr. Peter Donald, Golden Star country manager for Suriname, stated, "The
discovery of the mineralized shear zone in the Central zone of Upper Antino is
exciting. Our next phase of core drilling will seek to expand the mineralized
inventory of the main zone at depth. We also intend to demonstrate that the main
shear zone extends along strike to the north and south. We will be using
geophysical surveys and deep augering to improve our understanding and
interpretation of what we now believe to be offset extensions. This type of
mineralized body is similar to those found in the Abitibi belt in Canada, where
depth potential tends to be as great as strike length. At the same time, these
types of deposits tend to pinch and swell within the host shear zone. Going
forward, we will put considerable effort into interpreting the structure and the
controls to mineralization in order to determine those portions of the zone that
offer the best opportunity to intercept economic grades and widths at depth and
along strike. The minable widths and weighted average grade of approximately
0.35 ounces/ton exhibited by the first phase of drilling give us the confidence
to continue pursuing aggressive exploration to develop a significant deposit at
Upper Antino during 1997."
The above forward-looking statements involve risks and uncertainties including
those relating to exploration, the establishment of reserves, potential mine
development and the recovery of any reserves. Please refer to a discussion of
these and other factors in Golden Star's 10-K, 10-Q and other Securities and
Exchange Commission filings.
Golden Star Resources Ltd. is a gold and diamond exploration company which holds
a 30% common share equity interest in the Omai Mine in Guyana, one of the
largest gold mines in South America. Golden Star also holds significant gold and
diamond exploration interests in South America and Africa. Golden Star's common
shares are listed on The Toronto Stock Exchange (under the symbol "GSC") and the
American Stock Exchange (under the symbol "GSR"). Golden Star warrants trade on
The Toronto Stock Exchange under the symbol "GSC.WT."
For additional information, please contact:
GOLDEN STAR RESOURCES LTD.
RICHARD A. WINTERS
Vice President-Corporate Development
303-830-9000 OR 800-553-8436
Denver, Colorado
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Exhibit 99.2
JOINT PRESS RELEASE
GUYANOR RESSOURCES S.A.,
GOLDEN STAR RESOURCES LTD.
CAMBIOR INC. AND
CAMBIEX EXPLORATION INC.
DRILLING RESULTS FROM THE YAOU PROJECT
DENVER, COLORADO - JANUARY 20, 1997
Guyanor Ressources S.A. (Guyanor), Golden Star Resources Ltd. (Golden Star),
Cambior Inc. (Cambior) and Cambiex Exploration Inc. (Cambiex) are pleased to
announce the results from the most recent phase of core drilling at the Yaou
gold property in French Guiana involving 30 core holes totaling approximately
4,390 meters. The Yaou property comprises 150 square kilometers in six type "B"
permits located in southwestern French Guiana. Cambior is currently funding
exploration under an agreement, which allows Cambior to earn a 50% interest in
the project. Under a separate agreement with Cambior, Cambiex has a right to
earn 30% of Cambior's interest in the Yaou project.
Guyanor's drilling has focused on three gold deposits in the Yaou Central zone,
known as the "A", "B" and "C-L" zones, as well as the Chaina deposit located
approximately seven kilometers south-southwest of Yaou Central. In September
1996, a probable open-pit mining reserve of approximately 876,000 ounces of gold
IN SITU was announced. This mining reserve exists within a mineralized inventory
of approximately 13 million tonnes grading 2.5 g Au/t. To date, over 90% of the
probable mining reserve, or approximately 9.2 million tonnes at a grade of 2.8 g
Au/t, has been identified at Yaou Central.
The purpose of the most recent phase of core drilling was twofold; first, to
fill in and confirm the geologic data base to allow for calculation of a new
mining reserve, and second, to expand the known deposits. Drilling results are
presented in Table 1. Drilling in the "A" zone of Yaou Central intercepted
mineralization in each of nine holes exhibiting a weighted average grade of
approximately 3.6 g Au/t with an average intercept length of approximately 18
meters. In the "B" zone, three of four holes intercepted mineralization
exhibiting a weighted average grade of approximately 4.0 g Au/t over an average
intercept length of approximately 15 meters. Drilling in the "C-L" zone
intercepted mineralization exhibiting a weighted average grade of approximately
2.2 g Au/t over an average intercept length of approximately 7 meters. At the
lower grade Chaina zone, six of nine drill holes intercepted mineralization
exhibiting a weighted average grade of approximately 1.5 g Au/t over an average
intercept length of 12 meters.
The current budget for the Yaou project anticipates an additional 10,000 meters
of core drilling in 1997. The purpose of future drilling includes step-out and
infill drilling to expand the known deposits laterally and at depth as well as
identify new zones of
<PAGE>
mineralization that could be mined by open pit. Within the Yaou Central area,
the "B" zone remains open to the east and the "C-L" zone remains open to the
southeast. Also in the Yaou Central area, additional drilling will test for the
potential westward extension of mineralization from the "B" zone to the
geologically similar "B" West zone which has received limited investigation to
date. The Chaina zone, south-southwest of Yaou Central remains open to the west
and northwest. All known deposits remain open at depth.
Outside the Yaou Central and Chaina zones, drilling is also planned for the I, J
and K zones located approximately 1.5 kilometers northeast of Yaou Central. Work
to date suggests that, although these mineralized bodies are generally smaller
than those at Yaou Central, there is potential for the bodies to be
interconnected at depth as they currently lie along the same strike orientation.
Continued regional exploration to define additional mineralization which could
be mined by open pit on the remainder of the 150 square kilometer Yaou property
is planned on three zones of interest which have been identified and warrant
follow-up exploration, Yaou Nord, Tomantoni and Bois Blanc. The Bois Blanc zone,
approximately 10 kilometers north of Yaou Central, will be the initial focus of
this work.
Guyanor Ressources S.A. is a French exploration company in which Golden Star
Resources Ltd. has an approximately 70% interest. Guyanor operates exclusively
in the French Department of Guyane (French Guiana) and focuses on the
identification, exploration and development of significant mineral deposits,
principally gold and diamonds. Guyanor currently holds interests in the St.
Elie, Yaou, Dorlin, Paul Isnard and Regina Est gold properties as well as the
Dachine diamond property. Guyanor is listed on The Toronto Stock Exchange (under
the symbol "GRL.B") and the Nouveau Marche of the Bourse de Paris (under the
symbol "GUYN").
Golden Star Resources Ltd. is a gold and diamond exploration company which holds
a 30% equity interest in the Omai gold mine in Guyana, one of the largest gold
mines in South America. Golden Star also holds significant gold and diamond
exploration interests in South America and Africa. The Company is listed on The
Toronto Stock Exchange (under the symbol "GSC") and the American Stock Exchange
(under the symbol "GSR"). Golden Star warrants trade on The Toronto Stock
Exchange (under the symbol "GSR.WT"). The above forward-looking statements
involve risks and uncertainties including those relating to exploration, the
establishment of reserves, potential mine development and the recovery of any
reserves. Please refer to a discussion of these and other factors in Golden
Star's 10-K, 10-Q and other Securities and Exchange Commission filings.
Cambior Inc. is a major gold producer with operating and exploration activities
in Canada, the United States, Guyana and various other countries in the
Americas. Cambior is the operator of the Omai gold mine and owns 65% of the
common shares of Omai Gold Mines Limited. Cambior's shares are listed on the
Montreal and Toronto stock exchanges and on the American Stock Exchange in the
United States (under the symbol "CBJ").
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<PAGE>
Cambiex Exploration Inc. is an exploration company with interests in several
properties in French Guiana, Latin America and North America. Cambiex's common
shares trade on the Montreal and Toronto Stock Exchanges (under the symbol
"CBX"). For additional information, please contact:
GUYANOR RESSOURCES S.A GOLDEN STAR RESOURCES LTD.
RICHARD A. WINTERS DAVID A. FENNELL
Vice President - Corporate Development President and Chief Executive Officer
Golden Star Resources Ltd. Denver, Colorado
Denver, Colorado (303) 830-9000 or (800) 553-8436
(303) 830-9000 or (800) 553-8436
CAMBIOR INC.
MEDIA RELATIONS INVESTOR RELATIONS
Geoffrey King Robert LaValliere Victoria Putnam
Director, Communications Manager Assistant Manager
Tel: (514) 878-8206 Tel: (514) 878-1282 Tel: (514) 878-3166
Fax: (514) 878-3324 Fax: (514)878-3324 Fax: (514) 878-0635
INTERNET: HTTP://WWW.CAMBIOR.COM
E-MAIL: [email protected]
CAMBIEX EXPLORATION INC.
JEAN DEPATIE
President and Chief Executive Officer
Montreal, Quebec, Canada
(514) 878-3166
Exhibit 99.3
GOLDEN STAR RESOURCES LTD. AND
COMPANHIA VALE DO RIO DOCE (CVRD)
DRILLING RESULTS FROM ANDORINHAS
DENVER - JANUARY 29, 1997
Golden Star Resources Ltd. (Golden Star) is pleased to announce core drilling
results from the Andorinhas gold project in the eastern part of the State of
Para, Brazil. Golden Star's activities in Brazil are managed through its wholly
owned subsidiary Southern Star Resources Ltd. (Southern Star). The Andorinhas
project is subject to an option agreement between Southern Star and CVRD,
Brazil's largest mining company, under which Southern Star is earning a 50%
interest in the property.
The first phase of core drilling at Andorinhas involved 18 holes, totaling
approximately 2,700 meters, in the Mamao sector of the Andorinhas property. The
principal working in the center of the Mamao area is the Melechete pit and its
subsurface extension, the Melechete ore shoot, on which the Mamao underground
mine was developed. A second pit, the Matinha pit, is located to the west of the
Melechete pit. Southern Star's previous mapping and sampling of the Mamao mine,
the Melechete ore shoot, evaluated this high grade orebody, as defined by mined
out workings, which extended from surface down dip at approximately 40 degrees
for 270 meters, with a width of up to 150 meters and a thickness of 2.5 to 7
meters. CVRD drilling of the Melechete orebody in the 1980's intercepted
mineralization with an uncut, weighted average grade of approximately 8.9 g Au/t
over an average intercept of 3.4 meters. Southern Star's recent channel sampling
of the underground workings in the same area exhibited mineralization with an
uncut, weighted average grade of approximately 20 g Au/t (cut weighted average
grade of approximately 14 g Au/t) over an average thickness of 2.9 meters.
The objectives of the first phase of drilling included testing for potential
strike extensions of the known mineralization in the Melechete and Matinha zones
as well as the potential for additional, similar ore bodies in the vicinity.
Results from the drilling at the Matinha/Melechete area are presented in Table
1. Gold mineralization within the Mamao area of the Andorinhas project is
associated with quartz-carbonate-pyrite veins within east-west striking parallel
ductile shear zones. Based upon the first phase of the drilling, it is now
believed that there are at least three such shear zones within the Mamao area,
providing evidence for the existence of multiple mineralized horizons within the
14 kilometer regional Mamao-Babacu shear zone at the Andorinhas project.
At the Matinha zone, located west of the known Melechete orebody, mineralization
was intersected in 8 of 10 holes drilled on approximately 50 meter centers to
the northwest of the existing Melechete pit. The most significant five holes
drilled in the Matinha zone, MAF-34, MAF-35, MAF-36, MAF-37 and MAF-44 exhibit
an uncut, weighted average grade of approximately 9.7 g Au/t over an average
intercept length of 2.1
<PAGE>
meters. This drilling in the Melechete/Matinha area suggest that the Melechete
and Matinha zones are part of one continuously mineralized zone with a strike
length of at least 300 meters and variable thickness. The first phase of
drilling has more than doubled the strike length of mineralization in the
Melechete/Matinha area and remains open to the northwest and down plunge to the
northeast. One hole, MAF-33, also suggests additional potential to extend
mineralization along strike to the east.
At the Cantina zone, located to the east of Melechete, lower grade, shear hosted
mineralization was intercepted in 2 of 6 holes drilled on 50 meter centers to
the northeast of the Melechete zone. These two holes exhibited grades of 0.5 to
2.0 g Au/t over one to two meter lengths, though all six holes intercepted shear
zones. It is not yet certain how this shear-related mineralization can be
correlated with that discovered in the Melechete/Matinha area to the west. Two
core holes were also drilled to test for mineralization near the Maria Bonita
pit, located approximately 400 meters south-southeast of the Melechete/Matinha
area. These holes also intercepted low grade mineralization, 0.5 to 2.0 g Au/t,
within quartz-carbonate-pyrite veins within a shear zone.
Dr. Jeffrey Abbott, President of Southern Star Resources commented, "The
discovery that the mineralization in the Melechete/Matinha area may be part of
one continuously mineralized zone over a strike length of at least 300 meters is
highly encouraging. The drilling suggests that this tabular mineralized zone is
open to the northwest and down plunge to the northeast. This information greatly
enhances our potential to develop tonnage within the shear structure. While
initial drilling in the Cantina and Maria Bonita areas exhibited only lower
grade mineralization in shear hosted veins, we are very encouraged by the
evidence for multiple mineralized shear horizons in the Mamao area. The analysis
and interpretation of the information from the first phase of drilling should go
a long way in helping us to better understand the structural and lithologic
controls for mineralization at Andorinhas and improve our drilling success rate
as we seek to define a mineral resource in 1997."
The principal objective for the second phase of core drilling in the Mamao area
will be to complete an initial evaluation of the Melechete/Matinha mineralized
zone on 50 to 100 meter centers over a strike length of 400 meters and down
plunge 400 meters. This part of the program will require a minimum of 15 holes,
totaling approximately 5000 meters. Southern Star will also continue to test
other targets in the Mamao and Babacu sectors of the property with additional
core drilling. A systematic deep augering program, a geologic mapping effort and
sampling of other old surface workings is in progress. A ground geophysical
survey will be conducted to assist in developing additional drill targets in the
Mamao/Babacu areas.
The above forward-looking statements involve risks and uncertainties including
those relating to exploration, the establishment of reserves, potential mine
development and the recovery of any reserves. Please refer to a discussion of
these and other factors in Golden Star's 10-K, 10-Q and other Securities and
Exchange Commission filings.
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<PAGE>
Golden Star Resources is a gold and diamond exploration company which holds a
30% equity interest in the Omai gold mine in Guyana, one of the largest gold
mines in South America. Golden Star also holds significant gold and diamond
exploration interests in South America and Africa. Southern Star represents the
Company's exploration interests throughout Latin America outside the countries
of the Guiana Shield and is now actively involved in Brazil and Bolivia. Golden
Star is listed on The Toronto Stock Exchange (Symbol "GSC") and the American
Stock Exchange (symbol "GSR"). Golden Star warrants trade on The Toronto Stock
Exchange (under the symbol "GSR.WT").
Companhia Vale do Rio Doce is one of the world's largest resource and
transportation logistics companies. In mining, CVRD ranks as the world's largest
producer of iron ore and ranks as a major producer of bauxite, manganese,
precious metals and other mineral products. CVRD also has extensive interests in
the steel industry, ferroalloys, pulp and paper and transportation. CVRD is the
largest individual gold producer in Latin America (530,000 ounces in 1995) and
has extensive land holdings in Brazil.
For further information, please contact:
GOLDEN STAR RESOURCES LTD. COMPANHIA VALE DO RIO DOCE (CVRD)
RICHARD A. WINTERS MARCO AURELIO LOPES PIRES
Vice President - Corporate Development Gerente Geral de Expansao da Producao
Golden Star Resources Ltd. Superintendencia de Metais Nobres
(303) 830-9000 OR (800) 553-8436 Av. Graca Aranha, 26 - 9(degree) andar
Denver, Colorado 20005-900 - RIO DE JANEIRO - RJ - Brazil
TEL.: 011-55-21 272-4521
FAX: 011-55-21-272-4574
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<PAGE>
TABLE 1
SOUTHERN STAR/CVRD - ANDORINHAS PROJECT, BRASIL
PHASE ONE CORE DRILLING RESULTS
(0.7 g/t cutoff, no high cutoff)
HOLE FROM TO LENGTH (M) G/T AU
- ---- ---- -- ---------- ------
Matinha/Melechete Zone
MAF-32 55.9 60.32 4.4 1.0
MAF-33 101.0 104.0 3.0 1.8
109.0 110.0 1.0 7.5
MAF-34 91.4 95.0 3.6 12.8
MAF-35 118.7 121.0 2.3 10.1
MAF-36 95.9 97.7 1.8 6.5
MAF-37 115.2 116.7 1.5 6.4
MAF-44 89.5 90.5 1.0 9.0
MAF-45 124.5 126.3 1.8 NM
MAF-48 75.0 76.0 1.0 1.3
MAF-49 107.7 111.7 4.1 NM
* NM - Shear zone intercepted with gold grades [LESS THAN] 0.7 g/t.
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Exhibit 99.4
JOINT PRESS RELEASE
GUYANOR RESSOURCES S.A. AND
GOLDEN STAR RESOURCES LTD.
ST-ELIE EXPLORATION UPDATE AND TRENCHING RESULTS
CAYENNE AND DENVER - FEBRUARY 24, 1997
Guyanor Ressources S.A. (Guyanor) and Golden Star Resources Ltd. (Golden Star),
are pleased to provide an update on exploration activities with ASARCO Guyane
Francaise S.A.R.L. (ASARCO) on the St-Elie property in French Guiana. A core
drilling program has commenced on the Chemin de Fer target on the St-Elie
property, the third of several targets to be drilled on the property. Guyanor
and ASARCO, through jointly owned Societe des Mines de St-Elie (SMSE), have also
negotiated with a local mining company, subject to government approval, an
option on the Dieu-Merci property, which borders the St-Elie property to the
east and south.
The Chemin de Fer target is situated in the southeast section of the 99-square
kilometer St-Elie property. The target was identified by a geochemical survey in
1996 and is associated with granitic intrusives within the Paramaca greenstone
belt. During late 1996, trenching was completed across the primary 1,400 by 200
meter Chemin de Fer anomaly. Four trenches cut across the zone identified a
corridor of intense quartz veining, 30 to 40 meters wide, over a strike length
of approximately 600 meters. The results from these trenches are reported in
Table 1. The average mineralized interval in the trenches was approximately 12
meters with a weighted average gold grade of 3.0 g/t. The current core drilling
campaign on Chemin de Fer is designed to test the depth continuity of this zone
and is anticipated to consist of 12 holes totaling approximately 1,800 meters. A
second core drill is scheduled to be mobilized at St-Elie by the end of February
for drilling on either the Chemin de Fer or Michel zones. Following the
construction of an additional exploration camp, access roads and drill pads,
both drill rigs are scheduled to begin testing the new Dieu-Merci prospects in
the near future.
SMSE recently negotiated a four-year option to earn an interest in the
Dieu-Merci property covering 155 square kilometers and consisting of three
concessions and one "B" exploration permit. The addition of the Dieu-Merci
property more than doubles Guyanor and ASARCO's holdings in the region, from 99
to 254 square kilometers. Dieu-Merci hosts the southeastern extension of the
Paramaca greenstone formation which trends through the St-Elie property and is
also locally intruded by granites. The owners carried out a detailed soil
geochemical survey totaling approximately 906 samples on a 100- by 100-meter
grid and identified four different 400 to 600 meter long anomalies with gold
values greater than 0.9 g/t known as Kerouani, Virgile, Cesar and Devis Sud.
At the Kerouani prospect, hundreds of hand and deep auger samples to a depth of
eight meters were taken over the whole area. The average gold grade of samples
taken from 167 deep auger holes was 3.0 g/t, while the average gold grade from
hand auger
<PAGE>
samples was approximately 2.0 g/t with assays cut at 50.0 g/t. Five trenches and
nine core drill holes were completed at Kerouani. Work completed on the 600 by
200 meter Virgile prospect, included augering, 11 trenches and nine core drill
holes. Trenching was also completed on the 600 by 300 meter Cesar prospect and
the 400 by 100 meter Devis Sud prospect.
The results of this trenching are presented in Table 1. At Kerouani, five
trenches excavated across the zone over a strike length of approximately 350
meters exhibited an average mineralized interval of approximately 18 meters with
a weighted average gold grade of 10.7 g/t. At Virgile, five trenches over a
450-meter strike length exhibited an average mineralized interval of
approximately 10 meters with a weighted average gold grade of 7.6 g/t. At Cesar,
five trenches excavated over a strike length of approximately 500 meters
exhibited an average mineralized interval of approximately 18 meters with a
weighted average gold grade of 6.0 g/t.
Jean-Francois Sauvage, Managing Director of Guyanor, stated, "We have a great
deal of work to do this year at St-Elie and Dieu-Merci with a drilling budget
that involves at least 15,000 meters. One drill rig is now working at Chemin de
Fer at St-Elie to test a significant zone of intense quartz veining that
trenching has shown to yield attractive gold grades. When this current 1,800
meter campaign is complete, we expect to move the drill to the Michel zone for a
second round of drilling on that target. Through the option on Dieu-Merci, we
have secured known extensions to mineralized zones on the St-Elie property. The
new Kerouani and Virgile prospects represent additional ready made drill
targets. We intend to mobilize our drill rigs to Kerouani and Virgile as soon as
we have established an exploration camp at Dieu-Merci and have transported the
required fuel and equipment to support a sustained drilling campaign. With many
top quality targets and an aggressive exploration budget, we believe we will
begin to clearly demonstrate the potential of St-Elie over the coming months."
Guyanor Ressources S.A. is a French exploration company in which Golden Star
Resources Ltd. has an approximately 68% interest. Guyanor operates exclusively
in the French Department of Guyane (French Guiana) and focuses on the
identification, exploration and development of significant mineral deposits,
principally gold and diamonds. Guyanor currently holds interests in the St-Elie,
Yaou, Dorlin, Paul Isnard and Regina Est gold properties as well as the Dachine
diamond property. Guyanor is listed on The Toronto Stock Exchange (under the
symbol "GRL.B") and the Nouveau Marche of the Bourse de Paris (under the symbol
"GUYN").
Golden Star Resources Ltd. is a gold and diamond exploration company which holds
a 30% equity interest in the Omai gold mine in Guyana, one of the largest gold
mines in South America. Golden Star also holds significant gold and diamond
exploration interests in South America and Africa. The Company is listed on The
Toronto Stock Exchange (under the symbol "GSC") and the American Stock Exchange
(under the symbol "GSR"). Golden Star warrants trade on The Toronto Stock
Exchange (under the symbol "GSR.WT"). The above forward-looking statements
involve risks and uncertainties including those relating to exploration, the
establishment of reserves,
-2-
<PAGE>
potential mine development and the recovery of any reserves. Please refer to a
discussion of these and other factors in Golden Star's 10-K, 10-Q and other
Securities and Exchange Commission filings.
For additional information, please contact:
GUYANOR RESSOURCES S.A. GOLDEN STAR RESOURCES LTD.
JEAN-FRANCOIS SAUVAGE RICHARD WINTERS
Managing Director Vice President - Corporate Development
011-594 29 54 40 (303) 830-9000 or (800) 553-8436
Cayenne, French Guiana Denver, Colorado
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TABLE 1. ST-ELIE PROJECT, FRENCH GUIANA
CHEMIN DE FER & DIEU-MERCI TRENCHING RESULTS
AREA TRENCH NO. SAMPLING LENGTH (M) G AU/T
ST-ELIE - TR63 horizontal 9 2.0
CHEMIN DE horizontal 4 1.4
FER/GIRAUD horizontal 6 4.1
TR73 horizontal 8 3.2
TR68 horizontal 6 1.5
horizontal 32 3.8
TR69 horizontal 30 2.8
horizontal 4 2.0
DIEU-MERCI TRK1 vertical 18 4.3
- -
KEROUNI TRK2 vertical 26 4.0
TRK3 vertical 26 5.2
TRK4 vertical 22 5.4
horizontal 17 56.8
TRK5 vertical 10 5.8
horizontal 6 5.8
DIEU-MERCI TRV1 vertical 12 2.6
- -
VIRGILE horizontal 11 4.0
TRV2 vertical 4 18.5
horizontal 8 32.0
TR4 vertical 8 1.2
TR5 vertical 3 3.6
TR21 vertical 24 7.5
horizontal 12 6.4
TR22 vertical 10 1.8
DIEU-MERCI TR1 horizontal 14 5.6
- -
CESAR TR2 vertical 14 5.5
horizontal 12 4.8
TR3 vertical 12 6.1
horizontal 10 29.4
TR8 vertical 22 5.4
horizontal 22 4.0
TR9A vertical 34 1.3
Vertical Sampling - meter by meter assays in vertical channels every two meters.
Horizontal Sampling - meter by meter assays along bottom of trench. Average
trench depth - 3.5 meters
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Exhibit 99.5
JOINT PRESS RELEASE
GUYANOR RESSOURCES S.A.
GOLDEN STAR RESOURCES LTD.
COMPLETION OF DACHINE BULK SAMPLE PROCESSING
CAYENNE AND DENVER - FEBRUARY 24, 1997
Guyanor Ressources S.A. (Guyanor) and Golden Star Resources Ltd. (Golden Star)
announce the completion of processing a small initial bulk sample from the
Dachine permit area in French Guiana. Guyanor and BHP Minerals International
(BHP) signed a Heads of Agreement in December 1995 to jointly explore the
Dachine diamond occurrence. BHP is the project manager under the Heads of
Agreement.
Processing of concentrate collected from approximately 186 dry tonnes of
material from a small initial bulk sample collected from ten pits over the known
five kilometer strike length of the Dachine diamondiferous body has been
completed at BHP's Minerals Laboratory in Reno, Nevada. Processing of the sample
was undertaken to recover only macrodiamonds larger than 1.25mm in their longest
dimension. Processing of the bulk sample recovered an insignificant number of
stones larger than 1.25mm was recovered from the bulk sample.
Pending review of final results, BHP intends to discontinue funding diamond
exploration on the Dachine "B" permit under the Heads of Agreement with Guyanor.
Should BHP elect to terminate the agreement, Guyanor intends to continue diamond
exploration in the Dachine area and may seek new joint venture partners. Guyanor
currently holds the Dachine "B" exploration permit and has applied for an "A"
permit for a total of 337 square kilometers, which includes the 25 square
kilometer "B" permit area.
Dr. Jacques Letendre, Golden Star Diamond Program Manager, stated, "Based on our
previous work at Dachine, we are very puzzled by the results from the small bulk
sample. We previously originally reported the recovery of eight macrodiamonds
([GREATER THAN] 1.0mm) from 1.8 tonnes of material and more recently reported
the recovery of macrodiamonds ([GREATER THAN] 0.5mm) from samples taken in each
creek draining off the Dachine body. This information is not consistent with the
results of the bulk sample, which produced an insignificant number of stones
larger than 1.25mm. Even without the continued participation of BHP, we believe
that further exploration is justified at Dachine to better characterize the
geology and nature of the body, which is essential in evaluating whether some
portion of the very large Dachine body could be economic. Outside the Dachine
'"B' " Permit, we feel it is important to continue exploration of other known
'"Dachine-like'" diamond targets as well as a significant gold anomaly that has
been identified on the flank of the Dachine diamondiferous body."
Guyanor is a French, public exploration company in which Golden Star Resources
Ltd. has an approximately 68% interest. Guyanor operates entirely in the French
Department of Guyane (French Guiana) and is focused on the identification,
exploration
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and development of significant mineral deposits, principally gold and diamonds.
Guyanor currently holds interests in the St-Elie, Yaou, Dorlin, Paul Isnard,
Eau-Blanche and Regina Est gold properties as well as the Dachine diamond
property. Guyanor is listed on The Toronto Stock Exchange (under the symbol
"GRL.B") and the Nouveau Marche of the Bourse de Paris (under the symbol
"GUYN").
Golden Star Resources Ltd. is a gold and diamond exploration company which holds
a 30% equity interest in the Omai gold mine in Guyana, one of the largest gold
mines in South America. Golden Star also holds significant gold and diamond
exploration interests in South America and Africa. The Company is listed on The
Toronto Stock Exchange (Symbol "GSC") and the American Stock Exchange (symbol
"GSR"). Golden Star warrants trade on The Toronto Stock Exchange (under the
symbol "GSR.WT").
For further information, please contact:
GUYANOR RESSOURCES S.A. GOLDEN STAR RESOURCES LTD.
JEAN-FRANCOIS SAUVAGE RICHARD A. WINTERS
Managing Director Vice President - Corporate Development
011-594-29 54 40 (303) 830-9000 OR (800) 553-8436
Cayenne, French Guiana Denver, Colorado
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