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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 27, 1998
GOLDEN STAR RESOURCES LTD.
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(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
CANADA 000-21708 980101955
- ------------------------------ ---------------- ------------------
(State or other jurisdiction (Commission File IRS Employer
of incorporation) Number) Identification No.)
</TABLE>
1660 Lincoln St., Suite 3000, Denver, Colorado 80264
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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)
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ITEM 5. OTHER EVENTS.
On May 27, 1998, the Registrant announced in a joint press release with
Guyanor Ressources S.A. ("Guyanor") that Guyanor and ASARCO Incorporated agreed
to terminate their joint venture agreements regarding the Paul Isnard/Eau
Blanche and St-Elie/Dieu-Merci gold projects in French Guiana. A copy of the
Registrant's press release regarding this matter is attached hereto as an
exhibit and incorporated by reference.
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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.
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Registrant
Date May 27, 1998 /s/ Louis O. Peloquin
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Louis O. Peloquin, Vice President,
General Counsel and Secretary
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EXHIBIT INDEX
Exhibit Description of Exhibit
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99.1 Registrant's press release, dated May 27,1998 entitled "Attributable
Mineralized Inventories Rise following Termination of the Asarco Joint
Ventures on the St-Elie and Paul Isnard Projects."
BALANCE OF PAGE LEFT BLANK
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JOINT PRESS RELEASE
GOLDEN STAR RESOURCES LTD.
GUYANOR RESSOURCES S.A.
ATTRIBUTABLE MINERALIZED INVENTORIES RISE FOLLOWING TERMINATION OF THE
ASARCO JOINT VENTURES ON THE ST-ELIE AND PAUL ISNARD PROJECTS
DENVER, COLORADO AND CAYENNE, FRENCH GUIANA - MAY 27, 1998
Golden Star Resources Ltd. ("Golden Star") and its approximately 69% owned
public French subsidiary Guyanor Ressources S.A. ("Guyanor") announce the
resolution of a budget deadlock with ASARCO Incorporated ("Asarco") regarding
spending levels and work programs at the Paul Isnard/Eau Blanche and St-
Elie/Dieu-Merci gold projects in French Guiana. The deadlock arose early in the
year with Asarco's decision to significantly curtail spending at the projects in
the face of low copper prices and reduced exploration budgets. Under the
termination and settlement agreement reached between Guyanor and Asarco and
subject to certain conditions, Asarco shall pay Guyanor amounts totaling
approximately $1.0 million. Upon settlement, Asarco will relinquish all rights
and obligations under the joint venture agreements and Guyanor will hold a 100%
interest in the St-Elie/Dieu-Merci projects and, subject to the consent of
LaSource Developpement S.A.S. ("LaSource"), approximately 87% of the Paul
Isnard/Eau Blanche projects with LaSource holding the remaining 13% interest in
Paul Isnard/Eau Blanche.
The immediate impact of the termination of the Asarco joint ventures at Paul
Isnard and St-Elie is to increase both Golden Star's and Guyanor's attributable
open pit and geologic mineralized inventories, 53% and 17% respectively for
Golden Star and 54% and 50% respectively for Guyanor, as summarized in Table 1.
Since 1995, a total of approximately $9.8 million has been spent on exploration
at St-Elie/Dieu-Merci, of which Asarco funded $7.2 million, and approximately
$8.2 million has been spent on exploration at Paul Isnard/Eau Blanche, of which
Asarco funded $4.2 million. At Paul Isnard, the work to date has resulted in
the discovery of Montagne d'Or, the first significant volcanogenic massive
sulfide (VMS) deposit discovered in the Guiana Shield, with a current open pit
mineralized inventory of 18.7 million tonnes grading 2.5 g Au/t and a total
geologic mineralized inventory of 33.2 million tonnes grading 2.0 g Au/t. At
St-Elie, the work has identified several areas exhibiting the potential to
delineate a substantial near surface mineralized inventory, with a current open
pit mineralized inventory at one zone, Michel, of 1.4 million tonnes grading 4.2
g Au/t and total geologic mineralized inventory of 3.3 million tonnes grading
3.3 g Au/t.
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JOINT PRESS RELEASE - GOLDEN STAR RESOURCES & GUYANOR RESOURCES ANNOUNCE
ATTRIBUTABLE MINERALIZED INVENTORIES RISE FOLLOWING TERMINATION OF THE
ASARCO JOINT VENTURES ON THE ST-ELIE AND PAUL ISNARD PROJECTS
MAY 27, 1998
PAGE TWO
TABLE 1. GOLDEN STAR AND GUYANOR ATTRIBUTABLE RESERVES AND MINERALIZED
INVENTORIES
<TABLE>
<CAPTION>
Attributable to Golden Star Attributable to Guyanor
---------------------------------- ----------------------------------
PROVEN & PROBABLE MM tonnes MM tonnes Grade MM tonnes MM tonnes Grade
RESERVES @ $350 AU January 98' May 98' g Au/t January 98' May 98' g Au/t
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Omai 16.2 16.2 1.4 0.0 0.0 0.0
Gross Rosebel 17.7 17.7 1.8 0.0 0.0 0.0
- ------------- ---- ---- --- --- --- ---
Total/Weighted Avg 33.9 33.9 1.6 0.0 0.0 0.0
% Tonnage Increase 0% 0%
- ------------------------------------------------------------------------------------------------
MINERALIZED INVENTORIES WITHIN WHITTLE PITS @ $350 AU
- ------------------------------------------------------------------------------------------------
Yaou/Dorlin 5.9 5.9 1.9 8.4 8.4 1.9
St-Elie 0.5 1.0 4.2 0.7 1.4 4.2
Paul Isnard 5.5 11.4 2.5 7.9 16.3 2.5
Andorinhas 0.3 0.3 13.3 0.0 0.0 0.0
- ---------- ---- ---- ---- ---- ---- ---
Total/Weighted Avg 12.2 18.6 2.5 17.0 26.1 2.4
% Tonnage Increase 53% 54%
- -------------------------------------------------------------------------------------------------
GEOLOGIC MINERALIZED INVENTORIES
- -------------------------------------------------------------------------------------------------
Gross Rosebel 38.5 38.5 1.5 0.0 0.0 0.0
Yaou/Dorlin 12.3 12.3 1.6 17.5 17.5 1.6
St-Elie 1.2 2.3 3.3 1.7 3.3 3.3
Paul Isnard 9.7 20.0 2.0 13.8 28.6 2.0
Andorinhas 0.3 0.3 13.3 0.0 0.0 0.0
Eagle Mountain 4.0 4.0 1.4 0.0 0.0 0.0
- -------------- ---- ---- ---- ---- ---- ---
Total/Weighted Avg 66.0 77.4 1.7 33.0 49.4 1.9
% Tonnage Increase 17% 50%
- -----------------------------------------------------------------------------------------------
</TABLE>
Guyanor is currently considering its options for the next phase of work at both
Paul Isnard and St-Elie. At Paul Isnard, a 10,000 meter core drilling campaign
is under consideration to begin infill drilling over the known three kilometer
strike length of the Montagne d'Or VMS target. At St-Elie, a program totaling
approximately 13,200 meters (to an average depth of 15 meters) is under
consideration to continue evaluation of the near surface potential at the Dieu-
Merci targets over an area of approximately 3 square kilometers on a nominal 40
by 40 meter grid. An initial auger program was completed in late 1997 and early
1998 at Kerouani Hill on the Dieu-Merci target area to demonstrate the
effectiveness of augering to estimate mineralized inventories. This test
program evaluated an area approximately 300 by 300 meters resulting in a
geologic mineralized inventory of approximately 600,000 tonnes grading 3.9 g
Au/t to a depth of five meters. A decision on the scope of the next programs at
Paul Isnard and St-Elie is contingent upon funding availability and the
completion of the restructuring process of Guyanor currently in progress in
French Guiana. Intensive work programs are not likely to be initiated until the
fourth quarter of 1998, though Guyanor is investigating the possibility for a
limited exploration campaign at St-Elie in the interim.
David Fennell, President and CEO of Golden Star and President of Guyanor
commented, "Asarco has been a good partner that has spent a substantial sum on
Paul Isnard and St-Elie over the last two and a half years. While our two
companies are quite different, we understand and appreciate the impact of low
copper prices on Asarco's bottom line and their decision to cut exploration
budgets in response. At the same time, however, Golden Star and Guyanor
shareholders simply could not
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JOINT PRESS RELEASE - GOLDEN STAR RESOURCES & GUYANOR RESSOURCES ANNOUNCE
ATTRIBUTABLE MINERALIZED INVENTORIES RISE FOLLOWING TERMINATION OF THE ASARCO
JOINT VENTURES ON THE ST-ELIE AND PAUL ISNARD PROJECTS
MAY 27, 1998
PAGE THREE
afford the possibility of having no meaningful work done in 1998 or beyond to
advance the Paul Isnard and St-Elie projects, two of the best in our portfolio.
The termination of the Asarco joint ventures has left Guyanor holding two
advanced stage projects with excellent potential to define additional resources
and advance the projects to the next level. These two projects are all the more
important in the current environment given their relatively high grade and
therefore the potential to generate an acceptable margin even at lower gold
prices. We are pleased that we are now in control of the projects and their
budgets."
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 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").
Guyanor is a French exploration company in which Golden Star has an approximate
69% interest. Guyanor operates exclusively in the French Department of Guyane
(French Guiana) and is focused on the identification, exploration and
development of significant mineral deposits, principally gold and diamonds.
Guyanor currently holds interests in the St-Elie, Yaou, Dorlin, and Paul Isnard
gold properties as well as the Dachine diamond property. Guyanor is listed on
the Toronto Stock Exchange under the symbol, GRL.B, and on Le Nouveau Marche of
the Paris Bourse under the symbol, GUYN.
For further information, please contact:
GUYANOR RESSOURCES S.A.
JEAN-FRANCOIS SAUVAGE
Managing Director
Cayenne, French Guiana
011-594-29-5440
GOLDEN STAR RESOURCES LIMITED
GORDON J. BELL RICHARD A. WINTERS
Vice President and Chief Financial Officer Vice President, Corporate
Development
(303) 830-9000 or (800) 553-8436
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