Golden Star Updates Mineral Reserves and Mineral Resources at December 31, 2006

Golden Star Resources Ltd. (AMEX: GSS) (TSX: GSC) today announced its Proven and Probable Mineral Reserves, referred to as Mineral Reserves, and its Mineral Resources as at December 31, 2006. Mineral Reserves in 2006 increased by 380,000 ounces, or 9% before mining depletion. Mineral Reserves, after mining depletion, increased by 100,000 ounces, or 2%, during 2006 to 55.2 million tonnes grading 2.34 grams per tonne (g/t) for contained Gold of 4.15 million ounces at year end. The increase was a result of an increased gold price assumption and a focused drill program around our operating mines to convert and better define our Mineral Resources (as defined below). These gains were offset by increasing cost factors, design changes and a review of the Wassa resource model. Peter Bradford, President and CEO, said: "Although year-on-year Mineral Reserves increased marginally in 2006, there is a significant increase in Mineral Reserves at Bogoso/Prestea and a reduction in Mineral Reserves at Wassa. This reduction at Wassa follows a previously disclosed review of the resource model and the adoption of a new model which we expect to improve our mine planning and gold production forecasts. In addition we have reviewed and updated engineering assumptions and costs and incorporated these into our models. Optimized pit shells using the same parameters as the Mineral Reserves but including Inferred Mineral Resources in the optimization have an additional 3.9 million tonnes at 1.16 g/t of Inferred Mineral Resources and an additional 1.5 million tonnes at 0.83 g/t of Indicated Mineral Resources reporting to them. We expect to drill this Inferred Mineral Resource in 2007 with the aim of bringing it into the Indicated Mineral Resource category.” "The Mineral Reserves,” continued Mr. Bradford, "do not include any contribution from the Hwini-Butre and Benso project or the Prestea Underground. We are currently finalizing a feasibility study for the mining and haulage of high grade ore at Hwini-Butre and Benso for processing at our Wassa processing plant. This feasibility study is expected to be completed by, and presented to our Board for a decision to mine, in the second quarter.” Measured and Indicated Mineral Resources increased to 41.0 million tonnes grading 2.40 g/t of gold while Inferred Mineral Resources decreased to 28.7 million tonnes grading 3.05 g/t of gold. The Mineral Reserve and Mineral Resource estimates have been estimated by our technical personnel in accordance with definitions and guidelines set out in the Definition Standards for Mineral Resources and Mineral Reserves published by the Canadian Institute of Mining, Metallurgy, and Petroleum and as required by Canada’s National Instrument 43-101. There are numerous uncertainties inherent in estimating proven and probable mineral reserves and measured, indicated and inferred mineral resources, including many factors beyond our control. The estimation of reserves and resources is a subjective process, and the accuracy of any reserve or resource estimate is a function of the quality of available data and of engineering and geological interpretation and individual judgment. Results from drilling, testing and production, as well as material changes in metal prices subsequent to the date of an estimate, may justify revision of such estimates. We expect to complete and file our Form 10-K, which will include additional information on Mineral Reserves and Non-Reserve Mineral Resources, on or about March 13, 2006. MINERAL RESERVES Proven and Probable Mineral Reserves as at December 31, 2006 Property Proven Probable Total Tonnes (millions) Gold Grade (g/t) Con-tained Ounces (millions) Tonnes (millions) Gold Grade (g/t) Con-tained Ounces (millions) Tonnes (millions) Gold Grade (g/t) Con-tained Ounces (millions) Bogoso/Prestea Non-refrac- tory 0.9  2.30  0.07  6.9  2.59  0.57  7.8  2.56  0.64  Refrac- tory 14.5  2.95  1.38  19.3  2.65  1.64  33.8  2.78  3.02  Total 15.5  2.91  1.45  26.2  2.64  2.22  41.6  2.74  3.67  Wassa Non-refrac- tory 0.5  1.08  0.02  13.0  1.11  0.46  13.6  1.11  0.48  Total 0.5  1.08  0.02  13.0  1.11  0.46  13.6  1.11  0.48  Totals Non-refrac- tory 1.5  1.85  0.09  19.9  1.62  1.04  21.4  1.64  1.13  Refrac- tory 14.5  2.95  1.38  19.3  2.65  1.64  33.8  2.78  3.02  Total 2006 16.0  2.85  1.47  39.2  2.13  2.68  55.2  2.34  4.15  Total 2005 14.9  3.11  1.48  41.9  1.90  2.57  56.8  2.22  4.05  Notes to the 2006 Mineral Reserve Statement: (1) The stated Mineral Reserve for Bogoso/Prestea incorporates Pampe and Mampon. (2) The stated Mineral Reserves have been prepared in accordance with Canada’s National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mineral Reserves are equivalent to Proven and Probable Reserves as defined by the United States Securities and Exchange Commission Industry Guide 7. (3) The Mineral Reserves have been prepared under the supervision of Mr. Peter Bourke, P.Eng., Vice President Technical Services for the Company. Mr. Bourke is a "Qualified Person” as defined by Canada’s National Instrument 43-101. (4) The Mineral Reserves were estimated using a gold price of $480 per ounce, which is approximately equal to the three year average price, and are based on a mine plan derived from an optimized pit shell. (5) The terms "non-refractory” and "refractory” refer to the metallurgical characteristics of the ore. We plan to process the refractory ore in our BIOX® 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. (6) Optimized pit parameters are based on historical and projected operating costs at Bogoso/Prestea and Wassa and estimated costs for processing refractory ores in the under construction BIOX® plant. Metallurgical recoveries are based on historical performance or estimated from testwork and typically range between 80 to 92% for non-refractory ores and estimated from 70 to 90% for refractory ores. Pit designs are based on geotechnical criteria established by external consultants. Mining dilution and mining recovery varies by deposit and has been applied in estimating the Mineral Reserves. A royalty of 3% is allowed. (7) 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. (8) Numbers may not add due to rounding. Reconciliation of Mineral Reserves The following table sets out the primary factors that impacted our Mineral Reserves during 2006. Reconciliation Tonnes(millions) Contained Ounces(millions) Tonnes(% of Opening) Ounces(% of Opening) Opening Mineral Reserves   56.8    4.05    100    100  Gold Price Increase(1)   28.6    1.37    50    34  Exploration Changes(2)   (2.1)   (0.04)   (4)   (1) Mining Depletion(3)   (4.9)   (0.28)   (9)   (7) Engineering(4)   (23.2)   (0.95)   (41)   (23) Closing Mineral Reserves   55.2    4.15    97    102  Notes to the reconciliation of Mineral Reserves: (1) Gold Price Increase represents changes resulting from an increase in gold price used in the Mineral Reserve estimates from $400 per ounce in 2005 to $480 per ounce in 2006. (2) Exploration Changes include changes due to geological modeling, data interpretation and resource block modeling methodology as well as due to exploration discovery of new mineralization. (3) Mining Depletion represents 2005 Mineral Reserve mined and processed in 2006 before considering recovery losses and therefore does not correspond with 2006 actual gold production. (4) Engineering includes changes as a result of engineering facts such as changes in operating costs, mining dilution and recovery assumptions, metallurgical recoveries, pit slope angles and other mine design considerations. 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. The following table sets out the Mineral Resources, which either (i) fall within a Whittle 4-D optimized shell at a gold price of $560 per ounce using the same modifying factors and assumptions as used for the estimation of the Mineral Reserves, or (ii) report to an underground resource model after applying a cut-off grade commensurate with underground mining. In 2005, as reported in our press release of February 1, 2006, we used a $480 per ounce optimized pit shell to report our constrained Mineral Resources. Measured and Indicated Mineral Resources and Inferred Mineral Resources as at December 31, 2006   Measured Indicated Measured & Indicated Inferred Property Tonnes (millions) Gold Grade (g/t) Tonnes (millions) Gold Grade (g/t) Tonnes (millions) Gold Grade (g/t) Tonnes (millions) Gold Grade (g/t) Bogoso/Prestea 6.1  2.05  14.0  2.32  20.2  2.23  4.2  2.70  Prestea Underground -  -  1.1  16.30  1.1  16.30  5.0  8.68  Wassa 0.2  1.05  11.7  0.75  11.9  0.76  7.2  1.18  Hwini-Butre & Benso -  -  5.2  4.30  5.2  4.30  1.6  4.02  Goulagou -  -  2.7  1.75  2.7  1.75  0.5  1.02  Paul Isnard -  -  -  -  -  -  10.2  1.70  Total 2006 6.4  2.02  34.7  2.48  41.0  2.40  28.7  3.05  Total 2005 3.5  2.20  33.9  2.09  37.4  2.10  34.0  2.86  (1) The Mineral Resources for Bogoso/Prestea incorporate Pampe and Mampon. (2) The Mineral Resources were estimated in accordance with the definitions and requirements of Canada’s National Instrument 43-101. The Mineral Resources are equivalent to Mineralized Material as defined by the United States Securities and Exchange Commission Industry Guide 7. (3) The Mineral Resources, other than for the Prestea Underground, were estimated using an optimized pit shell at a gold price of $560 per ounce from which the Mineral Reserves have been subtracted. Other than gold price, the same optimized pit shell parameters and modifying factors used to determine the Mineral Reserves were used to determine the Mineral Resources. The Prestea Underground Mineral Resources were estimated using a cut off grade based on a $560 per ounce gold price and are commensurate with estimated underground mining costs. In 2005, we used a gold price of $480 per ounce for the optimized shell and the underground cutoff grade, as reported in our press release of February 1, 2006. (4) The Mineral Resources are in addition to the Mineral Reserves described above. (5) The Qualified Person for the estimation of the Mineral Resources is S. Mitchel Wasel, our Exploration Manager. (6) Tables may not add to the total due to rounding. (7) 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 are subject to the Government of Ghana’s 19% minority interest in the Prestea Underground where Golden Star currently has an 81% beneficial interest. (8) Pit optimization parameters for the Goulagou Mineral Resources were estimated based on feasibility studies on other similar gold deposits in Burkina Faso, Golden Star’s experience in West Africa, and from limited metallurgical testwork on the Goulagou ores. Heap leach processing was the assumed processing option for this deposit. (9) The Paul Isnard property is owned by EURO Ressources S.A. and Golden Star has a joint venture with EURO to earn a 100% interest in the property. COMPANY PROFILE Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine and various other property interests in Ghana as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star expects to produce 390,000 ounces of gold in 2007, increasing to 500,000 ounces in 2008. Golden Star has approximately 208 million common shares outstanding as of December 31, 2006. Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the establishment and estimates of mineral reserves and non-reserve mineral resources, the recovery of any mineral reserves, recoveries, and operating cost factors. Factors that could cause actual 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, mining or processing issues, and fluctuations in gold price and costs. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2005. The forecasts contained in this press release constitute management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management’s estimate as of any date other than the date of this press release.