Golden Stars Resource extends share offer

Accra, Dec. 27, GNA - Strategic African Securities (SAS) Finance Group, lead managers of Golden Stars Resource (GSR) has extended its shares offer period from December 21, 2007 to January 18, 2008. The extension is to allow employees of GSR, an international gold mining and exploration company to subscribe to the Employee Special Sale and Purchase Agreement (ESPPA), which was the key reason for the listing of GSR on the Ghanaian Market.

A statement issued on Thursday and signed by Mr. Kenneth Mpare, General Manager of SAS said the extension was also to offer Ghanaian investors who missed the opportunity during the offer period another chance to participate in the offer. GSR share price is currently trading at a record high on the American Stock Exchange (AMEX) and the Toronto Stock Exchange.

The share price closed at 3.50 dollars on the AMEX on December 21, 2007 which is well above the offer price in Ghana. The Initial Ghana Offer is quoted at GH=A23.00 per share, a discount to the closing price of GH=A23.36 on the AMEX as at December 21, 2007.

A total of 3,170,000 shares is to be issued and should the number of applications exceed the number of shares on offer, GSR will not issue additional shares.

GSR focus is primarily on mining, mine development and gold exploration in Ghana and through its subsidiaries, the Company owns controlling interests in four significant gold properties in southern Ghana namely Bogoso/Prestea, Wassa, Prestea Underground and Hwini-Butre Benso.

GSR also holds interests in several gold exploration projects elsewhere in West Africa, including Sierra Leone, Burkina Faso, Niger and C=F4te d'Ivoire, and manages exploration properties in Surinam and French Guiana in South America. The Company also holds indirect interests in gold exploration properties in Peru and Chile. GSR has seen its share price surged on the news of higher expected gold prices on the world market as well as GSR's confirmation of gold reserves at Bogoso.

Gold prices approached 813 dollars an ounce on December 10, 2007, buoyed by a weaker dollar and record energy prices. Analysts are predicting prices will top $1000 next year. Share prices of gold mining companies are therefore expected to climb higher.