Golden Star Completes Sale of US$125M Convertible Senior Unsecured Debentures

On November 8, 2007, Golden Star Resources Ltd. completed the sale of US$125 million aggregate principal amount of 4.0 per cent Convertible Senior Unsecured Debentures due November 30, 2012. The Debentures were sold on a private placement basis in the United States and Canada. BMO Nesbitt Burns Inc. and UBS Securities Canada Inc. acted as the agents for the offering. The Bank of New York is the indenture trustee for the Debentures.

Of the US$121,250,000 net proceeds of the offering, Golden Star used US$61.76 million to repay its existing US$50 million aggregate principal amount 6.85 per cent senior convertible notes due April 15, 2009, and intends to use the balance for property development and general corporate purposes.

Golden Star was advised in this transaction by John Turner, John Sabetti and Bozidar Crnatovic of Fasken Martineau DuMoulin LLP and by Michelle Shepston, Patricia Peterson and Katie Oakley of Davis Graham & Stubbs LLP.

BMO Nesbitt Burns and UBS Securities were advised in this transaction by Jay Kellerman, Maurice Swan and Robert Piroli of Stikeman Elliott LLP and by Gil Cornblum, Kenneth Sam, Jodie Kaufman and Jason Brenkert of Dorsey & Whitney LLP.

The Bank of New York was advised in this transaction by Jack Shannon and Wish Ziegler of Jones, Walker, Waechter, Poitevent, Carrere & Denegre LLP.


Jay C. Kellerman John M. Sabetti Robert Piroli Bozidar Crnatovic John S.M. Turner Maurice J. Swan


Fasken Martineau DuMoulin LLP Davis Graham & Stubbs LLP Stikeman Elliott LLP Dorsey & Whitney LLP Jones Walker