Golden Star to Acquire Anvil Share of Bogoso Mine

Apr 04, 2001, 01:00 ET from Golden Star Resources Ltd.

    DENVER and PERTH, Australia, April 4 /PRNewswire/ -- Golden Star Resources
 Ltd. (Toronto: GSC; OTC Bulletin Board:   GSRSF) and Anvil Mining NL
 (Australia: AVL; Berlin: 903718) are pleased to announce the signing of an
 agreement whereby Anvil will be issued 3 million common shares in Golden Star
 at a price per share of US$0.40, in exchange for Anvil's rights and
 obligations in Bogoso Gold Limited ("BGL"), owner and operator of the Bogoso
 gold mine in Ghana, including Anvil's 20% equity interest and 22.2%
 shareholder loan interest.  Immediately following the closing of this
 transaction, the shareholders of BGL will be Golden Star (90%) and the
 Republic of Ghana (10%).  The 3 million shares of Golden Star represent 7.9%
 of Golden Star's issued and outstanding capital.  The shares have not been and
 will not be registered under the U.S. Securities Act of 1933 and may not be
 offered or sold in the United States without registration or exemption from
 registration requirements thereunder.
     The Agreement also includes an assumption by Golden Star of all Anvil's
 future obligations to various financial institutions pertaining to the Bogoso
 acquisition, and an indemnity in favor of Anvil in respect of all other
 liabilities as a participant in the Bogoso joint venture.
     The transaction is subject to the receipt of all relevant Ghanaian
 approvals and consents for the transfer of Anvil's interests in BGL to Golden
 Star, and to Golden Star obtaining all necessary approvals for the issuance of
 Golden Star shares to Anvil including the approval of the Toronto Stock
 Exchange and Golden Star's shareholders at its Annual General Meeting on
 June 27, 2001.
     Peter Bradford, President and CEO of Golden Star, commented that "the
 rationalization of the ownership of Bogoso brings significant advantages to
 both parties and to the mine.  Golden Star and Bogoso should have better
 access to capital and will now be better positioned to pursue the strategy of
 regional consolidation with the intent of creating a long-lived gold producing
 entity."
     Bill Turner, Anvil's Executive Director, commented that "the consolidation
 provides Anvil with significantly greater financial flexibility, particularly
 in relation to progressing the Dikulushi project in the Democratic Republic of
 Congo.  It also provides relief from any debt burdens that may be incurred in
 the near future as a result of Bogoso's strategy of regional consolidation to
 acquire additional ore reserves, while maintaining an indirect interest in
 these developments.  Anvil's shareholders, through Anvil's interest in Golden
 Star, will have exposure to a North American gold company, which is very much
 leveraged to future movements in the gold price.  In addition to its strategic
 position on the Ashanti Gold Belt in Ghana, Golden Star has producing and
 pre-development gold assets in Guyana and Suriname."
     Anvil is the holder of a 90% interest in the high grade Dikulushi
 copper-silver deposit in the Democratic Republic of Congo.  Dikulushi has an
 Indicated and Inferred Resource under the Australian "JORC" definitions of
 1.94 million tonnes at an average grade of 8.59% copper and 266 g/t silver, a
 significant portion of which is open-pitable.  The company drilled the
 Dikulushi deposit in late 1997 and completed a pre-feasibility study in early
 1998, which showed the project to be economically very robust.
     Golden Star holds a 70% equity interest in the Bogoso gold mine in Ghana,
 a 30% equity interest in the Omai gold mine in Guyana, and a 50% interest in
 the Gross Rosebel gold project in Suriname.  In addition, the Company has
 other gold and diamond exploration interests in the Guiana Shield in South
 America and in West Africa.  Golden Star currently has approximately
 38 million shares outstanding.  The Company is listed on the Toronto Stock
 Exchange under the symbol "GSC" and trades on the OTC Bulletin Board under the
 symbol "GSRSF."
 
     For additional information, please contact: Bill Turner, Executive
 Director of Anvil Mining NL, +618 9384 4545, billt@anvil.com.au; or Peter
 Bradford, President & CEO of Golden Star Resources Ltd., 303-894-4613 or
 800-553-8436, info@gsr.com.
 
 

SOURCE Golden Star Resources Ltd.
    DENVER and PERTH, Australia, April 4 /PRNewswire/ -- Golden Star Resources
 Ltd. (Toronto: GSC; OTC Bulletin Board:   GSRSF) and Anvil Mining NL
 (Australia: AVL; Berlin: 903718) are pleased to announce the signing of an
 agreement whereby Anvil will be issued 3 million common shares in Golden Star
 at a price per share of US$0.40, in exchange for Anvil's rights and
 obligations in Bogoso Gold Limited ("BGL"), owner and operator of the Bogoso
 gold mine in Ghana, including Anvil's 20% equity interest and 22.2%
 shareholder loan interest.  Immediately following the closing of this
 transaction, the shareholders of BGL will be Golden Star (90%) and the
 Republic of Ghana (10%).  The 3 million shares of Golden Star represent 7.9%
 of Golden Star's issued and outstanding capital.  The shares have not been and
 will not be registered under the U.S. Securities Act of 1933 and may not be
 offered or sold in the United States without registration or exemption from
 registration requirements thereunder.
     The Agreement also includes an assumption by Golden Star of all Anvil's
 future obligations to various financial institutions pertaining to the Bogoso
 acquisition, and an indemnity in favor of Anvil in respect of all other
 liabilities as a participant in the Bogoso joint venture.
     The transaction is subject to the receipt of all relevant Ghanaian
 approvals and consents for the transfer of Anvil's interests in BGL to Golden
 Star, and to Golden Star obtaining all necessary approvals for the issuance of
 Golden Star shares to Anvil including the approval of the Toronto Stock
 Exchange and Golden Star's shareholders at its Annual General Meeting on
 June 27, 2001.
     Peter Bradford, President and CEO of Golden Star, commented that "the
 rationalization of the ownership of Bogoso brings significant advantages to
 both parties and to the mine.  Golden Star and Bogoso should have better
 access to capital and will now be better positioned to pursue the strategy of
 regional consolidation with the intent of creating a long-lived gold producing
 entity."
     Bill Turner, Anvil's Executive Director, commented that "the consolidation
 provides Anvil with significantly greater financial flexibility, particularly
 in relation to progressing the Dikulushi project in the Democratic Republic of
 Congo.  It also provides relief from any debt burdens that may be incurred in
 the near future as a result of Bogoso's strategy of regional consolidation to
 acquire additional ore reserves, while maintaining an indirect interest in
 these developments.  Anvil's shareholders, through Anvil's interest in Golden
 Star, will have exposure to a North American gold company, which is very much
 leveraged to future movements in the gold price.  In addition to its strategic
 position on the Ashanti Gold Belt in Ghana, Golden Star has producing and
 pre-development gold assets in Guyana and Suriname."
     Anvil is the holder of a 90% interest in the high grade Dikulushi
 copper-silver deposit in the Democratic Republic of Congo.  Dikulushi has an
 Indicated and Inferred Resource under the Australian "JORC" definitions of
 1.94 million tonnes at an average grade of 8.59% copper and 266 g/t silver, a
 significant portion of which is open-pitable.  The company drilled the
 Dikulushi deposit in late 1997 and completed a pre-feasibility study in early
 1998, which showed the project to be economically very robust.
     Golden Star holds a 70% equity interest in the Bogoso gold mine in Ghana,
 a 30% equity interest in the Omai gold mine in Guyana, and a 50% interest in
 the Gross Rosebel gold project in Suriname.  In addition, the Company has
 other gold and diamond exploration interests in the Guiana Shield in South
 America and in West Africa.  Golden Star currently has approximately
 38 million shares outstanding.  The Company is listed on the Toronto Stock
 Exchange under the symbol "GSC" and trades on the OTC Bulletin Board under the
 symbol "GSRSF."
 
     For additional information, please contact: Bill Turner, Executive
 Director of Anvil Mining NL, +618 9384 4545, billt@anvil.com.au; or Peter
 Bradford, President & CEO of Golden Star Resources Ltd., 303-894-4613 or
 800-553-8436, info@gsr.com.
 
 SOURCE  Golden Star Resources Ltd.