Document:

<PAGE>
                                                                  EXHIBIT 10(dd)

                                   [AMCL LOGO]
                       ASSOCIATED MINING CONSULTANTS LTD.

                                [COVER GRAPHICS]

                            Qualifying Report on the
                          Bogoso-Prestea Project, Ghana

                                  prepared for

                           Golden Star Resources Ltd.
                              Denver, Colorado, USA

                                  submitted by

             Keith McCandlish, P.Geol. and Alan L. Craven, P.Eng.

                       Associated Mining Consultants Ltd.
                            Calgary, Alberta, Canada

                                                                   December 2001
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                    Page i

EXECUTIVE SUMMARY

-     Associated Mining Consultants Ltd. (AMCL) was retained by Golden Star
      Resources Ltd. (Golden Star) to provide an independent technical report in
      the form required by Canadian National Instrument 43-101.

      The report was prepared to support announcements of new resource estimates
      resulting from the acquisition of the Barnex rights to the Prestea
      properties and a proposed sulfide project. It would also be used to
      support any prospectus to be filed with securities regulatory authorities.

-     The Bogoso-Prestea concession is located in the Ashanti Trend in the
      Western region of Ghana, which runs from Axim in the south to Konongo in
      the north, over a distance of some 240 km. It is located some 35 km north
      of Tarkwa (85 km north of the port of Takoradi) with good access roads and
      an established infrastructure. The property is some 360 km by road west of
      the capital, Accra, and 130 km by road from the port of Takoradi on the
      Atlantic coast.

-     Ownership of the Bogoso Mine operating company has changed several times
      over the history of the project. The current owner is Bogoso Gold Limited
      (BGL). Canadian Bogosu Resources Ltd. was granted Prospecting Licence SDI
      779A/86 covering 147.69 km(2) on May 12, 1986. On August 21, 1987 Mining
      Licence WR348A/87 covering 50 km(2)2 was granted within the area of the
      Prospecting Licence. On August 16, 1988 a second Mining Licence, WR368/88
      was granted, covering an additional 45 km(2)2 within the Prospecting
      Licence. Golden Star acquired 70% of BGL in September, 1999 and a further
      20% from Anvil Mining in September, 2001.

-     The Bogoso Gold Mine was put into production in 1991 by Billiton
      International Metals (BV) to exploit both oxide and sulfide resources. The
      roaster and flotation circuits were shut down in early 1994 as the sulfide
      resources could not be exploited economically. Since that time oxide and
      some transition ore have been processed, but the oxide resources are near
      exhaustion. To date, some 1,100,000 ounces of gold have been recovered at
      the Bogoso Gold Mine.

-     BGL have taken measures to extend the life of their operations by
      acquiring additional oxide and non-refractory primary gold resources on
      the adjacent Prestea property. A feasibility study is near completion on
      the addition of a bio-oxidation circuit to the Bogoso processing plant to
      treat the Bogoso sulfide resources and the refractory ores on the Prestea
      property.

-     Acquisition of the Prestea property, which is directly to the south of,
      and adjoins, the Bogoso concession was a complex transaction involving
      separate Agreements with Barnato Exploration Limited (Barnex), Prestea
      Gold Resources Ltd. (PGR) and the Government of Ghana. On August 06, 2001
      representatives of the Government of Ghana, PGR and Golden

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page ii

      Star attended a ceremony in Accra, Ghana at which Dr. Kwaku Afriye,
      Minister of Lands, Forestry and Mines formally signed the new mining lease
      with Bogoso Gold Limited.

-     Mining has been conducted on the Prestea property for over 100 years,
      primarily as an underground operation. Over 9,000,000 ounces of gold have
      been produced from the concession.

-     The Bogoso gold mine and Prestea concession are located along a prominent
      north-east trending regional shear zone (the Ashanti Trend) that extends
      for over 240 km within the Man shield of the West African Craton. Lower
      Proterozic sedimentary and volcaniclastic rocks of the Birimian Supergroup
      and Tarkwaian Group are important hosts for gold. The Ashanti Trend hosts
      the principal gold deposits of the Ghana gold belt and is closely aligned
      with a major thrust fault (later re-activated with sinistral wrench
      movement) which separates the meta-sedimentary and meta-volcanic units of
      the Birimian and the clastic rocks of the Tarkwaian.

-     A number of gold deposits have been delineated on the Bogoso Concession.
      The principal deposits from south to north are: Chujah South, Chujah Main,
      Chujah (Stage 3), Chujah North, Dumasi, Dumasi North (Nankafa), Marlu and
      Bogoso North. Oxide resources have largely been exhausted on the property
      and the resource base, while substantial, is limited, to generally,
      refractory sulfides.

-     Gold mineralization on the Prestea Concession has been delineated in three
      bodies, Buesichem (in the north adjoining the Bogoso concession), North
      Shaft-Plant, Plant North, and Beta Boundary.

-     On October 02, 2001 Golden Star published a preliminary resource estimate
      for the Prestea Concession. During October and November revised resource
      models were generated for both the Bogoso and Prestea concessions which
      resulted in the following revised resource statement:

                            BGL-SRK RESOURCE ESTIMATE

<TABLE>
<CAPTION>
   MATERIAL       GRADE              MEASURED                           INDICATED                         INFERRED
                 CUT-OFF
                  (g/t)
----------------------------------------------------------------------------------------------------------------------------
                            Tonnage    Grade  Contained      Tonnage      Grade     Contained    Tonnage   Grade   Contained
                                       (g/t)  Ounces Au                   (g/t)     Ounces Au              (g/t)   Ounces Au
----------------------------------------------------------------------------------------------------------------------------
<S>              <C>      <C>          <C>    <C>           <C>           <C>      <C>         <C>         <C>     <C>
         OXIDES    >1.6    1,454,354   3.38     158,044      2,130,492    2.65       181,517     581,766    2.67    49,940
----------------------------------------------------------------------------------------------------------------------------
     TRANSITION    >2.1      932,009   3.47     103,978      2,143,975    3.13       215,752     272,551    2.66    23,309
----------------------------------------------------------------------------------------------------------------------------
     REFRACTORY    >2.1    6,739,245   4.07     881,853      4,512,053    3.19       462,760   3,963,525    2.9    369,548
        SULFIDE
----------------------------------------------------------------------------------------------------------------------------
 NON-REFRACTORY    >1.6    2,657,850   3.29     281,136      4,638,036    2.82       420,508   1,290,208    2.54   105,362
        SULFIDE
----------------------------------------------------------------------------------------------------------------------------
         TOTALS           11,783,458   3.76   1,425,011     13,424,556    2.97     1,280,536   6,108,050    2.79   548,159
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page iii

      The total measured and indicated mineral resource for the Bogoso-Prestea
      concession is:

                          25,208,014 TONNES @ 3.34 g/t

      for contained ounces of gold of 2,705,547.

      In the opinion of AMCL the revised resource statement supports the
      press-release of October 02, 2001.

-     Resource modelling conforms to industry standard practice.

-     Surface mining is to be undertaken by a mining contractor, to whom the BGL
      mining equipment will be sold. The ore and waste are drilled and blasted.
      Loading is by hydraulic excavator into 50 t capacity haul trucks. Waste
      material is hauled to adjacent waste dumps which are progressively
      rehabilitated. Ore is hauled out of the pit to the processing plant. For
      the Plant North and Beta Boundary pits, the ore will be stockpiled near
      the pits then re-handled into on-highway trucks for onward haulage by
      contractor to the Bogoso processing plant.

-     The mine plan is based on the following sequence:

      -     Mining will continue on the current Bogoso oxide and transition
            resources and from the Buesichem pits.

      -     Buesichem and Bogoso material will be mined concurrently while
            access is prepared to Plant North pit.

      -     Plant North will provide the Bogoso plant with oxide, transition and
            primary ore material until mid-2005.

      -     Beta Boundary and Plant North will then be mined concurrently until
            they are worked out and Bogoso is modified to treat sulfide
            material.

      -     The Bogoso and Buesichem sulfide resources would then be mined.

      -     Sub-grade stockpiles at Bogoso will be processed at the end of the
            mine life.

-     Development of an open pit operation at Plant North will require the
      relocation of extensive infrastructure associated with the existing
      Prestea Goldfields Limited underground operation. This will include their
      current process plant and a power line belonging to the Volta River Power
      Authority.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page iv

-     In each property, there are oxide, transition and sulfide minerals. The
      metallurgical characteristics of the material from the Bogoso property and
      the northern part of the Prestea property at Buesichem are similar. The
      oxide ores are readily amenable to cyanide leaching whereas the sulfide
      ore is refractory. The metallurgy changes to the south, with the sulfide
      ores becoming non-refractory and containing free gold and generally
      amenable to gravity recovery and cyanide leach.

-     All the ore will be treated at the BGL processing plant. The refractory
      sulfide ores will be treated in a bio-oxidation plant which will be added
      to the existing BGL gravity/cyanide leach plant.

-     The estimated gold recoveries in the BGL plant are:

<TABLE>
<CAPTION>
            PROPERTY                     OXIDES     TRANSITION       SULFIDE
            -------------------------------------------------------------------
                                       RECOVERY %   RECOVERY %      RECOVERY %
            -------------------------------------------------------------------
<S>                                    <C>          <C>             <C>
            Buesichem                      75           45              85
            -------------------------------------------------------------------
            Plant North                    83           83              84
            -------------------------------------------------------------------
            Beta Boundary                  92           85              85
            -------------------------------------------------------------------
            Chujah & Dumasi                82           80              88
            -------------------------------------------------------------------
            Bogoso North                   83           77              85
            -------------------------------------------------------------------
            Bogoso Oxide/Transition        80           45             n.a.
            -------------------------------------------------------------------
</TABLE>

-     Capital costs have been estimated at $52.2 million over the twelve year
      period examined.

-     Average cash operating costs are $190/ounce gold produced.

-     The un-discounted pre-tax net present value, in constant US dollars, of
      the estimated cash flow stream for the project from 2001 - 2012 is $52.2
      million at a gold price of $275/ounce. The project is sensitive to gold
      price, grade, production and operating costs. It is less sensitive to
      capital expenditures.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                    Page v

                                                                     [AMCL LOGO]

                                              ASSOCIATED MINING CONSULTANTS LTD.
                                                      #200, 708-11th Avenue S.W.
                                                                Calgary, Alberta
                                                                 Canada, T2R 0E4

                                                             Tel: 1-403-264-9496
                                                             Fax: 1-403-269-7640
FILE: 01PM57

December 13, 2001

<TABLE>
<S>                                                 <C>
ALBERTA SECURITIES COMMISSION                            BRITISH COLUMBIA SECURITIES COMMISSION
19th Floor, 10025 Jasper Avenue,                       701 West Georgia Street, Pacific Centre,
Edmonton, Alberta,                                                              P.O. Box 10142,
CANADA, T2P 3C4                                                    Vancouver, British Columbia,
                                                                                CANADA, V7Y 1L2

COMMISSION DES VALEURS MOBILIERES DU QUEBEC                       ONTARIO SECURITIES COMMISSION
800 Victoria Square,                                          20 Queen Street West, 19th Floor,
P.O. Box 246, 22nd  Floor,                                            Box 55, Toronto, Ontario,
Montreal, Quebec,                                                               CANADA, M5H 3S8
CANADA, H4Z 1G3

DEPARTMENT OF JUSTICE, SECURITIES BRANCH                     SASKATCHEWAN SECURITIES COMMISSION
Suite 606, Harbour Building,                                             800-1920 Broad Street,
133 Prince William Street,                                                Regina, Saskatchewan,
P.O. Box 5001,                                                                  CANADA, S4P 3V7
Saint John, New Brunswick,
CANADA, E2L 4Y9

MANITOBA SECURITIES COMMISSION                                NOVA SCOTIA SECURITIES COMMISSION
1130, 405 Broadway Avenue,                                      2nd Floor, Joseph Howe Building
Winnipeg, Manitoba,                                                         1690 Hollis Street,
CANADA, R3C 3L6                                                           Halifax, Nova Scotia,
                                                                                CANADA, B3J 1V7

REGISTRAR OF SECURITIES                             DEPARTMENT OF GOVERNMENT SERVICES AND LANDS
4th Floor, Shaw Building,                               2nd Floor, Confederation Building West,
95 Rochford Street,                                                          75 O'Leary Avenue,
P.O. Box 2000,                                                         St. John's, Newfoundland
Charlottetown, Prince Edward Island,                                            CANADA, A1B 4J6
CANADA, C1A 7N8
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page vi

RE:   GOLDEN STAR RESOURCES LTD. (THE "COMPANY"). QUALIFYING REPORT ON THE
      BOGOSO-PRESTEA PROJECT, GHANA.

Dear Sirs:

Associated Mining Consultants Ltd. (AMCL) and Messrs. Keith McCandlish, P.Geol.
and Alan L. - Craven, P.Eng., authors of the above referenced report, consent
to:

      -     The filing of the technical report,

      -     the written or electronic disclosure of the technical report, and;

      -     to extracts from, or a summary of, the technical report in any
            written disclosure being filed.

AMCL and the authors reserve the right to review any disclosure to ensure that
extracts from, or the summary of, are not taken out of context. AMCL further
consent to the submission of the above referenced report to any Exchange where
the Company is listed for trading.

Since the preparation of the report no information has come to our attention
which would materially alter the conclusions of this report.

Sincerely,

ASSOCIATED MINING CONSULTANTS LTD.

[ALAN L. CRAVEN PROFESSIONAL SEAL]        [KEITH MCCANDLISH PROFESSIONAL SEAL]

/s/ Alan L. Craven                        /s/ Keith McCandlish, P.Geol.,
--------------------------------          -------------------------------------
Alan L. Craven, P.Eng.,                   Keith McCandlish, P.Geol.,
Vice President & General Manager          Manager of Mineral Services

------------------------------------------
            PERMIT TO PRACTICE
    ASSOCIATED MINING CONSULTANTS LTD.

Signature       /s/ Alan L. Craven
                ------------------

Date               DEC 14 2001
      ----------------------------

          PERMIT NUMBER: P 2361
The Association of Professional Engineers,
 Geologists and Geophysicists of Alberta
------------------------------------------

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page vii

TABLE OF CONTENTS

<TABLE>
<S>                                                                        <C>
EXECUTIVE SUMMARY......................................................      -i-

LETTER OF CONSENT......................................................      -v-

TABLE OF CONTENTS......................................................    -vii-

LIST OF TABLES.........................................................      -x-

LIST OF FIGURES........................................................     -xi-

1.0   INTRODUCTION AND TERMS OF REFERENCE..............................        1
      1.1   Introduction...............................................        1
      1.2   Terms of Reference.........................................        2
      1.3   Units......................................................        2
      1.4   Sources of Information.....................................        2
      1.5   Field Involvement..........................................        3

2.0   DISCLAIMER.......................................................        5

3.0   PROPERTY DESCRIPTION AND LOCATION................................        6
      3.1   Location, Access and Infrastructure........................        6
      3.2   Topography and Climate.....................................        6
      3.3   History....................................................        6
            3.3.1 Bogoso...............................................        6
            3.3.2 Prestea..............................................        7
      3.4   Title of Bogoso Property...................................       10
      3.5   Title of Prestea Property..................................       11
      3.6   Ghanaian Mining Law........................................       14

4.0   GEOLOGICAL SETTING...............................................       16
      4.1   Regional Geology...........................................       16
      4.2   Structural Setting.........................................       17
      4.3   Local and Property Geology.................................       17
            4.3.1 Bogoso...............................................       17
            4.3.2 Prestea..............................................       19
      4.4   Deposit Types..............................................       20
            4.4.1 Alteration...........................................       22
      4.5   Mineralization.............................................       22
            4.5.1 Bogoso...............................................       22
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                 Page viii

<TABLE>
<S>                                                                           <C>
            4.5.2 Prestea..............................................       23

5.0   EXPLORATION......................................................       25
      5.1   Exploration Programs.......................................       25
      5.2   Drilling...................................................       25
      5.3   Sample Preparation, Analysis and Security..................       25
            5.3.1 Internal Controls....................................       25
            5.3.2 External Controls....................................       26
      5.4   Bogoso Exploration Targets.................................       26
      5.5   Prestea Exploration Targets................................       26

6.0   MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES...................       27
      6.1   Mineral Resources .........................................       27
            6.1.1 Published Resource Estimations.......................       27
            6.1.2 Re-evaluation of Resource Estimates..................       28
      6.2   Mineral Resources by Deposit...............................       30
            6.2.1 Specific Gravity Determinations......................       31
            6.2.2 Grade Reconciliations................................       31
            6.2.3 Chujah-South Deposit.................................       32
            6.2.4 Chujah-Dumasi Deposit................................       34
            6.2.5 Bogoso-North (Marlu) Deposits........................       37
            6.2.6 Buesichem Deposit....................................       38
            6.2.7 Beta Boundary Deposit................................       41
            6.2.8 Plant-North Deposits.................................       43
      6.3   Mineral Reserves...........................................       50

7.0   MINING OPERATIONS................................................       56
      7.1   Mining Operations..........................................       56
      7.2   Mining Method..............................................       56
      7.3   Grade Control..............................................       56
      7.4   Production Schedule........................................       57

8.0   MINERAL PROCESSING AND METALLURGICAL TESTING.....................       68
      8.1   Introduction...............................................       68
      8.2   Bogoso Processing Plant....................................       68
      8.3   Oxide and Transition Material..............................       72
      8.4   Sulfide Ore................................................       73
      8.5   Treatment of Prestea Resources.............................       77
      8.6   Marketing..................................................       83
            8.6.1 Refining Contracts...................................       83
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page ix

<TABLE>
<S>                                                                          <C>
            8.6.2 Transportation.......................................       83
            8.6.3 Hedging Contracts....................................       83

9.0   ENVIRONMENTAL....................................................       85
      9.1   Legislative Background.....................................       85
            9.1.1 Overview of Environmental Legislation in Ghana.......       85
            9.1.2 Environmental Impact Assessment in Ghana.............       86
            9.1.3 Environmental Impact Assessment Procedures in Ghana..       86
            9.1.4 EIA Requirements of International Agencies...........       88
            9.1.5 Requirements for Permitting..........................       88
      9.2   Bogoso.....................................................       88
      9.3   Prestea....................................................       89

10.0  ECONOMIC ANALYSIS................................................       92
      10.1  Capital Costs..............................................       92
      10.2  Operating Cost Estimates...................................       92
      10.3  Cash Flow Analysis.........................................       96
            10.3.1  Assumptions........................................       96
            10.3.2  Cash Flow Projection...............................       96
            10.3.3  Sensitivities......................................      100
            10.3.4  Payback Period.....................................      102

11.0  INTERPRETATION AND CONCLUSIONS...................................      103

12.0  REFERENCES.......................................................      105
</TABLE>

CERTIFICATES

APPENDIX A - Mining Lease

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                    Page x

LIST OF TABLES

<TABLE>
<S>         <C>
Table 6.1   Measured Mineral Resources
Table 6.2   Indicated Mineral Resources
Table 6.3   BGL-SRK Resource Estimate
Table 6.4   BGL-Prestea Total - Resources - As of November 5, 2001
Table 6.5   Total-Resources By Concession
Table 6.6   Prestea Concession - In-Situ Resources Within Pit Shells as at November 19, 2001
Table 6.7   Bogoso Concession - In-Situ Resources Within (Optimized) Pit Shells as at
            November 19, 2001
Table 6.8   Prestea Concession - Reserves Within Pit Shells (Optimized or Design) as at 19
            November 2001
Table 6.9   Bogoso Concession - Reserves Within Optimized Pit Shells as at 19 November 2001

Table 7.1   Production Schedule - Buesichem
Table 7.2   Production Schedule - Plant North
Table 7.3   Production Schedule - Beta Boundary
Table 7.4   Production Schedule - Chujah & Dumasi
Table 7.5   Production Schedule - Bogoso North
Table 7.6   Production Schedule - BGL Ox & Trans Mining
Table 7.7   Production Schedule - Total Mining Production
Table 7.8   Production Schedule - Millfeed Summary

Table 8.1   Mill Performance - Oxide and Transition Material
Table 8.2   Mill Performance - Sulfide Material
Table 8.3   Design Criteria vs. Plant Performance 1991-1994
Table 8.4   Roaster vs. Biox Design Criteria
Table 8.5   Diagnostic Leach Results -% Gold Extraction
Table 8.6   Metallurgical Test Results -% Recoveries
Table 8.7   Plant Recoveries for Cash Flow Analysis

Table 10.1  Capital Cost Estimates
Table 10.2  Bogoso Historic Operating Costs
Table 10.3  Cash Flows
Table 10.4  NPV at $275/oz. Gold Price
Table 10.5  Sensitivity of Net Present Value to Gold Price
Table 10.6  Sensitivity of Net Present Value to Grade
Table 10.7  Sensitivity of Net Present Value to Capital Costs
Table 10.8  Sensitivity of Net Present Value to Operating Costs
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page xi

LIST OF FIGURES

<TABLE>
<S>           <C>
Figure 1.1    Location Map

Figure 4.1    Bogoso - Prestea Mining and Exploration Concessions
Figure 4.2    Bogoso Concession - Geology Showing Sulphide Ore Bodies
Figure 4.3    Prestea Concession

Figure 6.1    Bogoso-North Plan View
Figure 6.2    (North) Chujah-Dumasi Plan View
Figure 6.2    (South) Chujah-Dumasi Plan View
Figure 6.3    Chujah-South Plan View
Figure 6.4    Chujah South SECT-23550N
              BGL 3x3x12.5m ID(2)2 Gold Model
Figure 6.5    Chujah South SECT-23650N
              BGL 3x3x12.5m ID(2)2 Gold Model
Figure 6.6    Chujah South SECT-23850N
              BGL 3x3x12.5m ID(2)2 Gold Model
Figure 6.7    Chujah South SECT-23750N
              BGL 3x3x12.5m ID(2)2 Gold Model
Figure 6.8    Chujah SECT-24500N
              SRK Kriged Gold Model
Figure 6.9    Chujah SECTION - 24600 N
              SRK Kriged Gold Model
Figure 6.10   Chujah SECTION - 24700 N
              SRK Kriged Gold Model
Figure 6.11   Chujah SECTION - 24800 N
              SRK Kriged Gold Model
Figure 6.12   Chujah SECTION - 24900 N
              SRK Kriged Gold Model
Figure 6.13   Dumasi SECTION - 25550 N
              SRK Kriged Gold Model
Figure 6.14   Dumasi SECTION - 25650 N
              SRK Kriged Gold Model
Figure 6.15   Dumasi SECTION - 25750 N
              SRK Kriged Gold Model
Figure 6.16   Dumasi SECTION - 25900 N
              SRK Kriged Gold Model
Figure 6.17   Dumasi SECTION - 26000 N
              SRK Kriged Gold Model
Figure 6.18   Dumasi SECTION - 26100 N
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page xii

<TABLE>
<S>            <C>
               SRK Kriged Gold Model
Figure 6.19    Marlu SECTION - 30075 N
               SRK Kriged Gold Model
Figure 6.20    Marlu SECTION - 30175 N
               SRK Kriged Gold Model
Figure 6.21    Marlu SECTION - 30275 N
               SRK Kriged Gold Model
Figure 6.22    Marlu SECTION - 30375 N
               SRK Kriged Gold Model
Figure 6.23    Marlu SECTION - 30700 N
               SRK Kriged Gold Model
Figure 6.24    Marlu SECTION - 30800 N
               SRK Kriged Gold Model
Figure 6.25    Marlu SECTION - 30900 N
               SRK Kriged Gold Model
Figure 6.26    Marlu SECTION - 31000 N
               SRK Kriged Gold Model
Figure 6.27    Marlu SECTION - 31100 N
               SRK Kriged Gold Model
Figure 6.28    Buesichem Plan View
Figure 6.29    Buesichem X-SECT - 17525 N
Figure 6.30    Buesichem North X-SECT - 18175 N
Figure 6.31    Beta-Boundary Plan
Figure 6.32    Beta Boundary X-SECT -7125 N
Figure 6.33    Beta Boundary X-SECT- 8525 N
Figure 6.34    Beta Boundary X-SECT- 8625 N
Figure 6.35    North DDH Location Plan
Figure 6.36    Plant North X-SECT - 10400 N
Figure 6.37    Plant North X-SECT - 11075 N
Figure 6.38    Beta Boundary Model: Bench Grade vs Composite Grade and No. of Composites,
               With Low Grade Zone
Figure 6.39    Beta Boundary Model: Bench Grade vs Composite Grade and number of Composites,
               No Low Grade Zone
Figure 6.40    Plant and North Model: Bench Grade vs Composite Grade and Number of
               Composites, Low Grade Zone Included
Figure 6.41    Plant and North Model: Bench grade vs Composite Grade and Number of
               Composites, Low Grade Zone Excluded
Figure 6.42    Chujah South Model: Bench Grade vs Composite Grades and Number of
               Composites, Low Grade Zone Included
Figure 6.43    Chujah South Model: Bench Grade vs Composite Grade and Number of Composites,
               Low Grade Zone Excluded
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                 Page xiii

<TABLE>
<S>            <C>
Figure 6.44    Buesichem Model: Bench Grade vs Composite Grade and Number of Composites

Figure 8.1     Bogoso Processing Plant Flow Sheet
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
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1.0   INTRODUCTION AND TERMS OF REFERENCE

1.1   INTRODUCTION

The Bogoso concession is located in western Ghana some 35 km northwest of Tarkwa
(Figure 1.1-in text following). Mining at Bogoso dates back to 1906 - 1913 when
small scale mining was carried out. During the period 1936 to 1955, some 900,000
ounces of gold were extracted from the Marlu open pit and underground mine.

The Bogoso Gold Mine was put into production in 1991 by Billiton International
Metals BV to exploit the oxide and sulfide reserves in and around the old Marlu
mine using flotation, roasting and carbon in leach (CIL) technology. The roaster
and flotation circuits were shut down in early 1994 as the sulfide resources
could not be exploited economically. In November,1994, Gencor acquired the mine
as part of the Billiton-Gencor merger and operated the mine until June, 1998 by
exploiting the oxide resources. Gencor pulled out of the project in mid-1998 by
selling its interest to the consortium of banks that had earlier provided
project financing.

Golden Star Resources Ltd. (Golden Star) and Anvil Mining NL (Anvil) acquired
70% and 20% respectively of the shares of Bogoso Gold Limited (BGL) from the
consortium of banks in a transaction completed on September 30, 1999. The
remaining 10% of the shares is held by the Government of Ghana.

To date, approximately 1,100,000 ounces of gold have been recovered from the
Bogoso Gold Mine. Oxide resources are near exhaustion so measures have been
taken to extend the mine's life. A feasibility study is near completion on the
addition of a bio-oxidation circuit to the Bogoso processing plant to treat
sulfide resources and BGL have added oxide and non-refractory gold resources
plus additional sulfide resources, by the acquisition of the Prestea property,
which lies directly to the south of the Bogoso property.

Mining has been conducted on the Prestea for over 100 years, primarily as an
underground operation with limited open pit mining. In recent times, near
surface mining has been undertaken by illegal artisan miners known as galamseys.
The Ghana Chamber of Mines has recorded that some 9,000,000 ounces of gold have
been produced from the concessions since 1877.

During the period 1873 to 1965, the Prestea area was divided into several
licenses operated by several different mining companies. In 1965 they were
amalgamated into Prestea Goldfields Limited with effective 100% ownership by
the Government of Ghana.

In 1994, Barnex, a public company and affiliate of JCI Limited, was granted a
mining lease of about 129 km(2)2 over the Prestea area. The operating company
was Barnex-Prestea who carried out a preliminary exploration program to identify
and evaluate additional mineral resources within the area. In 1988,

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Western Areas Limited purchased JCI's 48% interest in Barnex and subsequently
financed a drilling program and feasibility study for open pit operations. In
September 1998, Barnex decided to close the underground operations, however, the
staff and workers formed Prestea Gold Resources Limited (PGR) which has operated
the mine since.

Following a number of transactions, described in detail in the report, Golden
Star was granted a Mining Lease over the Prestea property on June 29, 2001,
giving it the right to mine the surface down to 150 m below sea level. Mining of
oxide ore from the Prestea property, for treatment in the existing Bogoso
processing plant, started in November, 2001.

1.2   TERMS OF REFERENCE

Associated Mining Consultants Ltd. (AMCL) was retained by Golden Star Resources
Ltd. (Golden Star) to provide an independent technical report in the form
required by Canadian National Instrument 43-101.

The report was prepared to support announcements of new resource estimates
resulting from the acquisition of the Barnex rights to the Prestea properties
and a proposed sulfide project. It would also be used to support any prospectus
to be filed with securities regulatory authorities.

1.3   UNITS

All units in this report generally conform to metric usage except where stated
otherwise. Gold weight is presented in grams or Troy ounces (31.103477 g).
Currencies are expressed in United States Dollars (US$).

1.4   SOURCES OF INFORMATION

The information contained in this report has been obtained from a number of
sources:

-     In June, 1999, AMCL prepared an Independent Engineering Report, conforming
      to National Instrument 43-101 Standards, at the time Golden Star acquired
      the Bogoso property. The authors of this report visited the Bogoso
      property during the period June 15-18, 1999.

-     The authors of the report visited the Bogoso and Prestea properties during
      the period July 6-9, 2001. They examined documentation provided at the
      mine site by BGL, Golden Star, Barnex, and other external sources.

-     On July 6, 2001, AMCL representatives witnessed the formal signing of the
      new mining lease for Prestea by BGL and the Government of Ghana.

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-     AMCL have had access to a number of documents concerning the Bogoso and
      Prestea properties. A list of documents examined is provided in Section
      12, References.

-     AMCL have been provided with a copy of the Feasibility Study on the
      Prestea property for Barnex prepared by Steffan Robertson and Kirsten
      (SRK) with JCI Capital Projects Ltd. being responsible for process design
      and associated capital cost estimates. AMCL have relied, to a large
      extent, on the contents of this study.

-     AMCL have been provided with a copy of the Bogoso Sulfide Feasibility
      Study being prepared by BGL under the overall direction and responsibility
      of SRK. AMCL have relied, to a degree, on the contents of this study.

-     Historic cost data.

-     AMCL conducted interviews with the following personnel of Bogoso Gold
      Limited: Richard A. Gray, General Manager; Peter Claringbull, Mining
      Manager; Joe Mobilia, Commercial Manager; Henry Mensah Atahora,
      Metallurgical Manager; Dave Alexander, Mine Engineering Superintendent;
      Mitchell Wassel, Exploration Manager; as well as other management and
      support staff.

Discussions were also held with Mr. Peter Bradford, President and CEO of Golden
Star Resources Ltd.

1.5   FIELD INVOLVEMENT

The authors are independent and have not been involved in any of the field work
or operations undertaken on BGL and Prestea properties.

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                                 [MAP OF GHANA]

                                                         Figure 1.1 Location Map

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2.0   DISCLAIMER

The documents on which AMCL have relied have been prepared by internationally
recognized engineering or consulting companies or major mining companies. In
addition, data has been provided by Bogoso Gold Ltd. and Golden Star Resources
Ltd. While we have relied on such data in the formulation of our report, we have
also undertaken checks against historic performances on the properties to
provide us with comfort that the data is reasonable.

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3.0   PROPERTY DESCRIPTION AND LOCATION

3.1   LOCATION, ACCESS AND INFRASTRUCTURE

The Bogoso-Prestea concession is located in the Ashanti Trend in the Western
region of Ghana, which runs from Axim in the south to Konogo in the north, over
a distance of some 240 km. It is located some 35 km north of Tarkwa (85 km north
of the port of Takoradi) with good access roads and an established
infrastructure. The property is some 360 km by road west of the capital, Accra,
and 130 km by road from the port of Takoradi on the Atlantic coast. The Obuasi
gold mine is located some 80 km north of the Bogoso property. A paved road from
Takoradi to Kumasi runs down most of the length of the concession with the
mining areas connected by gravel haul roads. The village of Bogoso is located at
the junction of this road with a major east-west artery from Prestea to Enchi on
the Cote D'Ivoire border. BGL has its own back-up power system (6.4 MW) to the
national hydro-electric power grid to which it is connected.

3.2   TOPOGRAPHY AND CLIMATE

The project area is characterized by gently rolling hills incised by an
extensive drainage network. The area is wet, with low-lying swampy areas.
Extensive subsistence farming occurs throughout the area with plantain,
pineapple, cocoanut, cassava, maize, yam and some oil palm and coffee being the
principal crops. Much of the remaining primary jungle has been harvested for
timber, although, a small remnant remains to the east in Kukom National Park

Ghana has a tropical climate with temperatures moderated by proximity to the
Gulf of Guinea. Average temperatures range from 21(degree)C-32(degree)C with
constant breezes and sunshine. Two distinct rainy seasons (March to July and
September/October) are separated by a short dry season in August and a much
longer dry season in the south from mid-October to March. Average rainfall in
the south, near the project area, averages 2,030 mm.

3.3   HISTORY

3.3.1 Bogoso

The Bogoso property is located in an area of historic mining activity from small
scale operations from the turn of the 20th century through to larger scale
operations in the late 1930's.

The original Prospecting Licence was awarded to Denison Mines Limited in 1986.
Denison formed a joint-venture with Sikaman Gold Resources Limited with minority
shareholders, IFC and the Government of Ghana. was granted a Prospecting Licence
covering 147.69 km(2)2 on May 12, 1986.

April of 1988, Billiton International Metals BV acquired Denison's share of
Canadian Bogosu Resources Ltd. and the operating company name was changed to
Billiton Bogosu Gold Ltd.

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The Bogoso Gold Mine was put into production in 1991 by Billiton International
Metals BV to exploit the oxide and sulfide reserves in and around the old Marlu
mine using flotation, roasting and carbon in leach (CIL) technology. The roaster
and flotation circuits were shut down in early 1994 as the sulfide resources
could not be exploited economically. In November,1994, Gencor acquired the mine
as part of the Billiton-Gencor merger and operated the mine until June, 1998 by
exploiting the oxide resources. All exploration and resources development
revenue was funded from Bogoso's operating cash flow. In November of 1994,
Gencor Limited acquired the worldwide assets of Billiton and renamed the company
Bogoso Gold Limited. In March, 1998 Gencor sold its interest in the Bogoso
project to a consortium of its senior lenders.

Golden Star (70%) and Anvil Mining NL (30%) acquired the shares of BGL from
the consortium in an acquisition completed on September 30, 1999. Golden Star
acquired Anvil's interest in BGL in September 2001.

Since this change of ownership in 1999, BGL has continued to mine and process
the remaining oxide and transition resources available on the property. The
resources are currently near exhaustion. Accordingly BGL has pursued two
strategies to prolong the life of the mine:

-     acquisition of oxide and non-refractory primary resources from adjacent
      properties; and,

-     study of methods to economically treat the significant sulfide resources
      available on the Bogoso property.

In September 2001, BGL completed the acquisition of the surface resources on the
adjacent Prestea property and could start mining oxide ore within one month on
the most northerly Buesichem pit. This provides time to complete a definitive
feasibility study on the processing of the enlarged sulfide resources.

3.3.2 Prestea

Mining has been conducted at Prestea for over 100 years, primarily as an
underground operation with limited open pit mining. In recent times, however,
near-surface mining has been carried out almost exclusively by illegal artisan
miners, known as galamseys. The Ghana Chamber of Mines has recorded that some
nine million ounces of gold have been produced from the Prestea concession since
1877. This makes Prestea the second most productive gold mining area in the
history of Ghana after Obuasi.

During the period from 1873 until 1965, the Prestea area was divided into
several licences operated by as many different mining companies. In 1965, the
post-independence government of Mr Nkrumah amalgamated these mining operations
into Prestea Goldfields Limited (PGL) under the aegis of the State

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Gold Mining Corporation (SGMC), a company with the Government of Ghana as its
sole shareholder. SGMC owned 90% of PGL with the Government of Ghana directly
owning the remaining 10%.

Following this consolidation in 1965, production declined and the mines operated
at a loss. In 1985, in an attempt to redress the situation, the Government of
Ghana secured a loan in an amount of $925,00 from the International Development
Agency of the World Bank to rehabilitate a portion of the mine. After three
years of continuing losses, the Government decided to privatize the operation.
Between 1988 and 1994, several companies looked at the operation including Gold
Fields of South Africa (GFSA) and JCI Limited (JCI). GFSA chose not to pursue
the project.

In 1993, JCI reviewed the project and agreed to start repairing the shaft on
behalf of the Government under an agreement with SGMC and PGL known as the Shaft
Repair Agreement. In 1994, JCI was selected by the Government of Ghana to
develop the Prestea Project and a new agreement was made on September 13, 1994
between JCI, Barnex, PGL, SGMC and the Government of Ghana known as the Project
Development Agreement (PDA). The agreement set out the terms under which Barnex
had the right to acquire 90% of the Prestea property and assets and to conduct
mining operations on the property. The Government of Ghana was entitled to a 10%
free carried interest and the right to purchase up to 15% participating equity
interest at any time within six months of the completion of a feasibility study
at a price to be agreed between the parties.

To complete the Prestea acquisition, Barnex was required to complete a
five-phase work program including, due diligence, preliminary exploration and
mining management, advanced exploration, feasibility study and mine
establishment and to make payment to the Government of Ghana at defined
milestones.

On October 13, 1994, Barnex was granted a Mining Lease of about 129 km(2)2 over
the Prestea area despite not completing all the requirements of the PDA. The
lease excluded the right to mine dumps, tailings and other mining waste
materials within the lease area, which was granted to Prestea Sankofa Limited as
a separate lease which runs until May 11, 2002.

In September 1995, The government of Ghana, JCI and Barnex entered into an
agreement in which the Government agreed to loan Barnex Prestea the sum of
$925,000 to repair the Central Shaft. The loans were to be repaid from future
profits from the property.

Following the shaft repairs and a due diligence review, the Main Agreement was
signed between the parties. The agreement allowed for the assignment of the
Prestea assets to Barnex Prestea (excluding the Prestea concession) and the
assumption by Barnex Prestea of the management of the existing mining
operations. The Main Agreement also provided for the deferment of all royalties
payable with respect to the existing mine until the earlier of (a) five years
from the date on which Barnex took over Prestea's existing mining operations and
(b) Barnex's election to proceed with a new mining project on the property.

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The Main Contract provided that neither Barnex nor Barnex Prestea would have any
liabilities for financial, legal, contractual, employment, environmental or any
other matter arising out of the operations at Prestea prior to management
take-over.

In November 1996, JCI, Barnex and Barnex Prestea entered into a five year
management contract under which JCI was appointed to manage the work program and
Prestea's existing mine.

During 1997 and 1998 Barnex conducted a preliminary and advanced work program on
the Prestea property and elected to start a feasibility study to develop the
properties.

In July 1998, Western Areas Limited, a member of the JCI group of companies,
purchased JCI's 49% holding in Barnex and assumed all of JCI's rights and
obligations. As the result of a rights offering to fund the feasibility study
and other works, Western Areas increased it's holding to approximately 88% in
Barnex.

Barnex decided to close the underground mine in September 1998 because of
continuing operating losses. Following the closure, the local Mine Workers Union
and the PGL Senior Staff Association formed a corporate entity called Prestea
Gold Resources Limited (PGR) and carried on operations in the underground
workings.

In October 1998, Western Areas commissioned Steffen Robertson & Kirsten (SRK) to
conduct a comprehensive feasibility study into the potential for economic open
pit mining on the property, with JCI Capital Projects as sub-contractors to take
responsibility for the process, infrastructure and costing aspects of the
engineering design. An initial pre-feasibility study was completed, which gave
positive net present values at zero interest rates. Barnex decided not to
proceed with the second stage of the feasibility and chose to sell its interest
in the project.

In December, 1998, PGR and the Government entered into an agreement under which
PGR was granted the right to explore, develop, mine and produce gold at the
existing underground mining operations for six months and also the right to use
the existing mill facility for the same period. Barnex, while retaining the
rights, had no objection to PGR managing the underground mine for this limited
period.

PGR are restricted from working above the sixth level, approximately 190 m below
surface except for areas between the Alpha and Central Shafts where it could
operate up to the second level (approximately 50 m below surface). The sub-lease
expired in 1999 but PGR have continued to operate the mine.

In August 2000, Golden Star, Barnex and Western Areas entered into a letter of
intent under which Golden Star would acquire the rights to the Prestea
concession from Barnex. However, in November, 2000, the Government of Ghana
granted a 15 year mining lease over the whole of the Prestea concession to PGR
after having cancelled the mining lease and other agreements with Barnex related
to the property.

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Under an agreement reached with PGR on May 21, 2001, the mining lease granted to
PGR would be surrendered. Golden Star and PGR then made application to the
Government for the granting of two new mining leases, a surface mining lease to
a depth of 150 m below sea level in favour of Golden Star and an underground
mining lease below a depth of 150 m below sea level in favour of PGR. In a
second transaction, Golden Star acquired all of the Barnex rights to the Prestea
property.

On June 29, 2001, Golden Star was granted a Mining Lease over the Prestea
property.

3.4   TITLE OF BOGOSO PROPERTY

Ownership of the Bogoso Mine operating company has changed several times over
the history of the project. The original Prospecting Licence was awarded to
Denison Mines Limited in 1986. Denison formed a joint-venture with Sikaman Gold
Resources Limited with minority shareholders, IFC and the Government of Ghana.

Canadian Bogosu Resources Ltd. was granted Prospecting Licence SDI 779A/86
covering 147.69 km(2) on May 12, 1986. Prospecting licences are valid for a
three year initial term followed by a two year extension. Further extensions are
available provided the property continues to be explored. AMCL confirmed that
the Prospecting Licence is in good standing at the date of this report.

On August 21, 1987 Mining Licence WR348A/87 covering 50 km(2) was granted within
the area of the Prospecting Licence. Approximate co-ordinates provided within
the Licence document are:

                        Latitude 5(degree) 32' 30" North
                        Latitude 5(degree) 37' 30" North
                        Longitude 2(degree) 05' 30" West
                        Longitude 1(degree) 58' 30" West

On August 16, 1988 a second Mining Licence, WR368/88, covering an additional 45
km(2) within the Prospecting Licence. Approximate co-ordinates provided within
the Licence document are:

                        Latitude 5(degree) 28' North
                        Latitude 5(degree) 38' North
                        Longitude 1(degree) 58' West
                        Longitude 2(degree) 07' West

Mining Licences are valid for thirty years and may be extended. The title
documents acknowledge the change of ownership to BGL. AMCL has not conducted a
full legal due diligence on the validity of the mining licences, however, we
have no reason to believe that they are not in good standing. Receipts for
annual fees paid to the Government of Ghana are included within the file at
site.

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A 3% royalty on the gross revenue from the gold produced is payable to the
Internal Revenue Service of Ghana.

In April of 1988, Billiton International Metals BV acquired Denison's share and
the operating company name was changed to Billiton Bogosu Gold Ltd. (variations
in spelling of the name of the village of Bogoso is reflected in the various
corporate names).

The Bogoso Gold Mine was put into production in 1991 by Billiton International
Metals BV to exploit the oxide and sulfide reserves in and around the old Marlu
mine using flotation, roasting and carbon in leach (CIL) technology. The roaster
and flotation circuits were shut down in early 1994 as the sulfide resources
could not be exploited economically. In November,1994, Gencor acquired the mine
as part of the Billiton-Gencor merger and operated the mine until June, 1998 by
exploiting the oxide resources. All exploration and resources development
revenue was funded from Bogoso's operating cash flow. In November of 1994,
Gencor Limited acquired the worldwide assets of Billiton. In March, 1998 Gencor
relinquished its' interests to the senior lenders. The transaction left around
$34 million of debts outstanding to the consortium of lenders.

The consortium of banks, which now held 82% of the BGL shares, included the
International Finance Corporation (IFC), Credit Lyonnaise, Sumitomo Bank,
Ecobank Transnational Inc., Societe Generale, Bank Austria, Bank International $
Luxembourg, DS (Belgium) Finance N.V./S.A., and Deutsche Bank. In addition the
IFC hold 8% of BGL shares while 10% of the shares are held by the Government
of Ghana.

In September 1998, the consortium of banks engaged Deutsche Bank, London, to
dispose of the banks and IFC shares on an external debt free basis. In May 1999,
the IFC announced that the bid by Golden Star Resources Ltd. (Golden Star) and
Anvil Mining NL (Anvil) had been accepted subject to approval of the Boards of
Directors of IFC and Deutsche Bank, Germany. Golden Star and Anvil would hold
equity interests of 70% and 20%, respectively, in BGL with the Government of
Ghana retaining its 10% equity interest. Golden Star and Anvil would acquire 78%
and 22% of the $34 million debt, respectively, and as a result, BGL would have
no external bank debt other than the debt acquired by Golden Star and Anvil.

The IFC would receive US$5 million as a deferred payment, payable on the first
anniversary of the commencement of commercial mining of the sulfide resources as
part of a new sulfide project. This is under negotiation at the time of writing
of the report.

On September 6, 2001 Golden Star acquired all of Anvil's interests in Bogoso
increasing its equity interest to 90%. Golden Star issued 3,000,000 common
shares at a deemed price of US$0.40/share in exchange for Anvil's 20%
shareholding in Bogoso and Anvil's 22.2% interest in the approximate US$28
million in debt owed by Bogoso to Anvil and Golden Star.

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Shareholder debt at the end of 2001 is forecast to be US$33.8 million which will
include interest accruals and new advances to assist with the Prestea
acquisition.

3.5   TITLE OF PRESTEA PROPERTY

Acquisition of the Prestea property which is directly to the south of, and
adjoins, the Bogoso concession was a complex transaction involving separate
Agreements with Barnato Exploration Limited (Barnex), Prestea Gold Resources
Ltd. (PGR) and the Government of Ghana.

Barnex is 88.7% owned by Western Areas Limited.

PGR is a Ghanaian company that was formed in 1998 by the ex-employees of Barnex
with the intent of continuing to operate the 100 year-old underground mine at
Prestea after Barnex had decided to close the mine in late 1998. PGR is a
subsidiary of the State Gold Mining Corporation (SMGC) with SMGC holding a 90%
interest. The remaining 10% is held by the Government of Ghana. SMGC
administers both its own share in PGR as well as the Governments. SMGC is wholly
owned by the Government of Ghana. PGR initially obtained a six-month
"sub-lease", that was subordinate to the mining lease over the Prestea
concession that was held by Barnex. On November 1, 2000, following the decision
by government to abrogate Barnex's rights to the Prestea concession, government
granted PGR a new mining lease over the Prestea concession for a period of 15
years. This decision was disputed by Barnex.

On May 21, 2001 Golden Star reached an Agreement with PGR in which PGR agreed to
surrender the mining lease and that application would be made to the Government
of Ghana for the issuance of two new mining leases. This would be comprised of a
surface mining lease in favour of Golden Star and an underground lease below 200
m in vertical depth (150 m below sea level) in favour of PGR.

The Agreement required Golden Star to negotiate with Barnex to arrive at a
commercial settlement of their claims arising from the abrogation of their
mining rights on October 25, 2000. Golden Star would pay an option payment of
US$2.1 million to PGR on closing which gives Golden Star the right, but not the
obligation, to make a further payment of US$1.9 million to acquire a 35%
interest in PGR and the right to manage the underground mine. The Agreement
includes broad provisions for the mitigation of impacts to the underground mine
infrastructure that may be impacted by surface mining activities.

On June 7, 2001 in Letter from the Minister of Mines, the Government of Ghana
indicated its approval for the transaction between Golden Star and PGR. Also on
June 7, 2001 PGR applied to the Minister of Mines by letter for a certificate of
surrender of its mining lease over the Prestea concession.

Golden Star signed a Letter of Intent (LOI) in August of 2000 to acquire the
Barnex rights and obligations in Prestea for a total consideration of US$12
million. The LOI expired with the abrogation of the Barnex rights on October 25,
2000.

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On June 22, 2001 Golden Star announced that it entered into a binding Agreement
with Barnex to acquire all of its rights, claims and obligations related to the
Prestea Property. The purchase consideration consists of US$2.0 million, payable
at closing, by delivery of 3,333,333 shares of Golden Star at a deemed price of
US$0.60/share and 1,333,333 warrants to subscribe for Golden Star shares at an
exercise price of US$0.70 for a period of three years. The Agreement also
involves a gold production royalty on the first 1,000,000 ounces produced from
the Bogoso or Prestea concessions.

The royalty is paid quarterly and varies with the price of gold as follows:

<TABLE>
<CAPTION>
AVERAGE SPOT PRICE OF GOLD  ROYALTY RATE
           (US$)              (US$/OZ)
----------------------------------------
<S>                         <C>
             <260                  6
----------------------------------------
        >=260<270                7.2
----------------------------------------
        >=270<280                8.4
----------------------------------------
        >=280<290                9.6
----------------------------------------
        >=290<300               10.8
----------------------------------------
        >=300<310                 12
----------------------------------------
        >=310<320               13.2
----------------------------------------
        >=320<330               14.4
----------------------------------------
        >=330<340               15.6
----------------------------------------
            >=340               16.8
----------------------------------------
</TABLE>

On August 06, 2001 representatives of the Government of Ghana, PGR and Golden
Star attended a ceremony in Accra, Ghana at which Dr. Kwaku Afriye, Minister of
Lands, Forestry and Mines formally signed the new mining lease with Bogoso Gold
Limited. Representatives of AMCL attended at the ceremony as witnesses.

This represents formal acceptance by the Ghanaian Government of the transactions
between Golden Star and PGR, and Golden Star and Barnex. Approval of the Reserve
Bank of South Africa and Barnex shareholders has also been received and the deal
closed in escrow on September 11, 2001.

The terms of the current mining lease requires payment of US$30,000 to the
Ghanaian Government on signing and the payment of an annual rental of
(cent)5,000/km(2).

The mining lease excludes certain dumps, tailings, calcines and other mining
derived materials. These materials were granted to Prestea Sankofa Ltd. in a
Mining Lease dated May 12, 1994 valid through May 11, 2002. Prestea Sankofa is a
joint-venture between Samax Ltd., the Ghana National Petroleum

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Corporation and the State of Ghana and has the right to mine "...dumps or
deposits of tailings, calcines, and other waste materials including derived
materials, alluvials and elluvials occurring above the original land surface..."
within the areas demarcated within the lease. Prestea Sankofa operates a small
mobile CIL plant and was observed excavating material in the vicinity of the
Buesichem deposit.

Two possible areas of conflict with the known extent of the Mining Lease exist.
Some 50 km to the north of Prestea in the Twofoo area a small area held by
Prestea Goldfields Ltd. was transferred to Cluff Mining (now owned by Ashanti
Goldfields) in error. Exploration has not been successful and this may prove to
be of no consequence. The southern boundary of the Bogoso concession overlaps
the Buesichem concession of Prestea Goldfields. As the ownership of the two
concessions has been consolidated this represents no problem.

A copy of the Mining Lease is attached as Appendix A.

AMCL has not obtained a legal opinion of title, however, we are satisfied that
the issuance of the mining lease conforms to Ghanaian law.

3.6   GHANAIAN MINING LAW

The following laws and regulations govern mining in Ghana:

-     Minerals and Mining Law, 1986 (PNDCL 153),

-     Minerals and Mining Law (Amendment), 1994 (Act 475),

-     The Minerals Commission Law, 1986 (PNDCL 154),

-     The Small Scale Mining Law,

-     Minerals Royalties Regulations, 1987 (L.I. 1349), and;

-     The Additional Profits Tax Law, 1982 (PNDCL 122).

The Government has a 10% non-participating interest in all exploration and
mining ventures with the right to purchase an additional 20% equity interest in
the mining venture at a fair market price.

Royalties of 3%-12% of mineral revenue are paid to the Government. Companies
may export gold to any foreign refiner upon approval of the Government. The
Government has a pre-emptive right to purchase the gold production at fair
market value, although, this right has never been exercised.

Offshore foreign currency retention accounts for the receipt of foreign currency
including the proceeds from gold production are permitted. Funds in the account
must be utilized in the following order:

-     Operating costs, including royalties and management fees,

-     interest in respect of senior debt,

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-     interest in respect of subordinate debt and/or claims approved by
      Government,

-     tax,

-     redemption payments with reference to senior debt, subordinate debt or
      approved claims, and;

-     ordinary dividends to shareholders in accordance with shareholder's
      respective equity interests.

A surplus in the account may be used for permitted investments. Copies of the
monthly statements of the account are to be submitted to the Central Bank within
fifteen business days of the end of each month.

Corporate tax is currently 32.5%, although, no tax is due until capital debt
has been repaid. Capital expenditures can be written-off, up to 75% in the
first year and 50% off the declining balance in subsequent years. An investment
allowance of 5% is permitted, annually.

The Minerals and Mining (Amendment), 1994 reduced corporate taxes from 45% to
35% and subsequently to 32.5%. As well the Act introduced the concept of
"Golden Shares" whereby the Government (in addition to their mandated 10%
interest) is empowered to acquire a special share in the joint-operating company
for no consideration. The actuality is that the Ghanaian Government has
expressed an interest in possibly divesting itself of its' equity interest in
certain mining projects. This Act fundamentally changes the definition of a
mining company and provides for up to four classes of shareholder controllers.

The Act imposes closer Government control on mining operations and a waiting
period on the ratification of large-scale transactions.

Three forms of mineral land tenure are recognized:

-     Reconnaissance Licence: entitles the holder to search for specified
      minerals by geochemical, geophysical and geological means. It does not
      permit drilling, excavation or other physical activities on land, except
      where such activity is specifically permitted by the Licence. It is
      normally granted for twelve months and may be renewed. In practice the
      duration is negotiable and related to the extent of the proposed
      reconnaissance program.

-     Prospecting Licence: entitles the holder to search for specified minerals
      for three years in an area covering at most 150 km(2)2, but this size
      limit can be exceeded at the discretion of the Government. A Prospecting
      Licence is renewable for two years with a reduction in area.

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-     Mining Lease: entitles the holder to extract minerals. A Lease is granted
      for thirty years over a maximum area of 50 km(2), or, where a holder has
      more than one lease an aggregate of 150 km(2). These limits are
      negotiable.

The holder of mineral land tenure does not automatically obtain ownership of
surface rights. A number of timber concessions are present in the lease area.

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4.0   GEOLOGICAL SETTING

4.1   REGIONAL GEOLOGY

The Bogoso gold mine and Prestea concession are located along a prominent
north-east trending regional shear zone (the Ashanti Trend) that extends for
over 240 km within the Man shield of the West African Craton. Lower Proterozic
sedimentary and volcaniclastic rocks of the Birimian Supergroup and Tarkwaian
Group are important hosts for gold. The Ashanti Trend hosts the principal gold
deposits of the Ghana gold belt and is closely aligned with a major thrust fault
(later re-activated with sinistral wrench movement) which separates the
meta-sedimentary and meta-volcanic units of the Birimian and the clastic rocks
of the Tarkwaian.

The Birimian comprises an assemblage of turbiditic sedimentary (phyllites,
schists and greywackes), and volcaniclastic rocks deposited in shallow marine
basins (Lower Birimian) separated by a sub-parallel series of north-east
trending volcanic belts (Upper Birimian). The transition between volcanic belts
and sedimentary basins is marked by chemical sediments including cherts,
manganese and carbon-rich sediments. Conventional thinking, based on relative
stratigraphic position, suggested that the volcanic suites overlay the Lower
Birimian. Recent radiometric work suggests that, in fact, that the volcanic
rocks are 50 Ma-60 Ma older than the sedimentary sequences and may have been
thrust faulted into their present position.

It is most likely that the Upper and Lower Birimian represent coeval, lateral
facies, equivalents separated by transition zones containing chemical sediments.

A primarily thermal event result in regional metamorphism of the Birimian and
Tarkwaian rocks. The Eburnean tectono-thermal event has been interpreted as
occurring as a period of Birimian volcanic eruption, intrusion of granitoids and
a period of metamorphism, uplift and erosion (Eburnean 1; 2240 Ma-2150 Ma)
followed by regional metamorphism of both the Birimian Supergroup and Tarkwa
Group rocks with further intrusive activity (Eburnean 2; 2150 Ma-2130 Ma).
Emplacement of sub-volcanic plutons such as occurred in the Eburnean
tectono-thermal event around 2.1 billion years ago may have contributed to the
formation of late, discordant epigenetic veins, vein systems and stockworks in
the Birimian.

Tarkwaian fluvial molasse sediments, principally, conglomerates (which host
major gold deposits elsewhere in Ghana) are likely derived from erosion of the
Birimian rocks which resulted in palaeo-placers similar to the Witwatersrand
Basin of South Africa. Recent radiometric data suggests Tarkwaian deposition in
an inter-montane graben was separated from the last Birimian volcaniclastic
episode by a short period of extensional tectonism and block-faulting.

Gold deposits within the Birimian include Prestea (Prestea Gold Resources Ltd.),
Bogoso (Golden Star), Obuasi (Ashanti), Ayanfuri, Amansie, Yamfo and Konongo.

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Gold deposits within the Tarkwaian include Teberebie, Abosso, Tarkwa, Iduapriem
and Akyempim. A zone of oxidation occurs from the tops of low hills down to the
valley floor. A transition zone approximately 20 m thick overlies the sulfide
mineralization. Gold production has largely been from the oxide ores and
identified reserves are limited.

Figure 4.1 (Map Pocket at rear) is an illustration of the general geological
setting of the Bogoso-Prestea Concession.

4.2   STRUCTURAL SETTING

Gold mineralization in the Birimian rocks of Ghana are concentrated along four,
parallel corridors (greenstone belts), 10 km-15 km in width and several hundred
kilometres in length. A fifth belt of gold mineralization is represented by the
Tarkwaian rocks. Regional scale deformation was dominated by folding and
thrusting focussed at the boundary of the volcanic belts and sedimentary basins.

Within the Birimian and Tarkwaian, NW-SE (principal maximum stress
+/-100(degree)) compression or shortening is related to a single, long-lived
progressive deformation event resulting in north-east tending westerly dipping
(30(degree)-60(degree)) thrusts such as the Axim-Konongo thrust along which
occur the Prestea deposits. These faults were subsequently re-activated on a
local scale as sinistral strike-slip faults which control the presence and
distribution of the mineralization at Prestea.

Deformation involved Birimian, Tarkwaian and early intrusives resulting in a
thrusted and folded orogenic belt. Imbricate slices of metavolcanics occur
within the central structural corridor. A lower stress regime further away form
the volcanic-sedimentary contact has resulted in broad open folding dominating
the Tarkwa Group.

The thrusts were reactivated during a change in the principal stress direction
resulting in sinistral wrench faulting. Dextral relaxation structures have been
noted. Gold appears to have been emplaced during a period of sinistral movement.

4.3   LOCAL AND PROPERTY GEOLOGY

4.3.1 Bogoso

In the Bogoso area the Ashanti trend structural discontinuity is referred to as
the central structural corridor or central fault zone. This passes through the
centre of the concession and gold mineralization occurs along the 18.5 km strike
length.

The central structural corridor separates the Birimian structural domain in the
west from the Tarkwaian structural domain in the east with both suites hosting
an anastomosing network of faults and imbricate fault

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slices. The Tarkwaian rocks are not considered to be prospective for gold
mineralization in the Bogoso area.

The most intense faulting occurs along the western edge of the central
structural corridor and is referred to as the Main Crush Zone (MCZ). The MCZ
varies in width from 1,000 m to 2,500 m with major gold deposits occurring at
bends or junctions within the fault system. The fault system is dominated by
early thrusting which resulted from northwest-southeast compression. The fault
was later re-activated and appears to have undergone sinistral wrench type
movement. Numerous interlocking splays occur within the MCZ. 90% of gold
production to date has come from the MCZ. Mineralized splay structures outside
of the MCZ have been identified but there has been little exploration of these
targets to date.

Gold occurs in two primary ore types; principally, as refractory sulfide ores in
the host rocks where arsenopyrite is the main ore mineral (sub-types of this
include; graphitic shear zones, siliceous ores, carbonate alteration zones and
wall rock hosts), and, as quartz+/-sulfide+/-carbonate veins (limited to the
Bogoso North area) with free-milling gold. Both quartz veins and sulfide ores
are restricted or confined to structures that cross-cut pre-existing foliations
in the rock fabric. The quartz veins are probably younger than the gold-bearing
arsenopyrite.

A number of gold deposits have been delineated on the Bogoso Concession. The
principal deposits from south to north are: Chujah South, Chujah Main, Chujah
(Stage 3), Chujah North, Dumasi, Dumasi North (Nankafa), Marlu and Bogoso North.
Oxide resources have largely been exhausted on the property and the resource
base, while substantial, is limited to generally, refractory sulfides.

All of the deposits are open at depth. Figure 4.2 (at rear of this section) is a
cartoon showing the relationship of the various Bogoso sulfide ore bodies.

Mineralization in the Chujah South deposit is associated with two moderate to
steeply dipping structures, the Chujah footwall fault which runs sub-parallel to
the main crush zone and an easterly trending splay which intersects the bounding
fault with the Tarkwaian (Chujah fault). Mineralization is associated with the
intersection of these structures and minor northeast trending faults. A series
of westerly dipping faults host oxide mineralization. Faulting in Chujah South
is extremely complex and controlled by fault bounded volcanic bodies.

The Chujah Main and Chujah (Stage 3) deposits are separated by a thinning or
pinching out of the main crush zone mineralization. Gold is associated with
finely disseminated pyrite and arsenopyrite. Increased gold grade is associated
with an increased concentration of arsenopyrite. Sulfides in the Chujah Main
deposit have been mined prior to the closure of the roaster. Gold in both
deposits is associated with graphitic mylonites and carbonate alteration. A
substantial portion of the known sulfide resources occur in the Chujah deposits.
A small satellite orebody, Chujah North also contains a small gold resource
base.

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At Dumasi, gold is also hosted in graphitic mylonites and carbonate altered
rock. The deposit is associated with a sinistral flexure in the main crush zone
and hanging wall and footwall splays. The deposit is approximately 380 m along
strike, 30 m-35 m wide and tested to 100 m in depth. The dips are gentler than
those at Chujah with the gold grade being slightly lower.

The Dumasi North deposit (Nankafa) is 400 m along strike 30 m-70 m perpendicular
to strike and drilled to a vertical depth of 200 m. The Dumasi deposits also
account for a substantial proportion of the gold resources on the Bogoso
concessions.

The Marlu deposit has been the site of over 100 years of mining by both
underground and open-pit methods. Higher grades are associated with sporadic
quartz veins and graphitic mylonite. The deposit is approximately 450 m along
strike and 15 m-25 m in width and untested at depth. The deposit dies out
northward in a low grade graphitic fault zone and opens up in the Bogoso North
deposit

At Bogoso North two splays of the main crush zone, a graphitic footwall
structure and a silicified, quartz vein dominated hanging wall structure extend
for 500 m along strike. Quartz vein mineralization is associated with higher
gold grades of 5 g/t-15 g/t. Gold is associated with abundant arsenopyrite.

4.3.2 Prestea

Gold mineralization on the Prestea Concession has been delineated in three
bodies, Buesichem (in the north adjoining the Bogoso concession), North
Shaft-Plant and Beta Boundary. Figure 4.3 (in Map Pocket at rear) is a satellite
image of the Prestea Concession illustrating the major geographic features of
the area.

The Buesichem deposit is very similar to that of the Bogoso concession to the
north. Mineralization is hosted in an extensively sheared package of greywackes,
turbidites and phyllites. The mineralization is associated with wall rock
alteration and mylonitic structures with 70% of the gold considered to be
refractory. The ore body is steeply dipping (70(degree)) and plunges to the
south-southwest. As with Bogoso much of the gold is occluded in arsenopyrite or
arsenian pyrite and much of the sulfide resource is considered to be refractory.
Gold occurrences in the Buesichem deposit are different from the other Prestea
deposits to the south having unique textures as a result of the extensive
cataclastic nature of the rocks.

The North Shaft-Plant and Beta Boundary deposits as well as the southern Brumasi
gold occurrence are associated with a left-hand flexure (concave westwards)
which has resulted in a major dilational zone along the Axim-Konongo fault belt.

The North Shaft-Plant deposit mineralization is associated with the boundary
between greywackes (and carbonaceous phyllites) in the west and metavolcanics in
the east. Rock units have been juxtaposed by faulting. There are three discrete,
continuous, laminated quartz veins referred to as the Westreef (hanging-wall
sequence), Mainreef and Eastreef (footwall sequence). These units pinch and
swell along strike.

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The ore body strikes north-northeasterly and dips at 55(degree) to the
northwest.

Up to 70% of the mineralization occurs as coarse (25 F-2,000 F), free gold
within quartz veins. The remainder of the gold is associated with altered wall
rocks with the gold occluded in arsenopyrite.The mineralization has good
continuity along strike and down dip as evidenced by over 100 years of mining. A
well developed oxide zone is present which may be amenable to open-cast bulk
mining.

The Westreef is comprised of altered volcaniclastic tuffs, turbidites and
greywackes. The Mainreef sequence occurs in intensely sheared carbonaceous
phyllites with primary organic carbon and graphite which may be preg-robbing.
The Eastreef is similar to the Westreef with the presence of faulted Tarkwaian
units.

The North Shaft mineralization has a higher proportion of organic carbon in
black marine shales.

Beta Boundary gold mineralization is hosted in silicified metavolcanics with the
gold occurring in narrow quartz filled dilation zones, breccia zones and quartz
vein stockworks in quartzites. The mineralization occurs as discrete lenses and
lacks the continuity present in the North Shaft-Plant deposit. The Beta Boundary
deposit was initially believed to have lower grades than the other Prestea
deposits. However, this is not the case in the revised undiluted grade model
although a large low-grade tonnage of sub-economic material has been
delineated.

4.4   DEPOSIT TYPES

A multi-stage, multi-process hypothesis is necessary to explain the presence of
gold mineralization within greenstone hosted gold lodes. Convective seawater
circulation leached gold, silica and carbonates from the subsea tholeitic
basalts which was passively discharged over large areas of the sea floor. In
some places this discharge would result in pure chemical precipitates (low-grade
auriferous exhalites) while in other areas, sediments or volcanic detritus would
be deposited with the exhalites. These pre-enriched source rocks provided the
source of gold during multiple stages of metamorphic remobilisation,
re-deposition and further concentration. The host rocks are generally
metamorphosed to greenschist facies or, occasionally to lower amphibolite facies
in proximity to granitic intrusions.

Deposit models for disseminated gold mineralization in Precambrian shield
greenstone terranes are dominated by metamorphic models. Two sub-types of the
metamorphic model are described following:

Syngenetic gold may have originated by subsea hydrothermal processes with gold
enriched solutions venting into basins and deposited with banded iron
formations. Circulating seawater or heated meteoric waters may have provided the
source fluids.

Alternatively, the gold may be epigenetic and its emplacement controlled by
fluid/wall rock interactions. Gold and sulfide mineralization is generated by
metamorphic devolatilization under greenschist facies

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conditions during prograde metamorphism. These conditions may concentrate fine
grained carbon (possibly derived from algal mats) as can be seen in the
carbonaceous phyllites present throughout the area.

Igneous derived hydrothermal processes associated with granitic complexes may
co-incidently or subsequently remobilize the pre-concentrations of gold.
Paragenetic studies (Mucke and Dzigbodi-Adjimah, 1994) at Obuasi and Prestea
suggest that the mineralization may be of post-metamorphic origin.

Three types of gold-bearing orebodies have been identified along the Ashanti
trend:

-     Syngenetic disseminated sulfide types which are lithofacies controlled and
      may be regional in extent. Gold occurrences are associated with chemical
      sediments such as chert, manganese and carbon enriched sediments. The gold
      has been, locally, re-mobilized and or reconcentrated during multiple
      metamorphic events but has not been moved far from its vent source.
      Related to this are epigenetic disseminated sulfide types associated with
      the selvage of quartz veins.

-     Quartz vein type of local, structurally controlled, epigenetic, gold
      occurrences. Gold-bearing fluids may have been generated during
      metamorphic devolatilization, however, fluid inclusion studies suggest
      that gold mineralization was emplaced at 250(degree)C-360(degree)C at
      pressures of 1 kb-4 kb (mesothermal conditions). Both igneous and
      metamorphic models (or a combination) could be invoked for this style of
      mineralization.

-     Supergene oxide ores.

Exploration approaches differ, one focussing on lithologies, the other on
structural setting. Superposition of different genetic systems is likely.
Although there is some evidence for mesothermal fluid circulation we believe
that the majority of the gold has been concentrated by metamorphic
devolatilization and has not been moved far from its primary depositional source
in banded iron formations.

On a regional scale, Leube, et al (1990), suggested that gold mines along the
Ashanti trend correlate with the occurrence of chemical sediments with
lithological controls operating at this scale although structures clearly
control mineralization in vein type mineralization.

Work at Obuasi strongly suggests that all major ore bodies of both quartz vein
type and sulfide types are structurally controlled by fissure development and
folding.

Golden Star's exploration consultants believe that there are strong structural
controls on the location of gold mineralization in the Prestea area. Major
deposits on the Ashanti trend are located in proximity to major fault zones
where the contact between Birimian sedimentary and volcanic units is in tectonic
contact with Tarkwa Group rocks. The gold deposits are located on large-scale
duplex structures at convex westward (left hand flexures) of the main shear
zone. Golden Star's exploration consultants also believe that

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mineralization was deposited late in the evolution of the fault belt under
mesothermal conditions as fluids circulated through dilation zones at moderate
pressure.

Weathering extends down to a depth of 40 m although local topography has an
impact. 10 m-15m of secondary clay alteration overlie 25 m-30 m of saprolite
development.

4.4.1 Alteration

Regional metamorphic assemblages include chlorite and epidote in the volcanic
rocks and sericite within the Tarkwaian metasediments. Regional scale alteration
includes carbonitisation, silicification, sulphidation and enrichment in
titanium minerals such as rutile, leucoxene and sphene.

Four hydrothermal alteration types are associated with Birimian gold
occurrences. Graphite is found along fault surfaces, silicification of wall
rocks and discrete quartz veins along fractures and carbonate alteration with
siderite and ankerite predominating. Early carbonate alteration and
silicification is suggested to have played a role in ground preparation.

4.5   MINERALIZATION

The various styles of mineralization present on the Bogoso-Prestea concession
suggest a complex genetic history involving both metamorphic devolatilization as
well as, possibly, subsequent hydrothermal re-mobilization and deposition. There
are distinct variations in the refractory nature of the sulfide ore along strike
which can only be explained by multiple phases of mineralizing fluids.

4.5.1 Bogoso

Mineralization in the Bogoso area falls into four styles:

-     Graphitic shear zone mineralization in graphitic mylonites. This hosts 60%
      of the gold mineralization at Bogoso which is associated with arsenian
      pyrite and arsenopyrite.

-     Carbonate mineralization. Carbonate altered rocks associated with the
      margins of faulted volcanic rocks. The gold grade increases with
      increasing arsenopyrite and arsenian pyrite concentration. Quartz-ankerite
      veins in a stockwork style are frequently associated with higher gold
      grades. This hosts approximately 25% of the gold resource and is
      prevalent in the Dumasi deposit and Chujah South deposit.

-     Silicified rocks with disseminated and semi-massive pyrite cut by a
      variable stockwork along the Chujah footwall fault. Gold grades may run
      from 0.5 g/t-25 g/t.

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-     Minor quartz veins occur at the Bogoso North deposit similar to that
      occurring to the south at Prestea. Visible gold is occasionally reported
      but the gold is usually associated with sulfides in close proximity to
      graphitic phyllites.

Primary gold mineralization occurs with +/- 1% arsenopyrite and +/- 5% pyrite
with minor chalcopyrite, pyrrhotite, galena and sphalerite. Gold distribution is
reported to be as follows: 44% free particulate gold, 10% particulate gold
locked in sulfide grains (which can liberated by ultrafine grinding), 39% in
solid solution in arsenopyrite and pyrite which can only be liberated by
oxidation and 7% locked in silica.

As in Prestea, weathering of the primary ore has a significant impact on
enhancing the recovery of the refractory ore. Oxidized ore contains very fine
gold which has been liberated by weathering of the sulfides.

4.5.2 Prestea

A significant study of the mineral paragenesis at Prestea and Obuasi (Mucke and
Dzigbodi-Adjimah, 1994) postulated that all sulfides, associated carbonates and
native gold are post-metamorphic in origin. Disseminated sulfide mineralization
in wall rocks is not restricted to a particular lithology but rather with
shearing, fracturing and foliations adjacent to ore channels. High
concentrations of gold also occur at the contact of the quartz ore body with the
wall rock. A third style of mineralization suggests that pre-existing native
gold, arsenopyrite and pyrite may have been re-concentrated by SiO2-rich
solutions.

Post-metamorphic mineral assemblages appear to occur in various generations
suggesting multiple phases of mineralization. Mobilizing and transporting gold
during metamorphic devolatilization requires the presence of available sulphur
sourced from pyrite which decomposes to pyrrhotite, releasing sulphur.
Paragenetic studies suggest that pyrite concentrations are secondary and may
have resulted from pyritization of the pyrrhotite.

The refractory nature of the mineralization changes from north to south through
the Bogoso-Prestea area. As far south as Buesichem and the northern part of
North Shaft-Plant the gold contained in the sulfide ore is frequently occluded
with arsenopyrite, arsenian pyrite and possibly chalcopyrite. South of Buesichem
as you approach the North Shaft-Plant deposits the nature of the mineralization
changes with the gold continuing to be associated with arsenopyrite but not
occluded by it.

Bogoso Gold Limited intends, initially, to exploit remaining oxide resources in
the Buesichem Main and Buesichem South deposits. These will provide feed to the
existing mill at Bogoso. Transition ore in the North Shaft-Plant area has,
locally, shown some preg-robbing characteristics. This may be due to a variable
content of organic carbon vs. graphite or the presence of other preg-robbing
species. Further test work is being completed in this regard. The graphite vs.
organic carbon suggests the possibility of carbon species being transported and
concentrated by metamorphic or hydrothermal fluids and possibly providing a
reducing environment suitable for gold deposition.

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The Buesichem deposit consists of quartz, pyrite, arsenopyrite, pyrrhotite,
chalcopyrite and various iron oxides. The sulfide ore is considered to be
refractory with a CIL recovery of 72%. Diagnostic leaching produced recoveries
of 60%-70%. Other leach tests have shown higher recoveries of up to 96%
suggesting a highly variable nature to the orebody. Gold occurs in the <63 u
only. Preg-robbing characteristics have been identified as a result of the
presence of antimony, selenium and telurium.

Mineralogical studies have identified undeformed sulfide grains suggesting a
post-deformational age for the mineralization. Gold is predominantly
fine-grained (1 F-30 F) with up to 40% occluded in arsenopyrite and
arsenian-pyrite.

The North Shaft-Plant deposit consists of arsenopyrite, organic carbon, graphite
and antimony. Up to 20% of the gold is fine and occluded by pyrite and
chalcopyrite and galena. Arsenopyrite is ubiquitous and is usually less than
0.5% but can range as high as 1.5% of the ore body. Limited mineralogical work
conducted on the North Shaft portion of the deposit suggests that the North
Shaft portion of the deposit may be more refractory due to a higher content of
black shale (up to 90%), and, also a higher content of bismuth, arsenic and
antimony which may act as cyanicides. The gold appears to coarsen to the south
into the Plant deposit. The North Shaft sulfides give diagnostic leach results
of 66%-70% and would be considered moderately refractory.

In the Plant deposit tetrahedrite is usually associated with gold
mineralization, sphalerite, galena and chalcopyrite. Gold is coarse grained
ranging from 10 F-70 F in the footwall and 20 F-300 F in the Mainreef. Gold
grains up to 4 mm have been observed in the Mainreef. High organic carbon and
graphite contents occurs with high-grade gold in the Mainreef but the two do not
appear to be related.

Diagnostic leach work on the southern Plant sulfides suggests recoveries of
77-80% with CIL providing optimum recoveries of 84%. 60%-70% of the gold may be
amenable to recovery by gravity methods. Flotation will concentrate the sulfides
as well as the organic carbon and graphite. Final gold recoveries have been
estimated to be between 83%-90%.

Limited mineralogical work has been conducted on the Beta Boundary deposit.
Examination of the oxide material suggests that free gold occurs in the < 63 F
and 63 F-149 F fractions. Quartz is the dominant mineral forming up to 70%-75%
of the ore body with sulfide minerals including pyrite, arsenopyrite,
chalcopyrite and bornite. The ore does not appear to be refractory

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5.0   EXPLORATION

5.1   EXPLORATION PROGRAMS

Current exploration is focussed on delineating additional oxide resources at the
Buesichem pit. 207 rotary air blast (RAB) drill holes have been completed since
December, 2000. A 3,000 m reverse circulation (RC) drilling program commenced
during the week of November 15, 2001. This program will be used to update the
oxide resource statement.

A small RAB program has been completed on a soil geochemical anomaly at Brumasi
north of the Ankobra River. This will be followed up by RC drilling upon
completion of the Buesichem drilling program.

5.2   DRILLING

Barnex (Prestea) Limited, a subsidiary of JCI has an internal documented
entitled Drill Sampling Protocol (dated November 2, 1998). This document is
specific to the Prestea project and refers to approved drilling contractors,
procedures for RC and diamond drilling, logging of chips and core, sample
preparation on site, assays and laboratories, surveying, etc. AMCL is satisfied
that the quality control procedures were routinely implemented and meet or
exceed best practices within the exploration industry.

5.3   SAMPLE PREPARATION, ANALYSIS AND SECURITY

AMCL staff have reviewed BGL analytical protocols and quality control/quality
assurance procedures on two separate occasions. BGL has a stated commitment to
maintaining a high standard of quality in its analytical laboratory. BGL QA/QC
procedures are designed to detect and address both gross errors and longer-term
bias drift in assay results.

The following description of BGL routine quality control procedures is sourced
directly from BGL's laboratory manual. AMCL has participated in assay procedures
at the mine site laboratory and is satisfied that these procedures are routinely
practiced.

5.3.1 Internal Controls

Routine quality assurance procedures include a random 1 in 20 (5%) re-split at
the sample preparation stage, after crushing but prior to pulverization. These
samples would be assayed on a subsequent fire run.

Quartz blasting of the pulverizer bowls and discs is used where there is the
possibility of cross-contamination between sample suites. The quartz wash
residue is retained and analyzed after every 20th sample along with clean quartz
abrasive as a quartz blank.

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A normal fire-assay batch consists of 30 fusion pots comprised of 27 analytical
samples, 1 repeat analytical sample, 1 blank and 1 standard. QA samples
represent 16% of the fire-assay run. Plant process ore feed and residue samples
are assayed in duplicate. Carbon samples are assayed in duplicate. Exploration
samples with assay values reporting >2 ppm (g/t) are re-assayed from pulps.

All fire assays are completed by atomic absorption spectrometry (AAS). The AAS
unit is calibrated once per shift or three times per day. New standards are
prepared and checked every fourth day. All balances are checked daily.
Calibrations on all solution dispensers are checked and reset on every shift.

All fusion pots returning assay values > 5 ppm are discarded at the beginning of
every shift with new fusion pots used for all plant samples. Screening tests are
performed randomly on selected samples every week. Pulverizer bowls and discs
are inspected for wear and replacement.

5.3.2 External Controls

BGL standards are externally prepared with assay values determined by round
robin assay between end-users. BGL takes part in two monthly round robin
analyses, one organized by SGS Laboratories (Ghana) and the second by
Performance Laboratories (Ghana).

Records of all control tools and checks are maintained and available for
inspection. AMCL has audited the QA/QC procedures and is satisfied that they are
utilized.

5.4   BOGOSO EXPLORATION TARGETS

Limited additional oxide potential remains to be identified in the Bogoso
portion of the concession.

The sulfide potential remains untested along approximately 75% of the Main
Crush Zone. SRK believes that additional sulfide resources may exist south of
the Marlu pit. South of the Main Chujah pit sulfide potential exists down-dip
from current oxide mining. In fact, drilling has not been completed below a
significant proportion of the oxide pits.

5.5   PRESTEA EXPLORATION TARGETS

A number of soil geochemical anomalies remain to be explored such as at Brumasi,
north of the Ankobra River and at Bondaye-Tuappim. A small RAB program has been
completed with a follow-up RC program planned. The exploration target is oxide
resources on topographic highs south of the Buesichem deposit towards the
Ankobra River.

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6.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

6.1 MINERAL RESOURCES

In 1999 SRK (Johannesburg) conducted a major review of BGL resource and reserve
estimation procedures. SRK continues to assist BGL with geostatistical
evaluation and modelling using Gemcom(R) software. As part of its' due diligence
an AMCL sister company IMC (Australia) Pty. Ltd conducted an audit of the
Gemcom(R) files used to produce the volumetric and grade estimations which form
the basis of the resource statements. SRK and BGL addressed IMC's comments in
the latest resource statement. A further evaluation of the revised models was
undertaken by Mr. J. McCrea, P.Geo..

Sulfide resource estimates for the sulfide feasibility study on the Bogoso
portion of the concession were based on 1,139 reverse circulation drill holes
(35,251 m), 517 diamond drill holes (52,654 m) and 5,941 rotary air blast holes
(137,677 m). Included in this total, 221 new drill holes totalling 24,450 m of
which 8,187 m of HQ or PQ core. This includes 1,110 m of oriented core for
geotechnical and hydrogeological modelling. Resource estimates on the Prestea
portion of the concession are based on drilling by JCI. Barnex (Prestea)
Limited, a subsidiary of JCI completed 1,003 drill holes totalling 88,331 m of
diamond, reverse circulation and rotary air blast drilling between July 1995 and
April 1999. This was comprised of 48,604 m of reverse circulation drilling,
36,915 m of diamond drilling and 2,813 m of rotary air blast drilling and
resulted in 95,182 analytical samples.

6.1.1 Published Resource Estimations

The latest published resource statement (which is the subject of this report)
reported by Golden Star on October 02, 2001 for the combined Bogoso-Prestea
concession is as follows:

                                    TABLE 6.1
                           MEASURED MINERAL RESOURCES

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                              GRADE        CONTAINED OUNCES
     MATERIAL              TONNES             (G/T)              (OZ)
--------------------------------------------------------------------------------
<S>                       <C>                 <C>          <C>
Oxide                       1029000           3.12               103,219
--------------------------------------------------------------------------------
Transition                   797000           3.43                87,891
--------------------------------------------------------------------------------
Sulfide                     1177000           3.62               136,986
--------------------------------------------------------------------------------
Refractory Sulfide          6767000           3.75               815,865
--------------------------------------------------------------------------------
TOTAL                     9,770,000           3.64             1,143,961
--------------------------------------------------------------------------------
</TABLE>

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                                    TABLE 6.2
                           INDICATED MINERAL RESOURCES

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                              GRADE        CONTAINED OUNCES
     MATERIAL                TONNES           (G/T)              (OZ)
--------------------------------------------------------------------------------
<S>                        <C>                <C>          <C>
Oxide                         2747000         2.72             240,225
--------------------------------------------------------------------------------
Transition                    1495000         3.25             156,212
--------------------------------------------------------------------------------
Sulfide                       2775000         3.03             270,331
--------------------------------------------------------------------------------
Refractory Sulfide            3949000         3.11             394,856
--------------------------------------------------------------------------------
TOTAL                      10,966,000         3.01           1,061,624
--------------------------------------------------------------------------------
</TABLE>

The total measured and indicated mineral resource for the Bogoso-Prestea
concession is:

                          20,736,000 TONNES @ 3.31 g/t

for contained ounces of gold of 2,206,702.

The total measured and indicated mineral resource is equivalent to the
mineralized material of American usage. As Golden Star is a reporting issuer in
the United States it does not publically report inferred resources.

The resource statement was prepared under the supervision of Golden Star
Qualified Person, Mr. S. Mitch Wasel. The cut-off grade was based on a gold
price of US$300/oz and mining, processing costs and actual recoveries being
achieved at Bogoso. No allowance has been made for mining dilution or mining
loss and the estimate is therefore an in situ mineral resource.

Individual 1 m assay results have been subject to a top-cut set at the 97.5
percentile of the relevant database. The 1 m intervals are composited into 2 m
intervals for geostatistical modelling using Kriging or inverse distance
algorithms.

Approximately 90% of the samples were analyzed at external laboratories.

The global resource estimate is based on detailed geostatistical models for each
deposit.

6.1.2 Re-evaluation of Resource Estimates

SRK completed a re-evaluation of the BGL-Prestea mineral resources during
September/October 2001.

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The summary provided below is based on detailed work completed by SRK as part of
the sulfide feasibility study and Prestea concession acquisition due diligence.

Prior to these new resource estimations, a geological re-evaluation of the
Beta-Boundary resource was undertaken to evaluate what proportion of resources
could be upgraded from the inferred category. Additional rotary air blast
drilling (RAB) was completed on the Buesichem deposit to more fully evaluate the
oxide resource potential, although, data from these wells has not yet been
incorporated into the resource estimation. Depletion of oxide resources due to
on-going mining activities was factored into the revised estimate.

All resource estimates are based on undiluted grades and therefore represent an
in situ or "geological" resource estimate.

The revised mineral resource statement is presented below in Table 6.3.

                                    TABLE 6.3
                            BGL-SRK RESOURCE ESTIMATE

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                         GRADE
                        CUT-OFF
   MATERIAL              (g/t)               MEASURED                         INDICATED                         INFERRED
-----------------------------------------------------------------------------------------------------------------------------------

                                              Grade    Contained                Grade    Contained               Grade    Contained
                                   Tonnage    (G/T)    Ounces Au   Tonnage      (g/t)    Ounces Au    Tonnage    (g/t)    Ounces Au
-----------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>      <C>          <C>      <C>        <C>           <C>      <C>         <C>         <C>      <C>
OXIDES                    >1.6    1,454,354    3.38      158,044   2,130,492     2.65      181,517     581,767    2.67       49,940
-----------------------------------------------------------------------------------------------------------------------------------
TRANSITION                >2.1      932,009    3.47      103,978   2,143,975     3.13      215,752     272,551    2.66       23,309
-----------------------------------------------------------------------------------------------------------------------------------
REFRACTORY
SULFIDE                   >2.1    6,739,245    4.07      881,853   4,512,053     3.19      462,760   3,963,525     2.9      369,548
-----------------------------------------------------------------------------------------------------------------------------------
NON-REFRACTORY
SULFIDE                   >1.6    2,657,850    3.29      281,136   4,638,036     2.82      420,508   1,290,208    2.54      105,362
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS                           11,783,458    3.76    1,425,011  13,424,556     2.97    1,280,536   6,108,051    2.79      548,159
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

The total measured and indicated mineral resource for the Bogoso-Prestea
concession is:

                           25,208,014 TONNES @ 3.34g/t

for contained ounces of gold of 2,705,547.

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The cut-off grade was based on a gold price of US$300/oz and mining, processing
costs and actual recoveries being achieved at Bogoso. No allowance has been made
for mining dilution or mining loss and the estimate is therefore an in situ
mineral resource.

The revised resource estimation has more tonnes at a slightly higher grade than
published in the October 02, 2001 press-release. In AMCL's opinion the revised
resource estimate is reasonable. AMCL have reviewed both the geostatistical
models and the volumetric and grade estimations and is satisfied that they are
reasonable with minor comments in the discussion of each model.

6.2 MINERAL RESOURCES BY DEPOSIT

The summary resource estimate provided in Table 6.3 is based on detailed
geostatistical models for each of several active or proposed pits. Table 6.4
provides a breakdown of resources by proposed or active pit. Cut-off grades were
estimated using a US$300/oz gold price and approximate mining and processing
costs and recoveries currently being achieved at the Bogoso plant. Refractory
ore processing costs are derived from the sulfide feasibility study. Cut-off
grades used are >1.6 g/t gold for oxides, >2.1 g/t gold for transition material
and >2.1 g/t gold for fresh (sulfide) material. In Plant-North and Beta Boundary
a cut-off of >1.6 g/t gold was used for fresh (sulfide) material due to its
non-refractory nature. A discussion of the calculation methodology for each pit
follows. The Beta -Boundary and Plant-North models initially incorporated
dilution due to the use of a percentage rock type model. At the request of AMCL
the resource estimates are in situ or "geological".

                                    TABLE 6.4
            BGL - PRESTEA TOTAL - RESOURCES - AS OF NOVEMBER 5, 2001

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     MEASURED                        INDICATED                     INFERRED
                                            ----------------------------------------------------------------------------------------
                                GRADE                 GRADE      OUNCES                GRADE      OUNCES             GRADE    OUNCES
    DEPOSIT       MATERIAL     CUT-OFF      TONNAGE   g/t Au       Au      TONNAGE     g/t Au       Au      TONNAGE  g/t Au     Au
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>         <C>          <C>         <C>     <C>        <C>           <C>     <C>        <C>        <C>     <C>
CHUJAH SOUTH     Oxides      >1.6 g/t Au      47,334   3.93       5,981     121,291    2.63       10,256     16,899  2.32      1,260
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >2.1 g/t Au     129,775   3.61      15,062     199,499     3.3       21,166     16,515   2.8      1,487
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >2.1 g/t Au     334,309   3.84      41,273     426,653    3.33       45,678    800,104   3.3     84,889
------------------------------------------------------------------------------------------------------------------------------------
CHUJAH DUMASI    Oxides      >1.6 g/t Au     141,563   2.99      13,609     157,705     2.5       12,676     37,569  1.81      2,186
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >2.1 g/t Au     418,147   3.38      45,440     269,561    2.88       24,960     71,965  2.95      6,825
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >2.1 g/t Au   4,934,937   4.13     655,273   1,206,358    3.24      125,664  2,270,815  2.84    207,344
------------------------------------------------------------------------------------------------------------------------------------
BOGOSO NORTH     Oxides      >1.6 g/t Au           0      0           0     100,524    3.39       10,956      8,788  3.32        938
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >2.1 g/t Au           0      0           0     372,880    3.69       44,237        496  2.87         46
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >2.1 g/t Au     843,074   4.29     116,282     551,717    3.72       65,986     51,181  3.28      5,397
------------------------------------------------------------------------------------------------------------------------------------
BETA-BOUNDARY    Oxides      >1.6 g/t Au           0      0           0   1,327,294    2.54      108,391    405,636  2.79     36,386
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >1.6 g/t Au           0      0           0     628,553    3.07       62,040     94,202  2.11      6,390
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >1.6 g/t Au           0      0           0   4,139,734    2.81      373,998  1,234,275  2.54    100,794
------------------------------------------------------------------------------------------------------------------------------------
PLANT NORTH      Oxides      >1.6 g/t Au     969,835   3.65     113,810     148,760    3.05       14,587     10,940  1.95        686
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >2.1 g/t Au     242,313   3.42      26,644      54,020    2.63        4,568      8,523  2.15        589
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >1.6 g/t Au   2,657,850   3.29     281,136     498,302    2.97       47,582     55,933  2.58      4,640
------------------------------------------------------------------------------------------------------------------------------------
BUESICHEM        Oxides      >1.6 g/t Au     295,622   2.58      24,522     274,918    2.76       24,395    101,935  2.59      8,488
------------------------------------------------------------------------------------------------------------------------------------
                 Transition  >2.1 g/t Au     141,774   3.46      15,771     619,462    2.96       58,952     80,850  3.08      8,006
------------------------------------------------------------------------------------------------------------------------------------
                 Fresh       >2.1 g/t Au     626,925   3.40      68,531   2,327,325      3       224,476    841,425  2.65     71,689
------------------------------------------------------------------------------------------------------------------------------------
                 Total
                 Material                 11,783,458   3.76   1,423,334  13,424,556    2.99    1,280,567  6,108,051  2.79    548,041
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 32

Figure 6.1 (Map Pocket at rear) is the compiled surface plan for Bogoso-North
(Marlu), Figure 6.2-North 1/2 and South 1/2 (Map Pocket at rear) are the
compiled surface plans for Chujah-Dumasi, and, Figure 6.3 (Map Pocket at rear)
is the compiled surface plan for Chujah South. All plans illustrating the
location of drill holes used in the resource assessment with ore body outlines.
Figures 6.4-6.27 (at rear of this section) are representative sections through
various ore bodies from the resource models with proposed pit outlines. It
should be noted that the optimized pit outlines on Figures 6.4-6.27 are
illustrative only as they are based on previous optimization runs at a gold
price of US$290/oz. Current reserves have been estimated at a gold price of
US$275/oz.

6.2.1 Specific Gravity Determinations

As part of the sulfide feasibility study 506 samples (464 fresh, 17 transition
and 25 oxide) were collected from representative lithologies for specific
gravity determination. The samples were coated in wax and weighed in air and
water.

Specific gravities from samples collected at Bogoso-North (Marlu) and
Chujah-Dumasi indicated that they are generally lower at Bogoso-North, perhaps
due to hydrothermal alteration or more intensive weathering.

6.2.2 Grade Reconciliations

On-going grade reconciliation between the current grade models with actual
tonnes mined and grades reported by the mining department are summarized
following. Grade control within the mine has consistently overestimated grade
relative to that determined by the plant by 6%-7% (through May 2001). The
inverse distance squared model technique has historically underestimated tonnes
by 13% and grade (relative to grade control) by 7%. Relative to plant grades
the modelled grades have been underestimated by 1%. No information is available
to reconcile the current Kriged resource models.

For information purposes Table 6.5 provides a summary of resources as at
November 05, 2001 by concession for Bogoso and Prestea separately.

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                                    TABLE 6.5
                          TOTAL-RESOURCES BY CONCESSION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     MEASURED                       INDICATED                     INFERRED
                                           -----------------------------------------------------------------------------------------
                                 GRADE                GRADE    OUNCES                 GRADE   OUNCES               GRADE   OUNCES
    DEPOSIT        MATERIAL     CUT-OFF     TONNAGE   g/t Au     Au         TONNAGE   g/t Au    Au       TONNAGE   g/t Au    Au
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>            <C>          <C>        <C>     <C>         <C>         <C>     <C>       <C>        <C>     <C>
BOGOSO         Oxides         >1.6 g/t       188,897   3.22    19,556        379,520   2.78    33,921      63,256   2.85     5,796
------------------------------------------------------------------------------------------------------------------------------------
               Transition     >2.1 g/t       547,921   3.44    60,599        841,940   3.34    90,410      88,976   2.92     8,353
------------------------------------------------------------------------------------------------------------------------------------
               Fresh          >2.1 g/t     6,112,320   4.14   813,574      2,184,728   3.38   237,413   3,122,100   2.97   298,122
------------------------------------------------------------------------------------------------------------------------------------
Sub-total                                  6,849,138   4.06   893,729      3,406,188   3.30   361,745   3,274,332   2.95   312,271
------------------------------------------------------------------------------------------------------------------------------------
PRESTEA        Oxides         >1.6 g/t     1,265,457   3.40   138,330      1,750,972   2.62   147,493     518,511   2.73    45,510
------------------------------------------------------------------------------------------------------------------------------------
               Transition     >2.1 g/t       384,087   3.44    42,479      1,302,036   3.00   125,584     183,575   2.54    14,991
------------------------------------------------------------------------------------------------------------------------------------
               Fresh          >1.6 g/t     3,284,775   3.31   349,562      6,965,361   2.88   644,951   2,131,633   2.58   176,817
------------------------------------------------------------------------------------------------------------------------------------
Sub-total                                  4,934,319   3.34   530,372     10,018,369   2.85   918,028   2,833,719   2.61   237,318
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Resources in the Bogoso portion of the concession have been previously reported,
are well understood and are supported by independent technical reports prepared
by SRK. While AMCL has reviewed all of the models we have selected several,
particularly, on the Prestea Concession for detailed audit and comment. Deposits
reviewed in detail include Chujah-South (Bogoso), Beta Boundary and Plant-North
(Prestea).

6.2.3 Chujah-South Deposit

The Chujah-South resource estimation was completed in May of 2001 by BGL staff
and is current as of September 2001 month end. The model is an inverse distance
squared model based on Gemcom(R) software. Drill hole cross-sections were
defined every 12.5 m with the block model oriented parallel to the strike of the
mineralization using individual block dimensions of 12.5m north-south along
strike, 3 m east-west perpendicular to strike and 3 m vertical (normal mining
bench height).

Mineralized corridors were defined using assays from 211 face samples, 2,055
rotary air blast holes, 394 reverse circulation drill holes, 35 diamond drill
holes and 414 grade control bulldozer rip lines.

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Bogoso's description of the modelling procedures follow.

A gold content of >1.0 g/t was used as an envelope for high-grade mineralization
and a >0.3 g/t envelope used for low-grade mineralization. Grades were
interpolated into mineralized blocks using 2 m composite drill hole assays.
Prior to grade interpolation the block model was divided into ten different
modelling domains high-grade and five different domains for low-grade.
Geo-statistical analyses were done on 8,393 2 m composite drill hole assay data
points. RAB, RC and DDH drill hole data showed a similar distribution and were
modelled together. Oxide zones are depleted in gold and were not used to
interpolate grades into transition or sulfide (fresh) blocks.

Specific gravities of 1.9 for oxides, 2.2 for transition and 2.7 for fresh
(sulfide) ore were used.

No semi-variogram analysis was conducted for the current model. Previous
semi-variogram analysis indicated good grade continuity along strike and
down-dip with correlation distances along strike of 20 m-35 m, down-dip
distances of 25 m-30 m, and, perpendicular to strike distances of 10 m-15 m. In
areas where the drill hole spacing was greater than 25 m, a 60 m distance was
used both down-dip and along strike. These blocks would be classified as
indicated or inferred resources depending on the number of composites available
for grade determination.

High-grade caps were determined by log-probability plots and were -21 g/t of
gold in the Main Crush Zone and -12 g/t of gold in the low-grade mineralized
corridors. High-grade caps were determined for each individual domain and ranged
from 9 g/t-21 g/t of gold in the MCZ and 1.5 g/t-12 g/t of gold in the low-grade
corridor.

Grade was interpolated into individual mineralized blocks using an inverse
distance squared algorithm using two search ellipse passes. The second pass
utilized search ellipses with distances twice the length of the first pass.
Grades interpolated during the second pass were given a lower confidence level.

Measured resources were estimated where grades were interpolated using a
restricted, short-range ellipse (25 m along strike and down-dip, and, 10 m
perpendicular to strike) and had a minimum of six 2 m drill hole assay
composites.

Indicated resources were also estimated during the restricted, short range
ellipse search. The only difference is that a minimum of two and a maximum of
five 2 m drill hole assay composites were used in the interpolation.

Inferred blocks were estimated during the second search ellipse path using 60 m
along strike and down-dip and 10 m perpendicular to strike.

AMCL's comments on the validity of the model follow.

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Gold mineralization at Chujah South is associated with the intersection of two
structures, the Chujah footwall fault, which runs sub-parallel to the Main Crush
Zone, and an easterly trending splay that intersects the bounding fault with the
Tarkwaian fault. The Deposit has a strike length of 650 m with an orientation of
025o, for the Main Crush Zone, dipping to the west at -55E to -65(degree). The
footwall structures dip steeply to the west at -75E to -85(degree). Low Grade
Zone structures have shallow dips to the west. The Main Crush Zone was modelled
as a series of continuous sub-parallel structures covering the model area. The
Low Grade Zone is two narrow continuous deposits with a strike length of 200 m.

The deposit geology was modelled on 12.5 m cross-sections using 2D polylines to
trace the geologic contacts of the mineralized structures. The 2D polylines were
stitched together to form 3D solid body models. Solid models were created for
Main Crush Zone and the Low Grade Zone. These geologic solids models were used
to filter composites for statistical analysis and to create the rock-type model.
The rock-type model was used to control grade interpolation during grade
modelling.

Statistical and geostatistical analysis of the sample data for the Chujah South
model consisted of histogram and probability plot analysis. Historic variogram
analyses from an earlier round of resource and reserve modelling were re-applied
to the current model. The Main Crush Zone and the Low Grade Zone were subdivided
into 15 domains where each domain was analyzed separately. Histograms and
probability plots were produced for all domains. Composite cutting levels were
picked for each domain based on the data contained in that domain.

Composites were capped during the grade interpolation process. The grades for
the Main Crush Zone were capped at 9 g/t to 21 g/t depending on domain and the
Low Grade Zone was capped at 1.5 g/t to 12g/t. These composite capping values
appear to be adequate but could not be checked in detail because of time
constraints and a lack of detailed parameters for the domains.

Grade interpolation was completed using inverse distance squared method. A
minimum of 3 and a maximum of 12 composites were required to assign grade to a
block. The high-grade composites were capped to minimize the influence of these
composites. Expanded searches were utilized to fill blocks left blank after the
first pass interpolation and these blocks are classified as inferred.

AMCL has graphed bench grade (predicted model grade) vs composite grade and
number of samples (Figures 6.38 and 6.39) with and without the influence of the
low-grade zone. The search parameters used for grade interpolation are quite
conservative. Updating the variogram analysis should increase the search ranges
and improve the resource classification of the deposit.

The deposit remains open at depth.

6.2.4 Chujah-Dumasi Deposit

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The Chujah-Dumasi resource estimation was completed by BGL and SRK staff in a
joint effort. M. Wasel and Dr. J. Arthur were the BGL and SRK Qualified Persons,
respectively. Utilizing Gemcom(R) software mineralized corridors (defined on raw
assay data, not composites) were defined in the same manner as Chujah-South. An
additional high-grade mineralized corridor where gold content >3.0 g/t was
developed for Chujah-Main and Dumasi. Four high-grade lenticular corridors in
the Main Crush Zone were identified within the limits of the model, Chujah-Main,
Chujah Stage 3, Dumase-Main, and, Dumasi North.

Bogoso's description of the modelling procedures follow.

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                                  FIGURE 6.38
                              CHUJAH SOUTH MODEL;
           BENCH GRADE VS. COMPOSITE GRADES AND NUMBER OF COMPOSITES,
                            LOW GRADE ZONE INCLUDED

        [BENCH GRADE VS. COMPOSITE GRADES AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
        5120                                          0              27
        5111                                       1.49              38
        5102                                        1.8              54
        5093                                        2.2              49
        5084                                       2.31              69
        5075                                       2.12              95
        5066                                       2.28             129
        5057                                       2.29             140
        5048                                       2.39              86
        5039                                       2.52              49
        5030                                       2.55              26
        5021                                        2.5              13
        5012                                        2.4              15
        5003                                       2.38              10
        4994                                       2.46              11
        4985                                       2.64               5
        4976                                       2.52               4
        4967                                       2.52               2
        4958                                       2.72               0
        4949                                       2.32               0
        4940                                       2.68               0

</TABLE>

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                                  FIGURE 6.39
                              CHUJAH SOUTH MODEL;
           BENCH GRADE VS. COMPOSITE GRADES AND NUMBER OF COMPOSITES,
                             LOW GRADE ZONE EXCLUDED.

        [BENCH GRADE VS. COMPOSITE GRADES AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5117                                      0             18
         5111                                   1.49             38
         5105                                   1.56             58
         5099                                    2.4             71
         5093                                    2.2             49
         5087                                   2.57             92
         5081                                   2.16             86
         5075                                   2.12             95
         5069                                   2.31            156
         5063                                   2.17            159
         5057                                   2.29            140
         5051                                   2.39             95
         5045                                   2.47             44
         5039                                   2.52             49
         5033                                   2.55             37
         5027                                   2.53             24
         5021                                    2.5             13
         5015                                   2.42             17
         5009                                   2.39             19
         5003                                   2.38             10
         4997                                   2.43             13
         4991                                   2.51             12
         4985                                   2.64              5
         4979                                   2.57              4
         4973                                   2.53              3
         4967                                   2.52              2
         4961                                   2.71              0
         4955                                   2.79              0
         4949                                   2.32              0
         4943                                   2.58              0
         4937                                   1.61              0
         4934                                   1.54              0
</TABLE>

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Cross-sections were developed every 12.5 m over the central portion of the
model, with cross-sections spaced at 25 m in the northern and southern ends of
the modelled area. The >3.0 g/t high-grade zone was modelled on 18 m spaced plan
views as well as on 12.5 m spaced cross-sections. The high-grade zone was
modelled in 3D wire mesh solid using plans and sections to more accurately
assess the geometry of the zone.

The Main Crush Zone mineralized corridor, >1.0 g/t of gold, can be traced along
the entire modelled strike length with lower-grade mineralization occurring as a
halo and the high-grade core occurring as lenticular bodies, open at depth with
a strike length of 200 m-400m.

Oxide-transition surfaces were interpreted based on colour and the
transition-fresh surface interpreted from hardness, colour and the first
occurrence of sulfide minerals. Topographic surfaces were determined from mine
surveys or digital terrain models based on aerial photography.

Specific gravities of 1.9 for oxides, 2.2 for transition and 2.7 for fresh
(sulfide) ore were used.

The Chujah-Dumasi model was created using a partial block model with no model
rotation. Individual block model dimensions of 12.5 m north-south, along strike,
5 m east-west, perpendicular to strike and 6 m in depth. Several block models
and subsequent grade interpolations were undertaken using a Kriging algorithm.
One resource model was generated using a bulk mining scenario with mineralized
corridors based on a > 1.0 g/t and >0.3 g/t gold contours. A high-grade mining
approach was considered more appropriate for the deposit and it was subsequently
re-modelled using a >3.0 g/t gold cut-off. This model was used for subsequent
pit optimizations.

6.2.5 Bogoso-North (Marlu) Deposits

During the sulfide feasibility study The Bogoso-North model was extended south
approximately 1 km to include the old Marlu adit and drill hole data which
suggested that a zone of high-grade mineralization existed.

A description of the modelling procedures follow.

As in the Chujah-Dumasi models the mineralized envelopes were defined using raw
assay data not composites on 12.5 m spaced cross-sections. All assay data were
used to establish the mineralized envelopes but only RAB, RC, adit and DDH data
were used for grade interpolation. Two mineralized envelopes within the Main
Crush Zone were modelled, a >1.0 g/t gold zone and a >0.3 g/t gold halo.

The low-grade halo is present throughout the strike length of the
mineralization, however, the high-grade zone occurs as two lenses, Marlu and
Bogoso-North separated by a barren zone. The Marlu solid consist of a single
body narrowing with depth while the Bogoso-North solid is comprised of shallow
dipping footwall and hanging wall structures which diverge and converge along
strike.

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The determination of the degree of oxidation was done in a similar manner to
Chujah-Dumasi with the addition of metallurgical recovery data in the transition
zone. No oxide resources remain in the old Marlu pit. Topographic surfaces were
determined from mine surveys or digital terrain models based on aerial
photography.

Similar to the Chujah-Dumasi model the Bogoso-North Marlu block model was
created using a partial block model with no model rotation. Individual block
model dimensions of 12.5 m north-south, along strike, 5 m east-west,
perpendicular to strike and 6 m in depth. Several block models and subsequent
grade interpolations were undertaken using a Kriging algorithm.

6.2.6 Buesichem Deposit

The topography of the mined surface at Buesichem was re-surveyed by BGL as part
of its due diligence in consideration of the Prestea acquisition. A topographic
surface based on combined JCI and BGL survey data and a BGL digital terrain
model was used for the resources estimate. A RAB drilling program was completed
as part of BGL due diligence and the results will be integrated into the
resource estimation along with data from RC drilling.

Figure 6.28 (Map Pocket at rear) is a compiled surface plan for the Buesichem
deposit illustrating the location of drill holes used in the resource
determination with ore body geometry. Figures 6.29-6.30 (at rear of section) are
representative sections through the deposit from the resource model with
proposed pit outlines.

A description of the modelling procedures follow.

The geometry of the mineralized envelope was initially determined on 25 m
cross-sections and a 3D wire mesh solid created. The solid was sliced at 10 m
intervals in plan view and contacts adjusted to fit the drill holes. Once the
contacts were adjusted in plan view a revised 3D wire mesh solid was created.
and clipped with the revised topographic surface. BGL interpreted the
oxide-transition and transition-fresh surfaces using parameters previously
described. Block models were created for rock type, density and gold grade. The
model has not been rotated. Individual block sizes were 12.5 m north-south along
strike, 5 m east-west perpendicular to strike and 6 m in height. The model is
not a partial block model and blocks received solid rock codes if 50% of their
volume occurred within the solid.

Drill hole data was analyzed geostatistically and grades were interpolated using
ordinary Kriging. The model was restricted to estimating above a relative level
of 4870 m ( approximately150 m in depth below sea-level or 200 m in depth below
surface topography).

AMCL's comments on the validity of the model follow.

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The Buesichem gold mineralization occurs 8 kilometres north-northeast of the
Plant and North deposit. The modelled ore body at Buesichem consists of three
discontinuous deposits identified along a north to north northeast trending
structure. The deposit strikes from 000(degree) to 020(degree) north to south
and dips to the west at 60(degree). The deposit is drilled off on an irregular
grid with a 25 to 50 metre drill hole spacing.

The deposit geology was modelled on 25 metre cross-sections along strike using
2D polylines to trace the geologic contacts of the Main Crush Zone. The 2D
polylines were stitched together to form 3D solid body models. The solids were
edited in plan view and the sectional interpretations were corrected to fit the
true 3D drill hole locations. These geologic solids models were used to create
the rock-type model and the rock-type model was used to control grade
interpolation during kriging. (Figure 6.40).

Geostatistical and statistical analysis of the composite data for the Buesichem
model included classical statistics and variogram modelling. Histograms of the
Main Crush zone were completed and the sulfide, transition and oxide zones were
combined for variogram modelling purposes. Composites were not capped for
variogram analysis but left unmodified. The distribution of composite grades is
near log normal, which indicates a minimal number of high-grade outliers.

Variogram analysis consisted of modelling of omni-directional variograms and
directional variograms in the plane of the ore body. The omni-directional
variograms returned short ranges of continuity within the ore body. The
directional variograms produced better ranges and were used for the
interpolation of grade into the model. The variograms were reproducible and
achieved satisfactory results for grade interpolation.

Grade interpolation was completed using ordinary kriging. Composites from any
domain of weathering were allowed to "see" composites in adjacent domains. A
minimum of 5 and a maximum of 36 composites were required to assign grade to a
block for the first pass, then the minimum number of composites drops to two for
the second kriging pass and to one for the final long-range pass. The high-grade
composites were not capped and no methodology was applied to minimize the
influence of these composites. This high-grade influence could over state grade
in the upper portions of the model were the data points are reported to be
clustered or where the search parameters allow a low density of composites to
assign grade to a block. The validation plot produced for the Buesichem model
shows a slight increase in grade in the upper portion of the model were there
are few data points but over all the effects of the high-grade composites appear
to be minimized.

Generally the modelling of the Buesichem deposit conforms to standard industry
practice. The uncapped composites used during kriging could present a problem if
they overstate grade in the oxide or transition domains of the deposit. The
model should be checked to insure that the grade interpolated in the upper
portion of the model is appropriate and if necessary the composite grades should
be capped at a reasonable level to correct the model.

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The Buesichem resource model will be updated using approximately 180 RAB holes
(collared on a 12.5 m nominal spacing on a 25 m section spacing) and 50 RC holes
totalling 3,000 m. The RAB holes are being used for grade control in advance of
current mining.

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                                  FIGURE 6.40
                                BUESICHEM MODEL:
            BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES

         [BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5098                                      1.03             0
         5086                                      1.74             3
         5074                                      1.84            12
         5062                                         2            36
         5050                                       2.3            54
         5038                                      2.47            21
         5026                                      2.65             6
         5014                                       2.2            13
         5002                                       2.5            22
         4990                                      2.45            15
         4978                                      2.35            10
         4966                                      2.35            14
         4954                                      2.35            21
         4942                                      2.33            20
         4930                                       2.4            12
         4918                                      2.42            11
         4906                                      2.42            11
         4894                                      2.38             4
         4882                                       2.4             4
         4870                                      2.32             0
         4858                                      2.35             0
         4846                                      2.33             0
         4834                                      2.42             0
         4822                                      2.29             0
         4810                                      1.18             0
</TABLE>

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6.2.7 Beta Boundary Deposit

The Beta Boundary model is based on 11 surface diamond drill holes, 338 reverse
circulation drill holes, 121 reverse circulation drill holes with diamond
core tails as well as a number of surface trenches, underground diamond drill
holes (7) and underground cross-cut wall samples not used for resource
estimation. Trench data has been used in modelling the Mainreef where a
reasonable correlation between topography and the surveyed location could be
achieved. The model was restricted to estimating above a relative level of
4870 m ( approximately150 m in depth below sea-level or 200 m in depth below
surface topography).

Figure 6.31 (Map Pocket at rear) is a compiled surface plan for the Beta
Boundary deposit illustrating the location of drill holes used in the resource
determination with ore body geometry. Figures 6.32-6.34 (at rear of section) are
representative sections through the deposit from the resource model with
proposed pit outlines.

A total of three orebodies have been defined at Beta Boundary consisting of the
Eastreef, Mainreef (Main Crush Zone) and the Westreef. The mineralized zones
were established using all available raw assay data at a >1.0 g/t gold cut-off.
A low-grade halo that forms an envelope around the high-grade ore bodies was
modelled with a cut-off of >0.2 g/t gold.

The Mainreef has been modelled as a thin continuous zone extending over 3 km
along strike and dipping at 70E-80E to the west. The Eastreef also extends for
some 3 km in the immediate footwall of the MCZ. The Westreef occurs as a
discontinuous zone of hanging wall mineralization which has been assigned an
arbitrary grade of 0.9 g/t. Effectively, Westreef was modelled as a polygonal
solid and the resource estimates are not comparable with Mainreef and Eastreef.
However, as the Westreef is largely below the cut-off grade it has almost no
impact on the estimation of inferred resources.

SRK believes that there are some inconsistencies in the topographic surfaces,
however, they should not have a significant effect on the resource volumes.

A description of the modelling procedures follows.

The model was constructed using blocks that are 25 m north-south along strike, 5
m east-west perpendicular to strike and 6 m vertically. Two block models were
created, one for density and the other for percent material type. Percent
material and density blocks for fresh, transition, waste and oxide material
were used to generate a final corrected density model. A needle accuracy of 4
(16 pierce points) and a 0.1% block inclusion were used for both density and
rock type models.

Gold grades were interpolated into the block model using ordinary Kriging
algorithms. Seven first pass ellipses and three long-distance second pass
ellipses were used to interpolate grades. The first-pass ellipses were base on
semi-variogram modelling. A minimum of five and a maximum of thirty-six
composite grades

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were used for block interpolation. For the initial resource estimates, grade
interpolation was conducted for each mineralized zone and an adjusted gold grade
created by multiplying the gold grade by the percentage mineralization in a
given block. This results in a diluted grade model which will not require
additional dilution when converted to a reserve. The model was subsequently
re-run to produce an undiluted estimate. In the re-run no weighting was
assigned to the low-grade and waste solids to remove the dilution.

Several areas were noted in the first pass which had insufficient drilling to
interpolate gold grades. In the second, larger search fresh and transition
material composite grades were used for interpolation.

Blocks interpolated from the long distance search ellipses are classified as
inferred resources. The majority of resources were classified as indicated.
AMCL concurs with the conclusion that there are currently no measured resources
in the Beta Boundary deposit. Re-classification of the resource is ongoing
and will require further validation of the data base.

AMCL's comments on the validity of the model follow.

The deposit geology was modelled on cross-sections using 2D polylines to trace
the geologic contacts of the mineralized structures. The 2D polylines were
stitched together to form 3D solid body models. Solid models were created for
Mainreef, Eastreef, Westreef and the Low Grade Zone. The solids were examined
in plan view and the sectional interpretations were corrected to better fit the
true 3D drill hole locations. These geologic solids were used to create the
rock-type model and filter samples for statistical analysis. The rock-type
model was used to control grade interpolation.

Statistical and geostatistical analysis of the sample data for the Beta Boundary
model consisted of univariant or classical statistics and variogram modelling.
The two main zones: Eastreef and Mainreef as well as the low-grade zone were
analyzed. The Westreef did not have sufficient data points to allow analysis.
Histograms of the three zones were completed. The sulfide and transition zones
of the Eastreef and Mainreef were combined, as were the oxide and transition
zones of the Low Grade Zone. Sample cutting levels were picked and variogram
analyses were completed on the three zones.

Grade capping of composites was implemented for variogram analysis only. The
capping levels chosen were: five grams for the Eastreef sulfide and transition
zones, seven grams for the Mainreef oxide zone and ten grams for the Eastreef
oxide and Mainreef sulfide and transition zones. The chosen capping levels range
from the approximately the 93rd percentile for Mainreef oxide and the south half
of the Eastreef sulfide/transition zone to the 98th percentile for north half of
the Eastreef sulfide/transition zone and the Eastreef oxide zone. These capping
levels were used as search modifiers during grade interpolation. Composite
values above the capping levels utilized a restricted search during kriging.
These composite cutting levels appear to be somewhat arbitrary in relation to
the composite populations.

Variogram analysis consisted of the modelling of omni-directional variograms in
the plane of the ore bodies and down hole variograms. The down hole
variograms give the best determination of nugget effect and the

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omni-directional variograms give a range of continuity. Though the variogram
analysis was not exhaustive it did produce adequate results for grade
interpolation.

Grade interpolation was completed using ordinary kriging. A minimum of 5 and a
maximum of 36 composites were required to assign grade to a block. The
high-grade composites were not cut but a restricted search was applied to
minimize the influence of these composites. The choice of the search range
for the high-grade composites was half the distance of the original search or in
cases with nested spherical models the short-range model was used. Even with
restricted searches the high-grade values could have an influence beyond the
block which contains these high-grade values. This high-grade influence could
over state grade especially in areas of low data density. AMCL has graphed bench
grade (predicted model grade) vs composite grade and number of samples (Figures
6.41 and 6.42) with and without the influence of the low-grade zone. This
suggests that there may be minor areas where the bench grade has been
overestimated in areas of low sample density. The model should be validated to
insure that this has not happened and if it has the composite grades should
be capped at some reasonable level.

Generally the modelling of the Beta Boundary deposit conforms to standard
industry practice. The only minor problem being the high-grade searches and
verifying that these do not over influence grade around the high grade values.

6.2.8 Plant-North Deposits

The Plant-North deposits lie in the centre of the Prestea concession in the area
of the PGR process plant and tailings dam. Near surface drilling is poor but
the area as a whole is better drilled than Beta Boundary.

A total of 180 drill holes comprised of 129 reverse circulation, 48 reverse
circulation with diamond tails and 3 diamond drill holes were included in the
data base. Samples where the recovery was less than 70% were excluded from the
model.

Figure 6.35 (Map Pocket at rear) is a compiled surface plan for the Plant-North
deposit illustrating the location of drill holes used in the resource
determination with ore body geometry. Figures 6.36-6.37 (at rear of section) are
representative sections through the deposit from the resource model with
proposed pit outlines.

A description of the modelling procedures follow.

The orebody has been modelled as a continuous 30 m thick low-grade zone over 1.7
km of strike length with a contained Main Crush Zone 5 m-20 m thick over 1.3 km.
The MCZ occasionally bifurcates to two zones and dips at 55E-60E.

Data from the Main Crush Zone was capped at 10 g/t and from the low-grade zone
at 6 g/t to reduce the variance in the data sets sufficiently to permit
semi-variogram analysis. Down-dip data was insufficient to allow directional
variograms.

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                                   FIGURE 6.41
                              BETA BOUNDARY MODEL:
  BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES, WITH LOW GRADE ZONE

         [BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5123                                      0.07              0
         5117                                      0.15              0
         5111                                      0.24              0
         5105                                      0.26             22
         5099                                      0.39             18
         5093                                      0.46             34
         5087                                      0.57             70
         5081                                      0.65            102
         5075                                      0.69            138
         5069                                      0.76            225
         5063                                      0.83            256
         5057                                      0.83            278
         5051                                      0.81            286
         5045                                      0.79            250
         5039                                      0.78            295
         5033                                      0.76            330
         5027                                      0.77            324
         5021                                      0.81            340
         5015                                      0.84            334
         5009                                      0.86            264
         5003                                      0.87            231
         4997                                      0.88            198
         4991                                      0.86            163
         4985                                      0.84            128
         4979                                      0.82            126
         4973                                      0.79            123
         4967                                      0.76             90
         4961                                      0.74             80
         4955                                      0.73             62
         4949                                      0.71             60
         4943                                      0.71             40
         4937                                       0.7             40
         4931                                      0.68             26
         4925                                      0.67             30
         4919                                      0.63             31
         4913                                      0.61             25
         4907                                      0.61             18
         4901                                      0.61             11
         4895                                      0.59             12
         4889                                      0.56             10
         4883                                      0.55             12
         4877                                      0.56            110
         4871                                      0.57             19
</TABLE>

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                                  FIGURE 6.42
                              BETA BOUNDARY MODEL:
   BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES, NO LOW GRADE ZONE

         [BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5123                                      0.83               0
         5111                                      0.99               0
         5099                                      1.18               8
         5087                                      1.39              22
         5075                                      1.51              52
         5063                                      1.38             103
         5051                                      1.37              97
         5039                                      1.53              77
         5027                                      1.65              92
         5015                                      1.63              89
         5003                                      1.51              63
         4991                                      1.43              42
         4979                                      1.37              30
         4967                                       1.3              17
         4955                                      1.32               3
         4943                                      1.29               5
         4931                                      1.26               3
         4919                                       1.2               3
         4907                                      1.17               6
         4895                                      1.12               4
         4883                                      1.23               3
         4871                                      1.23               0
</TABLE>

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Original JCI topographic surfaces were used in the model. The mineralized
corridors were created in a similar fashion to the Beta Boundary model. The
extent of underground mining has not been incorporated into the current model. A
block size of 12.5 m north-south along strike, 5 m east-west perpendicular to
strike and 6 m vertically was used. The model was restricted to estimating above
a relative level of 4870 m ( approximately150 m in depth below sea-level or 200
m in depth below surface topography).

Gold grades were interpolated into the block model using ordinary Kriging for
both the Main Crush Zone and low-grade zone. A single modelling domain was used
for the Main Crush Zone with a restricted and a long range search ellipse. The
low-grade zone used a single restricted search ellipse. All search ellipses used
a minimum of fifty 2 m drill hole composite grades per hole and a minimum of 5
and maximum of 36 composite grades for block interpolation. Semi-variogram
modelling determined the search ellipse parameters for the restricted search.
The long-distance, second search used the same semi-variogram weighting but
extended the search along strike and down-dip. The results of the second long
distance search are classified as inferred resources. High-grade cutting of 2 m
composites was not implemented but they were eliminated from the semi-variogram
data.

Initially, grade interpolation was conducted for each mineralized zone and an
adjusted gold grade created by multiplying the gold grade by the percentage
mineralization in a given block. This results in a diluted grade model which
will not require additional dilution when converted to a reserve. The resource
estimate was re-run with no weighting assigned to the waste blocks to provide an
undiluted, in situ or "geological" tonnage and grade.

The initial resource classification was based on the density of drill data used
for the interpolation of each mineralized block. Blocks where grades were
interpolated during the first, restricted search ellipse were allocated to the
indicated class. A portion of the indicated blocks were reclassified as measured
if more than 15 composite grades were used for the interpolation. Block grades
interpolated during the second, long-distance search were classified as
inferred. Blocks which extend greater than 25 m down-dip are reclassified as
inferred.

SRK considers that the Plant-North mineralization is the most continuous and
robust within the Prestea concession. Oxide zone drilling has been limited by
infrastructure but appears to be continuous. Grades interpolated into blocks
with limited drill information are believed to be understated.

AMCL's comments on the validity of the model follow.

The Plant-North gold mineralization occurs as a continuous zone for 1.7 km in
the area of the Prestea processing plant and tailings dam. As a result of the
surface facilities, the near surface zone is not well sampled due to a lack of
access. The deposit is drilled off on mainly 25 m centres, except for a gap of
400 m at the north end of the zone. The Low Grade Zone is a continuous low-grade
deposit with a strike length of 1.7 km. The Main Crush Zone is modelled as a
continuous zone contained within the Low Grade Zone. The Main Crush Zone has a
strike length of 1.3 km(south of the drilling gap).

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 50

The deposit geology was modelled on cross-sections using 2D polylines to trace
the geologic contacts of the mineralized structures. The 2D polylines were
stitched together to form 3D solid body models. Solid models were created for
Main Crush Zone and the Low Grade Zone. The solids were checked in plan view and
the sectional interpretations were corrected to better fit the true 3D drill
hole locations. These geologic solids models were used to filter composites for
statistical analysis and to create the rock-type model. The rock-type model was
used to control grade interpolation during kriging.

Statistical and Geostatistical analysis of the sample data for the Plant-North
model consisted of univariant statistics and variogram modelling. The Main Crush
Zone and the Low Grade Zone were analyzed. Histograms of the two zones were
completed and the sulfide, transition and oxide zones of both deposits were
combined for variogram modelling purposes. Sample cutting levels were picked and
variogram analyses were completed on the two zones.

Composites were capped for variogram analysis only. The grades for the Main
Crush Zone were capped at 10 g/t and the Low Grade Zone was capping at 6 g/t.
Grade capping for the Main Crush Zone at 10 g/t is at approximately the 94th
percentile and 6 g/t for the Low Grade Zone is slightly higher than the 99th
percentile. These capping values were used as search modifiers during grade
interpolation. Composite values above the capping levels utilized a restricted
search during kriging. These composite capping values appear to be somewhat
arbitrary in relation to the composite populations.

Variogram analysis consisted of the modelling of omni-directional variograms in
the plane of the ore bodies and down hole variograms. The down hole variograms
give the best determination of nugget effect and a good approximation of the
ellipsoid range in the "Z" direction. The omni-directional variograms give a
range of continuity within the ore body. Though the variogram analysis was not
exhaustive it did produce adequate results for grade interpolation.

Grade interpolation was completed using ordinary kriging. A minimum of 5 and a
maximum of 36 composites were required to assign grade to a block. The
high-grade composites were not cut but a restricted search was applied to
minimize the influence of these composites. The choice of the search range for
the high-grade composites was half the distance of the original search. Even
with restricted searches the high-grade values could have an influence beyond
the block which contains these high-grade values. This high-grade influence
could over state grade in the upper portions of the model were the density of
data points is reported to be lower. The validation plot produced for the Plant
and North model shows an increase in grade in the upper portion of the model
were there are few data points.

AMCL has graphed bench grade (predicted model grade) vs composite grade and
number of samples (Figures 6.43 and 6.44) with and without the influence of the
low-grade zone. This suggests that

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 51

                                   FIGURE 6.43
                             PLANT AND NORTH MODEL:
            BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES,
                             LOW GRADE ZONE INCLUDED

         [BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5099                                     0.93                0
         5093                                     1.34                0
         5087                                     1.74                0
         5081                                     2.02                0
         5075                                     2.25                2
         5069                                      2.1               17
         5063                                     1.94               32
         5057                                      1.8               39
         5051                                     1.72               79
         5045                                     1.67               85
         5039                                     1.46              100
         5033                                      1.4              111
         5027                                     1.43              140
         5021                                     1.52              151
         5015                                     1.52              145
         5009                                     1.51              147
         5003                                     1.47              122
         4997                                     1.43               96
         4991                                     1.42               97
         4985                                     1.37               98
         4979                                     1.31               73
         4973                                     1.24               59
         4967                                     1.19               58
         4961                                     1.13               39
         4955                                     0.91               36
         4949                                     0.73               11
         4943                                     0.69                6
         4937                                     0.67                4
         4931                                     0.69                5
         4925                                     0.72               10
         4919                                     0.75                7
         4913                                     0.83                0
         4907                                     0.65                0
         4901                                     0.63                0
         4895                                     0.57                0
         4889                                     0.37                0
         4883                                      0.3                0
         4877                                     0.29                0
         4871                                     0.28                0
         4865                                     0.28                0
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 52

                                   FIGURE 6.44
                             PLANT AND NORTH MODEL:
            BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES,
                             LOW GRADE ZONE EXCLUDED

         [BENCH GRADE VS COMPOSITE GRADE AND NUMBER OF COMPOSITES CHART]

<TABLE>
<CAPTION>
        BENCH                                   COMPOSITE         NO. OF
        GRADE                                     GRADE         COMPOSITES
<S>                                             <C>             <C>
         5099                                      0.92               0
         5093                                      1.34               0
         5087                                      1.79               0
         5081                                       2.1               0
         5075                                      2.46               2
         5069                                      2.41              13
         5063                                      2.36              22
         5057                                      2.25              29
         5051                                      2.15              45
         5045                                      2.13              35
         5039                                       1.9              47
         5033                                      1.83              44
         5027                                      1.86              60
         5021                                      1.96              60
         5015                                      1.95              75
         5009                                      1.97              55
         5003                                      1.97              44
         4997                                      1.95              45
         4991                                      1.95              49
         4985                                      1.92              38
         4979                                      1.87              24
         4973                                      1.81              21
         4967                                      1.72              17
         4961                                      1.63               7
         4955                                      1.33              18
         4949                                      1.19               1
         4943                                      1.34               0
         4937                                      1.41               0
         4931                                      1.43               1
         4925                                      1.42               5
         4919                                      1.42               6
         4913                                      1.48               0
         4907                                      0.93               0
         4901                                      0.75               0
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 53

there may be minor areas where the bench grade has been overestimated in areas
of low sample density. The model should be validated to insure that this has not
happened and if it has the composite grades should be capped at some reasonable
level.

Generally the modelling of the Plant and North deposit conforms to standard
industry practice. The only problem being the high-grade searches and verifying
that these do not over influence grade in and around the high-grade composite
values.

In fill drilling is currently planned.

AMCL is satisfied that sufficient work has been done to support the resources
reported in the press-release of October 02, 2001.

6.3 MINERAL RESERVES

The SRK Prestea Feasibility Study for Prestea included a geo-technical
assessment for the proposed open pit at the Plant-North deposit. The study
concluded that bench stacks of 55 m at between 50 degrees and 55 degrees are
achievable in the sulfide while similar stack heights at 40 degrees can be
obtained in the oxides. The SRK Sulfide Study included geo-technical test-work
on the Chujah and Dumasi pits. The study concluded that 12 m benches should be
used for oxide material and 24 m benches could be achieved for sulfide. Oxide
bench stacks of 30 m to 60 m height could be achieved at 40 degrees to 46
degrees and sulfide bench stacks up to 96 m in height could be achieved at 58
degrees to 66 degrees. Overall slopes would be in the 47 degrees- 58 degrees
range. Assumptions were made for the Bogoso North deposit and test-work is
planned prior to final pit design.

Pit optimization on the three Prestea deposits have been carried out using the
Lerchs Grossman optimizing routine in the Earthworks Corporation NPV Scheduler
suite of programs.

The outcome of the optimization process was a single defined optimum pit for
each of the Buesichem and Plant North deposits and a series of seven smaller
pits along strike for the Beta Boundary deposits. Mining shells have also been
produced for the Chujah, Dumasi and Bogoso North (Marlu) deposits during the SRK
Sulfide Feasibility Study.

Mine design has been carried out using the optimum pit shells as guidelines.
Reserve classification has retained the same terms for degree of assurance of
existence category as the resource statements previously described.
Reclassification to proven and probable will be done after detailed pit design.
The reserves are based on the resource statements reported in this report and
are current as of November 2001.

Reserves are included in the resource estimation and are not additional to the
resource estimates reported herein.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 54

The tonnage figures are all derived within optimised pit envelopes although
there has not yet been any formal engineering pit design carried out on these
deposits, with the exception of Buesichem. Slope angles used in the optimisation
have therefore been relatively shallow, to reflect the extra waste stripping
that would be involved in putting down access ramps when carrying out the pit
designs. It is probable that waste stripping will reduce from the tonnage quoted
when the designs are completed.

Tables 6.6 and 6.7 are statements of the estimated in situ resources within the
optimized pit shells for the Bogoso and Prestea concessions. These resource
estimates are exclusive of mining dilution and ore loss factors. Tonnage
categorization has been carried out on the basis of the geological resources
with measured and indicated and inferred categories retained. The pit
optimization outlines are those determined from the reserve estimation process
described in the following paragraph. The Chujah South pit remains under
evaluation. These estimates represent "mineralized material" within the optimal
pit design therefore the inferred category has been retained.

Tables 6.8 and 6.9 are mineable reserve statements for the Bogoso and Prestea
concessions. An ore loss factor of 98% has been applied to resource tonnages,
together with a 5% dilution. A mine call factor of 98% has been applied to the
resource grades, together with a 5% dilution at zero grade. This gives a
combined 7% grade reduction, which is more or less in line with current plant
vs mine grade reconciliations. Any inferred tonnage encountered within the pits
has been allocated a zero grade and assigned as waste. The inferred tonnages do
not therefore contribute to the revenue stream. The reserve determination has
been carried out at a US$275/oz gold price. The Chujah South pit remains under
evaluation.

The proportion of inferred resources incorporated into the Plant North model are
minimal and they are allocated as waste in the production schedule with no gold
content assigned. Approximately 12% inferred resources in the oxide zone have
been incorporated into the Beta Boundary pit design. These resources are
allocated as waste with no gold content assigned and do not contribute to the
projected revenue stream.

AMCL believes these reserve statements to be reasonable. They are used as the
basis for the production schedules used in the economic analysis.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 55

                                    TABLE 6.6
 PRESTEA CONCESSION - IN-SITU RESOURCES WITHIN PIT SHELLS (OPTIMIZED OR DESIGN)
                             AS AT NOVEMBER 19, 2001

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
       RESOURCE           BETA BOUNDARY - OPTIMAL PIT SHELL       PLANT NORTH - OPTIMAL PIT SHELL
---------------------------------------------------------------------------------------------------

    CLASSIFICATION        NORTH END PIT      SOUTH END PIT     NORTH SHAFT PIT      MAIN PLANT PIT
---------------------------------------------------------------------------------------------------
                           TONS     g/t       TONS      g/t       TONS     g/t        TONS     g/t
---------------------------------------------------------------------------------------------------
<S>                     <C>         <C>    <C>          <C>    <C>         <C>    <C>          <C>
Oxides      MEASURED           --     --           --     --     391,455   3.33      616,169   3.78
            ---------------------------------------------------------------------------------------
            INDICATED   1,186,648   1.84      625,270   2.14      61,030   3.04      144,970   2.34
            ---------------------------------------------------------------------------------------
            INFERRED       47,506   1.79      236,813   1.94         285   2.36       17,343   1.72
            ---------------------------------------------------------------------------------------
            TOTAL ORE   1,234,154   1.84      862,083   2.09     452,769   3.29      778,481   3.47
            ---------------------------------------------------------------------------------------
            WASTE       2,996,714     --    5,110,646     --   2,173,820     --    4,758,994     --
            ---------------------------------------------------------------------------------------
            TOTAL       4,230,868     --    5,972,728     --   2,626,589     --    5,537,476     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Transition  MEASURED           --     --           --     --      42,880   3.09      191,287   3.56
            ---------------------------------------------------------------------------------------
            INDICATED     163,329   3.28      371,613   2.55       6,009   4.00       35,664   2.68
            ---------------------------------------------------------------------------------------
            INFERRED        3,305   1.64        6,678   1.93         774   3.01        4,419   2.33
            ---------------------------------------------------------------------------------------
            TOTAL ORE     166,635   3.25      378,291   2.54      49,663   3.20      231,369   3.40
            ---------------------------------------------------------------------------------------
            WASTE         536,483     --    1,930,520     --     407,721     --    1,628,689     --
            ---------------------------------------------------------------------------------------
            TOTAL         703,118     --    2,308,811     --     457,384     --    1,860,058     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Sulfides    MEASURED           --     --           --     --     630,028   3.36    1,570,547   3.45
            ---------------------------------------------------------------------------------------
            INDICATED     283,261   4.08      808,168   3.76      36,272   3.23      171,025   2.76
            ---------------------------------------------------------------------------------------
            INFERRED           --     --           --     --       1,071   3.00        2,359   1.87
            ---------------------------------------------------------------------------------------
            TOTAL ORE     283,261   4.08      808,168   3.76     667,371   3.35    1,743,932   3.38
            ---------------------------------------------------------------------------------------
            WASTE         377,145     --    2,514,753     --   1,384,732     --    4,546,524     --
            ---------------------------------------------------------------------------------------
            TOTAL         660,406     --    3,322,921     --   2,052,103     --    6,290,455     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Total       MEASURED           --     --           --     --   1,064,362   3.34    2,378,004   3.54
            ---------------------------------------------------------------------------------------
            INDICATED   1,633,238   2.37    1,805,051   2.95     103,311   3.16      351,658   2.58
            ---------------------------------------------------------------------------------------
            INFERRED       50,811   1.78      243,491   1.94       2,131   2.92       24,120   1.85
            ---------------------------------------------------------------------------------------
            TOTAL ORE   1,684,050   2.35    2,048,542   2.83   1,169,804   3.32    2,753,782   3.41
            ---------------------------------------------------------------------------------------
            WASTE       3,910,342     --    9,555,919     --   3,966,272     --   10,934,207     --
            ---------------------------------------------------------------------------------------
            TOTAL       5,594,392     --   11,604,461     --   5,136,076     --   13,687,989     --
---------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
       RESOURCE         BUESICHEM AREA - DESIGN PITS, AS AT OCTOBER 31, 2001         TOTAL
------------------------------------------------------------------------------------------------
                                            BUESICHEM
    CLASSIFICATION      BUESICHEM NORTH     TRANSITION      BUESICHEM SULFIDE       SUMMARY
------------------------------------------------------------------------------------------------
                          TONS    g/t       TONS     g/t       TONS     g/t       TONS      g/t
------------------------------------------------------------------------------------------------
<S>                     <C>       <C>    <C>         <C>    <C>         <C>    <C>          <C>
Oxides      MEASURED     28,139   2.45      86,921   2.54          --   2.54    1,122,684   3.49
            ------------------------------------------------------------------------------------
            INDICATED   142,301   2.29     545,475   2.58      19,441   2.15    2,725,133   2.14
            ------------------------------------------------------------------------------------
            INFERRED        776   3.97      18,357   2.28       5,366   2.36      326,446   1.94
            ------------------------------------------------------------------------------------
            TOTAL ORE   171,216   2.32     650,753   2.57      24,806   2.20    4,174,262   2.49
            ------------------------------------------------------------------------------------
            WASTE       271,945     --   2,049,153     --   1,065,224     --   18,426,496     --
            ------------------------------------------------------------------------------------
            TOTAL       443,161     --   2,699,907     --   1,090,030     --   22,600,758     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Transition  MEASURED         --     --       8,405   3.35                         242,572   3.47
            ------------------------------------------------------------------------------------
            INDICATED        --     --     636,334   3.17      90,511   2.98    1,303,460   2.98
            ------------------------------------------------------------------------------------
            INFERRED         --     --      16,886   2.83      22,964   2.86       55,027   2.62
            ------------------------------------------------------------------------------------
            TOTAL ORE        --     --     661,625   3.16     113,476   2.96    1,601,059   3.05
            ------------------------------------------------------------------------------------
            WASTE            --     --     723,094     --   2,128,774     --    7,355,281     --
            ------------------------------------------------------------------------------------
            TOTAL            --     --   1,384,718     --   2,242,250     --    8,956,340     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Sulfides    MEASURED         --     --          --     --          --     --    2,200,575   3.42
            ------------------------------------------------------------------------------------
            INDICATED        --     --          --     --   1,555,852   3.13    2,854,578   3.38
            ------------------------------------------------------------------------------------
            INFERRED         --     --          --     --      72,902   3.02       76,333   2.98
            ------------------------------------------------------------------------------------
            TOTAL ORE        --     --          --     --   1,628,754   3.13    5,131,486   3.39
            ------------------------------------------------------------------------------------
            WASTE            --     --          --     --   2,640,914     --   11,464,067     --
            ------------------------------------------------------------------------------------
            TOTAL            --     --          --     --   4,269,668     --   16,595,553     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Total       MEASURED     28,139   2.45      95,326   2.61          --     --    3,565,831   3.45
            ------------------------------------------------------------------------------------
            INDICATED   142,301   2.29   1,181,809   2.90   1,665,804   3.11    6,883,172   2.81
            ------------------------------------------------------------------------------------
            INFERRED        776   3.97      35,243   2.54     101,232   2.95      457,805   2.19
            ------------------------------------------------------------------------------------
            TOTAL ORE   171,216   2.32   1,312,378   2.87   1,767,036   3.10   10,906,807   3.00
            ------------------------------------------------------------------------------------
            WASTE       271,945     --   2,772,247     --   5,834,912     --   37,245,844     --
            ------------------------------------------------------------------------------------
            TOTAL       443,161     --   4,084,625     --   7,601,948     --   48,152,651     --
------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 56

                                    TABLE 6.7
       BOGOSO CONCESSION - IN-SITU RESOURCES WITHIN (OPTIMIZED) PIT SHELLS
                             AS AT NOVEMBER 19, 2001

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                           CHUJAH PIT         DUMASI PIT       BOGOSO NORTH    CHUJAH SOUTH      SUMMARY
-------------------------------------------------------------------------------------------------------------
                           TONS     g/t       TONS     g/t       TONS    g/t   TONS    g/t      TONS      g/t
-------------------------------------------------------------------------------------------------------------
<S>                     <C>         <C>    <C>         <C>    <C>        <C>   <C>     <C>   <C>         <C>
Oxides      MEASURED        39,342  3.12      152,439  2.04          --    --    --      --     191,781  2.26
            -------------------------------------------------------------------------------------------------
            INDICATED       14,422  2.57      161,656  1.84     131,615  2.67    --      --     307,692  2.23
            -------------------------------------------------------------------------------------------------
            INFERRED         6,101  3.38        9,397  2.13       9,478  3.05    --      --      24,976  2.79
            -------------------------------------------------------------------------------------------------
            TOTAL ORE       59,864  3.01      323,492  1.94     141,092  2.69    --      --     524,448  2.27
            -------------------------------------------------------------------------------------------------
            WASTE        2,680,342    --    2,219,860    --     412,247    --    --      --   5,312,449    --
            -------------------------------------------------------------------------------------------------
            TOTAL        2,740,207    --    2,543,351    --     553,339    --    --      --   5,836,897    --
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
Transition  MEASURED       130,504  3.61      232,785  3.00          --    --    --      --     363,289  3.22
            -------------------------------------------------------------------------------------------------
            INDICATED       44,756  3.32       60,944  2.81     264,600  3.54    --      --     370,300  3.39
            -------------------------------------------------------------------------------------------------
            INFERRED         6,755  3.89        6,576  2.55          --    --    --      --      13,331  3.23
            -------------------------------------------------------------------------------------------------
            TOTAL ORE      182,015  3.55      300,305  2.95     264,600  3.54    --      --     746,920  3.31
            -------------------------------------------------------------------------------------------------
            WASTE        3,656,498    --    2,248,576    --   1,076,889    --    --      --   6,981,963    --
            -------------------------------------------------------------------------------------------------
            TOTAL        3,838,512    --    2,548,881    --   1,341,489    --    --      --   7,728,883    --
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
Sulfides    MEASURED     2,169,222  4.45    2,173,833  3.35     503,520  4.81    --      --   4,846,575  3.99
            -------------------------------------------------------------------------------------------------
            INDICATED       62,988  4.00      148,859  3.09     228,097  3.47    --      --     439,944  3.42
            -------------------------------------------------------------------------------------------------
            INFERRED         3,676  4.00        8,321  2.96      13,168  3.56    --      --      25,165  3.43
            -------------------------------------------------------------------------------------------------
            TOTAL ORE    2,235,886  4.44    2,331,014  3.33     744,785  4.38    --      --   5,311,684  3.94
            -------------------------------------------------------------------------------------------------
            WASTE        8,981,616    --    3,636,524    --   1,520,834    --    --      --  14,138,974    --
            -------------------------------------------------------------------------------------------------
            TOTAL       11,217,502    --    5,967,538    --   2,265,619    --    --      --  19,450,659    --
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
Total       MEASURED     2,339,067  4.38    2,559,058  3.24     503,520  4.81    --      --   5,401,645  3.88
            -------------------------------------------------------------------------------------------------
            INDICATED      122,166  3.58      371,459  2.50     624,312  3.33    --      --   1,117,936  3.08
            -------------------------------------------------------------------------------------------------
            INFERRED        16,531  3.73       24,294  2.53      22,646  3.35    --      --      63,472  3.13
            -------------------------------------------------------------------------------------------------
            TOTAL ORE    2,477,764  4.34    2,954,810  3.14   1,150,477  3.98    --      --   6,583,052  3.74
            -------------------------------------------------------------------------------------------------
            WASTE       15,318,456    --    8,104,960    --   3,009,970    --    --      --  26,433,386    --
            -------------------------------------------------------------------------------------------------
            TOTAL       17,796,221    --   11,059,771    --   4,160,447    --    --      --  33,016,438    --
-------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 57

                                    TABLE 6.8
      PRESTEA CONCESSION - RESERVES WITHIN PIT SHELLS (OPTIMIZED OR DESIGN)
                             AS AT NOVEMBER 19, 2001

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
      RESOURCE            BETA BOUNDARY - OPTIMAL PIT SHELL       PLANT NORTH - OPTIMAL PIT SHELL
---------------------------------------------------------------------------------------------------

   CLASSIFICATION         NORTH END PIT      SOUTH END PIT      NORTH SHAFT PIT     MAIN PLANT PIT
---------------------------------------------------------------------------------------------------
                          TONNES    g/t      TONNES     g/t      TONNES    g/t      TONNES     g/t
                        ---------   ----   ----------   ----   ---------   ----   ----------   ----
<S>                     <C>         <C>    <C>          <C>    <C>         <C>    <C>          <C>
---------------------------------------------------------------------------------------------------
Oxides      PROVEN             --     --           --     --     402,807   3.11      634,038   3.53
            ---------------------------------------------------------------------------------------
            PROBABLE    1,221,061   1.72      643,403   2.00      62,800   2.84      149,174   2.18
            ---------------------------------------------------------------------------------------
            TOTAL ORE   1,221,061   1.72      643,403   2.00     465,606   3.07      783,211   3.27
            ---------------------------------------------------------------------------------------
            WASTE       3,009,807     --    5,329,326     --   2,160,982     --    4,754,264     --
            ---------------------------------------------------------------------------------------
            TOTAL       4,230,868     --    5,972,728     --   2,626,589     --    5,537,476     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Transition  PROVEN             --     --           --     --      44,124   2.88      196,835   3.32
            ---------------------------------------------------------------------------------------
            PROBABLE      168,066   3.06      382,390   2.38       6,183   3.73       36,698   2.50
            ---------------------------------------------------------------------------------------
            TOTAL ORE     168,066   3.06      382,390   2.38      50,307   2.99      233,532   3.19
            ---------------------------------------------------------------------------------------
            WASTE         535,052     --    1,926,241     --     407,078     --    1,626,526     --
            ---------------------------------------------------------------------------------------
            TOTAL         703,118     --    2,308,811     --     457,384     --    1,860,058     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Sulfides    PROVEN             --     --           --     --     648,299   3.14    1,616,093   3.22
            ---------------------------------------------------------------------------------------
            PROBABLE      291,475   3.81      831,605   3.51      37,324   3.01      175,985   2.58
            ---------------------------------------------------------------------------------------
            TOTAL ORE     291,475   3.81      831,605   3.51     685,623   3.13    1,792,078   3.16
            ---------------------------------------------------------------------------------------
            WASTE         368,931     --    2,491,316     --   1,366,480     --    4,498,377     --
            ---------------------------------------------------------------------------------------
            TOTAL         660,406     --    3,322,921     --   2,052,103     --    6,290,455     --
---------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------
Total       PROVEN             --     --           --     --   1,095,229   3.12    2,446,966   3.31
            ---------------------------------------------------------------------------------------
            PROBABLE    1,680,602   2.21    1,857,397   2.75     106,307   2.95      361,857   2.41
            ---------------------------------------------------------------------------------------
            TOTAL ORE   1,680,602   2.21    1,857,397   2.75   1,201,536   3.10    2,808,822   3.19
            ---------------------------------------------------------------------------------------
            WASTE       3,913,790     --    9,747,063     --   3,934,540     --   10,879,167     --
            ---------------------------------------------------------------------------------------
            TOTAL       5,594,392     --   11,604,461     --   5,136,076     --   13,687,989     --
---------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
      RESOURCE          BUESICHEM AREA - DESIGN PITS, AS AT OCTOBER 31, 2001         TOTAL
------------------------------------------------------------------------------------------------
                                            BUESICHEM
   CLASSIFICATION       BUESICHEM NORTH     TRANSITION      BUESICHEM SULFIDE       SUMMARY
------------------------------------------------------------------------------------------------
                         TONNES   g/t      TONNES    g/t      TONNES     g/t     TONNES     g/t
                        -------   ----   ---------   ----   ---------   ----   ----------   ----
<S>                     <C>       <C>    <C>         <C>    <C>         <C>    <C>          <C>
------------------------------------------------------------------------------------------------
Oxides      PROVEN       28,955   2.29      89,442   2.37          --   2.37    1,155,241   3.26
            ------------------------------------------------------------------------------------
            PROBABLE    146,427   2.14     561,294   2.41      20,004   2.01    2,804,162   1.99
            ------------------------------------------------------------------------------------
            TOTAL ORE   175,382   2.16     650,735   2.40      20,004   2.01    3,959,403   2.36
            ------------------------------------------------------------------------------------
            WASTE       267,778     --   2,049,171     --   1,070,026     --   18,641,355     --
            ------------------------------------------------------------------------------------
            TOTAL       443,161     --   2,699,907     --   1,090,030     --   23,184,703     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Transition  PROVEN           --     --       8,649   3.13          --     --      249,607   3.24
            ------------------------------------------------------------------------------------
            PROBABLE         --     --     654,788   2.96      93,136   2.78    1,341,260   2.79
            ------------------------------------------------------------------------------------
            TOTAL ORE        --     --     663,436   2.96      93,136   2.78    1,590,867   2.86
            ------------------------------------------------------------------------------------
            WASTE            --     --     721,282     --   2,149,114     --    7,365,473     --
            ------------------------------------------------------------------------------------
            TOTAL            --     --   1,384,718     --   2,242,250     --    8,985,047     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Sulfides    PROVEN           --     --          --     --          --     --    2,264,392   3.20
            ------------------------------------------------------------------------------------
            PROBABLE         --     --          --     --   1,600,972   2.92    2,937,361   3.16
            ------------------------------------------------------------------------------------
            TOTAL ORE        --     --          --     --   1,600,972   2.92    5,201,753   3.17
            ------------------------------------------------------------------------------------
            WASTE            --     --          --     --   2,668,696     --   11,393,800     --
            ------------------------------------------------------------------------------------
            TOTAL            --     --          --     --   4,269,668     --   16,619,193     --
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
Total       PROVEN       28,955   2.29      98,090   2.44          --     --    3,669,240   3.22
            ------------------------------------------------------------------------------------
            PROBABLE    146,427   2.14   1,216,081   2.70   1,714,112   2.90    7,082,784   2.63
            ------------------------------------------------------------------------------------
            TOTAL ORE   175,382   2.16   1,314,172   2.68   1,714,112   2.90   10,752,024   2.83
            ------------------------------------------------------------------------------------
            WASTE       267,778     --   2,770,453     --   5,887,836     --   37,400,628     --
            ------------------------------------------------------------------------------------
            TOTAL       443,161     --   4,084,625     --   7,601,948     --   48,152,651     --
------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 58

                                    TABLE 6.9
            BOGOSO - CONCESSION RESERVES WITHIN OPTIMIZED PIT SHELLS
                             AS AT 19 NOVEMBER 2001

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                           CHUJAH PIT          DUMASI PIT         BOGOSO NORTH     CHUJAH SOUTH       SUMMARY
------------------------------------------------------------------------------------------------------------------
                           TONS      g/t       TONS      g/t       TONS     g/t    TONS   g/t       TONS      g/t
------------------------------------------------------------------------------------------------------------------
<S>                     <C>          <C>    <C>          <C>    <C>         <C>    <C>    <C>    <C>          <C>
Oxides      PROVEN          40,483   2.91      156,860   1.90          --     --     --     --      197,343   2.11
            ------------------------------------------------------------------------------------------------------
            PROBABLE        14,840   2.40      166,344   1.72     135,432   2.49     --     --      316,615   2.08
            ------------------------------------------------------------------------------------------------------
            TOTAL ORE       55,323   2.77      323,204   1.81     135,432   2.49     --     --      513,958   2.09
            ------------------------------------------------------------------------------------------------------
            WASTE        2,684,884     --    2,220,148     --     417,907     --     --     --    5,322,939     --
            ------------------------------------------------------------------------------------------------------
            TOTAL        2,740,207     --    2,543,351     --     553,339     --     --     --    5,836,897     --
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
Transition  PROVEN         134,288   3.37      239,536   2.80          --     --     --     --      373,824   3.00
            ------------------------------------------------------------------------------------------------------
            PROBABLE        46,054   3.10       62,711   2.62     272,273   3.30     --     --      381,039   3.17
            ------------------------------------------------------------------------------------------------------
            TOTAL ORE      180,342   3.30      302,247   2.76     272,273   3.30     --     --      754,863   3.09
            ------------------------------------------------------------------------------------------------------
            WASTE        3,658,170     --    2,246,634     --   1,069,216     --     --     --    6,974,020     --
            ------------------------------------------------------------------------------------------------------
            TOTAL        3,838,512     --    2,548,881     --   1,341,489     --     --     --    7,728,883     --
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
Sulfides    PROVEN       2,232,129   4.16    2,236,874   3.12     518,122   4.49     --     --    4,987,126   3.73
            ------------------------------------------------------------------------------------------------------
            PROBABLE        64,815   3.73      153,176   2.88     234,712   3.24     --     --      452,703   3.19
            ------------------------------------------------------------------------------------------------------
            TOTAL        2,296,944   4.14    2,390,051   3.11     752,834   4.10     --     --    5,439,828   3.68
            ------------------------------------------------------------------------------------------------------
            WASTE          920,558     --    3,577,487     --   1,512,785     --     --     --   14,010,831     --
            ------------------------------------------------------------------------------------------------------
            TOTAL       11,217,502     --    5,967,538     --   2,265,619     --     --     --   19,450,659     --
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
Total       PROVEN       2,406,900   4.09    2,633,270   3.02     518,122   4.49     --     --    5,558,293   3.62
            ------------------------------------------------------------------------------------------------------
            PROBABLE       125,709   3.34      382,231   2.33     642,417   3.11     --     --    1,150,357   2.88
            ------------------------------------------------------------------------------------------------------
            TOTAL        2,532,609   4.05    3,015,501   2.93   1,160,539   3.73     --     --    6,708,649   3.49
            ------------------------------------------------------------------------------------------------------
            WASTE       15,263,612     --    8,044,269     --   2,999,908     --     --     --   26,307,789     --
            ------------------------------------------------------------------------------------------------------
            TOTAL       17,796,221     --   11,059,771     --   4,160,447     --     --     --   33,016,438     --
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 59

7.0 MINING OPERATIONS

7.1 MINING OPERATIONS

Mining at Bogoso is presently carried out by open pit methods using the
company-owned mining fleet. The combined Prestea - Bogoso mine will also use
open-pit methods but using a mining contractor. BGL is in discussion with two
potential mining contractors and a contract is anticipated to be initiated in
December, 2001.

Mining of the oxide resource in the Buesichem pit commenced during the latter
part of October. Grades and recoveries are as anticipated.

7.2 MINING METHOD

At Bogoso, the ore and waste are drilled and blasted on 3 m lifts with mining of
waste in 3 m lifts and mining of ore on 3 m benches. The costs of blasting
increase as mining moves from oxide ore to sulfide ore. The ore is loaded by
hydraulic excavators into 50 t capacity rear dump haul trucks. The haul trucks
carry the ore material to the processing plant and the waste rock to the waste
dumps. Low grade material mined is stockpiled at appropriate locations for later
processing as is any transition material mined. Mining is carried out 24 hours
per day, 6 days per week. Some transition material has been processed during
periods of low oxide exposure, and more is scheduled to be processed during the
mine life.

Ancillary equipment including bulldozers, graders, water trucks and service
vehicles support the mining activities for such purposes as haulage, road
construction and maintenance, and dust and erosion control.

Waste material from mining operations is hauled to waste dumps located in close
proximity to the pits. BGL has a progressive reclamation program which means
that rehabilitation work is undertaken concurrent with mining operations
whenever possible and rehabilitation works are commenced at a waste dump as soon
as dumping has ceased.

A similar mining method is planned for the Prestea deposits. For Plant North and
Beta Boundary deposits, BGL plans to use mining haul trucks to haul ore out of
the pits, to an ore stockpile on the pit perimeters, from where it will be
re-handled into on-highway trucks for onward haulage by contractor to the Bogoso
processing plant. This is considered necessary to cross the road bridge across
the Ankobra River. The trucks will turn off the highway just after the bridge
onto a haul road that will be driven down from the Buesichem deposit.

7.3 GRADE CONTROL

Grade control for oxide and transition ore is practiced using rip line sampling.
For sulfide material, it is intended to drill reverse circulation drill holes at
10 m spacing prior to mining and augment this with sample data from blast hole
drilling. Historically, the mine production at Bogoso tends to be higher than
forecast

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 60

from the geological model whereas the grade tends to be slightly lower
suggesting excess dilution or addition of low grade material.

Cut-off grades are determined for each pit and type of ore based on haulage
costs, processing costs, recovery and G&A costs at different gold prices.

The grade of the oxide material varies considerably within the mining zone, in
vertical and horizontal directions, and also from one deposit to another.
Efforts are therefore made to mine from several locations at once and to blend
the feed to the processing plant on the run-of-mine stockpile. As the Bogoso
oxide resources become exhausted, the oxide feed to the Bogoso plant will tend
to come from only one or two locations on the Prestea property, so blending
becomes more important.

7.4 PRODUCTION SCHEDULE

The mine plan is based on the following sequence:

-     Mining will continue on the current Bogoso oxide and transition resources
      and from the Buesichem pits.

-     Buesichem and Bogoso material will be mined concurrently while access is
      prepared to Plant-North pit.

-     Plant-North will provide the Bogoso plant with oxide, transition and
      primary ore material until mid-2005.

-     Beta Boundary and Plant-North will then be mined concurrently until they
      are worked out and Bogoso is modified to treat sulfide material.

-     The Bogoso and Buesichem sulfide resources would then be mined.

-     Sub-grade stockpiles at Bogoso will be processed at the end of the mine
      life.

The production schedule is presented as Tables 7.1 to 7.8. It should be noted
that the Buesichem production schedule (Table 7.1) has an additional 275,580 t
of oxide resource scheduled which are not included in the resource statement.
This incremental volume is based on RAB drilling for grade control and has not
yet been included in the resource model. The Buesichem resource model will be
updated using the approximately 180 RAB holes (collared on a 12.5 m nominal
spacing on a 25 m section spacing) and 50 RC holes totalling 3,000 m. The RAB
holes are being used for grade control in advance of current mining. The RAB
holes have added an estimated 229,000 t of oxide colluvial at a gold grade of
2.16 g/t.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 61

The Buesichem reserve base and production schedules incorporates three design
pits, Buesichem North (currently being mined) Buesichem Transition and Buesichem
Sulfide. The transition and sulfide pit shells both contain oxide resources that
will be extracted prior to transition and sulfide mining.

Allowances are made for 5 % mining dilution and a mining recovery of 98 %. The
effective grade of ore fed to the processing plant is therefore 93.33 % of that
predicted by the block model(100/105*98 %). This effective grade is used in
calculating the quantity of gold fed to the mill. The process recovery for the
particular ore is then applied to estimate the recovery of gold.

Development of an open pit operation at Plant North will require the relocation
of extensive infrastructure associated with the existing Prestea Goldfields
Limited underground operation. This will include their current process plant and
a power line belonging to the Volta River Power Authority that brings power for
the region not just for the PGR operation.

Bogoso has an agreement to process PGL ore on a toll treatment basis and we have
no reason to believe that the relocation is not feasible. There is, however, a
risk in terms of the timing for completion of the relocation. The BGL agreement
with PGR allows them to make use of toll treatment of PGR underground ore during
the period that the PGR processing facilities are out of commission. It also
allows for toll treatment to become the sole method of processing PGR ore,
should both parties agree, thereby avoiding having to provide them with their
own alternative facility. Timing risks are therefore mainly to do with
impediments that PGR put in BGL's way.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 62

                                    TABLE 7.1
                         PRODUCTION SCHEDULE - BUESICHEM

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                    UNITS     2001       2002    2003  2004    2005     2006        2007    2008  2009  2010  2011  2012     TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                <C>     <C>        <C>        <C>   <C>   <C>      <C>        <C>        <C>   <C>   <C>   <C>   <C>   <C>
Oxide Ore Mined    tonnes    481,664    344,454    --    --   17,400      2,605         --    --    --    --    --    --     846,123
Resource Grade     Au g/t       2.38       2.72    --    --     2.06       2.86         --    --    --    --    --    --        2.51
Mined Grade        Au g/t       2.22       2.54    --    --     1.92       2.67         --    --    --    --    --    --        2.34
Recovered Grade    Au g/t       1.69       1.93    --    --     1.44          2         --    --    --    --    --    --        1.78
Waste Mined        tonnes  1,503,524    813,424    --    --  298,377    771,648         --    --    --    --    --    --   3,386,973

Transition Ore
  Mined            tonnes         --    663,437    --    --       --     93,135         --    --    --    --    --    --     756,572
Resource Grade     Au g/t         --       3.17    --    --       --       2.99         --    --    --    --    --    --        3.15
Mined Grade        Au g/t         --       2.96    --    --       --        279         --    --    --    --    --    --        2.94
Recovered Grade    Au g/t         --       1.33    --    --       --       1.26         --    --    --    --    --    --        1.32
Waste Mined        tonnes         --    721,282    --    --       --  2,082,903     66,211    --    --    --    --    --   2,870,396

Refractory
  Sulfide
  Ore Mined        tonnes         --         --    --    --       --    275,168  1,325,804    --    --    --    --    --   1,600,972
Resource Grade     Au g/t         --         --    --    --       --       2.92       3.18    --    --    --    --    --        3.13
Mined Grade        Au g/t         --         --    --    --       --       2.72       2.97    --    --    --    --    --        2.92
Recovered Grade    Au g/t         --         --    --    --       --       2.31       2.52    --    --    --    --    --        2.49
Waste Mined        tonnes         --         --    --    --       --    317,292  2,351,404    --    --    --    --    --   2,668,696

Total Ore Mined    tonnes    481,664  1,007,891    --    --   17,400    370,909  1,325,804    --    --    --    --    --   3,203,668
Resource Grade     Au g/t       2.28       3.02    --    --     2.06       2.93       3.18    --    --    --    --    --        2.97
Mined Grade        Au g/t       2.22       2.82    --    --     1.92       2.74       2.97    --    --    --    --    --        2.77
Recovered Grade    Au g/t       1.69       1.53    --    --     1.44       2.05       2.52    --    --    --    --    --        2.02
Waste Mined        tonnes  1,503,525  1,534,707    --    --  298,377  3,171,843  2,417,615    --    --    --    --         8,926,067
Total Mined        tonnes  1,985,189  2,542,597    --    --  315,777  3,542,752  3,746,419    --    --    --    --    --  12,129,734
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 63

                                    TABLE 7.2
                        PRODUCTION SCHEDULE - PLANT-NORTH

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                    UNITS   2001     2002       2003       2004        2005     2006  2007  2008  2009  2010  2011  2012    TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>     <C>   <C>        <C>        <C>          <C>        <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>
Oxide Ore Mined     tonnes    --    756,936    490,443      1,439           --    --    --    --    --    --    --    --   1,248,818
Resource Grade      Au g/t    --       3.35       3.56       2.17           --    --    --    --    --    --    --    --        3.43
Mined Grade         Au g/t    --       3.13       3.32       2.03           --    --    --    --    --    --    --    --         3.2
Recovered Grade     Au g/t    --        2.6       2.76       1.68           --    --    --    --    --    --    --    --        2.66
Waste Mined         tonnes    --  3,246,869  3,565,972    102,404           --    --    --    --    --    --    --    --   6,915,245

Transition Ore
  Mined             tonnes    --     50,307    105,691    127,841           --    --    --    --    --    --    --    --     283,839
Resource Grade      Au g/t    --       3.22       3.33       3.47           --    --    --    --    --    --    --    --        3.37
Mined Grade         Au g/t    --       3.01       3.11       3.24           --    --    --    --    --    --    --    --        3.15
Recovered Grade     Au g/t    --        2.5       2.58       2.69           --    --    --    --    --    --    --    --        2.65
Waste Mined         tonnes    --    407,078    480,115  1,146,411           --    --    --    --    --    --    --    --   2,033,604

Non-Refractory
  Primary Ore
  Mined             tonnes    --    402,469    283,154    890,313      901,766    --    --    --    --    --    --    --   2,477,702
Resource Grade      Au g/t    --       3.16       3.65       3.48         3.29    --    --    --    --    --    --    --        3.38
Mined Grade         Au g/t    --       2.95       3.41       3.25         3.07    --    --    --    --    --    --    --        3.15
Recovered Grade     Au g/t    --       2.48       2.86       2.73         2.58    --    --    --    --    --    --    --        2.65
Waste Mined         tonnes    --    976,025    405,249  3,324,196    1,159,387    --    --    --    --    --    --    --   5,864,857

Total Ore Mined     tonnes    --  1,209,711    879,288  1,019,593      901,766    --    --    --    --    --    --    --   4,010,358
Resource Grade      Au g/t    --       3.28       3.56       3.47         3.29    --    --    --    --    --    --    --        3.39
Mined Grade         Au g/t    --       3.06       3.32       3.24         3.07    --    --    --    --    --    --    --        3.17
Recovered Grade     Au g/t    --       2.55       2.77       2.72         2.58    --    --    --    --    --    --    --        2.65
Waste Mined         tonnes    --  4,629,973  4,451,336  4,573,011    1,159,387    --    --    --    --    --    --    --  14,813,707
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 64

                                    TABLE 7.3
                        PRODUCTION SCHEDULE BETA BOUNDARY

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                 UNITS   2001  2002     2003       2004       2005        2006    2007  2008  2009  2010  2011  2012    TOTAL
--------------------------------------------------------------------------------------------------------------------------------
<S>              <C>     <C>   <C>   <C>        <C>        <C>         <C>        <C>   <C>   <C>   <C>   <C>   <C>   <C>
Oxide Ore Mined  tonnes    --    --    968,983    288,512    550,171      56,797    --    --    --    --    --    --   1,864,463
Resource Grade   Au g/t    --    --       1.86       1.73        2.2        1.91    --    --    --    --    --    --        1.94
Mined Grade      Au g/t    --    --       1.74       1.62       2.05        1.79    --    --    --    --    --    --        1.81
Recovered Grade  Au g/t    --    --        1.6       1.49       1.89        1.64    --    --    --    --    --    --        1.67
Waste Mined      tonnes    --    --  2,689,259  1,184,999  4,138,429     326,447    --    --    --    --    --    --   8,339,134

Transition Ore
  Mined          tonnes    --    --      2,139    165,926    119,487     262,903    --    --    --    --    --    --     550,455
Resource Grade   Au g/t    --    --       1.42       3.32       2.25         2.7    --    --    --    --    --    --        2.78
Mined Grade      Au g/t    --    --       1.33        3.1        2.1        2.52    --    --    --    --    --    --        2.59
Recovered Grade  Au g/t    --    --       1.13       2.63       1.78        2.14    --    --    --    --    --    --        2.21
Waste Mined      tonnes    --    --     50,541    484,512  1,059,479     867,248    --    --    --    --    --    --   2,461,780

Non-Refractory
  Primary Ore
  Mined          tonnes    --    --         --    291,476     10,928     820,677    --    --    --    --    --    --   1,123,081
Resource Grade   Au g/t    --    --         --       4.08       3.08        3.76    --    --    --    --    --    --        3.84
Mined Grade      Au g/t    --    --         --       3.81       2.87        3.51    --    --    --    --    --    --        3.58
Recovered Grade  Au g/t    --    --         --       3.24       2.44        2.98    --    --    --    --    --    --        3.04
Waste Mined      tonnes    --    --         --    368,930    228,316   2,262,452    --    --    --    --    --    --   2,859,698

Total Ore Mined  tonnes    --    --    971,123    745,913    680,586   1,140,378    --    --    --    --    --    --   3,538,000
Resource Grade   Au g/t    --    --       1.86          3       2.22        3.42    --    --    --    --    --    --        2.67
Mined Grade      Au g/t    --    --       1.74        2.8       2.07        3.19    --    --    --    --    --    --         2.5
Recovered Grade  Au g/t    --    --        1.6       2.43       1.88        2.72    --    --    --    --    --    --        2.19
Waste Mined      tonnes    --    --  2,739,799  2,038,442  5,426,225   3,456,148    --    --    --    --    --        13,660,614

Total Mined      tonnes    --    --  3,710,922  2,784,355  6,106,811   4,596,525    --    --    --    --    --    --  17,198,614
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 65

                                    TABLE 7.4
                      PRODUCTION SCHEDULE - CHUJAH & DUMASI

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                 UNITS   2001  2002  2003  2004  2005  2006     2007       2008       2009       2010       2011    2012    TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>              <C>     <C>   <C>   <C>   <C>   <C>   <C>   <C>        <C>        <C>        <C>        <C>        <C>   <C>
Oxide Ore Mined  tonnes    --    --    --    --    --    --     53,401    324,784        342         --         --    --     378,527
Resource Grade   Au g/t    --    --    --    --    --    --       3.04       1.93       1.54         --         --    --        2.09
Mined Grade      Au g/t    --    --    --    --    --    --       2.84       1.81       1.44         --         --    --        1.95
Recovered Grade  Au g/t    --    --    --    --    --    --       2.35       1.48       1.20         --         --    --        1.60
Waste Mined      tonnes    --    --    --    --    --    --  2,109,041  2,477,883    288,560     29,550         --    --   4,905,033

Transition Ore
  Mined          tonnes    --    --    --    --    --    --     47,070    303,493     12,111      7,916         --    --     428,589
Resource Grade   Au g/t    --    --    --    --    --    --       3.12       2.96       3.90       3.80         --    --        3.23
Mined Grade      Au g/t    --    --    --    --    --    --       2.91       2.76       3.64       3.55         --    --        3.02
Recovered Grade  Au g/t    --    --    --    --    --    --       2.24       2.13       2.80       2.73         --    --        2.32
Waste Mined      tonnes    --    --    --    --    --    --    414,968  2,089,176  2,328,352  1,072,307         --    --   5,904,803

Refractory
  Sulfide Ore
  Mined          tonnes    --    --    --    --    --    --         --    210,772  1,576,523  1,321,136  1,578,564    --   4,686,995
Resource Grade   Au g/t    --    --    --    --    --    --         --       3.24       3.23       3.85       4.62    --        3.87
Mined Grade      Au g/t    --    --    --    --    --    --         --       3.03       3.01       3.59       4.31    --        3.62
Recovered Grade  Au g/t    --    --    --    --    --    --         --       2.66       2.67       3.16       3.79    --        3.18
Waste Mined      tonnes    --    --    --    --    --    --     20,471    312,898  3,909,364  5,766,058  2,489,255    --  12,498,046

Total Ore Mined  tonnes          --    --    --    --    --    100,471    839,049  1,700,976  1,329,052  1,578,564    --   5,548,112
Resource Grade   Au g/t    --    --    --    --    --    --       3.08       2.63       3.28       3.83       4.62    --        3.69
Mined Grade      Au g/t    --    --    --    --    --    --       2.87       2.46       3.06       3.57       4.31    --        3.44
Recovered Grade  Au g/t    --    --    --    --    --    --        2.3       2.03       2.66       3.15       3.79    --        3.00
Waste Mined      tonnes    --    --    --    --    --    --  2,544,479  4,879,958  6,526,276  6,867,915  2,489,255    --  23,307,883

Total Mined      tonnes    --    --    --    --    --    --    2644950  5,719,006  8,227,252  8,196,967  4,067,819    --  28,855,994
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 66

                                    TABLE 7.5
                       PRODUCTION SCHEDULE - BOGOSO NORTH

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                              UNITS   2001  2002  2003  2004  2005  2006     2007       2008    2009  2010  2011  2012    TOTAL
---------------------------------------------------------------------------------------------------------------------------------
<S>                           <C>     <C>   <C>   <C>   <C>   <C>   <C>   <C>        <C>        <C>   <C>   <C>   <C>   <C>
Oxide Ore Mined               tonnes    --    --    --    --    --    --    135,432         --    --    --    --    --    135,432
Resource Grade                Au g/t    --    --    --    --    --    --       2.67         --    --    --    --    --       2.67
Mined Grade                   Au g/t    --    --    --    --    --    --       2.49         --    --    --    --    --       2.49
Recovered Grade               Au g/t    --    --    --    --    --    --       2.07         --    --    --    --    --       2.07
Waste Mined                   tonnes    --    --    --    --    --    --    417,194        713    --    --    --    --    417,907

Transition Ore Mined          tonnes    --    --    --    --    --    --    168,966    103,308    --    --    --    --    272,274
Resource Grade                Au g/t    --    --    --    --    --    --       4.07       2.67    --    --    --    --       3.54
Mined Grade                   Au g/t    --    --    --    --    --    --        3.8       2.49    --    --    --    --        3.3
Recovered Grade               Au g/t    --    --    --    --    --    --       2.93       1.92    --    --    --    --       2.54
Waste Mined                   tonnes    --    --    --    --    --    --    800,719    268,496    --    --    --    --  1,069,215

Refractory Sulfide Ore Mined  tonnes    --    --    --    --    --    --     20,332    732,502    --    --    --    --    752,834
Resource Grade                Au g/t    --    --    --    --    --    --       4.62       4.39    --    --    --    --        4.4
Mined Grade                   Au g/t    --    --    --    --    --    --       4.31        4.1    --    --    --    --       4.11
Recovered Grade               Au g/t    --    --    --    --    --    --       3.66       3.49    --    --    --    --       3.49
Waste Mined                   tonnes    --    --    --    --    --    --     71,407  1,441,378    --    --    --    --  1,512,785

Total Ore Mined               tonnes    --    --    --    --    --    --    324,730    835,810    --    --    --    --  1,160,540
Resource Grade                Au g/t    --    --    --    --    --    --       3.52       4.18    --    --    --    --          4
Mined Grade                   Au g/t    --    --    --    --    --    --       3.29        3.9    --    --    --    --       3.73
Recovered Grade               Au g/t    --    --    --    --    --    --       2.61       3.29    --    --    --    --        3.1
Waste Mined                   tonnes    --    --    --    --    --    --  1,289,320  1,710,587    --    --    --    --  2,999,907
Total Mined                   tonnes    --    --    --    --    --    --  1,614,050  2,546,397    --    --    --    --  4,160,447
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 67

                                    TABLE 7.6
               PRODUCTION SCHEDULE - BGL OXIDE & TRANSITION MINING

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                      UNITS     2001   2002  2003  2004  2005  2006  2007  2008  2009  2010  2011  2012   TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                   <C>     <C>      <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>
Oxide Ore Mined       tonnes   10,000    --    --    --    --    --    --    --    --    --    --    --   10,000
Resource Grade        Au g/t     2.24    --    --    --    --    --    --    --    --    --    --    --     2.24
Mined Grade           Au g/t     2.09    --    --    --    --    --    --    --    --    --    --    --     2.09
Recovered Grade       Au g/t     1.67    --    --    --    --    --    --    --    --    --    --    --     1.67
Waste Mined           tonnes   25,421    --    --    --    --    --    --    --    --    --    --    --   25,421

Transition Ore Mined  tonnes       --    --    --    --    --    --    --    --    --    --    --    --       --
Resource Grade        Au g/t       --    --    --    --    --    --    --    --    --    --    --    --       --
Mined Grade           Au g/t       --    --    --    --    --    --    --    --    --    --    --    --       --
Recovered Grade       Au g/t       --    --    --    --    --    --    --    --    --    --    --    --       --
Waste Mined           tonnes       --    --    --    --    --    --    --    --    --    --    --    --       --

Total Ore Mined       tonnes  200,521    --    --    --    --    --    --    --    --    --    --    --  200,521
Resource Grade        Au g/t        3    --    --    --    --    --    --    --    --    --    --    --        3
Mined Grade           Au g/t      2.8    --    --    --    --    --    --    --    --    --    --    --      2.8
Recovered Grade       Au g/t     1.45    --    --    --    --    --    --    --    --    --    --    --     1.45
Waste Mined           tonnes  212,242    --    --    --    --    --    --    --    --    --    --    --  212,242
Total Mined           tonnes                                                                             412,763
----------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 68

                                    TABLE 7.7
                  PRODUCTION SCHEDULE - TOTAL MINING PRODUCTION

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                    UNITS      2001       2002       2003      2004        2005      2006
--------------------------------------------------------------------------------------------
<S>                 <C>     <C>        <C>        <C>        <C>        <C>        <C>
Oxide Ore Mined     tonnes    491,664  1,101,390  1,459,426    289,951    567,571     59,403
Resource Grade      Au g/t       2.38       3.15       2.43       1.73        2.2       1.95
Mined Grade         Au g/t       2.22       2.94       2.27       1.62       2.05       1.82
Recovered Grade     Au g/t       1.69       2.39       1.99       1.49       1.88       1.66
Waste Mined         tonnes  1,528,945  4,060,293  6,255,231  1,287,403  4,436,807  1,098,095

MOX Transition Ore
  Mined             tonnes         --     50,307    107,830    293,767    119,487    262,903
Resource Grade      Au g/t         --       3.22       3.29       3.38       2.25        2.7
Mined Grade         Au g/t         --       3.01       3.07       3.16        2.1       2.52
Recovered Grade     Au g/t         --        2.5       2.55       2.66       1.78       2.14
Waste Mined         tonnes         --    407,078    530,656  1,630,923  1,059,479    867,248

Non-Refractory
  Primary Ore
  Mined             tonnes         --    402,469    283,154  1,181,788    912,694    820,677
Resource Grade      Au g/t         --       3.16       3.65       3.63       3.28       3.76
Mined Grade         Au g/t         --       2.95       3.41       3.38       3.06       3.51
Recovered Grade     Au g/t         --       2.48       2.86       2.85       2.57       2.98
Waste Mined         tonnes         --    976,025    405,249  3,693,127  1,387,703  2,262,452

Refractory
  Transition
  Ore Mined         tonnes         --    663,437         --         --         --     93,135
Resource Grade      Au g/t         --       3.17         --         --         --       2.99
Mined Grade         Au g/t         --       2.96         --         --         --       2.79
Recovered Grade     Au g/t         --       1.33         --         --         --       1.26
Waste Mined         tonnes         --    721,282         --         --         --  2,082,903

Refractory Sulfide
  Ore Mined         tonnes         --         --         --         --         --    275,168
Resource Grade      Au g/t         --         --         --         --         --       2.92
Mined Grade         Au g/t         --         --         --         --         --       2.72
Recovered Grade     Au g/t         --         --         --         --         --       2.31
Waste Mined         tonnes         --         --         --         --         --    317,292
--------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
                    UNITS     2007       2008       2009       2010       2011     2012     TOTAL
----------------------------------------------------------------------------------------------------
<S>                 <C>     <C>        <C>        <C>        <C>        <C>        <C>    <C>
Oxide Ore Mined     tonnes    188,833    324,784        342         --         --     --   4,483,364
Resource Grade      Au g/t       2.77       1.93       1.54         --         --     --         2.5
Mined Grade         Au g/t       2.59       1.81       1.44         --         --     --        2.33
Recovered Grade     Au g/t       2.15       1.48        1.2         --         --     --        1.97
Waste Mined         tonnes  2,526,235  2,478,596    288,560     29,550         --     --  23,989,715

MOX Transition Ore
  Mined             tonnes         --         --         --         --         --     --     834,294
Resource Grade      Au g/t         --         --         --         --         --     --        2.98
Mined Grade         Au g/t         --         --         --         --         --     --        2.78
Recovered Grade     Au g/t         --         --         --         --         --     --        2.34
Waste Mined         tonnes         --         --         --         --         --     --   4,495,384

Non-Refractory
  Primary Ore
  Mined             tonnes         --         --         --         --         --     --   3,600,782
Resource Grade      Au g/t         --         --         --         --         --     --        3.52
Mined Grade         Au g/t         --         --         --         --         --     --        3.29
Recovered Grade     Au g/t         --         --         --         --         --     --        2.77
Waste Mined         tonnes         --         --         --         --         --     --   8,724,556

Refractory
  Transition
  Ore Mined         tonnes    216,036    406,801    124,111      7,916         --     --   1,511,436
Resource Grade      Au g/t       3.86       2.89        3.9       3.80         --     --        3.25
Mined Grade         Au g/t       3.61        2.7       3.64       3.55         --     --        3.03
Recovered Grade     Au g/t       2.78       2.08        2.8       2.73         --     --        1.86
Waste Mined         tonnes  1,281,898  2,357,672  2,328,352  1,072,307         --     --   9,844,414

Refractory Sulfide
  Ore Mined         tonnes  1,346,136    943,274  1,576,522  1,321,136  1,578,564     --   7,040,800
Resource Grade      Au g/t       3.20       4.14       3.23       3.85       4.62     --        3.76
Mined Grade         Au g/t       2.99       3.86       3.01       3.59       4.31     --        3.51
Recovered Grade     Au g/t       2.54       3.30       2.65       3.16       3.79     --        3.06
Waste Mined         tonnes  2,443,282  1,754,277  3,909,364  5,766,058  1,489,255     --  16,679,528
----------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 69

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
                 UNITS      2001       2002       2003       2004       2005       2006
-----------------------------------------------------------------------------------------
<S>                      <C>        <C>        <C>        <C>        <C>        <C>
Total Ore Mined  tonnes    491,664  2,217,602  1,850,411  1,765,506  1,599,752  1,511,287
Resource Grade   Au g/t       2.38       3.16       2.67       3.27       2.82        3.3
Mined Grade      Au g/t       2.22       2.95       2.49       3.06       2.63       3.08
Recovered Grade  Au g/t       1.69       2.09       2.15        2.6       2.27       2.56
Waste Mined      tonnes  1,528,945  6,164,679  7,191,136  6,611,453  6,883,989  6,627,991
Total Mined      tonnes  2,020,610  8,382,281  9,041,546  8,376,959  8,483,741  8,139,277
Strip Ratio                   3.11       2.78       3.89       3.74       4.30       4.39
-----------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                 UNITS      2007       2008       2009       2010       2011    2012    TOTAL
------------------------------------------------------------------------------------------------
<S>                      <C>        <C>        <C>        <C>        <C>        <C>   <C>
Total Ore Mined  tonnes  1,751,005  1,674,858  1,700,976  1,329,052  1,578,564    --  17,470,677
Resource Grade   Au g/t       3.24       3.41       3.28       3.83       4.62    --         3.3
Mined Grade      Au g/t       3.02       3.18       3.06       3.57       4.31    --        3.08
Recovered Grade  Au g/t       2.53       2.65       2.66       3.15       3.79    --        2.58
Waste Mined      tonnes  6,251,414  6,590,545  6,526,276  6,867,915  2,489,255    --  63,733,598
Total Mined      tonnes  8,002,419  8,265,403  8,227,252  8,196,967  4,067,819    --  81,204,275
Strip Ratio                   3.57       3.93       3.84       5.17       1.58    --        3.65
------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 70

                                    TABLE 7.8
                     PRODUCTION SCHEDULE - MILLFEED SUMMARY

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
                                       UNITS    2001     2002       2003       2004       2005       2006       2007
-----------------------------------------------------------------------------------------------------------------------
<S>                                    <C>    <C>      <C>        <C>        <C>        <C>        <C>        <C>
Oxide Ore                              t      483,924  1,115,131  1,459,426    289,951    567,571     59,403    188,833
Oxide Ore Grade                        g/t       2.21        2.9       2.27       1.62       2.05       1.82       2.59
Oxide Ore Recoverable Grade            g/t       1.68       2.34       1.99       1.49       1.88       1.66       2.15
MOX Transition Ore                     t           --     50,307    107,830    293,767    119,487    262,903         --
MOX Transition Ore Grade               g/t         --       3.01       3.07       3.16        2.1       2.52         --
MOX Transition Ore Recoverable Grade   g/t         --        2.5       2.55       2.66       1.78       2.14         --
Non-Refractory Primary Ore             t           --    357,322    328,301  1,181,788    912,694    820,677         --
Non-Refractory Primary Grade           g/t         --       2.94       3.36       3.38       3.06       3.51         --
Non-Refractory Recoverable Grade       g/t         --       2.47       2.82       2.85       2.57       2.98         --
Refractory Transition Ore              t      160,000    545,440    117,997         --         --     93,135    216,036
Refractory Transition Ore Grade        g/t       3.00       2.98       2.85         --         --       2.79       3.61
Refractory Transition Ore Recoverable  g/t       1.50       1.34       1.28         --         --       1.26       2.78
Grade
Refractory Sulfide Ore                 t           --         --         --         --         --    275,168  1,068,289
Refractory Sulfide Ore Grade           g/t         --         --         --         --         --       2.72       2.99
Refractory Sulfide Recoverable Grade   g/t         --         --         --         --         --       2.31       2.54
Sub Grade Ore                          t           --         --      80810     19,454    311,609    209,902         --
Sub Grade Ore Grade                    g/t         --         --       0.96       0.96       0.96       0.96         --
Sub-Grade Recoverable Grade            g/t         --         --       0.72       0.72       0.72       0.72         --
Mill Feed Tonnes                       t      643,924  2,068,199  2,094,364  1,784,960  1,911,362  1,721,188  1,473,158
Mill Feed Grade                        g/t       2.41       2.93       2.46       3.03       2.36       2.82       3.03
Recoverable Grade                      g/t       1.64        2.1       2.06       2.58       2.02       2.33       2.52
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                       UNITS    2008       2009       2010       2011       2012        TOTAL
---------------------------------------------------------------------------------------------------------------
<S>                                    <C>    <C>        <C>        <C>        <C>        <C>        <C>
Oxide Ore                              t        324,784        342         --         --         --   4,489,365
Oxide Ore Grade                        g/t         1.81       1.44         --         --         --        2.32
Oxide Ore Recoverable Grade            g/t         1.48        1.2         --         --         --        1.96
MOX Transition Ore                     t             --         --         --         --         --     834,294
MOX Transition Ore Grade               g/t           --         --         --         --         --        2.78
MOX Transition Ore Recoverable Grade   g/t           --         --         --         --         --        2.34
Non-Refractory Primary Ore             t             --         --         --         --         --   3,600,782
Non-Refractory Primary Grade           g/t           --         --         --         --         --        3.29
Non-Refractory Recoverable Grade       g/t           --         --         --         --         --        2.77
Refractory Transition Ore              t        406,801    124,111      7,916         --         --   1,671,436
Refractory Transition Ore Grade        g/t         2.70       3.64       3.55         --         --        3.03
Refractory Transition Ore Recoverable  g/t         2.08       2.80       2.73         --         --        1.86
Grade
Refractory Sulfide Ore                 t        860,550  1,241,271  1,318,937  1,324,214    952,371   7,040,800
Refractory Sulfide Ore Grade           g/t         3.66       3.14       3.44       4.04       4.04        3.51
Refractory Sulfide Recoverable Grade   g/t         3.13       2.74       3.02       3.56       3.56        3.06
Sub Grade Ore                          t             --         --         --         --    650,726   1,272,501
Sub Grade Ore Grade                    g/t           --         --         --         --       0.96        0.96
Sub-Grade Recoverable Grade            g/t           --         --         --         --       0.72        0.72
Mill Feed Tonnes                       t      1,592,134  1,365,724  1,326,853  1,324,214  1,603,097  18,909,178
Mill Feed Grade                        g/t         3.04       3.18       3.42       4.04      22.79        2.94
Recoverable Grade                      g/t         2.52       2.75          3       3.56        2.4        2.44
---------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 71

8.0 MINERAL PROCESSING AND METALLURGICAL TESTING

8.1 INTRODUCTION

The mineralized materials available for mining at Prestea and Bogoso have a
range of metallurgical characteristics. In each property, there are oxide,
transition and sulfide materials.

The metallurgical characteristics of the material from the Bogoso property and
the northern part of the Prestea property at Buesichem are similar. The oxide
ore is readily amenable to cyanide leaching whereas the sulfide ore is
refractory due to a large portion of the gold being locked in the sulfide
mineral matrix (in solid solution). The transition ore appears to be a mix of
oxide, partially oxidized and sulfide material which becomes more refractory as
the sulfide boundary is approached. In addition, the transition and sulfide ores
can locally contain graphitic and other potential preg-robbing or cyanicide
agents.

At an, as yet, undefined location between Buesichem and the North Shaft-Plant
deposit, the metallurgy of the mineralized material changes to the south, with
the sulfide ores becoming non-refractory and containing free gold. Graphitic
material is still present in localized pockets. The ore is generally amenable to
gravity recovery and cyanide leach.

The processing of the various ores can be considered in four parts; the
Bogoso/Buesichem oxide ores, the Bogoso/Buesichem refractory sulfide material,
the Bogoso/Buesichem transition material and the remaining Prestea ores.

During 2000 and 2001, Golden Star, with oversight by SRK, has been working on a
feasibility study for the refractory sulfide resources at Bogoso. The sulfide
ore from the Buesichem deposit would increase the resources available to the
sulfide project.

Historically, the Ghana Chamber of Mines has recorded that over 8 million ounces
of gold have been produced from the Prestea concessions, mainly from the
underground operations. In addition, in recent times, near-surface mining has
been undertaken by illegal artisan miners. The gold has been recovered by
gravity and cyanide leach circuits at Prestea while it is understood that the
illegal miners use a mercury amalgam technique. Recoveries of around 80% have
been reported at the existing Prestea operation by the use of gravity, flotation
and CIL processing methods.

8.2 BOGOSO PROCESSING PLANT

The Bogoso mine was commissioned in 1990 with a crushing and grinding circuit
for the treatment of oxide ore in a carbon in leach (CIL) circuit. In 1991 a
refractory sulfide circuit was commissioned incorporating flotation, filtration
and roasting of the sulfide concentrate. Both roasted concentrate and flotation
tails were leached in separate CIL circuits. This operated until 1994 following
which only oxides were processed until 2000. In November 2000, Bogoso installed
a spirals gravity recovery circuit, followed by an intensive

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cyanide leach circuit that was commissioned in January 2001, which allowed
transition material to be processed at recoveries of up to 60%. A flash
flotation circuit was added in 2001 for recovery of sulfide from gravity
middlings. Tailings from this circuit, which average 15 g/t - 20 g/t gold, have
been stockpiled for eventual re-treatment when the processing plant is upgraded
to treat refractory sulfide resources.

A simplified flow sheet of the present processing plant at Bogoso is shown as
Figure 8.1.

The run-of-mine oxide ore is delivered to the crusher pad by rear-dump 50 t
capacity trucks. The ore, normally less than 800 mm top-size, is fed into an ore
bin by either direct dumping of the trucks or by front-end loader. The ore is
discharged from the bin by a vibrating grizzly feeder sizing at 150 mm. The +150
mm oversize is crushed to below 150 mm in a jaw crusher at a rate of 300 t/h and
discharged to join the grizzly underflow on the feed conveyor to a crushed ore
stockpile.

The crushed ore is drawn from the stockpile via a slot feeder and conveyed to a
semi-autogenous (SAG) mill at a nominal rate of 250 t/h. Water and steel balls
are added to the SAG mill where the ore is further reduced in size to
approximately 80% passing 0.6 mm. The SAG mill discharge is pumped to a cluster
of 10 hydrocyclones, which classifies the feed into finer and coarser fractions
based on particle size and specific gravity. The cyclone overflow, the finer
fraction, flows to two trash screens where wood chips and other oversize
materials are removed and then passes to the CIL circuit. The coarser material
in the cyclone underflow flows, in part, into a ball mill for further grinding
before again being pumped with the SAG mill discharge to the hydrocyclones. The
ball mill is in closed circuit with the hydrocyclones. The remaining part of the
cyclone underflow passes to a spiral circuit.

Average operating parameters:

<TABLE>
<S>                                                  <C>
                  Mill throughput                    250 t/h dry

                  Work Index                         4.5 kWh/t

                  Specific Power Consumption         8.5 kWh/t

                  Circulating Load Ratio             2

                  Steel ball consumption, SAG mill   0.30 kg/t

                  Steel ball consumption, Ball mill  0.30 kg/t
</TABLE>

The cyclone overflow, normally at a grind- size of 70% - 80% passing 75 Fm,
passes into the first of six carbon in leach tanks connected in series and
permitting flow of slurry from tank to tank through inter-stage screens. A
slaked lime solution is added to the first tank to raise the pH to 10.5.
Activated carbon is added to the last CIL tank and is moved from tank to tank by
airlift pumps counter-current to the slurry flow. Cyanide is added to the
slurry, as sodium cyanide solution, to dissolve the gold contained in the
mineral particles. The gold is recovered from the ore solids by leaching and
subsequent adsorption onto the activated carbon.

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                                   FIGURE 8.1
                       BOGOSO PROCESSING PLANT FLOW SHEET

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The gold leaching process requires oxygen which is provided by use of compressed
air sparged into the slurry and agitated with mechanical agitators. Oxygen is
added to further enhance the process resulting in approximately 3% increase in
gold recovery.

The loaded carbon is recovered from the first CIL tank and drained on a recovery
screen. The carbon passes to the acid wash column of the carbon treatment
circuit.

The tailings flowing out of the final tank, are screened to recover any
entrained carbon and then pumped to the tailings dam.

The CIL circuit is operated at a pulp density of 46% solids with a 12 hour
residence time and carbon concentration of 12 g/l-15 g/l of pulp.

Part of the SAG Mill cyclones underflow is fed to a spirals feed screen with the
oversize passing to the feed sump to a bank of dewatering cyclones. The
dewatering cyclone overflow is returned to the SAG mill feed while the
underflow, containing the coarser particles is fed to the ball mill.

The underflow from the spirals feed screen is passed to a bank of spiral
separators where the heavier minerals, including the pyrite, arseno-pyrite and
free gold report to a concentrate. The concentrates are passed through a cyclone
and the coarser underflow pass for fine grinding in a recently installed regrind
ball mill operating in closed circuit with the cyclone. The regrind mill cyclone
overflow is pumped to the refurbished roaster calcine CIL circuit where it is
leached in high concentration cyanide. The tails pass over a carbon recovery
screen and are settled in a series of settling ponds and then stockpiled for
future treatment in the proposed sulfide plant. The loaded carbon from the
calcine CIL circuit is recovered and drained on a recovery screen. The carbon
passes to the acid wash column of the desorption circuit.

Tails from the cyclone separators are returned, with the spiral feed screen
overflow, to the dewatering cyclones and the primary milling circuits.

Middlings from the spiral separators are passed to a recently installed flash
flotation cell which recovers any contained sulfide and gold. The flotation
concentrate passes to the regrind ball mill circuit while the flotation tails
join the spiral tails.

Loaded carbon, is washed with dilute hydrochloric acid solution (3%) in the
acid wash column to remove any alkaline materials (calcium, magnesium) that may
have been adsorbed onto the carbon. The carbon is soaked for about two hours and
then rinsed with water to remove the reaction products and any remaining acid.
The carbon is then passed into an elution circuit for stripping of the gold.

In the elution column, the gold is de-sorbed from the loaded carbon by pumping
sodium hydroxide solution (3.5%) at 135EC under pressure through the carbon
bed. The barren carbon is reactivated by heating in a kiln to 650EC in an inert
atmosphere and recycled to the CIL tanks. The gold bearing caustic solution

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from the carbon bed is passed through an electrowinning cell under pressure. The
gold in the solution is deposited onto steel wool cathodes.

The gold laden steel wool is calcined and then smelted, with the molten gold
poured into graphite moulds to form ingots. The bullion is marked and prepared
for shipment.

8.3 OXIDE AND TRANSITION MATERIAL

The mill performance when treating oxide and transition ore at Bogoso over the
past five years is shown in Table 8.1.

                                    TABLE 8.1
                MILL PERFORMANCE - OXIDE AND TRANSITION MATERIAL

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
                   THROUGHPUT            GOLD GRADE       GOLD PRODUCED     GOLD RECOVERY
FISCAL YEAR           (t)                   (g/t)             OUNCES            (%)
------------------------------------------------------------------------------------------
<S>                <C>                   <C>              <C>                <C>
1996               1,938,114                2.27             106,090              75
------------------------------------------------------------------------------------------
1997               1,908,505                1.91             108,184            92.3
------------------------------------------------------------------------------------------
1998               2,026,804                2.12             122,585            88.7
------------------------------------------------------------------------------------------
1999               2,156,658                2.31             130,475            88.3
------------------------------------------------------------------------------------------
2000               2,137,381                2.57             108,643              63
------------------------------------------------------------------------------------------
2001*              1,378,127                2.85              58,807            46.6
------------------------------------------------------------------------------------------
</TABLE>

*     8 months to 31 August 2001

The treatment capacity of the existing plant when treating oxide ore is around
2.1 million t/a. This drops to around 1.8 million t/a when treating transition
ore. Recoveries when treating oxide ores are typically around 86%. Recoveries
drop significantly when treating transitional ore to around 65% in the upper
horizons to around 40% as the sulfide boundary is approached.

One of the metallurgical problems with some of the mineralized material at
Bogoso is that it contains both organic carbon and graphite. These may have
differing degrees of preg-robbing characteristics. At lower levels of the oxide
zone and in some of the transition material variable degrees of preg-robbing
have been noted, although, the use of CIL technology mitigates much of the
preg-robbing effect of the organic carbon. Laboratory tests, routinely
conducted, suggest that the preg-robbing potential in the oxide ore would reduce
the gold recovery by 6% if a carbon-in-pulp circuit were used. The addition of
the gravity circuit and flash flotation section has helped to mitigate the
effects of graphite in the mill feed, but recoveries are still relatively low
when processing transitional or sulfide material. will be more important when
processing transition or sulfide material, as a higher proportion could be
present in the feed from some areas of the property.

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There are stockpiles of low grade oxide material available at the mine site with
grades of around g./t gold. Further amounts of low grade oxide material are
exposed ready for mining in the operating and worked pits. The quantity of low
grade material has been estimated at 2.0 Mt.

The dumps have been tested both by BGL (October, 1998) and by Kappes, Cassidy
and Associates (December, 1998). A preliminary examination has indicated that
the ore is amenable to heap leach operation but would require significant cement
addition and agglomeration to prevent slumping of the leach pads. Recoveries of
80% would be achieved with the material crushed to 80% passing 25 mm. The study
concluded, however, that it would be more economic to treat the material in the
existing CIL circuit. If overall operating costs were to be reduced as the mine
neared the end of its available resources, then preliminary economics suggest
that processing the low grade material through the CIL plant could provide a
positive cash flow. The material could also be used to provide feed to the mill
during investigations into the processing of sulfide ores.

8.4 SULFIDE ORE

Sulfide ore was mined and processed during the years 1991 to 1994. The plant
consisted of comminution, flotation, concentrate roasting and CIL treatment of
the calcine and flotation tailings to recover the gold.

The plant did not achieve its sulfide ore design criteria objectives primarily
because of poor flotation recoveries. The recoveries were low because the mean
depth from which the ore was obtained was 5,021 m RL, a depth currently
classified as on the sulfide-transition ore border. The high sulfur feed grade
(22%) required to maintain auto-thermal conditions in the roaster could not be
achieved without significant cleaning of the concentrate. A de-sliming
classification circuit was commissioned on flotation feed to remove some of the
slimes. Significant amounts of gold were lost with the fine sulfides to the
cyclone overflow. External heat had to be introduced into the roaster by means
of diesel-fired burners to compensate for the low sulfur feed grade. Eventually,
the burners significantly damaged the roaster internals. The roaster was
decommissioned in 1994 and has since been removed for scrap.

The performance of the sulfide plant while in use is summarized in Table 8.2

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                                    TABLE 8.2
                       MILL PERFORMANCE - SULFIDE MATERIAL

<TABLE>
<CAPTION>
      --------------------------------------------------------------------
                         THROUGHPUT          GOLD GRADE      GOLD RECOVERY
      --------------------------------------------------------------------
      FISCAL YEAR            (t)               (g/t)               (%)
      --------------------------------------------------------------------
<S>                      <C>                 <C>             <C>
         1991              448,140              4.86              61.7
      --------------------------------------------------------------------
         1992              601,364              5.02              59.7
      --------------------------------------------------------------------
         1993              912,533              3.82              67.1
      --------------------------------------------------------------------
         1994              101,054               3.5              71.4
      --------------------------------------------------------------------
</TABLE>

Annual throughput was less than half that of subsequent oxide processing and
recoveries were low, offset somewhat by the higher grade of the sulfide ore
treated.

Signet Engineering, in a review of operations of the Bogoso plant (Signet,1999)
discussed the four options considered for treating the refractory sulfide ores
at Bogoso:

-     Replace existing roaster with improved unit. (recovery estimate 71%),

-     install bio-oxidation plant while using existing grinding and flotation
      circuits. (Recovery estimate 74%),

-     install bio-oxidation plant with upgraded grinding and flotation circuits.
      (Recovery estimate 85%), and;

-     install pressure oxidation plant treating product from upgraded and
      grinding circuits. (Recovery estimate 85%).

Signet concluded that the bio-oxidation process with upgraded grinding and
flotation circuits would be the best option, but further work was needed before
any commitment could be made. Experience with bio-oxidation by Ashanti at Obuasi
nearby may give confidence in the bio-oxidation technology recommended.

After taking over the Bogoso operation in 1999, Golden Star initiated a full
scale test-work program to determine the best way to process these materials.

A Sulfide Project feasibility study is nearing completion under the auspices of
SRK in Johannesburg, who will have the overall review and the final sign off on
this project. Most of the work that will comprise the feasibility study was
carried out in 2000 and in early 2001. Golden Star has elected to use as much
in-house expertise as it can, and has carried out its own exploration work and
resource definitions, with SRK being involved to provide the specialist input.

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The process design was carried out with the benefit of an analysis of the
performance of the Bogoso process plant when the flotation section was last in
operation. The following table compares the original sulfide ore design criteria
by Minproc and the actual plant performance for the period between February 1991
and February 1994 when the sulfide plant was operating.

                                    TABLE 8.3
                 DESIGN CRITERIA VS. PLANT PERFORMANCE 1991-1994

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
                         ROASTER DESIGN CRITERIA          PLANT PERFORMANCE
-------------------------------------------------------------------------------
<S>                      <C>                          <C>
Productivity:
Flotation Feed P80             75 micron              91 micron (final 6 months)
Mill Feed Rate                 112.5 t/h                       131 t/h
Mass Pull                     8 t/h (7.1%)                   5.3 t/h (4.1%)
-------------------------------------------------------------------------------
Sulfur:
Feed Grade                    1.6% (typical)                   1.10%
Concentrate Grade              22% (typical)                   24.3%
Float Recovery           97.8% (inferred typical)              87.2%
-------------------------------------------------------------------------------
Gold:
Total Recovery               86% (maximum)                     74.4%
Float tail CIL recovery           60%                           38%
Calcine CIL recovery              88%                           85%
Float recovery            92.9% (inferred max)                 69.7%
-------------------------------------------------------------------------------
</TABLE>

A comprehensive metallurgical test-work program was undertaken aimed at treating
ore between 5,030 m RL and 4,860 m RL by means of gravity concentration by the
existing spirals, flotation, bacterial oxidation of the combined concentrate and
CIL leaching of the oxidized product.

The hardness, the various grades and recoveries of the ore all vary with depth.
It is intended to use the existing plant and equipment and supplement that with
a Biox section, additional flotation and ancillary equipment.

The test-work identified that:

-     the ore increases in hardness and abrasion at depth to the 4925 m level,
      after which hardness remains constant,

-     the existing comminution circuits at Bogoso are capable of treating, on
      average, 1.5 million t/a ranging from 1.3 million t/a to 1.7 million t/a
      depending on the depth of the ore,

-     flotation gold recovery increases, at depth, from 89% at 5030 m to 96%-97%
      at 4865 m after which recovery remains constant,

-     flotation gold recovery is relatively insensitive to grind particularly
      below 4985 m. Optimum grind size is relatively coarse at P80 of 140
      microns,

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-     the relationship between sulphur oxidation and CIL recovery is relatively
      flat at the higher levels of oxidation making the process relatively
      robust against fluctuations in sulphur oxidation. Optimum sulphur
      oxidation is 91%, equivalent to a five-day retention time in the
      bio-oxidation circuit,

-     CIL recovery after 91% sulphur oxidation is 92%, and

-     overall expected plant recovery ranges between 81% for ore from the 5020
      m level to 88.5% for ore below 4990 m RL.

The following table compares Minproc's roaster design criteria and the present
Biox design criteria predicted for 4,985 m RL.

                                    TABLE 8.4
                        ROASTER VS. BIOX DESIGN CRITERIA

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                           ROASTER DESIGN CRITERIA   4,985 m RL BIOX DESIGN CRITERIA
------------------------------------------------------------------------------------
<S>                      <C>                         <C>
Productivity:
Flotation Feed P80             75 micron                     140 micron
Mill Feed Rate                 112.5 t/h                       183 t/h
Mass Pull                     8 t/h (7.1%)                  15.4 t/h (8.4%)
------------------------------------------------------------------------------------
Sulfur:
Feed Grade                    1.60% (typical)                  1.76%
Concentrate Grade              22% (typical)                   20.6%
Float Recovery           97.8% (inferred typical)              97.9%
------------------------------------------------------------------------------------
Gold:
Total Recovery                86% (maximum)                    88.0%
Float tail CIL recovery           60%                        not treated
Calcine CIL recovery              88%                          91.9%
Float recovery             92.9% (inferred max)                95.7%
------------------------------------------------------------------------------------
</TABLE>

Higher flotation recoveries at a much coarser P(80) grind size of 140 microns
are possible due to:

-     Gravity and flash flotation stages supplementing the secondary flotation
      stage, particularly improving upon the arsenopyrite recovery, which is
      finer by nature and has much higher tendency to over grind and be lost to
      tails by entrapment in slime during flotation; and

-     The grind-float recovery relationships are only slightly sensitive to
      grind size, making a P80 grind size of 140 microns the economic optimum,
      significantly reducing slimes being produced in flotation feed. Grind size
      does not appear to be a parameter that was assessed as part of the 1988
      feasibility study.

This much coarser grind size has resulted in a much higher mill feed rate of 180
t/h using the existing comminution equipment.

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Thus, the work carried out to date indicates that a flotation circuit, followed
by Biox treatment of the flotation concentrates, is the most suitable in terms
of costs and gold recovery. The oxidized concentrate would then report to the
existing CIL plant.

The primary ore will be treated in flotation, bio-oxidation and oxidized
concentrate CIL circuits. Flotation concentrate will be treated in a BIOX(R)
plant to break down the sulfide matrix and liberate the refractory gold. The
fines fraction from the classified flotation tailings, containing carbonate
minerals, will be used to neutralize the acidic effluent from the BIOX(R)
process, resulting in a considerable saving in limestone and/or lime.

Laboratory scale bio-oxidation tests conducted by Gencor Process Research in
1995 indicated that the flotation concentrate was amenable to bio-oxidation and
that the gold recovery could be improved from 30% to 50% without oxidation to
92% after oxidation.

More recently, a continuous BIOX(R) pilot plant run was conducted at Lakefield
Research Africa on a bulk concentrate sample. The results from the pilot run
confirmed the amenability of the concentrate to the BIOX(R) process and provided
the data necessary for designing a full-scale plant. It also provided
information on reagent consumption, which can be used in the development of
accurate operating cost estimates for the BIOX(R) plant.

The pilot plant results indicated that economically optimum sulfide oxidation of
93% could be achieved at a residence time of five days. Gold recoveries of 92%
were attained from the BIOX(R) product.

A process design and engineering company, Metallurgical Design Management (MDM)
from South Africa, was commissioned to undertake the design for the new sulfide
processing facility.

8.5 TREATMENT OF PRESTEA RESOURCES

In October 1998, Steffen, Robertson and Kirsten (SRK) were commissioned by
Western Areas (the majority owner of Barnex, the lease holders) to conduct a
comprehensive feasibility study into the potential economic open pit mining on
the Prestea property. JCI Capital Projects was appointed as sub-contractors to
SRK to take responsibility for the process, infrastructure and costing aspects
of the engineering design.

The Prestea ores will be treated using the conventional CIL and gravity circuits
at the existing BGL process plant. As no physical Prestea ore has actually been
treated at BGL, extensive use has been made of the metallurgical and process
sections within the SRK feasibility study reports on Prestea, with the results
and conclusions therein being compared to current and past BGL performance
records.

The majority of the diagnostic and gold recovery test work carried out on the
Prestea ores was conducted by Performance Laboratories (Ghana) Limited, at their
Prestea office. Currently only crude leach kinetics data is available. More
detailed leach kinetics data would have been helpful to determine the leach time

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versus gold recovery efficiencies in the CIL circuit and therefore educated
assumptions, based on BGL's operating experience, have been used where there is
insufficient information. Further metallurgical test work will still be required
to validate the results obtained in the feasibility report.

The Prestea ore types were categorized into five groups, according to origin and
degree of oxidation:

<TABLE>
<S>                                                 <C>
                  North Shaft and Plant oxides      (NSOP)

                  Plant sulfides                    (PSS)

                  North Shaft sulfides              (NSS)

                  Beta Boundary oxides              (BB)

                  Buesichem oxides                  (BU)
</TABLE>

Buesichem sulfides were not subjected to detailed test-work. Preliminary studies
had shown that they were highly refractory, and would not be amenable to a
conventional CIL extraction route. These have therefore been included in the
resources available to BGL for treatment in the proposed sulfide project.

Beta Boundary sulfides were also not investigated in great detail. However, what
work was done indicated that these sulfides were only mildly refractory, and the
limited test work returned recoveries of more than 80% in a CIL circuit.

The test program for oxides was based on the following assumptions:

-     The ore could have possible refractory or preg-robbing properties.
      Mineralogical work was needed to confirm this, following which a suitable
      course of action would be identified.

-     A significant amount of gold could be recoverable with gravity
      concentration. This should be evaluated for different size fractions.

-     Heap leaching was an option to be considered, as the gold grade was
      relatively low. This would include the option of de-sliming the feed.

-     Scouting work was required to determine the effect of grind and leaching
      time.

-     There could be advantages to de-sliming the plant feed and treating the
      two products separately. Gravity concentration and CIL could be employed
      for the fines and heap leaching on the coarse material.

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The oxide ores were first subjected to a blending exercise and then
mineralogical and X-ray diffraction analysis to determine the minerals present.
The particle size distribution was then determined as well as gold deportment.
Diagnostic leaching was then used to determine whether the ores were refractory
in any way and a series of CIL tests were performed at a number of different
grinds for a number of different time periods.

The ore was then screened into different fractions and each fraction was reduced
to <1 mm and subjected to CIL in order to get an indication of any coarse gold
effects. Ore scalping options were examined by subjecting the two smallest
fractions to a number of CIL tests at different grinds. Gravity concentration
was evaluated by presenting the different ore fractions to a Knelson
concentrator with the fractional residues subjected to CIL gold recovery.

Heap leaching was evaluated using the short "bottle roll simulation" on the
individual fractions. Following this, tests were performed with 50 mm flooded
columns and then by using 150 mm column tests on the whole ore and on an ore
which had been scalped of fines. The effect of agglomeration was also evaluated.
Settling properties of the ores were determined as well as pulp viscosity.

After the above mentioned tests it was decided to evaluate the effects of
different cyanide additions and of stabilizing the pH before commencing with the
standard CIL tests. Both of these tests were performed to mitigate the effects
of the cyanicides present in the ore.

The program for sulfides was based on the following assumptions:

-     The ores will have some degree of refractory and/or preg-robbing
      properties.

-     The ore will be competent and favour milling.

-     Options would include gravity, flotation concentration and CIL, processing
      in various combinations.

-     Concentrate would be treated by cyanidation or direct smelting, no
      oxidation routes would be considered as the gold content of the ore was
      not sufficient to cover the costs of these.

The ore was subjected to CIL tests at a number of different grinds, cyanide
concentrations and for a number of different time periods. The ore was also
subjected to gravity concentration tests using a Knelson concentrator at number
of different grinds with the residue being treated by CIL gold recovery. The ore
was also subjected to gravity concentration using a spiral on <1 mm feedstock
with the residue being subjected to CIL tests at a number of different grinds.

Likewise, flotation tests were conducted on the ore at different grinds with the
residue being treated by CIL.

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The flotation concentrates were subjected to roasting and fine grinding before
being leached to determine the amount of gold recoverable by alternate routes as
a means of reference. The primary investigation route for the concentrates was a
standard CIL leach.

Diagnostic leach results are summarized in Table 8.5

                                    TABLE 8.5
                  DIAGNOSTIC LEACH RESULTS - % GOLD EXTRACTION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
STAGE                                       NSOP      BU       BB      PSS       NSS
------------------------------------------------------------------------------------
<S>                                         <C>      <C>      <C>      <C>      <C>
Cyanide Leach (readily leachable)           84.6       61     76.8     76.6     66.3
------------------------------------------------------------------------------------
Aqua Regia (associated with sulfides)        6.3     16.8     23.2      0.9        8
------------------------------------------------------------------------------------
Perchloric Acid (associated/adsorbed
by carbonaceous matter)                      4.6      4.8        0     11.7     11.6
------------------------------------------------------------------------------------
Hydrofluoric Acid (locked in silicates)      2.8     13.2        0     10.8     14.1
------------------------------------------------------------------------------------
Total (based on heads)                      98.3     95.8       90      100      100
------------------------------------------------------------------------------------
</TABLE>

These results indicate that the North Shaft and Plant oxides are fairly readily
leachable although some potential preg-robbing minerals may be present. The
Buesichem oxides are less amenable to leaching with potential preg-robbers
present and larger proportion of the gold is found with the sulfides and
silicates in a form not amenable to direct cyanidation. No gold was found
associated with silica or carbonaceous material the Beta Boundary oxides making
them readily leachable. For the Plant sulfides, the results show little gold
associated with sulfides and significant quantities of carbonaceous material.
The cyanide leachable gold is lower in these tests than indicated by CIL tests
and further tests may be required. The North Shaft sulfides have gold locked in
sulfides and silicates and are indicated to be refractory.

The SRK feasibility study came to the following conclusions:

"The component ore bodies of the Prestea Ore reserve each have their own unique
response to metallurgical test work.".

"The North Shaft and Plant oxide ore bodies were found to contain tarnished fine
free gold, a number of cyanicides and clay type products of weathering.
Diagnostic leach tests indicated a recovery of the order of 85% by normal means
and this was confirmed during the test work. The gold recovery in the ore was
relatively insensitive to grind and cyanide addition variations. Although
gravity concentration on the ore resulted in a reasonable gold extraction the
combination of gravity concentration with CIL treatment of the residue stream
did not show any additional gold recovery when compared to a standard CIL
extraction, which achieved in the region of 85% gold extraction. Heap leach
test work indicated that agglomerated heap leaching was possible but gold
recovery was only in the region of 68%. The comminution test work

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 84

determined that the ore is relatively soft with a predicted breakage energy
consumption of 11.4 kWh/t. The ore is sticky with a high pulp viscosity and does
not have competent constituents which can facilitate Autogenous or
semi-Autogenous grinding."

"The Beta Boundary ore body consists mainly of quartz with up to 20% sulfides
present as arsenopyrite, pyrrhotite and chalcopyrite. The sulfides are only
slightly tarnished and the ore responds well to gravity, CIL and heap leach
recovery. The CIL recovery is approximately 92% with the agglomerated heap
leach recovery being approximately 75%. The ore did not appear to be sensitive
to grind and there was no advantage in using a gravity recovery circuit. The ore
has a high percentage of fines, a very low Bond Index of 3.88 kWh/t and is not
suitable for autogenous or semi-autogenous milling. The ore is extremely
sticky."

"The Buesichem ore body consists mainly of quartz, pyrite, arsenopyrite,
pyrrhotite, chalcopyrite and iron oxides. The gold is in the fine material and
is either free or associated with sulfides or quartz. Diagnostic leaching
indicates a very refractory ore with 60% to 70% recovery. The CIL leach test
work produced a recovery potential of 72% with the gold recovery improving with
leach time, but remaining constant with a variation in grind or cyanide
addition. Gravity gold recovery of the ore was extremely poor but the
agglomerated heap leach test work produced an extraction of up to 69%. A second
Buesichem sample, of lower grade, produced a CIL recovery of 96%, which is
indicative of a very variable ore body response to test work."

"A mineralogical examination of the Plant sulfides indicated a potential
recovery of 83% to 90%. The ore contains arsenopyrite, organic carbon,
graphite, and antimony. At least 20% of the gold is fine and occluded by pyrite
and chalcopyrite, thereby preventing efficient gold extraction. This is backed
up by the diagnostic leach work, which indicates a readily recoverable gold
content of 77%-80%."

"The CIL test work produced an optimum recovery of approximately 84% with the
ore being relatively insensitive to leach time but sensitive to grind and
cyanide addition. Gravity concentration, using a Knelson Concentrator, with CIL
recovery on the residue produced similar to slightly better recoveries. A spiral
was evaluated as an alternative for the Knelson and produced good results but
further work on this as an alternative gravity concentration mechanism is
required. Indicative heap leach work indicated that the ore is unsuitable for
heap leaching. Flotation produced good results with overall recovery of
approximately 86% when performing a CIL on the concentrate and the flotation
residue. A recovery of 77% is possible when not treating the flotation residue
for gold recovery. Roasting of the concentrate together with CIL recovery on the
concentrate and flotation residue produced a gold recovery of 96%. Fine
grinding did not improve gold recovery on the concentrate. Comminution work
indicated that the ore is of medium softness and abrasiveness, and unsuitable
for autogenous or semi-autogenous grinding. There was no evidence of a dense
portion, which may build up in the milling circuit thereby requiring "in mill"
crushing. The crushing Work Index is approximately 12.6 kWh/t whilst the
predicted mill power consumption is 12.3 kWh/t."

"The North Shaft sulfide ore body is similar to the Plant sulfides but is
notably more refractory due to the higher percentage of black shale. There is
significantly less coarse gold, and more antimony, arsenic and bismuth in the
North Shaft sulfide ore body. Diagnostic leach test work indicates a recovery of
66% to 70%.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 85

The CIL test work produced an optimum recovery of 70% with the ore being
sensitive to grind, cyanide addition and leaching time up to a point where after
it was insensitive. Gravity recovery test work was extremely encouraging and
indicated a viable treatment route. More work will need to be performed to
establish the potential gold recovery from the concentrate but it is expected
that overall gold recovery could be in the region of 78%. Flotation test work
produced a recovery of approximately 80% of the gold into the concentrate but
the concentrate reacted poorly to CIL (51%), fine grinding (69 %) and roasting
(69%). Overall recovery with CIL on the flotation product and residue was 57
percent. Flotation with CIL treatment of the concentrates and disposal of the
flotation residue produces a recovery of 41 percent only. Spiral test work as an
alternative to a Knelson Concentrator produced very encouraging results but more
work is needed to clarify the recovery on the middling product, which was
assumed to be 100% percent. Comminution work indicated that the ore is extremely
soft, non abrasive and unsuitable for Autogenous or semi-Autogenous grinding.
There was no evidence of a dense portion, which may build up in the milling
circuit thereby requiring "in mill" crushing. The crushing Work Index is
approximately 3.2 kWh/t whilst the predicted mill power consumption is 10.7
kWh/t."

Results of the metallurgical test work carried out into the various processing
options gave gold recoveries shown in Table 8.6 below:

                                    TABLE 8.6
                    METALLURGICAL TEST RESULTS - % RECOVERIES

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                    TREATMENT ROUTE                       OREBODY
------------------------------------------------------------------------------------------------
                                                            NSOP     BU      BB      PSS     NSS
------------------------------------------------------------------------------------------------
<S>                                                       <C>       <C>     <C>     <C>     <C>
Deslimed Heap Leach                                         63.8    52.9      --      --      --
------------------------------------------------------------------------------------------------
Agglomerated Heap Leach                                     67.7    67.6    74.5      --      --
------------------------------------------------------------------------------------------------
CIL on <1mm and Heap Leach
on >1mm                                                     67.1    67.2      --      --      --
------------------------------------------------------------------------------------------------
CIL                                                         85.2    71.4    91.8    84.2    69.3
------------------------------------------------------------------------------------------------
Gravity recovery and then CIL                               78.8    69.5    87.4    84.1    78.8
------------------------------------------------------------------------------------------------
Spiral Concentrate then CIL on residue                        --      --      --    82.4    86.8
------------------------------------------------------------------------------------------------
Flotation then CIL on concentrate and residue                 --      --      --    85.5    57.2
------------------------------------------------------------------------------------------------
Flotation, fine grind on conc., CIL on conc. and residue      --      --      --    83.9    69.1
------------------------------------------------------------------------------------------------
Flotation, roast on conc., then CIL on conc. and residue      --      --      --    95.9    68.5
------------------------------------------------------------------------------------------------
</TABLE>

The results suggest that both the oxides and the sulfides can be successfully
treated in the CIL plant at BGL and with the installation of the spirals gravity
circuit, the treatment of the North Shaft sulfides (NSS) has been enhanced.

Evidence from treatment of Bogoso ores suggest that the comments in the SRK
conclusions regarding the unsuitability of autogenous and semi-autogenous
grinding may not be borne out in practice. There is a lot of evidence that the
Buesichem oxides are similar to the Bogoso oxides and that there is a proportion
of quartz available in the Plant North and Beta Boundary resources that will
allow semi-autogenous grinding

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 86

to be successful. In the event that some material proves unsuitable, then
additional balls would be added to the mills with some additional cost and
possible loss of throughput.

The plant recoveries used in the economic model in cash flow projections are
shown in Table 8.7 They are based on the existing plant being upgraded with a
Biox plant prior to processing of the refractory sulfides.

                                    TABLE 8-7
                     PLANT RECOVERIES FOR CASH FLOW ANALYSIS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
PROPERTY                         OXIDES        TRANSITION         SULFIDE
--------------------------------------------------------------------------------
                               RECOVERY %      RECOVERY %       RECOVERY %
--------------------------------------------------------------------------------
<S>                            <C>             <C>              <C>
Buesichem                           75             45               85
--------------------------------------------------------------------------------
Plant North                         83             83               84
--------------------------------------------------------------------------------
Beta Boundary                       92             85               85
--------------------------------------------------------------------------------
Chujah & Dumasi                     82             80               88
--------------------------------------------------------------------------------
Bogoso North                        83             77               85
--------------------------------------------------------------------------------
Bogoso Oxide/Transition             80             45               n.a.
--------------------------------------------------------------------------------
</TABLE>

8.6 MARKETING

The Government of Ghana has the right to purchase all gold produced in Ghana at
fair market value. This right has not been exercised to our knowledge.

8.6.1 Refining Contracts

A Gold Purchase and Refining Agreement between BGL and Societe Generale is the
basis for gold sales.

The purchase price is based on the following:

      Purchase price = fine gold content x (London AM gold fix-US$0.55)+(silver
      content x London silver fix)

Fine gold content of the dore bars will be a minimum of 75% with the weight of
bars to be between 8 kg-18 kg (average of 13 kg). Silver content will be 8 %.

8.6.2 Transportation

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 87

Dore bars are transported by armoured carrier (truck) from the mine site to the
care of Societe Generale at Kotoka International Airport, Accra Ghana. Risk of
loss passes to Societe Generale upon delivery of the dore at the airport. Title
to the gold and silver content passes to Societe Generale upon arrival of the
carrier at the refiner's airport.

8.6.3 Hedging Contracts

At the present time, no currency hedges or forward sales of gold are in place.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 88

9.0 ENVIRONMENTAL

9.1 LEGISLATIVE BACKGROUND

Knight Piesold Ltd. have outlined the environmental legislative requirements for
mining in Ghana in a draft Environmental Impact Assessment for the Sulfide
Project at Bogoso.

9.1.1 Overview of Environmental Legislation in Ghana

Environmental legislation and guidelines which are relevant to the development
of mining operations are listed below:

Legislation

-     The Environmental Protection Agency Act (1994),

-     Environmental Assessment Regulation 1999 (LI1652) - sets out the
      requirements for environmental permitting, EIA, the production of
      preliminary environmental reports (PERs) and subsequent EISs,
      environmental certificates, EMPs and reclamation bonding.

-     Explosive Regulations (1970) LI 666

-     Forestry Commission Act 571 (1999)

-     Minerals and Mining Law (1986) PNDLC 153 - sets out statutory requirements
      for ownership of minerals and government right of pre-emption,
      administration, mineral rights and other licences, the mining lease,
      surrender suspension and cancellation of mineral rights and surface
      rights.

-     Mining Regulations (1970) LI 665 - sets requirements for mining and
      include the general duties of mine owners, management and control,
      protection from surface, surface working and inspection.

-     Water Resources Commission Act (1996)

-     Wild Animals Preservation Act (1961)

-     Wildlife Reserve Regulation (1971) LI710

-     Wildlife Conservation Regulations 1971 LI 685

Policy Documents

-     Forest and Wildlife Policy (1994)

-     National Land Policy (1999)

Guidelines

-     Environmental Assessment in Ghana, A Guide (1996)

-     Environmental Impact Assessment Procedures (1995)

-     Environmental Quality Guidelines for Ambient Air (EPA)

-     Environmental Quality Guidelines for Ambient Noise (EPA)

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 89

-     Ghana's Mining and Environmental Guidelines (1994)

-     Sector Specific Effluent Quality Guidelines for Discharges into Natural
      Water Bodies (EPA

9.1.2 Environmental Impact Assessment in Ghana

Environmental Impact Assessment (EIA) in Ghana can be traced back to the
establishment of the Environmental Protection Council (EPC), now the
Environmental Protection Agency (EPA), in 1974 which brought together all issues
relating to the protection of the environment.

A government directive in 1989, stated that the EPC was to be consulted formally
on all development proposals and issue a "Certificate of Clearance" stating
either that no damaging environmental impact will result in the from the
implication of the project or that "adequate provisions have been made in
project proposals to contain potential adverse environmental impacts". In July
1989, the EPC published the first draft Guidelines for EIA. In December 1994,
the Environmental Protection Act 490 was passed and the Environmental Protection
Agency (EPA) replaced the EPC.

In 1994 Ghana's Mining and Environmental Guidelines were published, which
provided guidance on environmental factors that should be considered by mine
operators, including guidance on EIS content, EMP production and the contents of
Reclamation and Decommissioning Plans. In June 1995, the EPA published Ghana's
Environmental Impact Assessment Procedures, which was followed in 1996 by a
guide providing further guidance on the process. Environmental Impact Assessment
was finally formalized in Ghana in June 1999 by the implementation of LI1652
Environmental Assessment Regulations, 1999.

9.1.3 Environmental Impact Assessment Procedures in Ghana

Environmental Impact Assessment is legislated in Ghana through LI1652
Environmental Assessment Regulations, 1999. The legislation falls under the
responsibility of the Ministry of Environment, Science and Technology under whom
the EPA are the regulatory body responsible for the implementation of EIA
procedures in Ghana.

The process for obtaining an Environmental Permit can be summarised as follows

-     An application for an Environmental Permit must be formally submitted to
      the EPA.

-     On receipt of the application the EPA screens the application and confirms
      whether the application is; approved, objected to, requires submission of
      Preliminary Environmental Report (PER), or requires the submission of an
      Environmental Impact Statement (EIS).

-     Where the EPA approves an application, an Environmental Permit would be
      issued.

-     Where an EIS is required, the first undertaking is to produce a scoping
      report outlining the extent and terms of reference, including the
      essential issues to be addressed in the EIA.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 90

-     Where the EPA accepts the scoping report, the applicant is required to:

      -     give notice of the proposed undertaking to the relevant Ministries,
            government department and organization of relevance to the
            undertaking;

      -     advertise in at least one national paper;

      -     make the scoping report available for inspection by the public in
            the locality of the proposed undertaking.

An EIS is also required based on this approved report. The EIS comprises the
following sections:

-     EA Report (the EIA);

-     Environmental Management Plan (EMP);

-     Reclamation Plan;

-     Provisional Decommissioning Plan.

On receipt of the draft EIS the EPA will publish notice of the report in the
mass media. Where it is considered necessary by the EPA, a public hearing will
also be held. Where the draft EIS is accepted, the Environmental Permit will be
issued. At this stage, for mining projects, the EPA requires a reclamation bond
to be posted based on the Costed Reclamation Plan within the EIS.

Where an Environmental Permit is granted, it is valid for 18 months and failure
to commence the operation of the undertaking within this time would render the
permit invalid. For mining projects, operations are considered to be the
commencement of the construction phase.

Where activities are initiated, an environmental certificate is required within
24 months of the date of commencement of the operations. An environmental
certificate requires the following to be submitted to the EPA:

-     evidence of the commencement of operations;

-     acquisition of other permits and approvals where appropriate;

-     compliance with mitigation commitments stipulated in the EIS;

-     a certificate fee.

For mining projects the EPA also requires the following for the duration of the
operations:

-     monthly monitoring returns;

-     an annual environmental report every twelve months after the commencement
      of operations and thereafter every year;

-     an EMP, eighteen months after the commencement of operations and
      thereafter every three years.

The EPA may suspend or revoke an environmental permit or certificate, if it is
considered necessary.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 91

9.1.4 EIA Requirements of International Agencies

The International Finance Corporation (IFC), the private investment arm of the
World Bank Group, may be considered for financing for the Bogoso Sulfide
Project. The IFC has various policy and procedural requirements designed to
ensure that the projects in which it invests are implemented in an
environmentally and socially responsible manner. The IFC documents and policies
include:

-     IFCs 1998 Procedure for Environmental and Social Review Projects;

-     IFC Operational Policy OP 4.01 Environmental Assessment; and

-     Interim World Bank Environmental, Health and Safety Guidelines for Mining
      and Milling - Open Pit (1995).

9.1.5 Requirements for Permitting

Prior to the operation of a mine or an expansion of the Mine, the company is
legally obliged to obtain the following documents for the proposed operations:

-     environmental permit;

-     mining lease; and

-     an operating permit (also referred to as a mining permit).

Firstly an environmental permit is required, this is achieved by submitting an
EIS to the EPA in-line with statutory procedures. If the EIS is accepted the
environmental permit will be issued.

The mining company should also obtain a mining lease from The Minister of Mines,
Lands and Forestry, in consultation with the Minerals Commission. The issuing of
a mining lease will be based on the submission of the full feasibility report,
EPA approval of the EIA and the subsequent issuing of the environmental permit.

Once the environmental permit and the mining lease have been issued, an
operating permit is obtained from the Mines Department and renewed on an annual
basis.

BGL have been complying with the requirement of these Acts since Golden Star
took ownership in 1999.

9.2 Bogoso

BGL currently have a mining permit for the Bogoso concession to mine oxide and
transition resources.

The Mining Lease documents various specific responsibilities which BGL must
discharge at the termination of the lease. These include:

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<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 92

      -     BGL must leave the mining area and surface additions in good
            condition with respect to the ecology, conservation, reclamation,
            environment, etc., and take all reasonable measures to leave the
            surface of the area in useable condition.

      -     BGL shall transfer to the Government of Ghana all immovable assets
            and those movable assets which have been fully depreciated for tax
            purposes.

The costs of mine rehabilitation and social closure/sale costs were calculated
at December 31, 1997 at US$12 million. A US$10 million reserve was set aside in
a trust account to cover the estimated costs of mine closure and rehabilitation
at December 31, 1997. After December 31,1997 an additional provision of
US$1.00/t mined (reduced to US$0.50/t after June, 1999 and to be further reduced
to US$0.30/t) was accrued for rehabilitation. No bond is posted for the Bogoso
property with the EPA or any other authority.

BGL has carried out rehabilitation under its own operating costs since it took
over ownership of the Bogoso property in 1999. It keeps meticulous records of
work done, areas profiles, areas top-soiled, areas revegetated, etc., together
with associated costs. Periodically, the rehabilitation work is audited by
independent consultants (Knight Piesold Consulting) who verify the work done and
costs to the IFC. The IFC will then release an equivalent sum from the trust
account to BGL. The remaining rehabilitation fund amounts to some $3.32 million.

An Environmental Management Plan for the Bogoso Property, produced by Knight
Piesold Consulting, was submitted to the EPA in 2001 and no notification of
deficiencies has been received.

The rehabilitation cost for the Bogoso property is estimated at $6.1 million.

A separate environmental permit and mining permit will be required for the
proposed Sulfide Project. BGL is currently finalizing a Definitive Feasibility
Study under the Project Manager SRK. As part of this study, Knight Piesold
Consulting is preparing an EIA, which will be submitted to the appropriate
Ghanaian authorities.

9.3 Prestea

The current state of the environment on the Prestea property is generally poor,
with the main issue being the discharge of tailings from the existing PGR
process plant.

The tailings and waste from mining operations at Prestea have been discharged
into the Nsuo Kofi River, that flows through the concession northwards to the
Ankobra River, since the late 19th century. The discharges are still ongoing and
the effects are apparent for several kilometres downstream from where the river
joins the Ankobra, rendering the water unfit for human consumption. Some
reprocessing of the tailings and waste dumps in the area by Prestea Sankofa Gold
Limited with the tailings pumped to a tailings dam, has provided some
reclamation.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 93

The liability for historic mining environmental damage prior to JCI taking over
the property rests with the State Gold Mine Corporation (SGMC). When JCI/Barnex
took over the property, they continued to dump tailings into the Nsuo Kofi River
while they managed the property and were responsible for the damage. However,
Barnex were provided with a waiver and release, which released them it from any
obligations to the Prestea rehabilitation liability prior to the time of closing
the underground operation.

BGL has accepted no environmental liabilities incurred on the Prestea properties
and the Government of Ghana has provided PGR and BGL with indemnities with
respect to the pre-existing environmental liability prior to granting of the
mining lease on June 29, 2001. BGL has offered to carry out the reclamation of
the past environmental liability, with the cost of the rehabilitation and the
ultimate obligation continuing to be the responsibility of the Government.

With the intention to process all ore from the Prestea properties at the Bogoso
plant, all tailings associated with Prestea ore treatment will be confined
within tailings impoundments at the BGL plant site and no water will extracted
on the Prestea property for processing. The environmental impacts will come from
the open pits themselves and will include blasting activities, waste dumps,
water discharge and acid rock drainage control.

Rehabilitation works will include:

-     removal of infrastructure such as service yards, workshops and pylons,

-     removal of all haul roads and access routes,

-     ongoing waste dump management including profiling, capping and vegetating,
      permanent cut-offs and seepage protection around waste dumps, and
      profiling of the old pits to make them free draining.

BGL has estimated the rehabilitation and closure costs for Prestea at
approximately $5.1 million. An environmental charge of $0.30/t ore mined is
accumulated as a provision for these costs.

BGL have obtained the mining permit (Permit 0005869/2001 dated September
19,2001) and environmental permit (Permit No. EPA/EIA/044 dated September
18,2001) to start mining the Buesichem Main and North deposits. Specifically the
proposed mining operations permitted are:

-     mining of oxide ore from Buesichem north deposit by open pit methods;

-     deepening and expansion of the existing Buesichem Main pit to extract
      oxide and transition ores;

-     an extension to the existing BGL southern haul road, from the southern
      most point of the Bogoso concession boundary to the Main pit, along the
      old railway route for approximately 700 m; and

-     construction of a waste rock dump to be located on a green field area in
      the vicinity of the open pits after backfilling of Diensu South pit.

The environmental permit was issued following submission of a supplemental
Environmental Impact Statement, conducted by Knight Piesold Consulting, to the
Environmental Protection Agency (EPA). The

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 94

report consisted of an Environmental Impact Assessment Report, an Environmental
Management Plan, a Closure Plan and a Costed Reclamation Plan.

The environmental permit for Buesichem requires the posting of a full bond of
$470,980 within one month of the issuance of the permit. An alternative payment
mechanism of $40,000 cash plus an approved insurance for the balance of the
reclamation bond was agreed with the EPA. A one-month extension to the placement
of this bond has been verbally granted and written confirmation is awaited.

Knight Piesold have been contracted by BGL to carry out the EIA for the balance
of the property north of the Ankobra River and for the Plant North area which
will allow applications for mining permits and environmental permits to be
obtained. The Beta Boundary EIA will follow.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 95

10.0 ECONOMIC ANALYSIS

10.1 CAPITAL COSTS

Table 10.1 gives the capital expenditures planned by BGL present management in
US dollars. AMCL have discussed these estimates with the BGL management and find
them to be realistic.

The estimates for the additions to the processing plant to allow for sulfide
treatment are based on estimates included in the SRK Bogoso Sulfide Feasibility
Study. Other estimates are based on quotes from suppliers, engineered estimates
or historical costs.

10.2 OPERATING COST ESTIMATES

Operating costs, in US dollars, have been derived from a number of sources
including:

-     historical cost trends,

-     feasibility study test-work on reagent and power consumption,

-     quotations from contractors and suppliers' and

-     engineering estimates.

The basic assumptions made for future projection of mining at Bogoso and Prestea
are :

<TABLE>
<S>                                        <C>                                  <C>
Mining Costs:                              Contract Mining (ore and waste)      $1.20/t

Haulage Costs:                                                                  $0.085/km

Processing including ROM Pad Costs:        Oxides                               $4.10/t

                                           Transition                           $4.82 - $5.30/t

                                           Primary                              $5.54/t

                                           Refractory Sulfide                   $10.74/t

                                           Low Grade Oxide                      $3.70/t

Rehabilitation:                            Ore Milled                           $0.30/t
</TABLE>

The costs for supervision of the mining contractor are estimated at $750,000 per
year. The general and administration costs for the Ghana operations are
estimated at $3,330,000 per year.

The operating costs developed by the above factors were compared with the BGL
historic operating costs as shown in Table 10.2 below, and allowance made for
any changes in operational procedures. AMCL believes the operating cost
projections are realistic.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 96

                                   TABLE 10.1
                             CAPITAL COST ESTIMATES

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
                ITEM                          UNITS        2001       2002       2003       2004       2005       2006
------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>          <C>        <C>        <C>        <C>        <C>        <C>
EXPLORATION & DEVELOPMENT
------------------------------------------------------------------------------------------------------------------------
Exploration Overhead                          US$'000        113        450         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Exploration Work - Bogoso/Prestea             US$'000        100        800        250        250        250        250
------------------------------------------------------------------------------------------------------------------------
Prestea Underground Study                     US$'000         60        500         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
TOTAL EXPLORATION & DEVELOPMENT               US$'000        273      1,750        250        250        250        250
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
MINING & INFRASTRUCTURE
------------------------------------------------------------------------------------------------------------------------
Haulroad to Buesichem (0.5 km)                US$'000         --         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Haulroad to Ankobra (4.5 km)                  US$'000        575        100         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Haulroad to Plant North (3.0 km)              US$'000        400        200         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Haulroad to Beta/Boundary (4.5 km)            US$'000         --         --        200        700         --         --
------------------------------------------------------------------------------------------------------------------------
Haul Road to Plant North Waste Dump           US$'000        100        100         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Dump Sterilization                            US$'000        175         --        100         --         --         --
------------------------------------------------------------------------------------------------------------------------
North Shaft Pit Development                   US$'000         --         50         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Main Plant Pit Development                    US$'000         --         50         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Beta Boundary Pit Development                 US$'000         --         --        100         25         --         --
------------------------------------------------------------------------------------------------------------------------
Blast Control Measures                        US$'000         --        200         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Acid Rock Drainage Controls                   US$'000         --        400         --        300         --         --
------------------------------------------------------------------------------------------------------------------------
Geotechnical Drilling Programs                US$'000         30         70        250         --         --         --
------------------------------------------------------------------------------------------------------------------------
Reverse Circulation drill rig                 US$'000         --         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Survey Equipment                              US$'000         --         25         15         --         --         15
------------------------------------------------------------------------------------------------------------------------
Computer Hardware                             US$'000         10         10         --          5         --          5
------------------------------------------------------------------------------------------------------------------------
Computer Software                             US$'000         15         65         --         --         25         --
------------------------------------------------------------------------------------------------------------------------
Existing Tailings Dam Lift                    US$'000         --        550         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
New Tailings Dam Construction and Lifts       US$'000         --         --      1,400        535        573        516
------------------------------------------------------------------------------------------------------------------------
Biox Tailings Storage                         US$'000         --         --         --         --         --        397
------------------------------------------------------------------------------------------------------------------------
Capitalised Pre-Stripping for Sulfide Pits    US$'000         --         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Sulfide Project Infrastructure                US$'000         --         --         --         --        225        570
------------------------------------------------------------------------------------------------------------------------
TOTAL MINING & INFRASTRUCTURE                 US$'000      1,305      1,820      2,065      1,565        823      1,503
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
MAINTENANCE
------------------------------------------------------------------------------------------------------------------------
Workshop Improvements                         US$'000         --         --         --         --         --         40
------------------------------------------------------------------------------------------------------------------------
Plant workshop equipment                      US$'000         65         --         --         --         --         60
------------------------------------------------------------------------------------------------------------------------
TOTAL MAINTENANCE                             US$'000         65                                                    100
------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
              ITEM                             2007         2008       2009       2010       2011       2012      TOTAL
-------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>          <C>        <C>        <C>        <C>        <C>       <C>
EXPLORATION & DEVELOPMENT
-------------------------------------------------------------------------------------------------------------------------
Exploration Overhead                             --           --         --         --         --         --        563
-------------------------------------------------------------------------------------------------------------------------
Exploration Work - Bogoso/Prestea               250          250        250         --         --         --      2,650
-------------------------------------------------------------------------------------------------------------------------
Prestea Underground Study                        --           --         --         --         --         --        560
-------------------------------------------------------------------------------------------------------------------------
TOTAL EXPLORATION & DEVELOPMENT                 250          250        250         --         --         --      3,773
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
MINING & INFRASTRUCTURE
-------------------------------------------------------------------------------------------------------------------------
Haulroad to Buesichem (0.5 km)                   --           --         --         --         --         --         --
-------------------------------------------------------------------------------------------------------------------------
Haulroad to Ankobra (4.5 km)                     --           --         --         --         --         --        675
-------------------------------------------------------------------------------------------------------------------------
Haulroad to Plant North (3.0 km)                 --           --         --         --         --         --        600
-------------------------------------------------------------------------------------------------------------------------
Haulroad to Beta/Boundary (4.5 km)               --           --         --         --         --         --        900
-------------------------------------------------------------------------------------------------------------------------
Haul Road to Plant North Waste Dump              --           --         --         --         --         --        200
-------------------------------------------------------------------------------------------------------------------------
Dump Sterilization                               --           --         --         --         --         --        275
-------------------------------------------------------------------------------------------------------------------------
North Shaft Pit Development                      --           --         --         --         --         --         50
-------------------------------------------------------------------------------------------------------------------------
Main Plant Pit Development                       --           --         --         --         --         --         50
-------------------------------------------------------------------------------------------------------------------------
Beta Boundary Pit Development                    --           --         --         --         --         --        125
-------------------------------------------------------------------------------------------------------------------------
Blast Control Measures                           --           --         --         --         --         --        200
-------------------------------------------------------------------------------------------------------------------------
Acid Rock Drainage Controls                      --           --         --         --         --         --        700
-------------------------------------------------------------------------------------------------------------------------
Geotechnical Drilling Programs                   --           --         --         --         --         --        350
-------------------------------------------------------------------------------------------------------------------------
Reverse Circulation drill rig                    --           --         --         --         --         --         --
-------------------------------------------------------------------------------------------------------------------------
Survey Equipment                                 --           --         --         --         --         --         55
-------------------------------------------------------------------------------------------------------------------------
Computer Hardware                                --            5         --         --         --         --         35
-------------------------------------------------------------------------------------------------------------------------
Computer Software                                --           --         --         --         --         --        105
-------------------------------------------------------------------------------------------------------------------------
Existing Tailings Dam Lift                       --           --         --         --         --         --        550
-------------------------------------------------------------------------------------------------------------------------
New Tailings Dam Construction and Lifts         442          478        410        398        397        481      5,631
-------------------------------------------------------------------------------------------------------------------------
Biox Tailings Storage                            --           --         --         --         --         --        397
-------------------------------------------------------------------------------------------------------------------------
Capitalised Pre-Stripping for Sulfide Pits       --           --         --         --         --         --         --
-------------------------------------------------------------------------------------------------------------------------
Sulfide Project Infrastructure                   --           --         --         --         --         --        795
-------------------------------------------------------------------------------------------------------------------------
TOTAL MINING & INFRASTRUCTURE                   442          483        410        398        397        481     11,693
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
MAINTENANCE
-------------------------------------------------------------------------------------------------------------------------
Workshop Improvements                            --           --         --         --         --         --         40
-------------------------------------------------------------------------------------------------------------------------
Plant workshop equipment                         --           --         --         --         --         --        125
-------------------------------------------------------------------------------------------------------------------------
TOTAL MAINTENANCE                                --           --         --         --                              165
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 97

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
              ITEM                            UNITS         2001      2002       2003       2004       2005       2006
------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>           <C>       <C>        <C>        <C>        <C>       <C>
PROCESSING PLANT
------------------------------------------------------------------------------------------------------------------------
Strip Solution Heater                         US$'000         --         60         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Mill Discharge Pumps                          US$'000         44         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Regeneration Kiln                             US$'000         --        150         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Potable Water Upgrade                         US$'000         --         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Security System Upgrade                       US$'000         --         35         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
CV2 Conveyor                                  US$'000         --        110         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Misc Equipment                                US$'000         10         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Laboratory Upgrade                            US$'000         --        100         --         --         --        200
------------------------------------------------------------------------------------------------------------------------
Upgrade to Crushing and Grinding Circuit      US$'000         --        100         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Additional Leach Tanks (3)                    US$'000         --      1,050         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Ongoing expenditures                          US$'000         --        120        100        100        100        100
------------------------------------------------------------------------------------------------------------------------
BIOX Plant Construction                       US$'000         --         --         --         --         --     20,200
------------------------------------------------------------------------------------------------------------------------
BIOX Project Management Cost                  US$'000         --         --         --         --         --        217
------------------------------------------------------------------------------------------------------------------------
BIOX Plant - other associated costs           US$'000         --         --         --         --         --        750
------------------------------------------------------------------------------------------------------------------------
TOTAL PROCESSING PLANT                                        54      1,725        100        100        100     21,467
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
INFRASTRUCTURE
------------------------------------------------------------------------------------------------------------------------
Light Vehicle Replacement                     US$'000         --        289         70         76        129         --
------------------------------------------------------------------------------------------------------------------------
Telecommunications & IT                       US$'000         --         85         30         30         30         30
------------------------------------------------------------------------------------------------------------------------
Misc                                          US$'000         15         60         40         40         40         40
------------------------------------------------------------------------------------------------------------------------
TOTAL FINANCE & ADMINISTRATION                US$'000         15        434        140        146        199         70
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
COMPENSATION & SOCIAL
------------------------------------------------------------------------------------------------------------------------
Farm Compensations                            US$'000        200         50        100         --         --         --
------------------------------------------------------------------------------------------------------------------------
Dumasi Township                               US$'000         --         --         --         --         --      3,000
------------------------------------------------------------------------------------------------------------------------
Housing Compensation                          US$'000        150        150         --        620         --         --
------------------------------------------------------------------------------------------------------------------------
Relocate School and Circuit Courthouse        US$'000         --         --         --        300         --         --
------------------------------------------------------------------------------------------------------------------------
Underground Infrastructure Mitigation         US$'000        150      2,600        600        300        150         --
------------------------------------------------------------------------------------------------------------------------
Demolish Prestea Plant & Workshops            US$'000         --         --         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Relocate 161 kV Powerlines                    US$'000        200        280        300         --         --         --
------------------------------------------------------------------------------------------------------------------------
Reroute 3.3 kV Powerline to Ankobra           US$'000         --         32         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Relocate Compressors                          US$'000         68         80         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Reroute water pipeline to process plant       US$'000         --         28         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Demolish Power Station                        US$'000         --        100         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Relocate non-mine and domestic structures     US$'000         --        777         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Relocate workshops and warehouse              US$'000         --        650         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
Ankobra River Causeway                        US$'000         90        360         --         --         --         --
------------------------------------------------------------------------------------------------------------------------
TOTAL COMPENSATION & SOCIAL                   US$'000        858      5,107      1,000      1,220        150      3,000
------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITAL EXPENDITURE                     US$'000      2,570     10,836      3,555      3,281      1,522     26,390
------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
              ITEM                             2007         2008       2009       2010       2011       2012      TOTAL
-------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>          <C>        <C>        <C>        <C>        <C>      <C>
PROCESSING PLANT
-------------------------------------------------------------------------------------------------------------------------
Strip Solution Heater                            --           --         --         --         --         --         60
-------------------------------------------------------------------------------------------------------------------------
Mill Discharge Pumps                             --           --         --         --         --         --         44
-------------------------------------------------------------------------------------------------------------------------
Regeneration Kiln                                --           --         --         --         --         --        150
-------------------------------------------------------------------------------------------------------------------------
Potable Water Upgrade                            --           --         --         --         --         --         --
-------------------------------------------------------------------------------------------------------------------------
Security System Upgrade                          --           --         --         --         --         --         35
-------------------------------------------------------------------------------------------------------------------------
CV2 Conveyor                                     --           --         --         --         --         --        110
-------------------------------------------------------------------------------------------------------------------------
Misc Equipment                                   --           --         --         --         --         --         10
-------------------------------------------------------------------------------------------------------------------------
Laboratory Upgrade                               --           --         --         --         --         --        300
-------------------------------------------------------------------------------------------------------------------------
Upgrade to Crushing and Grinding Circuit         --           --         --         --         --         --        100
-------------------------------------------------------------------------------------------------------------------------
Additional Leach Tanks (3)                       --           --         --         --         --         --      1,050
-------------------------------------------------------------------------------------------------------------------------
Ongoing expenditures                            100          100         50         25         --         --        795
-------------------------------------------------------------------------------------------------------------------------
BIOX Plant Construction                          --           --         --         --         --         --     20,200
-------------------------------------------------------------------------------------------------------------------------
BIOX Project Management Cost                     --           --         --         --         --         --        217
-------------------------------------------------------------------------------------------------------------------------
BIOX Plant - other associated costs              --           --         --         --         --         --        750
-------------------------------------------------------------------------------------------------------------------------
TOTAL PROCESSING PLANT                          100          100         50         25         --         --     23,821
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
INFRASTRUCTURE
-------------------------------------------------------------------------------------------------------------------------
Light Vehicle Replacement                       140           38         --         --         --         --        742
-------------------------------------------------------------------------------------------------------------------------
Telecommunications & IT                          30           30         30         15         --         --        310
-------------------------------------------------------------------------------------------------------------------------
Misc                                             40           40         30         15         --         --        360
-------------------------------------------------------------------------------------------------------------------------
TOTAL FINANCE & ADMINISTRATION                  210          108         60         30         --         --      1,412
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
COMPENSATION & SOCIAL
-------------------------------------------------------------------------------------------------------------------------
Farm Compensations                               --           --         --         --         --         --        350
-------------------------------------------------------------------------------------------------------------------------
Dumasi Township                                  --           --         --         --         --         --      3,000
-------------------------------------------------------------------------------------------------------------------------
Housing Compensation                             --           --         --         --         --         --        920
-------------------------------------------------------------------------------------------------------------------------
Relocate School and Circuit Courthouse           --           --         --         --         --         --        300
-------------------------------------------------------------------------------------------------------------------------
Underground Infrastructure Mitigation            --           --         --         --         --         --      3,800
-------------------------------------------------------------------------------------------------------------------------
Demolish Prestea Plant & Workshops               --           --         --         --         --         --         --
-------------------------------------------------------------------------------------------------------------------------
Relocate 161 kV Powerlines                       --           --         --         --         --         --        780
-------------------------------------------------------------------------------------------------------------------------
Reroute 3.3 kV Powerline to Ankobra              --           --         --         --         --         --         32
-------------------------------------------------------------------------------------------------------------------------
Relocate Compressors                             --           --         --         --         --         --        148
-------------------------------------------------------------------------------------------------------------------------
Reroute water pipeline to process plant          --           --         --         --         --         --         28
-------------------------------------------------------------------------------------------------------------------------
Demolish Power Station                           --           --         --         --         --         --        100
-------------------------------------------------------------------------------------------------------------------------
Relocate non-mine and domestic structures        --           --         --         --         --         --        777
-------------------------------------------------------------------------------------------------------------------------
Relocate workshops and warehouse                 --           --         --         --         --         --        650
-------------------------------------------------------------------------------------------------------------------------
Ankobra River Causeway                           --           --         --         --         --         --        450
-------------------------------------------------------------------------------------------------------------------------
TOTAL COMPENSATION & SOCIAL                      --           --         --         --         --         --     11,335
-------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITAL EXPENDITURE                     1,002          941        770        453        397        481     52,198
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 98

                                   TABLE 10.2
                        BOGOSO HISTORIC OPERATING COSTS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
                                                                                                      2001
              YEAR                                1997         1998         1999         2000      (9 MONTHS)
--------------------------------------------------------------------------------------------------------------
<S>                                   <C>      <C>          <C>          <C>          <C>          <C>
TONNES PROCESSED                      t         1,908,505    2,026,804    2,156,858      2137382     1529732

TONNES MINED :
    Ore Mined                         t           1938480    1,964,027      2632766      2169938     1237315
    Waste Mined                       t         6,480,529   11,321,010    7,472,651    5,578,071     3440702
TOTAL TONNES MINED                              8,419,009   13,285,037   10,105,417    7,748,009     4678017
GOLD PRODUCED                         ounces      108,184      122,585      130,465      106,998       63334

CASH COST:
    Mining                            $         3,250,561    5,682,506    4,346,521    2,893,285     1506646
    Metallurgy                        $         6,818,732    5,701,632    5,695,225    5,288,703     4951075
    Mine Maintenance                  $         6,190,236    7,828,126    7,906,261    9,537,055     5626328
    Project Engineering               $            49,854
    Finance                           $         3,025,781    2,592,316    1,875,662      822,146      653438
    Administration                    $         4,264,184    4,332,804    3,743,729    3,602,279     2138735
    Supply                            $         1,314,861    1,360,536    1,062,832    1,060,729      574230
    Environment&Safety                $           476,063      441,110      262,342       54,810       55504
TOTAL CASH COST                       $        25,390,272   27,939,030   24,892,572   23,259,007    15505956

OTHER COSTS:
Capital Expenditure                   $         1,809,294    4,806,734    2,748,973    4,410,369     1387206
Mine & Dev't Expend.                  $           421,155      397,632    3,026,860      500,437     1252570
Exploration Expend.                   $         1,534,968    2,742,151    2,134,863      158,669     1273504
Rehabilitation Expenses               $           670,292    1,543,095    1,039,062      701,246      172535
TOTAL OTHER COSTS                     $         4,435,709    9,489,612    8,949,758    5,770,721   4,085,815

TOTAL OPERATING COSTS                 $          29825981   37,428,642   33,842,330   29,029,728    19591771
--------------------------------------------------------------------------------------------------------------

MINING COST/t                         $/t            1.28         1.12         1.32         1.74        1.65
(INC. MINING, MAINTENANCE, SUPPLY)
--------------------------------------------------------------------------------------------------------------

COST/t ORE:
    Mining                            $/t            1.68         2.89         1.65         1.33        1.22
    Metallurgy                        $/t            3.52         2.90         2.16         2.44        4.00
    Mine Maintenance                  $/t            3.19         3.99         3.00         4.40        4.55
    Project Engineering               $/t            0.03         0.00         0.00         0.00           0
    Finance                           $/t            1.56         1.32         0.71         0.38        0.53
    Administration                    $/t            2.20         2.21         1.42         1.66        1.73
    Supply                            $/t            0.68         0.69         0.40         0.49        0.46
    Environment & Safety              $/t            0.25         0.22         0.10         0.03        0.04
TOTAL CASH COST                       $/t           13.10        14.23         9.45        10.72       12.53

==============================================================================================================
COST/t GOLD PRODUCED
    Mining                            $/t           30.05        46.36        33.32        27.04       23.79
    Metallurgy                        $/t           63.03        46.51        43.65        49.43       78.17
    Mine Maintenance                  $/t           57.22        63.86        60.60        89.13       88.84
    Project Engineering               $/t            0.46         0.00         0.00         0.00        0.00
    Finance                           $/t           27.97        21.15        14.38         7.68       10.32
    Administration                    $/t           39.42        35.35        28.70        33.67       33.77
    Supply                            $/t           12.15        11.10         8.15         9.91        9.07
    Environment&Safety                $/t             4.4         3.60         2.01         0.51        0.88
TOTAL CASH COST                       $/t           234.7       227.92       190.80       217.38      244.83

TOTAL OPERATING COSTS                 $/t          275.70       305.33       259.40       271.31      309.34
(EXCLUDING ROYALTIES)
--------------------------------------------------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                   Page 99

10.3 CASH FLOW ANALYSIS

An estimate has been determined of the cash flows which will be generated from
the project on a stand-alone basis, given the stated technical cost, anticipated
revenues and broader economic assumptions. This does not imply that positive
cash flows will generate an accounting profit, nor negative cash flows an
accounting loss in the corporate entity and, specifically, a cash flow forecast
does not constitute a profit forecast.

All values quoted are in United States Dollars (US$). All cash flows in this
report have been prepared using constant September 1, 2001 dollars.

The cash flow analysis has been prepared to over a twelve-year period after
which the mine is planned to be closed under the present production schedule. No
recognition is made of the potential for upgrading some of the inferred
resources to the measured or indicated category or for identifying new
resources. It has been assumed that the additions will be made to the Bogoso
plant in 2006 to allow processing of the refractory sulfide resources from
Bogoso properties and Buesichem.

The cash flow is prepared on an pre-tax basis assuming 100% equity financing.
Since BGL carries debt of some $34 million, no tax will be payable by BGL over
the period examined for the base case. Corporate tax in Ghana is set at 32.5%
for mining projects. A nominal value has been ascribed to the plant and working
capital at the end of the period considered although it will in reality have
greater value as a potential ongoing operation. It has been assumed that
contract mining will be used and that the BGL mobile assets will be sold during
2001 for an estimated $3 million.

AMCL have relied, to a major extent, upon the work of others, as referred to in
the body of this report. We have reviewed the data used, where possible, to
satisfy ourselves that it is reasonable.

10.3.1 Assumptions

-      Mine closure in 2011

-      Contract mining

-      Mining of oxide, transitional and sulfide material

-      100% internal financing of capital expenditures.

-      Capital and operating cost assumptions as discussed in Section 7.0

-      Gold price of $275/ounce.

10.3.2 Cash Flow Projection

Table 10.3 provides our estimate of the cash flows that will result from the
project over the period until potential closure in May, 2001.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 100

                                   TABLE 10.3
                                   CASH FLOWS

<TABLE>
<CAPTION>
      PRODUCTION AND REVENUE          UNITS        2001           2002          2003           2004          2005          2006
<S>                                   <C>        <C>            <C>           <C>            <C>           <C>           <C>
Total Tonnes Mined                    t          2,020,610      8,382,281     9,041,546      8,376,959     8,483,741     8,139,277
Ore Tonnes Mined                      t            491,664      2,217,602     1,850,411      1,765,506     1,599,752     1,511,287
Total Ore Tonnes Milled               t            477,924      2,068,199     2,094,364      1,784,960     1,911,362     1,721,188
Gold Sold                             oz            25,866        130,535       138,668        147,778       123,833       127,802
Gold Price                            $/oz             275            275           275            275           275           275
Gold Revenue                          US$'000        7,113         35,897        38,134         40,639        34,054        35,145
Silver Revenue                        US$'000            3             13            14             15            13            13
TOTAL REVENUE                         US$'000        7,116         35,910        38,148         40,654        34,067        35,159
                                                 ===================================================================================

OPERATING COSTS
Mining                                US$'000       (2,908)       (12,827)      (13,742)       (12,525)      (12,944)      (12,214)
Processing                            US$'000       (1,959)        (9,685)       (9,247)        (9,224)       (9,112)      (10,283)
Finance & Administration              US$'000         (833)        (3,330)       (3,330)        (3,330)       (3,330)       (3,330)
Government Royalty                    US$'000         (213)        (1,077)       (1,144)        (1,220)       (1,022)       (1,055)
CASH OPERATING COSTS                  US$'000       (5,913)       (26,920)      (27,463)       (26,299)      (26,408)      (26,882)
                                                 ===================================================================================

                                                 ===================================================================================
OPERATING CASH FLOW                   US$'000        1,203          8,990        10,685         14,356         7,659         8,277
                                                 ===================================================================================

CASH FLOW
Operating Cash Flow                   US$'000        1,203          8,990        10,685         14,356         7,659         8,277
Capital Expenditures                  US$'000       (2,570)       (10,836)       (3,555)        (3,281)       (1,522)      (26,390)
Sale of Mining Fleet & Spares         US$'000        3,000             --            --             --            --            --
Rehabilitation Costs/Provision        US$'000         (147)          (665)         (555)          (530)         (480)         (453)
Rehabilitation Fund Drawdown          US$'000           --             --            --             --            --            --
Salvage/Working Capital               US$'000           --             --            --             --            --            --
PROJECT OPERATING CASHFLOW            US$'000        1,486         (2,511)        6,575         10,545         5,656       (18,567)
                                                 ===================================================================================

PRESTEA PROPERTY COSTS
Barnex Payments                       US$'000       (2,000)            --            --             --            --            --
Barnex Royalty                        US$'000         (217)        (1,096)       (1,165)        (1,241)       (1,040)       (1,074)
Government Option Payments            US$'000           --             --            --             --            --            --
PGR Payments                          US$'000       (1,600)        (1,900)           --             --            --            --
Investment Bank Fees                  US$'000         (500)            --            --             --            --            --
Golden Star New Equity (to Barnex)    US$'000        2,000             --            --             --            --            --
TOTAL PRESTEA PROPERTY COSTS          US$'000       (2,317)        (2,996)       (1,165)        (1,241)       (1,040)       (1,074)
                                                 ===================================================================================
BOGOSO OWNERSHIP PAYMENTS
Elliott Payment                       US$'000         (250)          (250)           --             --            --            --
IFC Deferred Payments (Estimate)      US$'000       (2,876)            --            --             --            --            --
IFC Regional Payment (If Triggered)   US$'000       (2,000)            --            --             --            --            --
IFC Sulfide Payment                   US$'000           --             --            --             --            --            --
TOTAL BOGOSO OWNERSHIP PAYMENTS       US$'000       (5,126)          (250)           --             --            --            --
                                                 ===================================================================================

                                                 ===================================================================================
PROJECT CASHFLOW BEFORE TAX           US$'000       (5,958)        (5,757)        5,410          9,303         4,616       (19,641)
                                                 ===================================================================================
Cumulative Cash Flow Before Tax       US$'000       (5,958)       (11,715)       (6,305)         2,998         7,614       (12,026)
                                                 ===================================================================================

Discount Rate                         %                 --              5            10             15            20
NPV                                   US$'000       45,994         25,233        13,592          6,873         2,893
</TABLE>

<TABLE>
<CAPTION>
      PRODUCTION AND REVENUE           2007         2008          2009          2010           2011           2012           TOTAL
<S>                                  <C>          <C>           <C>           <C>            <C>           <C>          <C>
Total Tonnes Mined                   8,002,419    8,265,403     8,227,252     8,196,967      4,067,819            --    81,204,275
Ore Tonnes Mined                     1,751,005    1,674,858     1,700,976     1,329,052      1,578,564            --    17,470,677
Total Ore Tonnes Milled              1,473,158    1,592,134     1,365,724     1,326,853      1,324,214     1,603,097    18,743,178
Gold Sold                              129,228      136,333       124,537       128,079        151,368       123,926     1,487,954
Gold Price                                 275          275           275           275            275           275           275
Gold Revenue                            35,538       37,492        34,248        35,222         41,626        34,080       409,187
Silver Revenue                              13           14            13            13             16            13           154
TOTAL REVENUE                           35,551       37,506        34,261        35,235         41,642        34,093       409,342
                                     ===============================================================================

OPERATING COSTS
Mining                                 (10,682)     (10,966)      (10,458)      (10,362)        (5,349)            0      (114,978)
Processing                             (13,393)     (12,730)      (13,990)      (14,207)       (14,222)      (12,636)     (130,688)
Finance & Administration                (3,330)      (3,330)       (3,330)       (3,330)        (3,330)      (37,185)
Government Royalty                      (1,067)      (1,125)       (1,028)       (1,057)        (1,023)      (12,280)
CASH OPERATING COSTS                   (28,471)     (28,151)      (28,806)      (28,956)       (23,873)      (16,989)     (295,131)
                                     ===============================================================================

                                     ==============================================================================================
OPERATING CASH FLOW                      7,080        9,355         5,455         6,279         17,769        17,104       114,210
                                     ==============================================================================================

CASH FLOW
Operating Cash Flow                      7,080        9,355         5,455         6,279         17,769        17,104       114,210
Capital Expenditures                    (1,002)        (941)         (770)         (453)          (397)         (481)      (52,198)
Sale of Mining Fleet & Spares               --           --            --            --             --            --         3,000
Rehabilitation Costs/Provision            (525)        (502)         (510)         (399)        (3,474)           --        (8,241)
Rehabilitation Fund Drawdown                --           --            --            --             --         3,000         3,000
Salvage/Working Capital                     --           --            --            --             --         4,000         4,000
PROJECT OPERATING CASHFLOW               5,553        7,912         4,175         5,427         13,898        23,623        63,771
                                     ==============================================================================================

PRESTEA PROPERTY COSTS
Barnex Payments                             --           --            --            --             --            --        (2,000)
Barnex Royalty                          (1,086)      (1,145)         (336)           --             --            --        (8,400)
Government Option Payments                  --           --            --            --             --            --            --
PGR Payments                                --           --            --            --             --            --        (3,500)
Investment Bank Fees                        --           --            --            --             --            --          (500)
Golden Star New Equity (to Barnex)          --           --            --            --             --            --         2,000
TOTAL PRESTEA PROPERTY COSTS            (1,086)      (1,145)         (336)           --             --            --       (12,400)
                                     ==============================================================================================

BOGOSO OWNERSHIP PAYMENTS
Elliott Payment                             --           --            --            --             --            --          (500)
IFC Deferred Payments (Estimate)            --           --            --            --             --            --        (2,876)
IFC Regional Payment (If Triggered)         --           --            --            --             --            --        (2,000)
IFC Sulfide Payment                         --           --            --            --             --            --            --
TOTAL BOGOSO OWNERSHIP PAYMENTS             --           --            --            --             --            --        (5,376)
                                     ==============================================================================================

                                     ==============================================================================================
PROJECT CASHFLOW BEFORE TAX              4,467        6,767         3,839         5,427         13,898        23,623        45,994
                                     ==============================================================================================
Cumulative Cash Flow Before Tax         (7,559)        (793)        3,046         8,473         22,371        45,994
                                     ===============================================================================

Discount Rate
NPV
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 101

The above values include the Prestea acquisition costs of approximately $13.7
million (net of $2.00 million of new equity) which includes royalty payments of
$8.4 million to Barnex.

Payments to IFC from Golden Star are due under the Agreement with IFC for the
purchase of Bogoso. We have included an estimated $2.706 for deferred payments
and $2.0 million triggered by acquiring regional resources for processing at
Bogoso. In addition, a further $5.0 million deferred payment is payable on the
first anniversary of the commencement of commercial mining of the sulfide
resources as part of a new sulfide project. This sum has not been included in
the cash flow projections as Golden Star are in discussions with IFC regarding
the payment. We have not included the cost of corporate overhead for the Golden
Star Denver office, but have included a $250,000 payment to Elliot Associates in
2000 and 2001 which is triggered by producing a minimum of 70,000 oz. gold per
year from the Bogoso operation.

The net present values at a gold price of $275/oz. and varying discount rates
are shown in Table 10.4 below.

                                   TABLE 10.4
                           NPV AT $275/OZ. GOLD PRICE

<TABLE>
<CAPTION>
            ---------------------------------------------------------
                Discount Rate                   Net Present Value
                    (%)                              ($000)
            ---------------------------------------------------------
<S>                                             <C>
                     0                               45,994
            ---------------------------------------------------------
                     5                               25,233
            ---------------------------------------------------------
                    10                               13,592
            ---------------------------------------------------------
                    15                                6,873
            ---------------------------------------------------------
                    20                                2,893
            ---------------------------------------------------------
</TABLE>

The level of discount rate that should be used in a valuation is subject of
considerable debate. The discount rate used can be determined by a number of
methods including:

-     Weighted average cost of capital to the company net of inflation,

-     standard rates which may ignore individual risk but which provide
      comparison between projects on a common basis, and;

-     a rate which reflects the valuers assessment of the risks inherent to the
      specific project.

AMCL uses the latter method for mining related projects.

In assessing the level of risks for this project we have identified a number of
risks as discussed below:

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 102

There is a risk that forecast production rates through the mill are below those
assumed. The throughput rates are based on those actually achieved in recent
years processing ore with similar milling properties for oxides and transition
ore and estimates based on extensive test work for the sulfide ores.

There is a risk that the gold grade of the feed to the mill is below that
forecast. Reconciliation between the geological model and the actual mined grade
have historical been close. While the model has under-estimated the tonnes of
ore actually mined, the grade has been accurately forecast. On average , over
the first six months of 2001, the grade was over-estimated by the model by
3.52%. In the production forecasts, it has been assumed that there will be a
reduction of 6.7% in the grade of the mined ore versus that estimated by the
model.

The risks of currency exchange are negligible since most costs, including wages
and salaries, are incurred in US dollars and revenues for the gold are received
in the same currency.

It is the opinion of AMCL that a discount rate of around 8% is appropriate for
this project.

10.3.3 Sensitivities

AMCL has examined the sensitivity of the net present value for the project
against various gold price assumptions as shown in Table 10.5. The actual
realizations for April and May,1999 have been retained.

                                   TABLE 10.5
                SENSITIVITY OF NET PRESENT VALUES TO GOLD PRICE

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DISCOUNT RATE       %          0           5          10          15          20
------------------------------------------------------------------------------------
<S>                <C>      <C>         <C>         <C>        <C>         <C>
                   245       5,095      (4,229)     (8,467)    (10,205)    (10,713)

                   260      25,545      10,502       2,562      (1,666)     (3,910)

                   275      45,994      25,233      13,592       6,873       2,893

                   290      65,244      39,020      23,862      14,790       9,177

                   305      85,694      53,751      34,892      23,328      15,980
                 -------------------------------------------------------------------
</TABLE>

There is significant upside potential should gold prices increase from their
present levels. The project is sensitive to gold price, moderated to some degree
by the Barnex royalty structure. The acquisition cost of the Prestea property
and the capital costs of the sulfide project have been included in the cash flow
calculations which, on the assumptions made, indicate they would be fully
recovered, without any return, provided the gold price remains above $252/oz.

The sensitivity of the project NPV to changes in gold grade of the material
milled is illustrated in Table 10.6.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 103

                                   TABLE 10.6
                   SENSITIVITY OF NET PRESENT VALUE TO GRADE

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DISCOUNT RATE       %          0           5          10          15          20
------------------------------------------------------------------------------------
<S>                <C>      <C>         <C>         <C>         <C>        <C>
                    20      127,832      84,485      58,152      41,500     30,566

                    10       86,913      54,859      35,872      24,186     16,729

                     0       45,994      25,233      13,592       6,873      2,893

                   -10        5,076      (4,394)     (8,689)    (10,441)   (10,944)

                   -20      (35,843)    (34,020)    (30,969)    (27,755)   (24,781)
                 -------------------------------------------------------------------
</TABLE>

The project is sensitive to grade. However, historical data suggests that the
grade control measures operated by Bogoso are effective with the grade of ore
mined being very close to that estimated from mine models.

The sensitivity of the project NPV to capital costs is shown in Table 10.7.

                                   TABLE 10.7
                SENSITIVITY OF NET PRESENT VALUE TO CAPITAL COSTS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DISCOUNT RATE       %          0           5          10          15          20
------------------------------------------------------------------------------------
<S>                <C>       <C>         <C>         <C>         <C>        <C>
                    20       35,555      16,922       6,833       1,273     (1,824)

                    10       40,774      21,077      10,213       4,073        534

                     0       45,994      25,233      13,592       6,873      2,893

                   -10       51,214      29,388      16,971       9,673      5,251

                   -20       56,434      33,544      20,350      12,472      7,609
                 -------------------------------------------------------------------
</TABLE>

The project is less sensitive to capital costs than to the factors that effect
revenue such as grade, gold price, production and gold recovery. The Prestea
acquisition costs are essentially fixed so that capital expenditures up to 2006
are unlikely to change significantly. The capital costs for the sulfide project
have a 15% contingency included and could be deferred should additional oxide or
non-refractory sulfide ore be identified during the planned exploration
programs.

The sensitivity of the project NPV to operating costs is shown in Table 10.8

                                   TABLE 10.8
               SENSITIVITY OF NET PRESENT VALUE TO OPERATING COSTS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
DISCOUNT RATE       %          0           5          10          15          20
------------------------------------------------------------------------------------
<S>                <C>      <C>         <C>         <C>         <C>        <C>
                    20      (10,576)    (16,031)    (17,610)    (17,468)   (16,614)

                    10       17,709       4,601      (2,009)     (5,298)    (6,861)

                     0       45,994      25,233      13,592       6,873      2,893

                   -10       74,279      45,865      29,193      19,043     12,646

                   -20      102,565      66,497      44,793      31,214     22,399
                 -------------------------------------------------------------------
</TABLE>

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 104

Operating costs have a significant impact on cash flows. However, AMCL consider
the base estimates to be realistic by with only a small downside or upside
potential, provided planned production is achieved. This is because mining and
transportation will be undertaken on a contract basis and milling costs are well
established at Bogoso.

10.3.4 Payback Period

The cash flow analysis indicates that $6.0 million is required for funding in
2001 of which $4.73 million is due to the IFC. This would be recovered, from
cash flow, early in the second full year after the acquisition of Prestea.
Additional payments required to PGR in 2002 of $1.9 million and the ongoing
royalty to Barnex for the first 1 million ounces of production, are funded out
of cash flow.

The major capital expenditures for the sulfide project are planned for the year
2006. These expenditures would be recovered from cash flows within approximately
four years.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 105

11.0  INTERPRETATION AND CONCLUSIONS

-     The acquisition of Prestea concessions by BGL will provide additional
      oxide and non-refractory primary ore for processing through the existing
      BGL processing plant for a period of at least five years. The upgrading of
      inferred resources, plus the potential for additional resources from
      exploration of identified prospects, could increase this period. Treatment
      of sulfide resources could extend the mine life by at least a further five
      years.

-     AMCL is satisfied that the resource models conform to industry standard
      practice and that the resource estimations are reasonable and supported by
      actual recoveries at the BGL plant.

-     The Golden Star Resources press-release of October 02, 2001 is supported
      by the resource estimation contained in this report.

-     The in-situ resources available at Bogoso-Prestea are:

<TABLE>
<CAPTION>
      ---------------------------------------------
                        TONNES        GRADE (g/t)
      ---------------------------------------------
<S>                   <C>             <C>
        Measured      11,783,458         3.76

        Indicated     13,424,556         2.99

        Inferred       6,108,050         2.79

        Total         31,316,064         3.24
      ---------------------------------------------
</TABLE>

-     The reserves available at Bogoso-Prestea are:

<TABLE>
<CAPTION>
      ---------------------------------------------
                        TONNES        GRADE (g/t)
      ---------------------------------------------
<S>                   <C>             <C>
        Proven         9,227,533         3.46

        Probable       8,223,141         2.66

        Total         17,460,674         3.08
      ---------------------------------------------
</TABLE>

-     Mining will be undertaken by a mining contractor and will involve drilling
      and blasting ore and waste, and loading with hydraulic excavators onto 50
      t capacity rear dump haul trucks. Waste will be stored locally and
      rehabilitated as mining progresses. Ore from south of the Ankobra River
      will be stockpiled and then loaded into on-highway trucks for haul to the
      BGL processing plant.

-     BGL do not have liability for historic environmental damage on the Prestea
      concession. They have an environmental management program in place to
      ensure compliance with legislative requirements and to rehabilitate any
      lands affected by future mining. Funds are available for final reclamation
      at the end of the mine's life.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 106

-     The existing gravity/cyanide leach circuit at BGL, with minor upgrading,
      is capable of treating oxide and non-refractory primary ores from Bogoso
      and Prestea at economic gold recoveries.

-     The addition of a bio-oxidation circuit and other modifications to the BGL
      processing plant will allow the treatment of refractory sulfide ores with
      economic gold recoveries.

-     Capital costs, over the 12 year mine life, are estimated at $52 million.

-     Cash operating costs are estimated at $190/ounce of gold over the mine's
      life.

-     The planned future operations at Bogoso-Prestea provided an un-discounted
      pre-tax cash flow of $46 million over the mine's life at a gold price of
      $275/ounce.

-     The project is quite sensitive to changes in gold price, ore grade,
      production rates, and operating costs and less sensitive to capital costs.

-     AMCL considers the Bogoso-Prestea concession to be a property of merit.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 107

12.0  REFERENCES

Blenkinsop, T., et al:

1994        Structural Geology of the Ashanti Mine. In: Oberthur, T.;
            Metallogenesis of Selected Gold Deposits in Africa. Geologisches
            Jahrbuch, Reihe D, Heft 100, Hannover, 1994.

Bogoso Gold Limited:

2001        Prestea Due Diligence Resource Evaluation, April 2001.

Bogoso Gold Limited:

2001        Environmental Management Plan, prepared for BGL by Knight Piesold
            Consulting, 2001.

Bogoso Gold Limited:

2001        Draft Environmental Impact Assessment Report, prepared by Knight
            Piesold Consulting as part of the SRK Sulfide Ore Treatment
            Definitive Feasibility Study, May 16, 2001.

Craven, A.L.& McCandlish, K.:

1999        Bogoso Gold Limited, Independent Engineering Report prepared for
            Golden Star Resources Ltd. prepared by Associated Mining Consultants
            Ltd., June 1999.

Environmental Protection Agency:

2001        Environmental Permit for Bogoso Gold Limited's Buesichem and North
            Deposits Only, Permit No. EPA/EIA/044 September 18, 2001.

Ghana Concessions Ordinance:

2001        Prestea Mining Lease, Mining Permit 0005869/2001, September 19,
            2001.

Golden Star Resources Ltd.:

2000        Information Memorandum, Acquisition of the Prestea Gold Project by
            Golden Star Resources Ltd., October 2000.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 108

Golden Star Resources Ltd.:

2001        Information Memorandum, Consolidation of Bogoso and Prestea Gold
            Projects, September 2001.

Knight Piesold Consulting:

2001        Bogoso Gold Ltd. Mining of Buesichem Main and North Deposits,
            Supplementary Environmental Impact Statement, August 2001.

Leube, A. et al:

1990        The early Proterozoic Birimian Supergroup of Ghana and some aspects
            of its associated gold mineralization. Prec. Res.46: 139-165.

Mucke A. and Dzigbodi-Adjimah, K.:

1994        Ore Textures and Parageneses of the Prestea and Obuasi Gold Deposits
            in the Ashanti Belt of Ghana: An Ore Microscope Study. In: Oberthur,
            T.; Metallogenesis of Selected Gold Deposits in Africa. Geologisches
            Jahrbuch, Reihe D, Heft 100, Hannover, 1994.

Oberthur, T., et al:

1994        The Ashanti Gold Mine at Obuasi, Ghana: Mineralogical, Geochemical,
            Stable Isotope and Fluid Inclusion Studies on the Metallogenesis of
            the Deposit. In: Oberthur, T.; Metallogenesis of Selected Gold
            Deposits in Africa. Geologisches Jahrbuch, Reihe D, Heft 100,
            Hannover, 1994.

Steffen Robertson and Kirsten (UK) Ltd.:

2001        Statistical Review and Resource Evaluation of Plant North and
            Buesichem Deposits, Prestea, Ghana. July 26, 2001.

Steffen Robertson and Kirsten (UK) Ltd.:

2001        BGL Prestea Resource Estimation. October 2001.

Steffen Robertson and Kirsten (UK) Ltd.:

1999        Prestea Gold Project, Feasibility Study for Open Pit Mine, Phase !
            Study Report to Western Areas Limited. Report 257644, May 1999.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 109

Steffen Robertson and Kirsten (UK) Ltd./Golden Star Resources Ltd.:

2000        Bogoso Gold Project, Sulfide Ore Treatment Pre-Feasibility.

Steffen Robertson and Kirsten (UK) Ltd./Golden Star Resources Ltd.:

2001        Bogoso Gold Project, Sulfide Ore Treatment Definitive Feasibility
            Study, August 2001 DRAFT.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 110

CERTIFICATES

I, Keith McCandlish, P.Geol.;

1.    Am currently employed by:  Associated Mining Consultants Ltd. (AMCL)
                                 Suite 200, 708-11th Avenue S.W.,
                                 Calgary, Alberta, CANADA, T2R 0E4

      in the capacity of:        Manager of Mineral Services

2.    Am a Professional Geologist (P.Geol.) registered with the Association of
      Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA).
      A summary of my relevant experience follows;

      Over twenty years of consulting geological and engineering experience in
      minerals, oil sands/heavy oil, precious stones, coal and industrial
      minerals. In 1988 he joined Associated Mining Consultants Ltd. where he is
      now Manager of Mineral Services focussing on corporate finance, due
      diligence, technical audits, and, mining fraud investigation.

      Mr. McCandlish has been actively involved on due diligence evaluations of
      mining projects covering a range of mineral commodities and has had
      extensive experience in exploration property valuations, analysis of
      project economics, exploration logistics, assaying and project management.
      Detailed due diligence evaluations have been conducted for a number of
      mining operations including:

      -     Greenstone Resources Las Libertad and Cerro Mahon open-pit gold
            projects

      -     Navan Resources Chelopech copper-gold and Almagrera copper-zinc
            underground mines

      -     Avocet Resources Penjom open-pit gold mine

      -     Sutton Resources Bulyanhulu gold mine

      -     Randgold Resources Syama mine

3.    Am a "Qualified Person" for the purposes of National Instrument 43-101.

4.    Have visited the various sites which are the subject of this report from
      July 06, 2001 through July 10, 2001.

5.    Have previously visited the site from June 15, 1999 through June 18,1999
      in connection with a due diligence evaluation on behalf of a lender for
      the acquisition of Bogoso Gold Limited by Golden Star Resources Ltd.. I
      subsequently participated in the preparation of

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 111

      a Qualified Persons Report submitted to the Toronto Stock Exchange,
      Ontario Securities Commission and, the Securities and Exchange Commission
      in the United States.

6.    Have been involved in all aspects of the preparation of this technical
      report and am Project Manager for its preparation.

7.    Am not aware of any material fact or material change with respect to the
      subject matter of the technical report which is not reflected in the
      technical report, the omission to disclose which makes the technical
      report misleading.

8.    Am independent of the issuer applying all of the tests in Section 1.5 of
      National Instrument 43-101.

9.    Have read National Instrument 43-101 and Form 43-101F1, and the technical
      report has been prepared in compliance with this instrument and Form
      43-101F1.

Dated this 13th Day of December, 2001 at Calgary, Alberta, CANADA

/s/ Keith McCandlish      [KEITH MCCANDLISH PROFESSIONAL SEAL]

Keith McCandlish, P.Geol.
Manager of Mineral Services
Associated Mining Consultants Ltd.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 112

I, Alan L. Craven, P.Eng.;

1.    Am currently employed by:  Associated Mining Consultants Ltd.
                                 (AMCL) Suite 200, 708-11th Avenue S.W.,
                                 Calgary, Alberta, CANADA, T2R 0E4

      in the capacity of:        Vice President and General Manager

2.    Am a Professional Engineer (P. Eng.) registered with the Association of
      Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA)
      and hold an Honours Degree in Chemical Engineering from the University of
      Durham, England and a Post-Graduate Certificate in Ore Dressing from the
      University of Newcastle. A summary of my relevant experience follows;

      Over forty years of operational, consulting and engineering experience in
      minerals, oil sands/heavy oil, precious stones, coal and industrial
      minerals. I joined Associated Mining Consultants Ltd. in 1978 where I am
      Vice President and General Manager focussing on corporate finance, project
      management, due diligence, process engineering studies and operational
      assistance.

      Mr. Craven has been actively involved in the writing of Qualified Person's
      Reports and due diligence evaluations of mining projects covering a range
      of mineral commodities and has had extensive experience of project
      economics, valuations and project management.

3.    Am a "Qualified Person" for the purposes of National Instrument 43-101.

4.    Have visited the various sites which are the subject of this report from
      July 06, 2001 through July 10, 2001.

5.    Have previously visited the site from June 15, 1999 through June 18,1999
      in connection with a due diligence evaluation on behalf of a lender for
      the acquisition of Bogoso Gold Limited by Golden Star Resources Ltd. I
      subsequently participated in the preparation of a Qualified Persons Report
      on the property submitted to the Toronto Stock Exchange, Ontario
      Securities Commission and, the Securities and Exchange Commission in the
      United States.

6.    Have been involved in all aspects of the preparation of this technical
      report with special emphasis on the metallurgical and economic aspects.

7.    Am not aware of any material fact or material change with respect to the
      subject matter of the technical report which is not reflected in the
      technical report, the omission to disclose which makes the technical
      report misleading.

                                              ASSOCIATED MINING CONSULTANTS LTD.
<PAGE>
GOLDEN STAR RESOURCES LTD.
QUALIFYING REPORT ON THE BOGOSO-PRESTEA PROJECT, GHANA                  Page 113

8.    Am independent of the issuer applying all of the tests in Section 1.5 of
      National Instrument 43-101.

9.    Have read National Instrument 43-101 and Form 43-101F1, and the technical
      report has been prepared in compliance with this instrument and Form
      43-101F1.

Dated this 13th Day of December, 2001 at Calgary, Alberta, CANADA

/s/ Alan L. Craven      [ALAN L. CRAVEN PROFESSIONAL SEAL]

Alan L. Craven P.Eng.
Vice President and General Manager
Associated Mining Consultants Ltd.

                                              ASSOCIATED MINING CONSULTANTS LTD.<PAGE>
                                                                  EXHIBIT 10(ff)

                             MEMORANDUM OF AGREEMENT

                                     BETWEEN

                         PRESTEA GOLD RESOURCES LIMITED

                                       AND

                               BOGOSO GOLD LIMITED

                                       AND

                           PRESTEA GOLDFIELDS LIMITED

                                       AND

                        STATE GOLD MINING COMPANY LIMITED

                                       AND

                   GHANA MINEWORKERS UNION OF THE TUC (GHANA)

                                       AND

                              THE REPUBLIC OF GHANA

                              DATED MARCH 14, 2002

<PAGE>

MEMORANDUM OF AGREEMENT made the 14 day of March, 2002 between:

         Prestea Gold Resources Limited a company registered under the laws of
         the Republic of Ghana (hereafter referred to as "PGR"),

         Bogoso Gold Limited a company registered under the laws of the Republic
         of Ghana (hereafter referred to as "BGL"),

         Prestea Goldfields Limited a company registered under the laws of the
         Republic of Ghana (hereafter referred to as "PGL"),

         State Gold Mining Company Limited a Public Limited Liability Company
         registered under the laws of Ghana of P. O. Box 3634 Accra in the
         Greater Accra Region (hereinafter referred to as "SGMC"),

         Ghana Mineworkers Union of the TUC (Ghana) as the majority shareholder
         of PGR and as representative of the unionised employees of PGR
         (hereinafter referred to as "GMWU"), and,

         The Republic of Ghana, acting through the Minister of Mines
         (hereinafter referred to as "Government"),

WHEREAS:

A.       In 1994 Government, acting through the Divestiture Implementation
         Committee divested its interest in PGL to JCI Limited and accordingly
         the Government also granted a 30 year gold Mining Lease to the said
         Company over the Prestea Concession Area (the "JCI Mining Lease").

B.       Pursuant to the said divestiture a certain Project Development and
         Prestea Main Agreement respectively dated September 13, 1995 and May
         20, 1996 were made between JCI Limited, Barnato Exploration Limited,
         Barnex (Prestea) Limited (collectively the "JCI Group") the Government,
         SGMC and PGL (the "Prestea Agreements") whereby certain specific rights
         were acquired and obligations assumed by the parties thereto in
         relation to the Prestea Concession Area including the right of the JCI
         Group to acquire at its sole discretion all or any of the Underground
         Mining Assets.

C.       In accordance with the Prestea Agreements the JCI Group assumed
         management of the Underground Mine until September 16, 1998 when the
         JCI Group informed the Government that it could no longer operate the
         Underground Mine economically and therefore ceased same whilst
         retaining the JCI Mining Lease.

D.       SGMC is the beneficial owner of the Underground Mining Assets through
         its 100% owned and controlled subsidiary PGL which is the legal owner
         of the Underground Mining Assets.

E.       In December 1998, PGR upon application to the Government through the
         Divestiture Implementation Committee obtained the consent and approval
         of the Government, the JCI Group, and SGMC to take over and operate the
         Underground Mine using therefor

<PAGE>

MEMORANDUM OF AGREEMENT                                                   PAGE 2
--------------------------------------------------------------------------------

         the Underground Mining Assets on an interim basis and subject
         specifically to the rights vested in the JCI Group under the subsisting
         Prestea Agreements.

F.       In October 2000 or thereabouts some differences arose between the
         Government and the JCI Group in relation to the subsisting Prestea
         Agreements, the JCI Mining Lease and the competing interests of third
         parties including PGR, PSGL and BGL in relation to the Prestea
         Concession Area.

G.       In an effort to find a compromise solution to the major issues relating
         to the Prestea Concession Area, the Government by letter dated March
         29, 2001 appointed the then Chief Executive Officer of the Ghana
         Chamber of Mines, Mr. Bentum Williams as Mediator with a specific
         mandate to find a negotiated solution that would harmonise the
         interests of the JCI Group, PGR, PSGL and BGL in the Prestea Concession
         Area and also ensure sustainable mining operations within the Prestea -
         Bogoso area. The Mediator issued a final report to the Government dated
         May 21, 2001 which said report is attached as Schedule "A" making
         therein specific recommendations in relation to the Prestea Concession
         Area which said recommendations were subsequently accepted by
         Government and provide the basis for the entry into and implementation
         of new commercial arrangements relating to the Prestea Concession Area
         among various parties.

H.       In furtherance of the new commercial arrangements, (i) Golden Star
         Resources Ltd ("Golden Star"), the parent of BGL, entered into the
         Barnex Agreement whereby Golden Star committed to pay approximately $12
         million in Golden Star stock and royalties to Barnato Exploration
         Limited, (ii) BGL entered into the Investment Agreement with PGR
         whereby PGR surrendered its then rights over the Prestea Concession
         Area in favour of the grant of the PGR Mining Lease and cash payments
         of up to $4.0 million from BGL, of which $2.1 million has been paid,
         and (iii) the parties to the Prestea Agreements decided to terminate
         the Prestea Agreements on mutually agreed terms and conditions to
         facilitate the entry into and implementation of various new agreements
         relating to the Prestea Concession Area with a view to permitting the
         co-existence of underground mining operations and surface mining
         operations.

I.       PGR was granted the PGR Mining Lease by the Government on June 29, 2001
         conferring on PGR the exclusive right to conduct underground gold
         mining operations within the Prestea Concession Area below a depth of
         150 metres below sea level for a period of thirty (30) years effective
         from the date of the said PGR Mining Lease as specifically defined in
         the said PGR Mining Lease.

J.       Similarly, BGL was granted the BGL Mining Lease by the Government on
         June 29, 2001 conferring on the company the exclusive right to conduct
         surface gold mining operations over the Prestea Concession Area for a
         period of thirty (30) years effective from the date of the said BGL
         Mining Lease as specifically defined in the said BGL Mining Lease.

K.       PGR and BGL have with the consent and approval of the Government
         entered into the Investment Agreement to promote jointly both surface
         and, if feasible, underground gold mining operations on the Prestea
         Concession Area.

L.       Pursuant to the Investment Agreement, BGL has paid $2.1 million to PGR
         and the parties have entered into the Joint Operating Agreement.

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MEMORANDUM OF AGREEMENT                                                   PAGE 3
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M.       PGR, PGL and SGMC have entered into the Licence Agreement, whereby PGR
         has the right to utilize the Underground Mining Assets in return for
         the payment of rent to PGL.

N.       PGR discontinued underground gold mining operations on January 21, 2002
         due to an industrial action.

O.       PGR is highly indebted with total liabilities to creditors (excluding
         employee liabilities) of approximately $10.5 million and has been
         operating at a loss.

P.       Government intends to use best endeavours to cause the creditors of
         PGR, in so far as it is able, to enter into an arrangement with PGR.

IN CONSIDERATION OF THE MUTUAL COVENANTS IN THIS MEMORANDUM OF AGREEMENT, THE
PARTIES AGREE AS FOLLOWS:

                   ARTICLE 1 - DEFINITIONS AND INTERPRETATIONS

1.0      As used in this Agreement:

"AGREEMENT" means this Memorandum of Agreement and all schedules and instruments
in amendment or confirmation of it; "hereof', "hereto", and "hereunder" and
similar expressions mean and refer to this Memorandum of Agreement and not to
any particular Article, Section, Subsection or other subdivision; "Article",
"Section", "Subsection" or other subdivision of this Memorandum of Agreement
followed by a number means and refers to the specified Article, Section,
Subsection or other subdivision of this Memorandum of Agreement;

"APPLICABLE LAW" means all applicable laws of the Republic of Ghana, including,
without limitation, the PNDCL 153;

"ASSESSMENT" means the assessment of the Underground Mine more fully described
in Article 4.2;

"BACK PAY" means the salary arrears of approximately $1,500,000 owed to the PGR
Employees and PGR Casual Employees for the five month period from August 20,
2001 to January 20, 2002;

 "BGL" means Bogoso Gold Limited, a company incorporated under the laws of Ghana
having its registered office at 32 Akosombo Road, Airport Residential, Accra,
Ghana;

"BGL MINING LEASE" means the mining lease dated June 29, 2001 attached as
Schedule "C" issued by the Government to BGL pursuant to Section 45 of the PNDCL
153;

"BUSINESS DAY" means any day other than a Saturday, Sunday or official public
holiday in the city of Accra, Ghana or in the city of Denver, U.S.A.;

"CARE & MAINTENANCE" means the continued operation, following the cessation of
active mining operations in the Underground Mine, of the Underground Mine
dewatering pumps to keep the Underground Mine dewatered as well as the routine
and periodic maintenance of essential mine equipment to ensure that its
mechanical condition does not deteriorate;

"DECISION TO MINE" means the decision to start commercial production from the
underground but excludes any production that may occur as result of sweeping and
vamping operations conducted during the assessment period;

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MEMORANDUM OF AGREEMENT                                                   PAGE 4
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"DEED OF WARRANTY" means the Deed of Warranty dated December 17, 1987 between
BGL (formerly known as Canadian Bogosu Resources Limited) and Government and
bearing registration number AC6099c/87;

"DOLLARS" or "$" means the currency that is from time to time, legal tender for
the payment of all private and public debts in the United States of America;

"EFFECTIVE DATE" means March 15, 2002;

"ENVIRONMENTAL INDEMNITY" means the environmental indemnity agreement between
PGR and Government executed on December 21, 2001 attached as Schedule "E";

"EXPLOITATION COMPANY" means the business entity or legal structure through
which the JV Parties shall hold the JV Assets and conduct Operations pursuant to
the Joint Venture Agreement. The Exploitation Company shall be determined by the
JV Parties giving due regard to the tax, legal liability, and other
considerations of each JV Party, as well as any necessary Government approvals;

"FEASIBILITY STUDY" means a comprehensive description of the construction,
development, mining, processing, and marketing plan for a mine to exploit
Minerals from the PGR Mining Lease in such form and substance as would
reasonably be required by a commercial bank involved in project finance, in
making an investment decision to place such a mine into production. The
Feasibility Study shall include the confirmation of Ore Reserves by the conduct
of detailed drilling works, hydrological and geo-technical works, environmental
studies, and, if deemed necessary by the Manager, the mining of one or more bulk
samples of mineralisation for metallurgical studies which may require the
construction of one or more shafts, the construction of an incline, or works
associated with a trial mine. The Feasibility Study shall contain estimates of
both capital and operating costs and shall analyse how to proceed with mining
operations to economically and commercially extract the target Mineral(s),
identify the optimum structure for the mining venture, and include reference to
relevant marketing and financial aspects;

"FORCE MAJEURE" means any cause, whether foreseeable or unforeseeable, beyond a
Party's reasonable control, including, without limitation, labour disputes
(however arising and whether or not employee demands are reasonable or within
the power of such Party to grant); acts of God; laws, regulations, orders,
proclamations, instructions or requests of any government or governmental
entity; judgments or orders of any court; inability to obtain on reasonably
acceptable terms any public or private license, permit or other authorization;
curtailment or suspension of activities to remedy or avoid an actual or alleged,
present or prospective violation of federal, state or local environmental
standards; acts of war or conditions arising out of or attributable to war,
whether declared or undeclared; riot, civil strife, insurrection or rebellion;
fire, explosion, earthquake, storm, flood, sinkholes, drought or other adverse
weather condition; delay or failure by suppliers or transporters of materials,
parts, supplies, services or equipment; contractor' or subcontractors' shortage
of, or inability to obtain, labour, transportation, materials, machinery,
equipment, supplies, utilities or services; accidents; breakdown of equipment,
machinery or facilities; or any other cause whether similar or dissimilar to the
foregoing;

"GMWU" means the Ghana Mineworkers Union of the TUC (Ghana);

"GOVERNMENT" means the duly constituted government of the Republic of Ghana or
any political subdivision thereof, whether Central, Regional, District or local,
or any judicial body, agency or instrumentality of any such government or
political subdivision;

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MEMORANDUM OF AGREEMENT                                                   PAGE 5
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"INVESTMENT AGREEMENT" means the Agreement between PGR and BGL executed on
November 16, 2001, as amended and supplemented by letters dated December 4,
2001, January 31, 2002 and March 4, 2002;

"JOINT OPERATING AGREEMENT" means the Joint Operating Agreement between PGR and
BGL executed on January 31, 2002 attached as Schedule "F";

"JV" means the joint venture, either unincorporated or incorporated, as more
fully described in Article 5, between Government, PGR and BGL formed to assess,
redevelop and operate the Underground Mine;

"JV PARTIES" means collectively, BGL, PGR and Government and "JV PARTY" means
any one of them;

"JOINT VENTURE AGREEMENT" means the more detailed joint operating agreement
which will set out the basis upon which the JV Parties shall, through the
formation of the Exploitation Company, mutually evaluate, develop, mine,
extract, produce, use, sell and export of Minerals and associated mineral
resources and, accordingly, hold all mining rights, mining claims, water rights,
surface lands, licenses and permits, other than as described herein;

"JOINT VENTURE ASSET" means the following:

a)       all interests, rights, and privileges (whether absolute or conditional,
         whether existing or future) in real property, mineral rights, and
         surface lands falling with the Prestea Concession Area, including,
         without limitation, all licenses, permits, leases, concessions, and
         other entitlements, but excluding the BGL Mining Lease;

b)       all minerals, Product, and materials of commercial value produced or
         derived from the PGR Mining Lease under this Agreement;

c)       all equipment acquired by the JV and used in the Operations; all
         inventory; all personalty, tangible and intangible, consumable and
         non-consumable, obtained by the Joint Venture in connection with the
         conduct of Operations, including, without limitation, all geological
         data, surveys, assays, analysis and other data and information acquired
         in the course of Operations covered by this Agreement, excluding,
         however, all such items which are specifically intended to remain the
         separate property BGL for its surface mining operations or are rented
         or leased to or for the benefit of the JV;

"LICENCE AGREEMENT" means the Licence Agreement between SGMC, PGL and PGR dated
January 16, 2002 attached as Schedule "G";

"MANAGER" means the person or entity with overall management responsibility for
the JV in accordance with this Agreement and the Joint Operating Agreement,
which for as long as BGL has a participating interest of greater than or equal
to 30%, shall be BGL. The Manager shall be bestowed with power sufficient to
undertake, manage, direct and control all day-to-day activities and decisions
reasonably necessary to fulfil the purposes of this Agreement, and such
activities shall be performed in accordance with international mining industry
practice. The Joint Venture Agreement, or a separate management agreement, will
specify with more particularity the Manager's responsibilities, rights and
obligations;

"MANAGEMENT COMMITTEE" shall have the meaning ascribed to it in Article 5. The
Management Committee will (i) review the conduct of Operations by the Manager,
(ii) determine the policies, nature, and content of work programs and budgets
for Operations, (iii) give general directions to the manner in which the Manager
must carry out Operations,

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MEMORANDUM OF AGREEMENT                                                   PAGE 6
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(iv) approve budgets, and (v) have any other functions as may be mutually agreed
upon by the JV Parties under the terms of the Joint Operating Agreement;

 "MINING LEASE", "MINERAL OPERATIONS", "MINING OPERATIONS", "MINERAL RIGHT" and
"MINERALS" shall have the meanings given to such terms in PNDCL 153;

"NI 43-101" means Canada's National Instrument 43-101 titled Standards of
Disclosure for Mineral Projects;

"OPERATIONS" means all activities carried out in connection with the
prospecting, exploring, evaluation, development, and mining of Minerals falling
within the PGR Mining Lease, including, without limitation, prospecting,
exploration, the development of a mine, the mining, extraction, treatment,
storage and processing of Minerals, distribution and sale of Product, the
acquisition and relinquishment of properties or the construction of any
improvements, personalty, fixtures or equipment reasonably necessary therefor,
and any other activities or operations related to or necessary for exploration,
development, and mining of Minerals in the PGR Mining Lease;

"ORE RESERVES" shall have the meaning contained in NI 43-101;

"PARTICIPATING INTERESTS" means an undivided ownership interest held by PGR, BGL
and Government under this Agreement and the Joint Venture Agreement and which
entitles the holder to that share of the Joint Venture or the Exploitation
Company and the JV Assets thereof and which requires the holder (other than
Government) to contribute to that share of the costs and expenses of the
development and operations thereof;

"PARTIES" means, collectively, BGL, PGR, PGL, SGMC, GMWU and Government and
"PARTY" means any one of them;

"PGL" means Prestea Goldfields Limited a company incorporated under the laws of
Ghana having its registered office at 9, Switchback Road, Cantonments, Accra,
Ghana;

"PGR" means Prestea Gold Resources Limited, a company incorporated under the
laws of Ghana having its registered office at PO Box 30, Prestea, Western
Region, Ghana;

"PGR CASUAL EMPLOYEES" means those part-time or full-time employees of PGR
classed as casual as at January 21, 2002;

"PGR EMPLOYEES" means all the permanent, full-time employees of PGR, both junior
staff and senior staff, as at January 21, 2002;

"PGR MINING LEASE" means the mining lease dated June 29, 2001 attached as
Schedule "D" issued by the Government to PGR pursuant to Section 45 of the PNDCL
153;

"PLANT-NORTH" means the area marked as "Plant-North" on Schedule "B";

"PNDCL" means the Minerals and Mining Law, 1986 (PNDCL 153) of Ghana, as
amended;

"PRESTEA CONCESSION AREA" means the area of the Prestea concession covering an
area of 129.05 km(2) comprising both the PGR Mining Lease and the BGL Mining
Lease as shown in the map attached as Schedule "B";

"PRESTEA PROCESSING PLANT" means the processing plant owned by PGL situated on
the Prestea Concession Area and marked as such on the map at Schedule "B";

"PRICEWATERHOUSECOOPERS" means the independent accounting firm of
PricewaterhouseCoopers having its registered office in Ghana at Gulf House, 4th
Floor, Tetteh Quarshie Roundabout, Legon Road, Accra, Ghana, or such other firm
of independent, internationally recognized accountants agreed in writing between
the JV Parties;

<PAGE>

MEMORANDUM OF AGREEMENT                                                   PAGE 7
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"PRODUCT" means gold and other associated mineral substances produced by the JV
from ore mined from the PGR Mining Lease;

"PSGL" means Prestea Sankofa Gold Limited, a company incorporated in accordance
with the laws of Ghana operating on the Prestea Concession Area in accordance
with a mining lease granted by Government over certain tailings and mineralised
waste materials;

"RESTRICTED ACCOUNT" means that restricted operating account of PGR with Ghana
Commercial Bank, Kwame Nkrumah Circle Branch, Accra, Ghana (account number
214103), which requires signatories from both PGR and BGL;

"SEVERANCE BENEFIT" means the agreed severance benefit being Eighteen (18) days
(based on 27 working days per month) per year of service up to the Effective
Date to be paid to the PGR Employees as provided for in Article 3;

"SGMC" means State Gold Mining Company Limited a Public Limited Liability
Company registered under the laws of Ghana of P. O. Box 3634 Accra in the
Greater Accra Region;

"UNDERGROUND MINE" means the Prestea underground mining operation; and

"UNDERGROUND MINING ASSETS" means those underground mining assets owned by PGL
located at Prestea as set out in the First Schedule of the License Agreement.

1.2      Any reference in this Agreement to gender shall include all genders,
         and words importing the singular number only shall include the plural
         and vice versa.

1.3      The division of this Agreement into Articles, Sections, Subsections and
         other subdivisions and the insertion of headings are for convenience of
         reference only and shall not affect or be utilized in the construction
         or interpretation of this Agreement.

1.4      Any Article, Section, Subsection or other subdivision of this Agreement
         or any other provision of this Agreement which is, or becomes, illegal,
         invalid or unenforceable shall be severed from this Agreement and be
         ineffective only to the extent of such illegality, invalidity or
         unenforceability and shall not affect or impair the remaining
         provisions hereof.

1.5      This Agreement constitutes the entire agreement between the Parties
         pertaining to the subject matter hereof and supersedes all prior
         agreements, understandings, negotiations and discussions, whether oral
         or written, of the Parties, unless otherwise stated herein.

1.6      This Agreement may only be amended, modified or supplemented by a
         written agreement signed by all of the Parties.

1.7      No waiver of any of the provisions of this Agreement by any Party shall
         be deemed to constitute a waiver of such provision by any other Party
         or a waiver by such Party of any other provision, (whether or not
         similar), nor shall such waiver constitute a continuing waiver unless
         otherwise expressly provided in writing duly executed by the Party to
         be bound thereby.

1.8      Where the word "including" or "includes" is used in this Agreement it
         means "including (or includes) and without limitation".

1.9      Any references herein to any law, by-law, rule, regulation, order or
         act of any government, governmental body or other regulatory body shall
         be construed as a reference thereto as enacted at the date hereof as
         such law, by-law, rule, regulation, order of or act may be amended,
         re-enacted or superseded from time to time.

<PAGE>

MEMORANDUM OF AGREEMENT                                                   PAGE 8
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                      ARTICLE 2 - PURPOSE AND LEGAL EFFECT

2.1      The Parties hereto hereby irrevocably agree to carry out the following
         subject only to the terms and conditions of this Agreement:

         (a)      Securing funding from BGL for the payment of (i) the Back Pay
                  to the PGR Employees and PGR Casual Employees, and (ii) the
                  Severance Benefit to the PGR Employees;

         (b)      Putting the Underground Mine on Care & Maintenance while the
                  Assessment is carried out to determine if the future operation
                  of the Underground Mine is economically viable;

         (c)      Consolidating the management of the Underground Mine with the
                  mining operations of BGL by forming a JV between BGL, PGR and
                  Government;

         (d)      Effecting the immediate decommissioning and demolition of the
                  Prestea Processing Plant so that BGL may progress its surface
                  mining plans; and

         (e)      Government, SGMC and PGL agreeing to undertake certain acts or
                  things to the extent permitted by Applicable Law to facilitate
                  the surface mining by BGL on the BGL Mining Lease.

2.2      This Agreement will govern the rights and obligations of the Parties
         and will be binding on the Parties.

2.3      Until superseded by the Joint Venture Agreement, the terms and
         conditions set forth in this Agreement will govern the rights and
         obligations of, and shall be binding on, the JV Parties. If a Joint
         Venture Agreement is executed, the portions of this Agreement related
         to the Joint Venture Agreement will be superseded. The Joint Venture
         Agreement will contain the terms set forth in this Agreement and such
         other terms as the JV Parties mutually agreed upon. The JV Parties will
         in good faith endeavour to cause the Joint Venture Agreement to be
         executed within thirty (30) Business Days of the Decision to Mine.

2.4      The Investment Agreement shall no longer have any binding effect on the
         parties to such Investment Agreement.

2.5      For the avoidance of doubt the following agreements in which PGR is a
         party shall continue to have effect, however PGR's rights and
         obligations under such agreements shall, subject to the approval of
         Government (which is deemed to have been granted by Government as party
         to this Agreement), be transferred , as contemplated herein:

         (a)      Joint Operating Agreement shall be transferred to the JV,

         (b)      Environmental Indemnity shall be transferred to the JV,

         (c)      Licence Agreement shall be transferred to the JV, and

         (d)      PGR Mining Lease shall be transferred to BGL to be held by BGL
                  for the benefit of the JV until the earlier of (i) BGL
                  electing to terminate this Agreement, and (ii) the
                  Exploitation Company is formed.

<PAGE>

MEMORANDUM OF AGREEMENT                                                   PAGE 9
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                            ARTICLE 3 - PGR EMPLOYEES

3.1      Immediately upon the receipt of the consent of Government for the
         transfer of the PGR Mining Lease to BGL, as more fully described in
         Article 7.3 and 9.3 and provided PGR have delivered the settlement
         agreement as more fully described in 5.1 and 7.4:

         (a)      BGL, on behalf of the JV, shall pay to the Restricted Account,
                  in immediately available funds, $1,600,000, to be applied to
                  the payment of the Back Pay as described below.

         (b)      PGR, under the supervision of PricewaterhouseCoopers, shall
                  immediately distribute the Back Pay.

         (c)      Once all Back Pay has been paid, PGR shall provide the JV with
                  a written statement from PricewaterhouseCoopers detailing the
                  amount paid to each of the PGR Employees and PGR Casual
                  Employees and verifying that no further Back Pay entitlements
                  are owed.

         (d)      Any funds remaining from the $1,600,000 provided by the JV not
                  required to pay Back Pay shall be retained in the Restricted
                  Account.

3.2      The Parties agree that the employment of all PGR Employees and PGR
         Casual Employees shall be severed and that the PGR Employees shall be
         entitled to the Severance Benefit. PricewaterhouseCoopers shall audit
         the Severance Benefit calculation to be provided by PGR.

3.3      Immediately upon the completion of the demolition of the Prestea
         Processing Plant and the receipt by BGL of all approvals and consents
         necessary to commence mining at Plant-North:

         (a)      BGL, on behalf of the JV, shall pay to the Restricted Account,
                  in immediately available funds, $800,000, to be applied to the
                  payment of the Severance Benefit;

         (b)      PGR, under the supervision of PricewaterhouseCoopers, shall
                  immediately distribute the Severance Benefit to the PGR
                  Employees;

         (c)      once all Severance Benefits have been distributed to the PGR
                  Employees, PGR shall provide the JV with a written statement
                  from PricewaterhouseCoopers detailing Severance Benefit made
                  to each bona fide PGR Employee and verifying that PGR has no
                  unpaid Severance Benefit liabilities; and

         (d)      any funds remaining from the total $2,400,000 of funding
                  provided by the JV shall be retained in the Restricted
                  Account.

                         ARTICLE 4 - CARE & MAINTENANCE

4.1      The Parties agree that effective immediately upon the signing of this
         Agreement:

         (a)      the Underground Mine shall be placed on Care & Maintenance
                  under the direction of the Manager;

         (b)      the JV shall keep the Underground Mine dewatered and secure;
                  and

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MEMORANDUM OF AGREEMENT                                                  PAGE 10
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         (c)      the JV shall employ such number of employees required for the
                  Care & Maintenance and shall give preference to the PGR
                  Employees provided that such PGR Employees have the requisite
                  skills.

4.2      The JV shall conduct an Assessment to determine the (i) safety
         conditions and practices at the Underground Mine, (ii) environmental
         practices at the Underground Mine, (iii) resource potential of the PGR
         Mining Lease, and (iv) economic viability of a new mining operation on
         the PGR Mining Lease. The broad principles covering the Assessment are
         as follows:

         (a)      the Assessment will be carried out by the JV primarily using
                  consultants;

         (b)      the Assessment will be funded by the JV which shall be sole
                  funded by BGL;

         (c)      the Assessment is expected to take twenty-four (24) months but
                  could be longer or shorter depending on the findings; and

         (d)      during the Assessment, the JV Parties will receive regular,
                  quarterly reports on the progress of the Assessment as well as
                  copies of any definitive reports on the various aspects of the
                  Assessment.

4.3      Upon the completion of the Assessment the JV Parties and provided that
         the Feasibility Study demonstrates that such redevelopment of the
         Underground Mine is economically justified, the JV Parties shall
         consider the redevelopment of the Underground Mine and make a Decision
         to Mine.

4.4      Upon the Decision to Mine, or earlier by mutual agreement, the JV
         Parties will enter into the Joint Venture Agreement and establish the
         Exploitation Company in Ghana.

4.5      Upon the establishment of the Exploitation Company, BGL shall transfer
         the PGR Mining Lease to the Exploitation Company.

                     ARTICLE 5 - FORMATION OF JOINT VENTURE

5.1      On the Effective Date, the JV Parties shall form the JV by:

         (a)      PGR contributing (i) the PGR Mining Lease, (ii) its mining
                  assets and inventory, (iii) its interest in certain
                  agreements, as detailed in Article 7.2, and (iv) its Back Pay
                  and Severance Benefit obligations totalling not more than
                  $2,400,000 to the JV;

         (b)      BGL obligating $2,400,000 to the JV;

         (c)      The Government approving the transfer of the PGR Mining Lease
                  to BGL, to be held by BGL for the benefit of the JV until the
                  earlier of (i) BGL electing to terminate this Agreement, and
                  (ii) the Exploitation Company is formed;

         (d)      PGR transferring, for the duration of the JV, the rights and
                  obligations of PGR under the Joint Operating Agreement, the
                  Environmental Indemnity, and the Licence Agreement to the JV;
                  and

         (e)      PGR delivering, within seven (7) calendar days of the
                  Effective Date, a settlement agreement between PGR and its
                  employees accepting the Back Pay and Severance Benefit (as
                  more fully described in Article 3) as a full and final
                  settlement for the termination of their employment with PGR.

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 11
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5.2      Upon the Decision to Mine, or earlier by mutual agreement, the JV
         Parties will enter into the Joint Venture Agreement. The JV Parties
         undertake to negotiate the definitive Joint Venture Agreement in good
         faith.

5.3      Except as otherwise provided in this Agreement, all JV Assets held or
         acquired by the Manager in fulfilment of its obligations for the Joint
         Venture, or by a JV Party, are beneficially owned by the JV Parties in
         undivided shares as tenants-in-common in proportion to their respective
         Participating Interests from time to time, and the Parties hereby waive
         all rights of partition and of sale in lieu of partition (including as
         arise under Law) with respect to that property. The JV Parties hereby
         agree that, notwithstanding any provision hereof to the contrary, if
         they are jointly and severally liable in Ghana and elsewhere under this
         Agreement, they must indemnify and hold each other harmless, subject to
         this Agreement, to the extent they incur liability in respect thereof
         in excess of their Participating Interest share of that liability.

5.4      None of the JV Parties will have any liability for any indebtedness or
         liabilities of the other JV Parties.

5.5      As long as BGL's Participating Interest is equal to or greater than
         30%, BGL will have the continuing right to act as Manager of the JV.
         The Manager shall be responsible for the day-to-day management,
         conduct, and control of the Operations, subject to approved work plans
         and budgets and the direction of the Management Committee referred to
         below. The JV Parties shall in good faith negotiate and specify the
         powers and obligations of the Manager which shall be included in the
         Joint Venture Agreement.

5.6      Notwithstanding anything contained herein to the contrary, the Manager
         will not be liable to any JV Party for any act or omission resulting in
         damages or loss except to the extent caused by or attributable to the
         Manager's wilful misconduct or gross negligence.

5.7      The Manager will be entitled to charge a management fee of 2% of
         expenditure. The purpose of this fee will not be to provide the Manager
         with a profit, but to allow the Manager to recover indirect costs it
         incurs in fulfilling its obligations as Manager. As a result, the JV
         Parties must review the fee annually and the fee will be adjusted
         annually if unanimously approved by all JV Parties and if the JV
         Parties unanimously determine it to be insufficient or excessive. This
         management fee will be considered to be an ordinary operating expenses
         of the JV and will therefore be paid by each JV Party in accordance
         with its Participating Interest.

5.8      Except as otherwise provided in this Agreement, until completion of the
         Feasibility Study all final decisions relating to Operations shall be
         made and undertaken by BGL, but reasonable consultation on these
         decisions prior to their execution will be held with the JV Parties,
         and the agreement or disagreement of the JV Parties formally recorded.
         Upon completion of the Feasibility Study, all decisions relating to the
         conduct of Operations and relating to the Joint Operating Agreement
         shall be made by the Management Committee, a governing body to be
         appropriately structured to serve the type of business entity chosen
         under the Joint Venture Agreement. Prior to execution of the Joint
         Venture Agreement, the JV Parties hereby designate their respective
         representatives on the Management Committee to be as follows:

         (a)      for BGL:      Managing Director

         (b)      for PGR:      Chairman, and

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 12
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         (c)      for Government one representative.

5.9      The JV Parties shall have on the Management Committee a number of votes
         proportionate to their respective Participating Interest, regardless of
         the number of representatives, and each shall designate one person or
         an alternate to cast such votes.

5.10     All decisions of the Management Committee will be taken by simple
         majority vote. BGL, if continuing to hold a 30% or greater interest in
         the project, shall determine, at its sole election, whether to proceed
         with the Feasibility Study.

5.11     Prior to completion of the Feasibility Study, it is the intention of
         the JV Parties that the Management Committee shall hold informal but
         periodic reviews (at least quarterly unless otherwise agreed to by the
         JV Parties) of Operations. Following completion of the Feasibility
         Study, the Management Committee shall hold quarterly meetings in Accra,
         Ghana, or such other mutually agreed place. Although the JV Parties
         contemplate holding meetings to review work plans and budgets for each
         phase of work undertaken, the JV Parties do not contemplate holding
         regular formal meetings prior to completion of the Feasibility Study.
         Meetings may be held by telephone.

5.12     As of the Effective Date BGL will have a 45% Participating Interest,
         PGR will have a 45% Participating Interest, and Government will have a
         10% Carried Interest.

5.13     Notwithstanding anything contained in this Agreement, the JV Parties
         agree that, in addition to the initial $2,400,000 contribution to the
         JV, BGL shall be entitled to and obligated to be the sole provider of
         funding for (i) the Care & Maintenance, (ii) the Assessment, and (iii)
         the completion of a Feasibility Study.

5.14     From the Effective Date until the completion of the Feasibility Study,
         or in the event that a JV Party (other than Government) following the
         completion of the Feasibility Study fails to advance funds as required
         under this Agreement or the Joint Operating Agreement, then its
         Participating Interest will be diluted in accordance with the following
         formula:

         PC#1 + PC#2 + PC#3
         ------------------
         JV#1 + JV#2 + JV#3      times 90%; where

         PC#1 means   JV Party's initial contributions (deemed to be $2.4
                      million for both BGL and PGR);

         PC#2 means   JV Party's additional contributions;

         PC#3 means   the amount, if any, that the JV Party elects to contribute
                      to the approved work plan and budget;

         JV#1 means   the initial contributions of all JV Parties (deemed to be
                      $4.8 million);

         JV#2 means   the additional contributions of all JV Parties; and

         JV#3 means   the amount that all JV Parties elect to contribute to the
                      approved work plan and budget.

5.15     For the avoidance of doubt, the Governments interest shall not be
         diluted and at all times shall be 10%.

5.16     If a JV Party (other than Government) fails within a reasonable period
         to make a contribution or cash call which it previously committed to
         make under an approved work plan and budget, it shall be in default and
         shall be diluted on a straight line basis to a minimum 10%
         participating interest at which time the diluted JV Party will be
         assigned a 2.5% net profits interest.

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 13
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5.17     For a period of ninety (90) Business Days after the completion of the
         Feasibility Study, BGL shall have the right, at it sole election, to
         acquire the rights and obligations of PGR in the Joint Venture for a
         total consideration of $6.5 million.

5.18     BGL may withdraw from this Agreement upon completion of the Assessment
         and determining that the redevelopment of the underground mine is not
         viable to the extent that the project is not bankable with a reputable
         international financial institution.

5.19     In the event that any JV Party (other than Government) elects to enter
         into voluntary insolvency or becomes insolvent in accordance with the
         Bodies Corporate (Official Liquidations) Act 1963 (Act. 180), the
         insolvent party shall be deemed to have retired from the JV and their
         rights and obligations under this agreement shall be forfeited. In the
         event of retirement, the rights and obligation of the retiring party
         shall be assumed by the remaining JV Parties (other than Government) in
         proportion to their holdings in the JV at the time of retirement.

                   ARTICLE 6 - BGL'S SURFACE MINING OPERATIONS

6.1      The Parties agree that BGL shall be entitled to continue its
         development of the BGL Mining Lease.

6.2      The Parties undertake to use their utmost endeavours to assist BGL to
         implement the infrastructure mitigation plan incorporated in the Joint
         Operating Agreement.

                         ARTICLE 7 - UNDERTAKINGS BY PGR

7.1      PGR hereby agrees that the notice required under Clause 5.4 (d) (i) of
         the Joint Operating Agreement for the decommissioning and demolition of
         the Prestea Processing Plant has been given and that such demolition
         may commence immediately upon the Effective Date.

7.2      PGR hereby agrees to and assigns its rights and obligations in the
         Joint Operating Agreement, Licence Agreement and Environmental
         Indemnity to the JV.

7.3      PGR hereby agrees to the transfer of the PGR Mining lease to BGL, to be
         held by BGL for the benefit of the JV until the earlier of (i) BGL
         electing to terminate this Agreement, and (ii) the Exploitation Company
         is formed.

7.4      PGR hereby undertakes to deliver, within seven (7) calendar days of the
         Effective Date, a settlement agreement between PGR and its employees
         accepting the Back Pay and Severance Benefit (as more fully described
         in Article 3) as a full and final settlement for the termination of
         their employment with PGR.

7.5      PGR undertakes to meet with its creditors to arrive at a settlement.
         This could be an agreement by the creditors to wait until some future
         time when the underground mine is redeveloped or an agreement by the
         creditors to take shares in PGR in lieu of the monies owed to them.

                    ARTICLE 8 - UNDERTAKINGS BY SGMC AND PGL

8.1      SGMC and PGL hereby agree that the notice required in Clause 5 of the
         Licence Agreement to demolish the assets described in Fourth Schedule
         to the Licence

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 14
--------------------------------------------------------------------------------

         Agreement has been given and that immediately upon the Effective Date,
         BGL may commence such demolition.

8.2      SGMC and PGL hereby agree that the rights and obligations of PGR under
         the Licence Agreement shall be assigned to the JV.

                     ARTICLE 9 - UNDERTAKINGS BY GOVERNMENT

9.1      Government hereby agrees with the commencement of the Infrastructure
         Mitigation Plan as contemplated in the Joint Operating Agreement.

9.2      Government hereby agrees to the assignment by PGR of its rights and
         obligations in the Environmental Indemnity to the JV.

9.3      Government hereby agrees to the transfer of the PGR Mining lease to
         BGL, to be held by BGL for the benefit of the JV until the earlier of
         (i) BGL electing to terminate this Agreement, and (ii) the Exploitation
         Company is formed.

9.4      Government hereby agrees to the transfer of the PGR Mining lease from
         BGL to the Exploitation Company once such a company is formed.

9.5      Government hereby agrees to the modification of the Deed of Warranty to
         include the BGL Mining Lease and the PGR Mining Lease and undertakes to
         do all acts and things necessary to perfect such modification or to
         replace such Deed of Warranty with a new deed of warranty containing
         the same terms and conditions.

9.6      Government hereby undertakes to use its best endeavours to cause its
         agencies and utilities to expedite, to the extent possible under law,
         any consents and approvals required for BGL to exercise its mining
         rights on the BGL Mining Lease.

9.7      Government undertakes to use its best endeavours to assist BGL in
         curtailing any illegal mining on the Prestea Concession Area.

9.8      Government hereby undertakes to cause its agencies to segregate the
         Prestea town power from the power supply for the Underground Mine.

9.9      Government, being the majority creditor as a result of, but not limited
         to, statutory liabilities owed by PGR and debts accrued by PGR to VRA
         and SGMC, hereby undertakes to use best endeavours in so far as it is
         able to cause the creditors of PGR to enter into an arrangement with
         PGR. This arrangement will result in either an agreement to defer
         settlement until such future date as the underground mine may be
         redeveloped or an agreement to exchange their indebtedness in PGR for
         equity in PGR.

                        ARTICLE 10 - UNDERTAKINGS BY BGL

10.1     BGL hereby agrees to the assignment to the JV of the rights and
         obligations of PGR under the Joint Operating Agreement.

10.2     BGL hereby agrees to the transfer of the PGR Mining Lease from PGR to
         BGL and undertakes to hold the PGR Mining lease for the benefit of the
         JV and to immediately transfer the PGR Mining Lease to the Exploitation
         Company once such Exploitation Company has been formed.

10.3     BGL hereby agrees to the initial commitment of $2,400,000 of funding to
         the JV in two tranches to be paid to PGR for the payment of the Back
         Pay and the Severance

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 15
--------------------------------------------------------------------------------

         Benefit. The two tranches are (i) $1,600,000 on the completion of the
         conditions detailed in clause 5.1 (c). (d) and (e) and (ii) $800,000
         upon the demolition of the Prestea Processing Plant and the receipt by
         BGL of the necessary approvals and consents to commence mining at
         Plant-North.

10.4     BGL hereby agrees to provide sufficient funding to the JV to cover the
         costs of the Care & Maintenance, the Assessment, and the Feasibility
         Study.
10.5     BGL hereby undertakes to carry out the Assessment in a timely fashion
         and in accordance with the standards of NI 43-101.

                        ARTICLE 11 - UNDERTAKINGS BY GMWU

11.1     GMWU, as the majority shareholder of PGR, hereby agrees to the
         undertakings by PGR and undertakes to do all acts and things and to
         sign all such documents and other agreements necessary to effect the
         agreements in this Agreement.

11.2     GMWU, as the representative of the unionised employees of PGR, hereby
         agrees to the Back Pay and Severance Benefit settlement contemplated in
         Article 3 of this Agreement and undertakes to have this agreement
         ratified by such unionised employees of PGR within seven (7) calendar
         days of the signing of the Effective Date.

                         ARTICLE 12 - DISPUTE RESOLUTION

12.1     Any dispute, controversy or claim arising under or in connection with
         this Agreement, and which cannot be resolved within sixty (60) days of
         attempted negotiations between the Parties, shall be settled by
         arbitration in accordance with this section.

12.2     Matters subject to arbitration shall be settled by arbitration in
         accordance with the rules and regulations of the London Court of
         International Arbitration in effect on the date of this Agreement.

12.3     The place of arbitration shall be Accra, Ghana or such other place as
         the parties may agree.

12.4     The language of the arbitration shall be English.

12.5     The arbitration shall be the sole and exclusive forum for resolution of
         the dispute or controversy and the award shall be final and binding.

12.6     A Party may demand arbitration by delivering a written notice thereof
         to the other Party setting forth a complete, concise statement of the
         issue(s) in dispute, the amount involved and the remedy requested.

12.7     The arbitrators shall render a written decision within six months after
         having been appointed.

12.8     Notwithstanding anything herein, the arbitral panel shall have the
         power to decide any dispute ex aequo et bono, with the objective of
         deciding such matters fully in accordance with the intent of the
         Parties as indicated by this Agreement.

12.9     The arbitrators shall have the right to award or include in their award
         any relief, which they deem proper in the circumstances, including,
         without limitation, money damages (with interest on unpaid amounts from
         date due), specific performance, injunctive relief and legal fees and
         costs in accordance with this section.

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 16
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12.10    The arbitrators shall not have the authority to award exemplary,
         punitive, consequential or special damages and each Party shall be
         limited to the recovery of any actual damages sustained by it.

12.11    The number of arbitrators shall be three. One arbitrator shall be
         nominated by each of the Parties and shall then agree on the
         appointment of a third arbitrator, who shall be disinterested in the
         dispute and shall have no connection with any Party.

12.12    All arbitrators shall be persons having relevant experience relevant to
         the disputed matter.

12.13    Unless the three arbitrators have been appointed within thirty (30)
         days after the date on which either Party requests the settlement of
         any dispute by arbitration pursuant to this Section, the London Court
         of International Arbitration shall appoint the three arbitrators
         referred to above. The appointing authority may appoint from among
         nationals of any country, whether or not a Party is a national of that
         country.

                   ARTICLE 13 - REPRESENTATIONS AND WARRANTIES

13.1     BGL and PGR each represent and warrant to each of the other Parties
         that:

         (a)      it is a body corporate duly incorporated, organized and
                  validly subsisting under the laws of its incorporating
                  jurisdiction;

         (b)      it has full power and authority to carry on its business and
                  to enter into this Agreement;

         (c)      neither the execution and delivery of this Agreement nor the
                  consummation of the transactions hereby contemplated conflict
                  with, result in the breach of or accelerate the performance
                  required by any agreement to which it is a party;

         (d)      the execution and delivery of this Agreement does not violate
                  or result in the breach of its constating documents or of the
                  laws of any applicable jurisdiction; and

         (e)      this Agreement has been duly authorized by all necessary
                  corporate action of its directors and shareholders and
                  constitutes a legal, valid and binding obligation enforceable
                  against it in accordance with its terms.

                              ARTICLE 14 - GENERAL

14.1     Further Assurances

         Each of the Parties will from time to time execute and deliver all
         further documents and instruments and do all acts and things as the
         other Party may reasonably require to effectively carry out or better
         evidence or perfect the full intent and meaning of this Agreement.

14.2     Legal Fees

         Each of the Parties hereto will pay their respective legal and
         accounting costs and expenses incurred in connection with the
         preparation, execution and delivery of this Agreement, and all other
         documents and instruments executed pursuant hereto and any other costs
         and expenses whatsoever and howsoever incurred.

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 17
--------------------------------------------------------------------------------

14.3     Confidentiality

         No Party shall disclose the making of this Agreement nor its terms nor
         any other agreement referred to in this Agreement (except those matters
         set out in the press release in the agreed form) unless agreed in
         writing by the other Parties (such agreement not to be unreasonably
         withheld) and each Party shall procure that each of its Related Persons
         shall not make any such disclosure without the prior consent of the
         other Parties unless disclosure is:

         (a)      to its professional advisers; or

         (b)      required by law; or

         (c)      required by the rules or standards of any stock exchange,
                  securities regulator that a Party is a reporting issuer of or
                  such other regulatory body agreed between the Parties and
                  disclosure shall then only be made by that Party:

                  (i)      after it has taken all such steps as may be
                           reasonable in the circumstances to agree the contents
                           of such announcement with the other Parties before
                           making such announcement and provided that any such
                           announcement shall be made only after notice to the
                           other Parties; and

                  (ii)     to the person or persons and in the manner required
                           by law or the rules of the stock exchange, securities
                           regulator or such other regulatory body or as
                           otherwise agreed between the Parties.

         The restrictions contained in Clause 14.3 shall apply without limit of
         time.

14.4     Entire Agreement

         Unless otherwise provided herein, this Agreement constitutes the entire
         agreement among the Parties with respect to the subject matter hereof
         and cancels and supersedes any prior understandings and agreements
         between the Parties hereto with respect thereto.

14.5     Amendments and Waiver

         No modification of or amendment to this Agreement will be valid or
         binding unless set forth in writing and duly executed by all of the
         Parties and no waiver of any breach of any term or provision of this
         Agreement will be effective or binding unless made in writing and
         signed by the Party purporting to give the same and, unless otherwise
         provided, will be limited to the specific breach waived.

14.6     Assignment

         BGL may assign in whole or in part its rights and obligations under
         this Agreement to any of its affiliates that are ultimately controlled
         by GSR. In such event, BGL will remain liable for all its obligations
         under this Agreement after such assignment as if such assignment had
         not taken place. Except as provided herein, neither BGL nor PGR may
         assign any of their rights or obligations hereunder without the prior
         written consent of the other party, which consent may not be
         unreasonably withheld.

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 18
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14.7     Pre-emptive Rights

         Except as provided for in Clause 5.17, or by Applicable Law, no JV
         Party shall be entitled to sell its interest in the Joint Venture until
         the Decision to Mine. Thereafter, if any JV Party receives a binding
         written proposal from a third party, the remaining JV Parties shall be
         entitled, for a period of sixty (60) Business Days following
         notification of the intended sale, to acquire the interest being sold
         at the same price offered by the third party.

14.7     Benefit of the Agreement

         This Agreement will enure to the benefit of and be binding upon the
         respective successors of the Parties.

14.8     Notices

         Any demand, notice or other communication to be given in connection
         with this Agreement must be given in writing by personal delivery or by
         electronic means of communication addressed to the recipient as
         follows:

         (a)      To PGR:

                  Prestea Gold Resources Limited
                  PO Box 701
                  Accra Ghana

                  Attention:        Chairman
                  Facsimile No.:    +233 21 66 5563

         (b)      To BGL:

                  Bogoso Gold Limited
                  32 Akosombo Road
                  Airport Residential Area
                  PO Box 16075, Airport Post Office
                  Accra Ghana

                  Attention:        Managing Director
                  Facsimile No.:    +233 21 77 7700

         (c)      To SGMC:

                  State Gold Mining Company Limited
                  C/O Minerals Commission
                  9, Switchback Road, Cantonments
                  PO Box 3634
                  Accra Ghana

                  Attention:        Chief Executive
                  Facsimile No.:    +233 21 77 2903 or 77 3324

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 19
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         (d)      To PGL:

                  Prestea Goldfields Limited
                  C/O Minerals Commission
                  9, Switchback Road, Cantonments
                  PO Box 3634
                  Accra Ghana

                  Attention:        Chief Executive
                  Facsimile No.:    +233 21 77 2903 or 77 3324

         (e)      To GMWU:

                  Ghana Mineworkers Union
                  PO Box 701
                  Accra Ghana

                  Attention:        General Secretary
                  Facsimile No.:    +233 21 66 5563

         (f)      To Government:

                  Ministry of Mines
                  Private Mail Bag
                  Ministries Post Office
                  Accra Ghana

                  Attention:        Minister of Mines
                  Facsimile No.:    +233 21 66 6801

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 20
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         or to such other address, individual or electronic communication number
         as may be designated by notice given by either Party to the other. Any
         demand, notice or other communication given by personal delivery will
         be conclusively deemed to have been given on the day of actual delivery
         thereof and, if given by electronic communication, on the day of
         transmittal thereof if given during the normal business hours of the
         recipient and on the Business Day during which such normal business
         hours next occur if not given during such hours on any day.

14.9     Governing Law

         This Agreement is governed by and must be construed in accordance with
         the laws of Ghana.

14.10    Attornment

         For the purpose of all legal proceedings this Agreement shall be deemed
         to have been performed in Ghana and the courts of Ghana will have
         jurisdiction to entertain any action arising under this Agreement. Each
         Party hereby attorns to the jurisdiction of the courts of Ghana.

14.11    Counterparts

         This Agreement may be executed in any number of counterparts, each of
         which will be deemed to be an original and all of which when taken
         together constitute one and the same agreement.

14.12    Execution by Facsimile Transmission

         Delivery of this Agreement may be made by facsimile transmission. A
         copy of this Agreement duly executed in several counterparts by the
         Parties and delivered by facsimile transmission constitutes a valid and
         binding agreement.

14.13    Force Majuere

         The obligations of the Parties will be suspended for the duration of a
         Force Majeure event.

14.14    Default

         A Party shall be in default under this Agreement if, at any time such
         Party is in breach of any of its material obligations under this
         Agreement and which continues for seven (7) days after notice by a
         non-defaulting Party specifying such breach.

         For the purposes of Clause 5.18 a breach of material obligations shall
         include but not be limited to breach of the obligations contained in
         Articles 7, 8, 9,10 and 13 and shall be enforceable by application to a
         court having jurisdiction over the Parties

                             [SIGNING PAGES FOLLOW]

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 21
--------------------------------------------------------------------------------

In witness whereof the Parties have executed this Agreement as of the date first
above written:

BOGOSO GOLD LIMITED

By:
         ----------------------------------
Name:    Peter Bradford
Title:   Chairman

By:
         ----------------------------------
Name:    Richard Gray
Title:   Managing Director

PRESTEA GOLD RESOURCES LIMITED

By:
         ----------------------------------
Name:    Robert Cole
Title:   Chairman

By:
         ----------------------------------
Name:    Jerome Essilfie
Title:   Mine Manager and Director

PRESTEA GOLDFIELDS LIMITED

By:
         ----------------------------------
Name:    E.K. Ofosu-Offei
Title:   Ag. Chief Executive

By:
         ----------------------------------
Name:    Kwasi Anokye-Yesuo
Title:   Group Management Accountant

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 22
--------------------------------------------------------------------------------

STATE GOLD MINING COMPANY LIMITED

By:
         ----------------------------------
Name:    E.K. Ofosu-Offei
Title:   Ag. Chief Executive

By:
         ----------------------------------
Name:    Kwasi Anokye-Yesuo
Title:   Group Management Accountant

GHANA MINEWORKERS UNION (AS MAJORITY SHAREHOLDER OF PGR AND AS REPRESENTATIVE OF
THE UNIONIZED EMPLOYEES OF PGR)

By:
         ----------------------------------
Name:    John Brimpong
Title:   National Chairman

By:
         ----------------------------------
Name:    Robert Cole
Title:   General Secretary

REPUBLIC OF GHANA

By:
         ----------------------------------
Name:    Hon Kwadwo Adjei-Darko
Title:   Minister of Mines

By:
         ----------------------------------
Name:    Mrs Ernestina Tekpertey
Title:   Chief Director

<PAGE>

MEMORANDUM OF AGREEMENT                                                  PAGE 23
--------------------------------------------------------------------------------

The following Schedules are attached to and made a part of this Agreement:

     A.   Final Report of the Mediator to the Government dated May 21, 2001;

     B.   Prestea Concession Area Map;

     C.   BGL Mining Lease;

     D.   PGR Mining Lease;

     E.   Environmental Indemnity;

     F.   Joint Operating Agreement; and

     G.   Licence Agreement.

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