Golden Star Resources Ltd.
) has announced its proven and probable mineral reserves (also
called "Mineral Reserves") and mineral resources as of Dec 31,
Golden Star's mineral reserve ounces (oz) declined 8% year over
year to 3.9 million oz mainly due to mining depletion and lower
gold price assumptions used. Mineral reserves were estimated on a
gold price assumption of $1,300 per oz compared with $1,450 per
oz estimated on Dec 31, 2012.
At the Wassa mine, proven and probable mineral reserves rose by
34% year over year to 2 million oz. Despite a reduction in gold
price assumption and depletion of 206,000 ounces of mineral
reserve, there was an increase in the proven and probable mineral
reserves at the mine.
At Bogoso mine, Mineral Reserves in active pits was 394,000 oz, a
decline of 53% from the previous year due to lower gold price
assumptions despite an increase in grades.
Golden Star's measured and indicated mineral resource ounces
declined 14% year over year to 6.4 million oz with lower gold
price assumption of $1,400 per oz. Wassa's total measured and
indicated mineral resource increased 29% year over year to 3.3
million oz as of Dec 31, 2013. The increase is due to a 37%
increase in the mineral resource within the Wassa Main pit design
and the inclusion of 289,000 oz of mineral resource from the
Wassa Underground deposit.
Bogoso's measured and indicated mineral resource declined 35%
from the previous estimate to 3 million oz due to the lower gold
price assumption used and depletion in the pits where mining is
Golden Star is presently drilling the Wassa Main deposit to
determine the ultimate size as well as improve the understanding
of the deposit. The company's strategy is to increase production
from low cost non-refractory ore sources while reducing overall
Golden Star currently carries a Zacks Rank #3 (Hold).
Other companies in the mining industry with favorable Zacks
Lake Shore Gold Corp.
Alexco Resource Corp.
), each with a Zacks Rank #2 (Buy).
ALEXCO RESOURCE (AXU): Free Stock Analysis
FRANCO NV CP (FNV): Free Stock Analysis
GOLDEN STAR RES (GSS): Free Stock Analysis
LAKE SHORE GOLD (LSG): Free Stock Analysis
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