TORONTO, May 7, 2020 /CNW/ - Golden Star Resources Ltd.
(NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star" or
the "Company") is pleased to announce that all resolutions at
today's annual general and special meeting of Golden Star shareholders were duly passed.
Resolution
#1
|
Votes
For
|
Votes
Withheld
|
Percentage of
Votes For
|
Percentage of
Votes Withheld
|
To elect the
following persons as directors of the
Company:
|
|
|
|
|
(a) Timothy C.
Baker
|
68,389,612
|
655,525
|
99.05%
|
0.95%
|
(b) Gilmour
Clausen
|
68,303,972
|
741,165
|
98.93%
|
1.07%
|
(c) Anu Dhir
|
68,507,034
|
538,103
|
99.22%
|
0.78%
|
(d) Robert E.
Doyle
|
68,317,635
|
727,502
|
98.95%
|
1.05%
|
(e) Ani A. Markova
|
68,509,041
|
536,096
|
99.22%
|
0.78%
|
(f) Karim M.
Nasr
|
68,283,062
|
762,075
|
98.90%
|
1.10%
|
(g) Craig J.
Nelsen
|
68,364,611
|
680,526
|
99.01%
|
0.99%
|
(h) Mona H.
Quartey
|
68,514,110
|
531,027
|
99.23%
|
0.77%
|
(i) Andrew
Wray
|
68,305,268
|
739,869
|
98.93%
|
1.07%
|
|
Resolution
#2
|
Votes
For
|
Votes
Withheld
|
Percentage of
Votes For
|
Percentage of
Votes Withheld
|
To re-appoint
PricewaterhouseCoopers LLP as the
auditor of the Company and to authorize the Audit
Committee to fix the auditor's remuneration
|
86,114,191
|
1,798,398
|
97.95%
|
2.05%
|
|
Resolution
#3
|
Votes
For
|
Votes
Against
|
Percentage of
Votes For
|
Percentage of
Votes Against
|
To approve (i) the UK
PSU Plan, (ii) the allotment
and reservation of 4,714,484 common shares for
issuance upon the exercise of PSUs, and (iii) the
ratification of the prior grant by Golden Star of
1,409,236 PSUs(1)
|
58,782,322
|
10,262,815
|
85.14%
|
14.86%
|
|
Resolution
#4
|
Votes
For
|
Votes
Against
|
Percentage of
Votes For
|
Percentage of
Votes Against
|
To pass a non-binding
advisory resolution on Golden
Star's approach to executive compensation(1)
|
67,390,561
|
1,654,576
|
97.60%
|
2.40%
|
Note (1): as
described in more detail in the management information circular of
the Company (dated March 12, 2020)
|
Company Profile:
Golden Star is an established
gold mining company that owns and operates the Wassa and Prestea
underground mines in Ghana,
West Africa. Listed on the NYSE
American, the Toronto Stock Exchange and the Ghanaian Stock
Exchange, Golden Star is focused on
delivering strong margins and free cash flow from its two
underground mines. Gold production guidance for 2020 is
195,000-210,000 ounces at a cash operating cost per ounce (please
refer to the Non-GAAP Financial Measures disclaimer) of
US$790-US$850. Since winning the PDAC 2018 Environmental
and Social Responsibility Award, Golden
Star has remained committed to leaving a positive and
sustainable legacy in its areas of operation.
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 and "forward looking
information" within the meaning of Canadian securities laws and
include but are not limited to, statements and information
regarding gold production of 195,000 to 210,000 ounces and a cash
operating cost of US$790-US$850 per ounce in 2020. Generally,
forward-looking information and statements can be identified by the
use of forward-looking terminology such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases (including negative or grammatical variations) or
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or
the negative connotation thereof. Investors are cautioned that
forward-looking statements and information are inherently uncertain
and involve risks, assumptions and uncertainties that could cause
actual facts to differ materially. Such statements and information
are based on numerous assumptions regarding present and future
business strategies and the environment in which Golden Star will operate in the future,
including the price of gold, anticipated costs and ability to
achieve goals. Forward-looking information and statements are
subject to known and unknown risks, uncertainties and other
important factors that may cause the actual results, performance or
achievements of Golden Star to be
materially different from those expressed or implied by such
forward-looking information and statements, including but not
limited to: risks related to international operations, including
economic and political instability in foreign jurisdictions in
which Golden Star operates; risks
related to current global financial conditions, including financial
and other risks resulting from the impact of the COVID-19 global
pandemic; volatility of the Golden Star's stock price; foreign
exchange rate fluctuations; risks related to streaming agreements
and joint venture operations; future production; project
development; actual results of current exploration activities;
environmental risks; future prices of gold; possible variations in
Mineral Reserves or Mineral Resources, grade or recovery rates;
mine development and operating risks; accidents, labor disputes and
other risks of the mining industry; delays in obtaining permitting,
governmental approvals or financing or in the completion of
development or construction activities and risks related to
indebtedness and the service of such indebtedness. Although
Golden Star has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information and statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. 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
Management's Discussion and Analysis of financial conditions and
results of operations for the year ended December 31, 2019 and in our annual information
form for the year ended December 31,
2019 as filed on SEDAR at www.sedar.com. 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. While we may elect to update
these estimates at any time, we do not undertake any estimate at
any particular time or in response to any particular event.
Non-GAAP Financial Measures
In this news release, we use the terms "cash operating cost",
"cash operating cost per ounce".
"Cash operating cost" for a period is equal to "cost of sales
excluding depreciation and amortization" for the period less
royalties, the cash component of metals inventory net realizable
value adjustments, materials and supplies write-off and severance
charges and "cash operating cost per ounce" is that amount divided
by the number of ounces of gold sold (excluding pre-commercial
production ounces sold) during the period.
"Cost of sales excluding depreciation and amortization" includes
all mine-site operating costs, including the costs of mining, ore
processing, maintenance, work-in-process inventory changes,
mine-site overhead as well as production taxes, royalties,
severance charges and by-product credits, but excludes exploration
costs, property holding costs, corporate office general and
administrative expenses, foreign currency gains and losses, gains
and losses on asset sales, interest expense, gains and losses on
derivatives, gains and losses on investments and income tax
expense/benefit.
We use "cash operating cost per ounce" as a key operating
metric. We monitor this measure monthly, comparing each month's
values to prior periods' values to detect trends that may indicate
increases or decreases in operating efficiencies. We provide this
measure to investors to allow them to also monitor operational
efficiencies of the Company's mines. We calculate this measure for
both individual operating units and on a consolidated basis. Since
cash operating costs do not incorporate revenues, changes in
working capital or non-operating cash costs, they are not
necessarily indicative of operating profit or cash flow from
operations as determined under IFRS. Changes in numerous factors
including, but not limited to, mining rates, milling rates, ore
grade, gold recovery, costs of labor, consumables and mine site
general and administrative activities can cause these measures to
increase or decrease. We believe that these measures are similar to
the measures of other gold mining companies but may not be
comparable to similarly titled measures in every instance.
For additional information regarding the Non-GAAP financial
measures used by the Company, please refer to the heading "Non-GAAP
Financial Measures" in the Company's Management Discussion and
Analysis of Financial Condition and Results of Operations for the
year ended December 31, 2019, which
are available at www.sedar.com
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SOURCE Golden Star Resources Ltd.