Allan Marter

1
Golden Star Resources Ltd.
Allan Marter Senior Vice President and
CFO Denver Gold Group European Gold
Forum April 20, 2005 FOCUS ON GHANA
2
Disclaimer

• SAFE HARBOR The statements contained in this
  presentation are both historical and
  forward-looking in nature. The forward-looking
  statements involve risks and uncertainties
  including those relating to exploration, the
  establishment of reserves, the recovery of any
  reserves, future gold production and production
  costs, and future permitting dates for additional
  sources of ore. Please refer to a discussion of
  these and other risk factors in Golden Stars
  Form 10-K and other Securities and Exchange
  Commission filings. The forecasts contained in
  this document constitute managements current
  estimates, as of the date of this presentation,
  with respect to the matters covered thereby. We
  expect that these estimates will change as new
  information is received and that actual results
  will vary from these estimates, possibly by
  material amounts. While we may elect to update
  these estimates at any time, we do not undertake
  to update any estimate at any particular time or
  in response to any particular event. Investors
  and others should not assume that any forecasts
  in this presentation represent managements
  estimate as of any date other than the date of
  this presentation.
• INFORMATION The information contained in this
  presentation has been obtained by Golden Star
  from its own records and from other sources
  deemed reliable, however no representation or
  warranty is made as to its accuracy or
  completeness.
• CURRENCY All monetary amounts refer to United
  States dollars unless otherwise indicated.

3
Agenda

• Corporate overview
• Operating and development activities
• Bogoso/Prestea
• Bogoso sulfide expansion project
• Wassa
• Exploration
• Ghana
• Africa
• South America
• Concluding remarks

4
Corporate Overview

• Gold explorer, developer and producer
• Current focus on West Africa
• Turn-around in progress
• Denver-based, US and Canadian listed
• AMEX GSS
• TSX GSC
• Listed warrant trades on TSX
• Market capitalization of 0.4 billion
• 142 million shares out (155 million fully
  diluted)
• Recent trading around 2.90 (C3.58)
• Widely held with good trading liquidity
• Average 7 million/day for last 3 months
• Well financed with convertible debt for 50
  million, plus other credit lines

5
Ghana - A Good Place To Be

• Great investment destination
• Stable democracy with well-established laws
• Strong mining culture and trained personnel
• Significant gold endowment
• Gold Coast
• Past exploration and mining scratched surface
• Renewed interest in Ghana and region
• Ghana embraced by the investment community
• Anglogold, Gold Fields, Newmont are all active
• Golden Star well positioned
• Counter-cyclical move at bottom of gold cycle
• The strongest property position in Ghana
• Best geological knowledge base of SW Ghana

6
Production Focus in Ghana
7
Strong Reserves Growth
(Reserves and Resources in Ghana in millions of
ounces)
8
Bogoso/Prestea Gold Mine

• Open pit mining on Ashanti Trend
• Gravity, flotation CIL processing
• Adding the BIOX circuit by 2006
• Expanding reserves and resources
• Reserves of 31 Mt _at_ 2.8 g/t for 2.8 Moz
• Plus resources of 82.9 Mt _at_ 2.2 g/t for 6.1 Moz
• Solid production progress
• 39,200 ounces shipped in first quarter 2005
• Cost reductions implemented
• Significant upside potential
• Exploration upside at surface and underground
• Expansion plans now underway

9
Bogoso/Prestea Expansion - Highlights

• Expand existing processing plant
• From 1.5 Mt to 3.5 Mt per year
• Increased capacity of planned BIOX
• Recoveries average 86
• Refractory reserves 1.85 Moz
• BIOX technology well proven
• Successfully used at Obuasi
• Tested thoroughly by Golden Star
• Design and construction by Minproc
• Well-proven engineers in Ghana with track record
  on BIOX plants
• Project capital cost of 100 - 105 million,
  including expansion of mining fleet

10
Bogoso/Prestea Expansion - Timetable

• Soft Start commenced
• Detailed design underway
• Long lead items being ordered
• Minproc construction manager has mobilized
• Permitting underway
• EIS submitted, expect approvals in 2Q05
• Hard Start once permitting is completed
• Construction to take 15 18 months
• Owners Rep engaged to manage Minproc and
  construction process
• Minimal impact on existing operation
• Construction work on green fields basis
• Sufficient non-refractory reserves available to
  feed existing plant

11
Wassa Gold Mine
.Now Operating
12
Wassa Gold Mine

• Low acquisition/development cost
• 66.5 million or 82 per ounce to first gold
• Commercial production in 1Q05
• 5,292 preproduction ounces in 2004
• Shipped 15,000 ounces in first quarter 2005
• Now in commercial production
• Production ramps up over next year
• 100,000 120,000 ounces production in 2005
• Average 140,000 ounces from end-2005 at an
  average cash operating cost of 200/oz
• Increased reserves/resources in 2004
• Reserves of 19.3 Mt _at_ 1.3 g/t for 0.81 Moz
• Plus resources of 22.9 Mt _at_ 1.17 g/t for 0.86 Moz
• Exploration and infill drilling continues

13
Strong Production Growth
(Annual production in thousands of ounces)
100 growth to mid-tier production level
14
Cash and Cash Flow
(in million, at 400/oz and inclusive of
exploration costs)
15
Exploration Future Growth

• 15 million commitment in 2005
• Focus continues to be on brown fields targets
• Mine based drilling
• Bogoso surface sulfide targets
• Prestea southern extensions
• Dunkwa drilling now in progress
• Prestea Underground
• Wassa southern extensions
• Green fields exploration
• Pursue existing joint ventures and investments
• Assess Guiana Shield assets to key decision point
• Actively identify new African opportunities
• Goal
• Post 2006 development project

16
Near Mine Exploration
17
Prestea Underground
long term investment for long term rewards
Long Section Gold Distribution (in gram-meters)
18
West Africa Exploration
19
Sierra Leone Exploration

• Joint venture with Mano River
• Earning up to 85 interest
• Golden Star funded
• 6 permits covering 500 km2
• Promising early stage exploration by others and
  artisanal mining
• 2004 focus was on Yirisen
• Successfully identified small mineralized zone
• Broadening work scope in 2005
• Extending work around Yirisen
• Regional mapping, geochem and airborne work to
  identify new targets

20
Côte DIvoire Significant Potential

• Afema (Aboiso) property
• Belt Basin contact hosts multi-million ounce
  Chirano Bibiani gold deposits in Ghana
• Covers 2,012 km2
• Past mining and exploration quite limited
• 15 km untested contact zone towards Ghana border
• Golden Star to spend 500,000 in first 6 months
• Right to acquire for 1.5 million plus royalty,
  for 90 interest

21
Investment In Moto Goldmines

• Acquired 9.5 stake in 2004
• Elephant country
• Historical gold production from Kilo-Moto
  district of 11 Moz
• Current JORC indicated inferred resource at
  Moto of 4.3Moz
• Favorable geological setting with pervasive high
  grade mineralization
• Significant upside potential
• Concession area of 4,000km2
• Past work focused on only 70km2
• Information from Moto Goldmines Limited

22
Democratic Republic of the Congo
23
Guiana Shield Exploration
24
Guiana Shield Exploration

• 460km2 Bon Espoir property
• Acquired in 2004 from Gold Fields
• Ashanti trend characteristics
• 0.7 million of regional geochem
• Paul Isnard
• Acquired option to earn 100 interest from
  Guyanor in 2004
• In 2005 will complete a systematic review of past
  work at Paul Isnard
• Guyanor restructured
• Golden Star continues to own 53
• New business model and management
• Rosebel royalty sold to Guyanor in 2004 for 12
  million
• Independent funding for Guyanor

25
Guiana Shield Suriname

• Saramacca property
• West of Cambiors Rosebel project
• 100 owned by Golden Star
• Regional work done in 1990s
• Early stage exploration 2003/04
• New 5km geochem target
• Confirmed by augering to 10m
• Spot values of up to 100g/t
• Drilling commenced in March

26
2005 Priorities

• Consolidation stage now
• Bed down and prove Wassa
• Deliver stronger results from Bogoso/Prestea
• Permit and proceed with Bogoso expansion
• Build project pipeline for post-2006
• Prestea Underground
• Generative exploration program
• Project acquisitions and corporate MA
• Continue organizational strengthening
• Respond to changing regulatory climate
• Continued strengthening of management team

27
Golden Star In Summary

• Gold production focus in Ghana
• Strong foothold in area dominated by seniors
• Strong organic growth profile
• Production 240 - 290,000 oz in 2005
• Investigating new growth opportunities
• Exploration in own right and/or with partners
• Project acquisitions and MA
• Determined management team
• Operations, development and exploration skills
• Renewed focus on business
• Well financed with no hedging
• Convertible debt in place
• Revolving debt facility should be finalized 2Q05