Golden Star completes buy of Ghana mine

Denver-based Golden Star Resources Ltd. has finalized its deal to buy 90 percent interest in the Wassa gold mine in Ghana in a deal that's expected to close within the next few weeks.

Terms were for Golden Star to pay Satellite Goldfields Limited $4 million at closing, deferred consideration of $5 million linked to the redevelopment of the mine, and a future royalty of up to $15 an ounce.

Golden Star officials said they expect production of about 250,000 ounces by the end of next year.

"We are excited by the exploration potential at Wassa and in the surrounding areas, and the existence of highly persistent anomalous gold zones on the property that have not previously been drill tested," said Peter Bradford, president and CEO, in a statement.