NEWS: Golden Star Announces Encouraging Results from First Phase of Drilling - 500 Beiträge pro Seite

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Golden Star - 888002 - GSS (AMEX)

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Press Release Source: Golden Star Resources Ltd.


Golden Star Announces Encouraging Results from First Phase of Drilling at Prestea Underground Mine
Thursday June 17, 8:03 pm ET
Increases Ownership in the Mine to 81%


DENVER--(BUSINESS WIRE)--June 17, 2004--Golden Star Resources Ltd. (AMEX: GSS - News; TSX: GSC - News) today announced that it has completed the first phase of drilling at the currently inactive Prestea Underground gold mine on its Bogoso/Prestea property in Ghana aimed at testing several unmined areas within the old workings. Historical production from the gold mine totaled approximately nine million ounces over 130 years prior to the mine being closed in 2002.
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In a separate development, Golden Star announced that its 90% owned operating subsidiary, Bogoso Gold Limited ("BGL"), has increased its interest in the Prestea Underground gold mine to 90% (while the Government of Ghana holds the remaining 10%). This follows the placing into official liquidation of Prestea Gold Resources Limited ("PGR"), the third original joint venture partner, the exercise of BGL`s rights under these circumstances to take over the residual interest of PGR in the joint venture in accordance with the Joint Venture Agreement, and the affirmation of BGL`s rights by the Official Liquidator for PGR. BGL underwrote certain of the Official Liquidator`s costs, provided certain indemnities to the Official Liquidator and undertook to continue the Prestea Urban Electrification Initiative. Following the retirement of PGR, Golden Star has proposed a formal rationalization of the Joint Venture Agreement to reflect BGL`s increased ownership of the Prestea Underground mine. BGL`s 100% interest in the Prestea surface lease (to a depth of 200 meters) is unaffected by this development.


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http://biz.yahoo.com/bw/040617/175769_1.html

[goldmaki]

Reuters
UPDATE - Iamgold urges rejection of Golden Star bid
Wednesday June 30, 11:09 am ET


(Adds details, background)
TORONTO, June 30 (Reuters) - Iamgold Corp.`s (AMEX:IAG - News; Toronto:IMG.TO - News) board recommended on Wednesday that shareholders reject a fresh hostile bid from U.S.-based Golden Star Resources Ltd. (AMEX:GSS - News; Toronto:GSC.TO - News) that threatens to scupper Iamgold`s agreed merger with a fellow Canadian gold producer.

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The board of the mid-sized gold producer again urged its shareholders to vote in favor of a friendly merger with Wheaton River Minerals Ltd. (Toronto:WRM.TO - News) Both Iamgold and Wheaton shareholders are due to vote on the merger transaction, first unveiled in March, on July 6.

Golden Star, a small gold producer headquartered in Denver, Colorado, raised its bid for Iamgold on Monday and added a cash sweetener to the original all-share offer that it unveiled on May 27.

Golden Star is now offering Iamgold shareholder either 1.25 of its shares per Iamgold share, or 1.15 shares plus 50 Canadian cents in cash per share. At current market prices, the offer values Iamgold at about $800 million.

Some market analysts say this bid might be rich enough to tip the merger battle in Golden Star`s favor.

At the same time, a separate suitor for Wheaton River also raised its offer for the Vancouver-based firm this week. Analysts expect the reinvigorated cash and shares bid by Coeur d`Alene Mines Corp. (NYSE:CDE - News) for Wheaton could win the day.

Wheaton is still to respond to the new bid, the third time that Coeur has raised its offer since it made its takeover ambitions known also on May 27.

The stock of all four companies rose on Wednesday, along with a firmer bullion price. Iamgold stock was up 18 Canadian cents to C$7.36, Wheaton rose 5 Canadian cents to C$3.76, and Golden Star put on 11 Canadian cents to C$6.25.

On the New York Stock Exchange, Coeur gained 4 cents to $4.02 -- leaving its cash and shares bid for Wheaton at a 12 percent premium to Iamgold`s offer for the gold and silver miner.

($1=$1.34 Canadian)

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