Golden Star Resources FY18 Gold Production Below Low End Of Guidance

(RTTNews) - Golden Star Resources Ltd. (GSS, GSC.TO) reported fiscal 2018 consolidated gold production of 224,861 ounces, 139 ounces below the low end of guidance. For the fourth quarter of 2018, gold production was 48,854 ounces.

For fiscal, the company's consolidated guidance for gold production is 220,000-240,000 ounces. The company noted that a significant decrease in projected operating cost per ounce is expected in 2019.

Sam Coetzer, CEO of Golden Star, said: "At Wassa Underground, operational performance has consistently exceeded our expectations and at the same time the resource base has continued to grow, underpinning our confidence in its substantial production growth potential. For Prestea, 2018 was a difficult year with performance below our expectations in terms of production and costs. In the fourth quarter, we took a series of actions to ensure that the operation is rightsized with the appropriate skills base and cost structure to move towards consistently delivering a run rate of 650 tonnes per day during 2019."