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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: August 18, 1999
GOLDEN STAR RESOURCES LTD.
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(Exact name of registrant as specified in its charter)
CANADA 000-21708 980101955
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
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.
Bogoso Gold Limited Recent Developments
As previously disclosed in the public filings of Golden Star Resources Ltd.
(the "Company"), the Company has entered into an agreement to acquire 70% of the
outstanding common shares of Bogoso Gold Limited ("BGL") and 78% of the
outstanding debt of BGL, subject to the satisfaction of certain conditions
precedent. The Company has previously disclosed certain historical financial
information of BGL and certain pro forma financial information of the Company
giving effect to the acquisition of BGL, in each case through or as of March 31,
1999.
BGL has provided the Company with certain unaudited interim financial data of
BGL for the three months ended June 30, 1999. This information reflects net
income for the second quarter of 1999 totaling $2.1 million. This net income
resulted primarily from the reversal of accruals as a result of revised
estimates of BGL's environmental liability. Without the reversal of this
liability, BGL would have incurred a net loss of approximately $1.1 million for
the second quarter of 1999.
For the six months ended June 30, 1999, BGL recognized net income of $1.1
million. This income resulted primarily from the reversal of accruals as a
result of revised estimates of BGL's environmental liability. Without the
reversal of this liability, BGL would have incurred a net loss of $2.2 million
for the six months ended June 30, 1999.
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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 August 18, 1999 By: /s/ Richard Winters
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Richard Winters
Vice President, Corporate Development
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