Golden Star Updates Mineral Reserves and Mineral Resources at December 31, 2005

Mineral Reserves in 2005 increased by 660,000 ounces or 17% beforemining depletion. Mineral Reserves, after mining depletion, increasedby 270,000 ounces or 7% during 2005 to 56.8 million tonnes grading2.22 g/t for contained Gold of 4.05 million ounces at year end. Theincrease was a result of an increased gold price assumption and afocused drill program around our operating mines to convert and betterdefine our Mineral Resources (as defined below). These gains wereoffset by increasing cost factors and design changes.

Measured and Indicated Mineral Resources increased to 50.8 milliontonnes grading 2.05 g/t of gold while Inferred Mineral Resourcesdecreased to 55.2 million tonnes grading 2.57 g/t of gold.

The Mineral Reserve and Mineral Resource estimates have beencalculated by our technical personnel in accordance with definitionsand guidelines set out in the Standards on Mineral Resources andReserves published by the Canadian Institute of Mining, Metallurgy,and Petroleum and as required by Canada's National Policy Instrument43-101.

There are numerous uncertainties inherent in estimating proven andprobable mineral reserves, including many factors beyond our control.The estimation of reserves is a subjective process, and the accuracyof any reserve estimate is a function of the quality of available dataand of engineering and geological interpretation and individualjudgment. Results from drilling, testing and production, as well asmaterial changes in metal prices subsequent to the date of anestimate, may justify revision of such estimates.

We expect to complete and file our Form 10-K which will includethe information on Mineral Reserves and Non-Reserve Mineral Resourceson or about February 23, 2006.

Mineral Reserves
Proven and Probable Mineral Reserves as at December 31, 2005

Proven Probable
------------------------------------------------------
Property Tonnes Gold Contained Tonnes Gold Contained
(millions) Grade Ounces (millions) Grade Ounces
(g/t) (millions) (g/t) (millions)
----------------------------------------------------------------------
Bogoso/Prestea
Non-refractory 1.9 3.82 0.23 7.0 2.26 0.51
Refractory 13.0 3.00 1.25 11.4 2.42 0.89
Total 14.9 3.11 1.48 18.4 2.36 1.40
----------------------------------------------------------------------
Wassa

Non-refractory


- - - 21.9 1.34 0.94
Total


- - - 21.9 1.34 0.94
----------------------------------------------------------------------
Mampon
Non-refractory
- - - 1.0 3.54 0.12
Refractory - - - 0.5 6.37 0.11
Total - - - 1.5 4.53 0.23
----------------------------------------------------------------------
Totals
Non-refractory 1.9 3.82 0.23 30.0 2.26 1.57
Refractory 13.0 3.00 1.25 11.9 2.42 1.00
----------------------------------------------------------------------
Total 2005 14.9 3.11 1.48 41.9 1.90 2.57
----------------------------------------------------------------------
Total 2004 14.5 3.23 1.51 36.6 1.94 2.28
----------------------------------------------------------------------

Total
---------------------------
Property Tonnes Gold Contained
(millions) Grade Ounces
(g/t) (millions)
----------------------------------------------------------------------
Bogoso/Prestea
Non-refractory 8.9 2.59 0.74
Refractory 24.4 2.73 2.14
Total 33.3 2.69 2.88
----------------------------------------------------------------------
Wassa

Non-refractory


21.9 1.34 0.94
Total


21.9 1.34 0.94
----------------------------------------------------------------------
Mampon
Non-refractory
1.0 3.54 0.12
Refractory 0.5 6.37 0.11
Total 1.5 4.53 0.23
----------------------------------------------------------------------
Totals
Non-refractory 31.9 2.59 1.80
Refractory 24.9 2.73 2.25
----------------------------------------------------------------------
Total 2005 56.8 2.22 4.05
----------------------------------------------------------------------
Total 2004 51.1 2.30 3.78
----------------------------------------------------------------------

(1) The Mineral Reserves were estimated in accordance with the
definitions and requirements of Canada's National Instrument 43-101
using a gold price of $400 per ounce, which approximately equates to
the three-year rolling average gold price. A gold price of $360 per
ounce was used to determine Mineral Reserves in 2004.

(2) The Qualified Person for the estimation of the Mineral Reserves
is Bill Tanaka, our Group Reserves Manager.

(3) The terms "non-refractory" and "refractory" refer to the ore type.
We plan to process the refractory ore in our BIOX(R) bio-oxidation
plant that is currently being constructed at Bogoso and to process
the non-refractory ore using our more traditional gravity, flotation
and/or cyanidation techniques.

(4) The modifying factors and assumptions used in the determination
of the Mineral Reserves are tabulated later in this press release.

(5) Mineral Reserves are expressed on a 100% basis. Golden Star's
share of the Mineral Reserves is subject to the Government of Ghana's
10% carried interest which entitles them to a 10% dividend once our
capital costs have been recovered.

Reconciliation of Mineral Reserves

The following table sets out the primary factors that impact ourMineral Reserves during 2005.
Reconciliation Tonnes Contained Tonnes Contained
(millions) Ounces (% Of Ounces
(millions) Opening) (% Of
Opening)
----------------------------------------------------------------------
Opening Mineral Reserves 51.1 3.78 100 100
----------------------------------------------------------------------
Gold price 7.4 0.44 15 12
----------------------------------------------------------------------
Exploration 11.0 0.77 21 20
----------------------------------------------------------------------
Mining depletion (6.4) (0.39) (13) (10)
----------------------------------------------------------------------
Operating cost increases (5.4) (0.50) (10) (13)
----------------------------------------------------------------------
Design changes (0.9) (0.10) (2) (2)
----------------------------------------------------------------------
Closing Mineral Reserves 56.8 4.05 111 107
----------------------------------------------------------------------

(1) Depletion represents contained ounces of Mineral Reserves
processed during 2005 before considering recovery losses and therefore
does not equal 2005 actual gold production.

(2) Increases and decreases in Mineral Reserves can result from
the discovery of new mineralization, conversion of Non-Reserve Mineral
Resources to Mineral Reserves, and changes in price assumptions, unit
costs and recoveries or any combination of these factors. The
increases in Mineral Reserves during 2005 were due primarily to the
exploration successes at Bogoso/Prestea and Wassa, and an increase to
$400 per ounce from $360 per ounce in the estimated gold price used to
calculate Mineral Reserves.

Modifying Factors Used For Mineral Reserve Estimation

In addition to our gold price assumption, we have relied oncertain assumptions for costs, mining dilution and loss andmetallurgical recovery. The assumptions that we have relied upon toestimate the 2005 Mineral Reserves for each of our properties are asfollows:
Assumption Bogoso/Prestea(1) Wassa
-----------------------------------------
Non-refractory Refractory Non-refractory
----------------------------------------------------------------------
Operating Costs
----------------------------------------------------------------------
Waste Mining ($/t-mined) (3) 1.0 1.2 1.2
----------------------------------------------------------------------
Ore Mining ($/t-milled) (3) 1.2 1.4 1.4
----------------------------------------------------------------------
Haulage Costs ($/t-milled) 0.4-2.8 0.4-2.8 Inc Above
----------------------------------------------------------------------
Process Cost ($/t-milled) 5.9 11.0 4.3
----------------------------------------------------------------------
G&A Cost ($/t-milled) 0.0(2) 2.0 1.0
----------------------------------------------------------------------
Mining & Processing Factors
----------------------------------------------------------------------
Mining Recovery (%) 98% 98% 100%
----------------------------------------------------------------------
Dilution (%) 5% 5% 15%
----------------------------------------------------------------------
Metallurgical Recovery (%) 80-85% 60-86% 92%
----------------------------------------------------------------------
Royalty (%) 3% 3% 3%
----------------------------------------------------------------------

(1) Includes all Bogoso/Prestea deposits including Mampon and Pampe.

(2) Post the commissioning of the BIOX(R) plant all G&A costs are
assumed to be borne by the BIOX(R) processing plant and zero G&A costs
are allocated to the non-refractory processing plant. A G&A cost of
$4.25 per tonne has been assumed for any non-refractory ore processed
prior to the commissioning of the BIOX(R) processing plant.

(3) The term "$/t-mined" means US dollars per tonne of material mined
and the term "$/t-milled" means US dollars per tonne of material
processed.

Non-Reserve Mineral Resources
Cautionary Note to US Investors concerning estimates of Measured
and Indicated Mineral Resources
This section uses the terms "measured mineral resources" and
"indicated mineral resources". We advise US investors that while
those terms are recognized and required by Canadian regulations,
the US Securities and Exchange Commission does not recognize them.
US investors are cautioned not to assume that any part or all of
the mineral deposits in these categories will ever be converted
into mineral reserves.

Cautionary Note to US Investors concerning estimates of Inferred
Mineral Resources
This section uses the term "inferred mineral resources". We advise
US investors that while this term is recognized and required by
Canadian regulations, the US Securities and Exchange Commission
does not recognize it. "Inferred mineral resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. In accordance with Canadian rules,
estimates of inferred mineral resources cannot form the basis of
feasibility or other economic studies. US investors are cautioned
not to assume that part or all of the inferred mineral resource
exists, or is economically or legally mineable.

Measured and Indicated Mineral Resources and
Inferred Mineral Resources as at December 31, 2005


Measured &
Measured Indicated Indicated Inferred
-------------------------------------------------------
Property Tonnes Gold Tonnes Gold Tonnes Gold Tonnes Gold
(mil- Grade (mil- Grade (mil- Grade (mil- Grade
lions) (g/t) lions) (g/t) lions) (g/t) lions (g/t)
----------------------------------------------------------------------
Bogoso/
Prestea 4.8 2.05 29.2 2.07 34.0 2.07 24.5 2.1
Wassa - - 11.3 0.76 11.3 0.76 10.1 1.2
Prestea Under-
ground - - - - - - 6.1 8.1
Pampe - - 0.2 4.4 0.2 4.4 0.8 3.8
Benso - - 2.6 3.8 2.6 3.8 0.9 3.6
Hwini
Butre - - 2.7 5.3 2.7 5.3 0.2 3.2
Goulagou - - - - - - 4.4 1.6
Paul
Isnard - - - - - - 8.2 1.8
----------------------------------------------------------------------
Total
2005 4.8 2.05 46.0 2.05 50.8 2.05 55.2 2.57
----------------------------------------------------------------------

Total
2004 7.8 1.55 27.8 2.14 35.6 2.01 62.2 2.2
----------------------------------------------------------------------

(1) The Mineral Resources were estimated in accordance with the
definitions and requirements of Canada's National Instrument 43-101
and cut off grades derived from a $480 per ounce gold price. In 2004
we used a $430 per ounce gold price.

(2) The Mineral Resources are in addition to the Mineral Reserves
described above.

(3) The Qualified Person for the estimation of the Mineral Resources,
other than the Paul Isnard Mineral Resource, is S. Mitchel Wasel, our
Exploration Manager.

(4) The Qualified Person for the estimation of the Mineral Resources
for Paul Isnard is Colin Jones, Partner and Manager (Audits) of RSG
Global Pty. Ltd.

(5) Tables may not add to the total due to rounding errors.

(6) Mineral Resources are shown on a 100% basis. Golden Star's
share of the Mineral Resources is subject to the Government of Ghana's
10% carried interest which entitles them to a 10% dividend once our
capital costs have been recovered, in the case of Bogoso/Prestea and
Wassa, and subject to the Government of Ghana's 19% minority interest
in the Prestea Underground where Golden Star currently has an 81%
beneficial interest.

(7) The Paul Isnard property is owned by EURO Ressources S.A., our
53% owned subsidiary and Golden Star has a joint venture with Guyanor
to earn a 100% interest in the property.

Constrained Mineral Resources

The following table sets out that portion of the above MineralResources, which either (i) fall within a Whittle 4-D optimized shellat a gold price of $480 per ounce using the same modifying factors andassumptions as used for the determination of the Mineral Reserves, or(ii) report to an underground resource model after applying a cut-offgrade commensurate with underground mining.

All other Mineral Resources, not included in the following table,fall outside the $480 per ounce optimized shell and are based on a cutoff grade determined using a gold price of $480 per ounce but areconstrained to a maximum vertical depth. In 2004 we used a $430 perounce optimized shell.
Portion of Measured and Indicated Mineral Resources and
Inferred Mineral Resources as at December 31, 2005
Contained within $480 per ounce Optimized Shell

Measured &
Measured Indicated Indicated Inferred
-----------------------------------------------------------
Property Tonnes Gold Tonnes Gold Tonnes Gold Tonnes Gold
(mil- Grade (mil- Grade (mil- Grade (mil- Grade
lions) (g/t) lions) (g/t) lions) (g/t) lions) (g/t)
----------------------------------------------------------------------
Bogoso/
Prestea 3.5 2.20 17.1 2.18 20.7 2.18 3.3 2.19
Wassa - - 11.3 0.76 11.3 0.76 10.1 1.2
Prestea
Under-
ground - - - - - - 6.1 8.14
Pampe - - 0.2 4.38 0.2 4.38 0.8 3.76
Benso - - 2.6 3.77 2.6 3.77 0.9 3.57
Hwini
Butre - - 2.7 5.27 2.7 5.27 0.2 3.21
Goulagou - - - - - - 4.4 1.55
Paul
Isnard - - - - - - 8.2 1.78
----------------------------------------------------------------------
Total
2005 3.5 2.20 33.9 2.09 37.4 2.10 34.0 2.86
----------------------------------------------------------------------

Total
2004 1.1 2.62 19.5 1.53 20.7 1.59 31.0 2.19
----------------------------------------------------------------------

Company Profile

Golden Star holds a 90% equity interest in the Bogoso/Prestea andWassa open-pit gold mines in Ghana. In addition, Golden Star has an81% interest in the currently inactive Prestea Underground mine andvarious other property interests in Ghana as well as gold explorationinterests elsewhere in West Africa and in the Guiana Shield of SouthAmerica. Golden Star's production is expected to increase to 500,000ounces in 2007, compared to production of about 201,000 ounces in2005. Golden Star has approximately 206 million common sharesoutstanding as of December 31, 2005.

Statements Regarding Forward-Looking Information: Some statementscontained in this news release are forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act of 1995.Investors are cautioned that forward-looking statements are inherentlyuncertain and involve risks and uncertainties that could cause actualresults to differ materially. Such statements include commentsregarding the establishment and estimates of mineral reserves andnon-reserve mineral resources, the recovery of any mineral reserves,recoveries, and operating cost factors. Factors that could causeactual results to differ materially include variations in ore grade;variations in relative amounts of refractory and non-refractory ores;failure to receive government approvals; technical, permitting, miningor processing issues, and fluctuations in gold price and costs. Therecan be no assurance that future developments affecting the Companywill be those anticipated by management. Please refer to thediscussion of these and other factors in our Form 10-K for 2004. Theforecasts contained in this press release constitute management'scurrent estimates, as of the date of this press release, with respectto the matters covered thereby. We expect that these estimates willchange as new information is received and that actual results willvary from these estimates, possibly by material amounts. While we mayelect to update these estimates at any time, we do not undertake toupdate any estimate at any particular time or in response to anyparticular event. Investors and others should not assume that anyforecasts in this press release represent management's estimate as ofany date other than the date of this press release.