Document:

Exhibit 4.14

                           FORM OF WARRANT CERTIFICATE

                           GOLDEN STAR RESOURCES LTD.

Warrant Certificate No. (*)                                Warrants to Purchase
                                                            (*) Common Shares

           The Warrants represented by this Warrant Certificate will be void and
of no value unless  exercised prior to 4:30 p.m.  (Toronto time) on November 20,
2008 (the "Expiry Time").

           THIS IS TO CERTIFY THAT, for value received,  (*) (the "Holder"),  of
(*), is entitled to purchase, at any time and from time to time, up to (*) fully
paid and  non-assessable  common shares  without par value (the "Shares") in the
capital of Golden Star Resources Ltd. (the  "Company"),  upon and subject to the
terms and conditions hereinafter referred to.

1.         The Holder is entitled to purchase  the Shares at and for an exercise
price of $4.17 (the "Exercise Price") until the Expiry Time:

2.         Such right to purchase the Shares may only be exercised by the Holder
within the time hereinbefore set out by:

          (i)  duly  completing,  in the manner  indicated,  and  executing  the
               Subscription Form attached hereto; and

          (ii) surrendering this Warrant  Certificate to the Company at 10901 W.
               Toller Drive, Suite 300, Littleton, Colorado, 80127-6312, U.S.A.,
               or such other  address as may be  specified  by the Company  from
               time to time, together with cash or a certified cheque payable to
               the order of the Company in the amount of the aggregate  exercise
               price of the Shares subscribed for.

3.         This Warrant  Certificate  and such certified  cheque or cash will be
deemed to be so  surrendered  and exercised only upon the date of actual receipt
thereof by the Company (the "Exercise Date").

4.         Any Shares  issued on the  exercise  of the  Warrants  will be issued
effective on the Exercise Date.  Unless  otherwise  directed,  the Company will,
within three business days of the Exercise Date,  mail or caused to be mailed to
the Holder at the address  indicated on the Subscription  Form attached hereto a
certificate or certificates  representing such Shares. A registration  statement
under the United  States  Securities  Act of 1933,  as amended (the  "Securities
Act"),  will be filed with respect to the Shares.  If the Warrants are exercised
before the  registration  statement  is  effective or during any period that the
registration  statement is not effective,  the Shares will be subject to certain
restrictions   on  transfer  under  the  Securities  Act  and  the   certificate
representing the Shares will bear a legend to that effect.

5.         The Holder may  subscribe for and purchase any lesser number than the
whole number of Shares  purchasable under this Warrant  Certificate and, in such
event, will be entitled to receive a new Warrant Certificate with respect to the
remaining balance of the Shares purchasable under this Warrant Certificate.

6.         Unless  there  is   something  in  the  subject   matter  or  context
inconsistent  therewith, in this Warrant Certificate the words and terms defined
below will have the following respective meanings:

     (a)  "Adjustment  Period" means the period  commencing on the date of issue
          of this Warrant Certificate and ending at the Expiry Time;

     (b)  "Current  Market  Price" of the Shares at any date means the price per
          Share  equal to the  weighted  average  price at which the Shares have
          traded on the Toronto Stock Exchange (the "TSX") or, if the Shares are

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          not then listed on the TSX, on such other  Canadian  stock exchange as
          may be selected by the  directors  of the Company for such purpose or,
          if the Shares are not then listed on any Canadian stock  exchange,  on
          the  American  Stock  Exchange  based  on the  noon  exchange  rate as
          reported by the Bank of Canada on the date of calculation),  of if the
          Shares are not then listed thereon,  in the  over-the-counter  market,
          during the period of any twenty  consecutive  trading  days ending not
          more than five  business  days  before  such date;  provided  that the
          weighted  average  price will be  determined by dividing the aggregate
          sale price of all Shares sold on the said  exchange or market,  as the
          case may be,  during the said twenty  consecutive  trading days by the
          total  number of  Shares so sold;  and  provided  further  that if the
          Shares are not then listed on any Canadian stock exchange or traded in
          the over-the  counter  market,  then the Current  Market Price will be
          determined by such firm of independent chartered accountants as may be
          selected by the directors of the Company;

     (c)  "director"  means a director  of the  Company  for the time being and,
          unless  otherwise  specified  herein,  a  reference  to action "by the
          directors" means action by the directors of the Company as a board or,
          whenever empowered, action by a committee of such board; and

     (d)  "trading  day" with  respect to a stock  exchange or  over-the-counter
          market means a day on which such stock  exchange or market is open for
          business.

7.         The  Exercise  Price and the number of Shares  issuable to the Holder
will be subject to adjustment  from time to time in the events and in the manner
provided as follows:

     (a)  If at any time during the Adjustment Period the Company:

          (i)  fixes a record  date for the issue of, or  issues,  Shares to the
               holders of all or substantially all of the outstanding  Shares by
               way of a stock dividend;

          (ii) fixes  a  record  date  for  the  distribution  to,  or  makes  a
               distribution to, the holders of all or  substantially  all of the
               Shares  payable  in  Shares  or  securities  exchangeable  for or
               convertible into Shares;

          (iii) subdivides  the  outstanding  Shares  into a  greater  number of
               Shares; or

          (iv) consolidates  the  outstanding  Shares  into a lesser  number  of
               Shares;

          (any of such events in  subparagraphs  (i), (ii), (iii) and (iv) above
          being herein  called a "Common  Share  Reorganization"),  the Exercise
          Price will be  adjusted  on the  earlier  of the record  date on which
          holders of Shares are  determined for the purposes of the Common Share
          Reorganization   and  the   effective   date  of  the   Common   Share
          Reorganization  to the amount  determined by multiplying  the Exercise
          Price in effect  immediately  prior to such record  date or  effective
          date, as the case may be, by a fraction:

               (A)  the  numerator  of  which  will  be  the  number  of  Shares
                    outstanding  on such  record date or  effective  date before
                    giving effect to such Common Share Reorganization; and

               (B)  the  denominator  of which will be the number of Shares that
                    will be outstanding  immediately after giving effect to such
                    Common  Share  Reorganization  (including  in the  case of a
                    distribution of securities  exchangeable  for or convertible
                    into Shares at no additional  cost to the holder thereof the
                    number  of  Shares  that  would  be  outstanding   had  such
                    securities  all been  exchanged for or converted into Shares
                    on such date).

                                       2
<PAGE>

          To the  extent  that  any  adjustment  in the  Exercise  Price  occurs
          pursuant  to this  subparagraph  (a) as a result of the  fixing by the
          Company  of  a  record  date  for  the   distribution   of  securities
          exchangeable for or convertible  into Shares,  the Exercise Price will
          be readjusted immediately after the expiry of any relevant exchange or
          conversion  right to the  Exercise  Price that would then be in effect
          based upon the number of Shares actually issued and remaining issuable
          after such expiry and will be further  readjusted  in such manner upon
          the expiry of any further such rights.

     (b)  If at any time during the Adjustment Period the Company fixes a record
          date  for  the  issue  or  distribution  to  the  holders  of  all  or
          substantially  all of the  outstanding  Shares of  rights,  options or
          warrants pursuant to which such holders are entitled,  during a period
          expiring  not more than 45 days after the  record  date for such issue
          (such period being the "Rights Period"),  to subscribe for or purchase
          Shares or securities  exchangeable for or convertible into Shares at a
          price  per  Share (or in the case of  securities  exchangeable  for or
          convertible  into Shares at an exchange or conversion  price per Share
          at the  date of  issue  of such  securities)  of less  than 95% of the
          Current  Market  Price of the Shares on such  record date (any of such
          events being herein called a "Rights  Offering"),  the Exercise  Price
          will be adjusted  effective  immediately after the record date for the
          Rights  Offering to the amount  determined by multiplying the Exercise
          Price in effect on such record date by a fraction:

          (i)  the numerator of which will be the aggregate of:

               (A)  the number of Shares  outstanding on the record date for the
                    Rights Offering; and

               (B)  the quotient determined by dividing

                    (1)  either (a) the product of the number of Shares  offered
                         during  the  Rights  Period   pursuant  to  the  Rights
                         Offering  and  the  price  at  which  such  Shares  are
                         offered,  or,  (b)  the  product  of  the  exchange  or
                         conversion  price of the  securities so offered and the
                         number  of  Shares  for or into  which  the  securities
                         offered   pursuant  to  the  Rights   Offering  may  be
                         exchanged or converted, as the case may be, by

                    (2)  the Current Market Price of the Shares as of the record
                         date for the Rights Offering; and

          (ii) the  denominator  of which will be the aggregate of the number of
               Shares  outstanding  on such record date and the number of Shares
               offered pursuant to the Rights Offering (including in the case of
               the  issue or  distribution  of  securities  exchangeable  for or
               convertible  into  Shares  the number of Shares for or into which
               such securities may be exchanged or converted).

          If by the terms of the rights,  options,  or  warrants  referred to in
          this subparagraph (b), there is more than one purchase,  conversion or
          exchange price per Share,  the aggregate  price of the total number of
          additional  Shares  offered  for  subscription  or  purchase,  or  the
          aggregate   conversion  or  exchange  price  of  the   convertible  or
          exchangeable securities so offered, will be calculated for purposes of
          the  adjustment  on the basis of the lowest  purchase,  conversion  or
          exchange  price per Share,  as the case may be. Any Shares owned by or
          held  for  the  account  of  the  Company  will  be  deemed  not to be
          outstanding  for the  purpose of any such  calculation.  To the extent
          that any  adjustment  in the Exercise  Price  occurs  pursuant to this
          subparagraph  (b) as a result of the fixing by the Company of a record
          date for the issue or  distribution  of rights,  options  or  warrants
          referred  to in this  subparagraph  (b),  the  Exercise  Price will be
          readjusted  immediately  after the  expiry of any  relevant  exchange,
          conversion or exercise  right to the Exercise Price that would then be
          in  effect  based  upon the  number  of  Shares  actually  issued  and
          remaining issuable after such expiry and will be further readjusted in
          such manner upon the expiry of any further such rights.

                                       3
<PAGE>

     (c)  If at any time during the Adjustment Period the Company fixes a record
          date  for  the  issue  or  distribution  to  the  holders  of  all  or
          substantially all of the Shares of:

          (i)  shares of the Company of any class other than Shares;

          (ii) rights,  options  or  warrants  to acquire  Shares or  securities
               exchangeable  for or convertible  into Shares (other than rights,
               options  or  warrants  pursuant  to which  holders  of Shares are
               entitled,  during a period  expiring  not more than 45 days after
               the record  date for such  issue,  to  subscribe  for or purchase
               Shares  at a  price  per  share  (or in the  case  of  securities
               exchangeable  for or  convertible  into  Shares at an exchange or
               conversion  price  per  share  at  the  date  of  issue  of  such
               securities)  of at least 95% of the Current  Market  Price of the
               Shares on such record date);

          (iii) evidences of indebtedness of the Company; or

          (iv) any property or assets of the Company;

          and if such issue or  distribution  does not constitute a Common Share
          Reorganization or a Rights Offering (any of such  non-excluded  events
          being herein called a "Special Distribution"), the Exercise Price will
          be  adjusted  effective  immediately  after  the  record  date for the
          Special  Distribution  to the amount  determined  by  multiplying  the
          Exercise   Price  in  effect  on  the  record  date  for  the  Special
          Distribution by a fraction:

               (A)  the numerator of which will be the difference between

                    (1)  the product of the number of Shares outstanding on such
                         record date and the Current  Market Price of the Shares
                         on such record date, and

                    (2)  the fair value,  as  determined by the directors of the
                         Corporation,  to  the  holders  of  the  Shares  of the
                         shares,  rights,   options,   warrants,   evidences  of
                         indebtedness  or  property  or  assets  to be issued or
                         distributed in the Special Distribution, and

               (B)  the  denominator  of which will be the  product  obtained by
                    multiplying the number of Shares  outstanding on such record
                    date by the  Current  Market  Price  of the  Shares  on such
                    record date.

          Any Shares  owned by or held for the  account of the  Company  will be
          deemed not to be outstanding for the purpose of such  calculation.  To
          the extent that any adjustment in the Exercise  Price occurs  pursuant
          to this subparagraph (c) as a result of the fixing by the Company of a
          record  date for the  issue or  distribution  of  rights,  options  or
          warrants  to  acquire  Shares  or  securities   exchangeable   for  or
          convertible  into Shares  referred to in this  subparagraph  (c),  the
          Exercise Price will be readjusted  immediately after the expiry of any
          relevant  exercise,  exchange or  conversion  right to the amount that
          would then be in effect if the fair market  value had been  determined
          on the basis of the  number of Shares  issued and  remaining  issuable
          immediately after such expiry,  and will be further readjusted in such
          manner upon the expiry of any further such rights.

     (d)  If at any time during the Adjustment Period there occurs:

          (i)  a reclassification  or redesignation of the Shares, any change of
               the Shares into other shares or  securities  or any other capital
               reorganization  involving  the Shares,  other than a Common Share
               Reorganization;

                                       4
<PAGE>

          (ii) a  consolidation,  amalgamation or merger of the Corporation with
               or  into  any   other   body   corporate   that   results   in  a
               reclassification  or  redesignation  of the Shares or a change of
               the Shares into other shares or securities or property; or

          (iii) the transfer of the  undertaking or assets of the Corporation as
               an   entirety  or   substantially   as  an  entirety  to  another
               corporation or entity;

          (any of such events being herein  called a "Capital  Reorganization"),
          then after the effective date of the Capital Reorganization the Holder
          will be entitled to receive,  and shall accept, for the same aggregate
          consideration, upon exercise of the Warrants, in lieu of the number of
          Shares to which the Holder was theretofore  entitled upon the exercise
          of the  Warrants,  the kind and  aggregate  number of shares and other
          securities or property resulting from the Capital Reorganization which
          the  Holder  would  have been  entitled  to receive as a result of the
          Capital  Reorganization if, on the effective date thereof,  the Holder
          had been the registered holder of the number of Shares that the Holder
          was at such time  entitled to purchase or receive upon the exercise of
          the Warrants. If necessary, as a result of any Capital Reorganization,
          appropriate  adjustments  will  be  made  in  the  application  of the
          provisions of this Warrant  Certificate with respect to the rights and
          interest  thereafter  of the Holder to the end that the  provisions of
          this  Warrant  Certificate  will  thereafter  correspondingly  be made
          applicable as nearly as may  reasonably be possible in relation to any
          shares or other securities or property thereafter deliverable upon the
          exercise of the Warrants.

     (e)  If at  any  time  during  the  Adjustment  Period  any  adjustment  or
          readjustment  in the Exercise Price occurs  pursuant to the provisions
          of  subparagraphs  (a),  (b) or (c) hereof,  then the number of Shares
          purchasable  upon the  subsequent  exercise  of the  Warrants  will be
          simultaneously  adjusted  or  readjusted,  as  the  case  may  be,  by
          multiplying the number of Shares  purchasable upon the exercise of the
          Warrants  immediately  prior to such  adjustment or  readjustment by a
          fraction that is the reciprocal of the fraction used in the adjustment
          or readjustment of the Exercise Price.

8.         The  following  rules  and  procedures  will  be  applicable  to  any
adjustments  made  pursuant  to  the  preceding  paragraph  7  of  this  Warrant
Certificate:

     (a)  Subject to the following provisions of this paragraph, any adjustments
          made will be made  successively  whenever an event  referred to in the
          preceding paragraph occurs.

     (b)  No  adjustment  in the  Exercise  Price  will be  required  unless the
          adjustment  would  result  in a change of at least one per cent in the
          Exercise  Price then in effect and no  adjustment  will be made in the
          number  of Shares  purchasable  or  issuable  on the  exercise  of the
          Warrants  unless  it  would  result  in  a  change  of  at  least  one
          one-hundredth  of a Share;  provided,  however,  that any  adjustments
          that,  except for the provisions of this  paragraph,  would  otherwise
          have been  required to be made will be carried  forward and taken into
          account  in  any  subsequent  adjustment.  Notwithstanding  any  other
          provision of the  preceding  paragraph,  no adjustment of the Exercise
          Price will be made that would  result in an increase  in the  Exercise
          Price or a decrease in the number of Shares issuable upon the exercise
          of  the  Warrants  (except  in  respect  of  a  consolidation  of  the
          outstanding Shares).

     (c)  If at any time during the Adjustment  Period the Corporation takes any
          action  affecting  the  Shares,  other  than  an  action  or an  event
          described  in the  preceding  paragraph,  which in the  opinion of the
          directors would have a material  adverse effect upon the rights of the
          Holder under this Warrant  Certificate,  the Exercise Price and/or the
          number of Shares  purchasable  under this Warrant  Certificate will be
          adjusted  in  such  manner  and at  such  time  as the  directors  may
          determine to be equitable in the circumstances.  Failure of the taking
          of action by the directors so as to provide for an adjustment prior to
          the effective  date of any action by the Company  affecting the Shares
          will be deemed  to be  conclusive  evidence  that the  directors  have
          determined  that  it  is  equitable  to  make  no  adjustment  in  the
          circumstances.

                                       5
<PAGE>

     (d)  No  adjustment  in the  Exercise  Price  or in the  number  or kind of
          securities purchasable on the exercise of the Warrants will be made in
          respect  of any event  described  in the  preceding  paragraph  if the
          Holder is  entitled  to  participate  in such  event on the same terms
          mutatis mutandis as if the Holder had exercised the Warrants prior to,
          or on, the record date or effective  date, as the case may be, of such
          event.

     (e)  If the Company sets a record date to  determine  holders of Shares for
          the  purpose of  entitling  such  holders to receive  any  dividend or
          distribution or any subscription or purchase rights and thereafter and
          before  the  distribution  to  such  holders  of  any  such  dividend,
          distribution or  subscription or purchase rights legally  abandons its
          plan to pay or deliver such dividend,  distribution or subscription or
          purchase rights,  no adjustment in the Exercise Price or the number of
          Shares  purchasable upon the exercise of the Warrants will be required
          by reason of the setting of such  record date and any such  adjustment
          that has been made will be reversed.

     (f)  In any  case  in  which  this  Warrant  Certificate  requires  that an
          adjustment  become  effective  immediately  after a record date for an
          event referred to in the preceding  paragraph hereof,  the Company may
          defer, until the occurrence of such event:

          (i)  issuing  to the  Holder,  to the  extent  that the  Warrants  are
               exercised  after such  record date and before the  occurrence  of
               such event, the additional  Shares issuable upon such exercise by
               reason of the adjustment required by such event; and

          (ii) delivering to the Holder any  distribution  declared with respect
               to such additional  Shares after such record date and before such
               event;

          provided,  however,  that  the  Company  delivers  to  the  Holder  an
          appropriate  instrument  evidencing the right of the Holder,  upon the
          occurrence of the event requiring the adjustment,  to an adjustment in
          the  Exercise  Price or the  number  of  Shares  purchasable  upon the
          exercise of the Warrants.

     (g)  If a dispute  arises at any time with respect to any adjustment of the
          Exercise  Price or the number of Shares  purchasable  pursuant to this
          Warrant Certificate,  such dispute will be conclusively  determined by
          the  auditors of the Company or if they are unable or unwilling to act
          by such  other firm of  independent  chartered  accountants  as may be
          selected by the directors.

     (h)  All  adjustments  to the  Exercise  Price  or  the  number  of  Shares
          purchasable  pursuant to this Warrant  Certificate  are subject to the
          prior approval of the TSX.

     (i)  As a  condition  precedent  to the  taking of any  action  that  would
          require an adjustment pursuant to the preceding paragraph, the Company
          will take any action that may, in the opinion of the  Company's  legal
          counsel,  be  necessary  in order that the  Company  may  validly  and
          legally  issue as  fully  paid and  non-assessable  shares  all of the
          Shares that the Holder is entitled to receive in  accordance  with the
          provisions of this Warrant Certificate.

9.         At least 21 days prior to any record date or effective  date,  as the
case may be, for any event that  requires or might  require an adjustment in any
of the  rights of the Holder  under  this  Warrant  Certificate,  including  the
Exercise  Price or the number of Shares that may be obtained  under this Warrant
Certificate,  the Company will deliver to the Holder, at the Holder's registered
address,  a certificate of the Company  specifying the particulars of such event
and, if  determinable,  the  required  adjustment  and the  calculation  of such
adjustment. In case any adjustment for which a notice in this paragraph has been
given is not then determinable,  the Company will promptly after such adjustment
is determinable  deliver to the Holder,  at the Holders  registered  address,  a
certificate  providing the  calculation of such  adjustment.  The Company hereby
covenants and agrees that the register of transfers and share transfer books for
the Shares  will be open,  and that the  Company  will not take any action  that
might deprive the Holder of the  opportunity of exercising the rights  contained
in this Warrant Certificate, during such 21 day period.

                                       6
<PAGE>

10.        To the extent  that this  Warrant  Certificate  confers  the right to
purchase a fraction of a Share,  such right may be  exercised in respect of such
fraction only in combination with another Warrant or other Warrants which in the
aggregate entitle the Holder to purchase a whole number of Shares. No fractional
Shares will be issued nor consideration given in lieu thereof.

11.        The Holder may, at any time prior to the Expiry Time,  upon surrender
hereof to the Company and upon payment of such  applicable  transfer  charges as
may be  required  by the  Company  from  time to  time,  exchange  this  Warrant
Certificate for other Warrant Certificates  entitling the Holder to subscribe in
the  aggregate  for the same  number  of Shares as are  purchasable  under  this
Warrant  Certificate at the time of such exchange.

12.        Upon  receipt of  evidence  satisfactory  to the Company of the loss,
theft,  destruction or mutilation of this Warrant  Certificate and, if requested
by the Company, upon delivery of a bond of indemnity satisfactory to the Company
(or, in the case of mutilation, upon surrender of this Warrant Certificate), the
Company will issue to the Holder a replacement  certificate (containing the same
terms and conditions as this Warrant Certificate).

13.        The terms and holding of this Warrant  Certificate  do not constitute
the Holder to be a shareholder of the Company or entitle the Holder to any right
or interest with respect thereto except as herein expressly provided.

14.        The  Company  will  reserve  and set aside  sufficient  shares in its
authorized  capital to issue the Shares which may be issued from time to time on
exercise of the Warrants.

15.        Any  notice  to be given  hereunder  to the  Holder  will be given in
writing and either sent by  telecopier,  delivered  or mailed by prepaid post to
the Holder at the address  indicated  on this  Warrant  Certificate,  or at such
other  address as the Holder may  hereafter  designate by notice in writing.  If
such notice is sent by  telecopier  or is  delivered,  it will be deemed to have
been given at the time of delivery;  if such notice is sent by mail,  it will be
deemed to have been given 48 hours following the date of mailing thereof. In the
event of a mail strike or disruption in postal service at or prior to the time a
notice is deemed to have been received by mail, such notice will be delivered or
sent by telecopier.

16.        This  Warrant  Certificate  will  be  governed  by and  construed  in
accordance with the laws of the Province of Ontario.

17.        Time will be of the essence hereof.

           IN WITNESS WHEREOF the Company has caused this Warrant Certificate to
be signed by its duly authorized officer as of the 21st day of December, 2005.

                                               GOLDEN STAR RESOURCES LTD.

                                               Per:
                                                     ---------------------------
                                                     Authorized Signatory

                                       7
<PAGE>

                                SUBSCRIPTION FORM

TO:        Golden Star Resources Ltd.
           10901 W. Toller Drive, Suite 300
           Littleton, Colorado
           80127-6312, U.S.A.

           Terms used but not defined herein have the meanings  ascribed thereto
in the within Warrant Certificate.

           The undersigned Holder of the within Warrant Certificate, does hereby
subscribe for  ______________  Shares  according to the  conditions  thereof and
herewith makes payment in the aggregate amount of $_____________ as the purchase
price in full for the said number of Shares at the price of $4.17 per Share.

           The  undersigned   Holder  hereby  directs  that  the  Shares  hereby
subscribed for be issued and delivered as follows:

Name(s) in full                   Address                        No. of Shares

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

DATED this         day of            ,         .

                                              __________________________________
                                              Name:

__________________________________________
Mailing Address

__________________________________________

__________________________________________Exhibit 4.15

                           FORM OF OPTION CERTIFICATE
                           --------------------------

Option Certificate No.: (*)

Participant's Name: (*) (the "Participant")

Number of Options: (*)

Exercise Price: Cdn.$ (*)

Expiry Date: (*)

This Certificate  represents the number of options set forth above ("Participant
Options") of Golden Star Resources Ltd. (the  "Corporation").  Each  Participant
Option hereby  entitles the  Participant to purchase one (1) common share of the
Corporation  (the  "Participant  Shares") at the Exercise Price specified above,
subject to the terms and conditions set forth herein,  including the Arrangement
Stock Option Terms (2005) attached as Schedule "A" (the "Terms").

I.       Term of Participant Options

Except as  otherwise  provided in this  Option  Certificate  or the Terms,  each
Participant  Option may be  exercised  from the date hereof until the earlier of
the Expiry Date set forth above or such earlier date as the  Participant  Option
may terminate in accordance  with the Terms (the "Option  Period").  For greater
certainty,  in the event that the Participant Options would otherwise expire due
to the  completion  of the  arrangement  contemplated  by  the  agreement  dated
November  11,  2005 (the  "Agreement")  between  the  Corporation  and St.  Jude
Resources Ltd. as a result of a Participant  ceasing to be an employee,  officer
or director within 90 days after the completion of the arrangement  contemplated
by the Agreement,  the Option Period will expire,  and the  Participant  Options
represented  hereby will  terminate,  on the date that is 90 days after December
21, 2005. The Participant  Options will expire at 5:00 p.m. (Denver time) on the
last day of the Option Period.

II.      Method of Participant Option Exercise

Except as  otherwise  provided  in this  Option  Certificate  or the Terms,  the
Participant may exercise each  Participant  Option at any time during the Option
Period by giving  written  notice of the  Participant's  intention  to  exercise
Participant  Options by completing  the Notice of Exercise  attached as Schedule
"B" (or a  substantively  similar form) and submitting the Notice of Exercise to
the Corporation at Golden Star Resources Ltd., 10901 W. Toller Drive, Suite 300,
Littleton, Colorado, 80127-6312, U.S.A, Attention: Corporate Secretary.

The notice  must be  accompanied  by payment in full of the  aggregate  purchase
price for the Participant  Shares being purchased  (which is equal to the number
of  Participant  Options being  exercised  multiplied by the Exercise  Price) by
cash,  certified  cheque or bank  draft or such  other  form of  payment  as the
Corporation may accept.

III.     Participant Options Non-assignable

No Participant Options or any interest therein are transferable or assignable by
the  Participant  otherwise  than by a legal  will or  pursuant  to the  laws of
succession and no  Participant  Option may be exercised by anyone other than the
Participant or the Participant's legal representative.

In the event  Participant  Options  are  exercised  by the  Participant's  legal
representative,  the  written  Notice of  Exercise  must be  accompanied  by the
appropriate  proof such  person(s)  has the right to  exercise  the  Participant
Options and such other documentation as the Corporation may reasonably request.

IV.      U.S. Securities Law Limitation

The  Corporation  intends  to  file a  registration  statement  registering  the
issuance of the  Participant  Shares  issuable  on  exercise of the  Participant
Options  under the U.S.  Securities  Act of 1933,  as amended  (the  "Securities
Act"). The Participant  represents and agrees that the Participant Options shall
not be  exercisable  unless  (i)  the  registration  statement  registering  the
issuance of the  Participant  Shares  issuable upon exercise of the  Participant
Option  is  effective  or  (ii)  unless,  in the  opinion  of  counsel  for  the

<PAGE>

Corporation,  the proposed  issuance of such Participant  Shares would be exempt
from  the  registration   requirements  of  the  Securities  Act  and  from  the
qualification  requirements of any applicable  state  securities law and in such
case, the certificate representing Participant Shares issued shall bear a legend
to that effect.  The Corporation may require,  as a condition of the exercise of
the Participant Options, that the Participant make such further  representations
and execute and deliver such other  documents as it reasonably  determines to be
necessary  or  appropriate  to  assure  and  to  evidence  compliance  with  the
requirements of the Securities Act and other laws.

V.       No Rights

The  holding  of  Participant   Options  does  not  constitute  a  condition  of
employment,  officership  or  directorship  or any other  relationship  with the
Corporation  or any of its  affiliates,  nor a  commitment  on the  part  of the
Corporation  or any of its  affiliates  to ensure  the  Participant's  continued
employment,  officership or  directorship  or any such other  relationship.  The
Participant  has none of the rights of a shareholder  with respect to any of the
Participant  Shares subject to the Participant  Options granted  hereunder until
the Participant  Shares are issued in the  Participant's  name following the due
exercise of the Participant Options.

VI.      Responsibilities

The Participant  Options represented hereby do not provide any guarantee against
loss or profit  which may result from  fluctuations  in the market  value of the
common shares of the Corporation. The Corporation does not assume responsibility
for personal income tax incurred or other tax  consequences.  The Participant is
advised to consult with the  Participant's  own tax advisors  regarding  the tax
treatment of Participant  Options on the exercise  thereof and on any subsequent
sale of  Participant  Shares  issued upon the  exercise of any such  Participant
Options.

VII.     Other Important Provisions

This  Certificate and the Terms and all related matters shall be governed by and
interpreted  in  accordance  with the laws of the  Province  of Ontario  and the
federal laws of Canada applicable therein.

The Participant  acknowledges  and is deemed to acknowledge that the Participant
Options  represented  hereby  are  subject  to all  provisions  of  this  Option
Certificate  and the Terms (as they may be amended or changed  from time to time
by the  Corporation).  In the event of any  inconsistency  between the Terms and
this Option Certificate, the Terms shall govern.

Dated as of this 21st day of December, 2005.

                                             GOLDEN STAR RESOURCES LTD.

                                             By: _______________________________
                                                  Name: Allan Marter
                                                  Title: Chief Financial Officer

ACKNOWLEDGEMENT

I have reviewed the  provisions of this Option  Certificate  and the Terms and I
acknowledge and agree that the Participant  Options are subject to the terms and
conditions of this Option  Certificate  and the Terms (as they may be amended or
changed from time to time) and I hereby confirm my acceptance of the Participant
Options  under the  provisions,  terms and  conditions  set forth in this Option
Certificate and the Terms, as evidenced by my signature below.

Dated this ________ day of _______________________, 200___.

-----------------------------
Participant's Signature

                                       2
<PAGE>

                                  SCHEDULE "A"

                           GOLDEN STAR RESOURCES LTD.

                      ARRANGEMENT STOCK OPTION TERMS (2005)

1.       PURPOSE

These Arrangement Stock Option Terms (the "Terms") of Golden Star Resources Ltd.
(the "Corporation")  govern the terms of the common share stock purchase options
(the  "Options") of the  Corporation  that are issued pursuant to an arrangement
agreement dated November 11, 2005 (the "Agreement")  between the Corporation and
St. Jude Resources Ltd. ("St. Jude") and in exchange for the outstanding options
of St. Jude ("St. Jude Options").

For the purposes of the Terms the term  "affiliate"  shall have the same meaning
ascribed thereto in the Ontario Securities Act (the "Act").

2.       IMPLEMENTATION

The  Options and  exercise  of any Options  pursuant to the Terms are subject to
compliance with the applicable  requirements of each stock exchange on which the
common shares of the Corporation are listed and of any governmental authority or
regulatory body to which the Corporation is subject.

3.       ADMINISTRATION

The Options and the Terms shall be administered by the Board of Directors of the
Corporation  (the "Board")  which shall,  without  limitation but subject to the
express  provisions of the Terms, have full and final authority to interpret the
Terms,  to prescribe,  amend and rescind rules and  regulations  relating to the
Options and the Terms and to make all other  determinations  deemed necessary or
advisable  for the  administration  of the Options and the Terms.  The Board may
delegate any or all of its authority with respect to the  administration  of the
Options and the Terms and any or all of the rights,  powers and discretions with
respect to the Options and the Terms  granted to it hereunder to such  committee
of  directors  of the  Corporation  as the  Board  may  designate  and upon such
delegation such committee of directors,  as well as the Board, shall be entitled
to exercise any or all of such authority,  rights,  powers and discretions  with
respect to the Terms. When used hereafter in the Terms,  "Board" shall be deemed
to include a committee of directors acting on behalf of the Board.

4.       NUMBER OF SHARES UNDER THE TERMS

The  aggregate  number of common  shares of the  Corporation  subject to Options
issued in exchange  for St.  Jude  Options  pursuant  to the Terms (the  "Option
Shares")  shall not exceed  2,533,176  authorized  but  unissued  common  shares
without par value in the capital stock of the Corporation, subject to adjustment
of such number  pursuant to the provisions of Section 6.10 hereof.  In the event
that any Option for any reason  expires or is  terminated,  those Option  Shares
allocated to the unexercised portion of such Option will no longer be capable of
being issued.

5.       ELIGIBILITY

Options  subject to the Terms only will be issued in exchange for, and to former
holders ("Participants") of, St. Jude Options, provided that the total number of
Option  Shares does not exceed the number set forth in Section 4. Subject to the
provisions of the Terms the total number of Option  Shares to be made  available
under the Terms and to each  Participant,  the time or times and price or prices
at which  Options  shall be  issued,  the  time or  times at which  Options  are
exercisable,  and any  conditions  or  restrictions  on the exercise of Options,
shall be in the full and final discretion of the Board.

6.       TERMS AND CONDITIONS

All  Options  under  the  Terms  shall be  subject  to the  following  terms and
conditions:

<PAGE>

6.1 Exercise Price

The  exercise  price to each  Participant  for  each  Option  Share  shall be as
determined by the Board in accordance with the Agreement and as set forth in the
Option Certificate of each Participant.

6.2 Acceleration of Vesting

In the event of a formal bid,  as defined in the Act,  being made for any of the
common shares of the Corporation,  the Participant may, notwithstanding the time
or times  specified in the Option  Certificate (as defined in Section 6.5 below)
for the exercise of the Option governed thereunder, elect to purchase all or any
of the Option  Shares then  subject to such Option for the purpose of  tendering
such Option Shares under such formal bid,  provided that the Board may take such
steps and require such  documentation  from the Participant which in its opinion
are necessary to ensure that such Option Shares are purchased for such purpose.

6.3 Going Private Transaction

In  the  event  that  an  amalgamation,   arrangement,  consolidation  or  other
transaction is proposed to be carried out as a consequence of which the interest
of some  or all of the  holders  of  common  shares  of the  Corporation  may be
terminated,  whether  pursuant to a statutory right of acquisition or otherwise,
without the consent of such holders and without the substitution  therefor of an
interest of  equivalent  value in a security of the  Corporation,  an  affiliate
thereof or a successor to the Corporation  that carries the right to participate
in earnings to an unlimited  degree or that by its terms is convertible  into or
exchangeable for or carries the right to purchase such a security, the Board may
terminate  the  Option  at the time of and  subject  to the  completion  of such
amalgamation, arrangement, consolidation or other transaction by giving at least
10 days prior written notice of such  termination to the  Participant and paying
to the Participant at the time of completion of such amalgamation,  arrangement,
consolidation  or other  transaction  an amount  equal to the fair value of such
Option as determined by the Board,  and absent manifest error the  determination
of the  Board  will  be  conclusive  and  binding  on the  Participant  and  the
Corporation.  For such purpose the Participant  will be deemed to be entitled to
exercise its rights as to the purchase of all of the Option  Shares then covered
by such Option  notwithstanding  any restrictions  which may be specified in the
Option  Certificate for the exercise of the Option.

6.4 Limitation on Number of Options

If a Participant  is a person other than a director,  officer or employee of the
Corporation,  a  Participant  may  not  hold  Options  in  excess  of 2% of  the
Corporation's  outstanding  shares in a 12 month period. The aggregate number of
Options  which  may be held  by  Participants  who  conduct  investor  relations
activities  for  the  Corporation  may  not  exceed  2%  of  the   Corporation's
outstanding common shares in a 12 month period.

6.5 Option Certificate

All Options shall be represented by a certificate (the "Option  Certificate") to
which the Terms shall be attached,  signed by or on behalf of the Corporation in
the form as may be approved from time to time by the Board,  such approval to be
conclusively  evidenced by the  execution of the Option  Certificate  by any one
director or officer of the Corporation.  If there is any  inconsistency  between
the terms of the Option Certificate and the Terms, unless the Option Certificate
provides  otherwise the  provisions  of the Terms shall govern.

6.6 Duration of Options

All Options  shall expire on such date as  determined  by the Board,  which date
shall not be later than that date which is ten years from the date such  Options
were granted, and which expiry date shall be set forth in an Option Certificate.

6.7 Non Transferability of Options

All Options shall be non-transferable and non-assignable  (whether absolutely or
by way of  mortgage,  pledge  or  other  charge)  by a  Participant  and  may be
exercisable during the lifetime of the Participant only by such Participant.

                                       2
<PAGE>

6.8 Exercise and Payment

Any  Option  may be  exercised  by a  Participant,  or if  applicable  the legal
representatives  of a Participant,  giving notice to the Corporation  specifying
the number of Option Shares in respect of which such Option is being  exercised,
accompanied  by payment (by cash,  certified  cheque or bank draft or such other
form of payment as the  Corporation may accept and which shall be payable to the
Corporation)  of the  entire  exercise  price  (determined  and as set  forth in
accordance  with  the  Option  Certificate)  for the  number  of  Option  Shares
specified in the notice.  Upon any such  exercise of an Option by a  Participant
the  Corporation  shall cause the  registrar  and transfer  agent for the common
shares  of  the  Corporation  to  deliver  to  such  Participant  or  the  legal
representative of such Participant, as the case may be, within 10 days following
receipt by the Corporation of any such notice a share certificate in the name of
such Participant or the legal  representative of such  Participant,  as the case
may be,  representing the number of Option Shares  specified in the notice.

6.9 Third Party Offer

If at any time when an Option  remains  unexercised  with  respect to any Option
Shares,  an offer to  purchase  all of the common  shares  without  value of the
Corporation  is made by a third  party,  the  Corporation  may upon  giving each
Participant written notice to that effect,  require the acceleration of the time
for the exercise of the option  rights  granted  under the Terms and of the time
for the fulfilment of any conditions or restrictions on such exercise.

6.10 Alterations in Shares

In the event of a stock dividend, subdivision, redivision,  consolidation, share
reclassification  (other  than  pursuant  to the  Terms)  amalgamation,  merger,
consolidation, corporate arrangement, reorganization, liquidation or the like of
or by the Corporation, the Board may make such adjustment, if any, of the number
of  Option  Shares,  or of  the  exercise  price,  or  both,  as it  shall  deem
appropriate to give proper effect to such event. In any such event,  the maximum
number of shares available under the Terms may be appropriately  adjusted by the
Board.  If  because  of a  proposed  merger,  amalgamation  or  other  corporate
arrangement or  reorganization,  the exchange or replacement of common shares in
the Corporation  for those in another  company is imminent,  the Board may, in a
fair and equitable manner,  determine the manner in which all unexercised Option
rights granted under the Terms shall be treated including,  without  limitation,
requiring  the  acceleration  of the time for the exercise of such rights by the
Participants   and  of  the  time  for  the  fulfilment  of  any  conditions  or
restrictions  on such  exercise.  All  determinations  of the Board  under  this
Section 6.10 shall be full and final.

6.11 Termination

If a Participant becomes disqualified to act as a director of the Corporation or
one of its affiliates, is dismissed as an officer or employee by the Corporation
or one of its affiliates for cause or ceases to provide ongoing  services to the
Corporation  or  one  of  its  affiliates,   all  unexercised  Options  of  that
Participant shall immediately  terminate,  notwithstanding  the original term of
the Option  granted to such  Participant;  provided  that, in the event of a St.
Jude Option that would otherwise expire due to the completion of the arrangement
contemplated  by the  Agreement  as a result of a  Participant  ceasing to be an
employee,  officer  or  director  within  90 days  after the  completion  of the
arrangement  contemplated by the Agreement,  subject to receipt of any necessary
regulatory  approvals,  the expiry  date of such  Option will be extended to the
date that is 90 days after the date hereof.

6.12 Termination Other Than for Cause

If a Participant ceases to be a director, officer or employee of the Corporation
or  one  of  its  affiliates  or  ceases  to  provide  ongoing  services  to the
Corporation  or one of its affiliates for any reason other than:

     (a)  as a result  of  becoming  disqualified  to act as a  director  of the
          Corporation or one of its subsidiaries;

     (b)  having been dismissed for cause as provided in Section 6.11; or

     (c)  as a result of the Participant's death;

                                       3
<PAGE>

such  Participant  shall have the right for a period of time  determined  by the
Board (the "Grace  Period") from the date of ceasing to be a director,  officer,
employee or provider  of  services  to exercise  the Option with  respect to all
Option Shares of such  Participant  to the extent they were  exercisable  on the
date of ceasing to be a director,  officer,  employee  or provider of  services;
provided that, in the event of a St. Jude Option that would otherwise expire due
to the completion of the  arrangement  contemplated by the Agreement as a result
of a Participant  ceasing to be an employee,  officer or director within 90 days
after the completion of the arrangement  contemplated by the Agreement,  subject
to receipt of any necessary regulatory approvals, the expiry date of such Option
will be  extended  to the date that is 90 days after the date  hereof.  Upon the
expiration of the Grace Period all unexercised Option rights of that Participant
shall immediately terminate, notwithstanding the original term of the Option.

6.13 Deceased Participant

Unless a shorter  period is otherwise  determined by the Board,  in the event of
the  death  of  any  Participant  the  legal  representatives  of  the  deceased
Participant  shall  have the right for a period of one year or until the  normal
expiry date of the Option rights of such Participant,  if earlier, from the date
of death of the deceased  Participant  to exercise  the  deceased  Participant's
Option with  respect to all Option  Shares of the  deceased  Participant  to the
extent they were  exercisable on the date of death.  Upon the expiration of such
period  all  unexercised  Option  rights  of  the  deceased   Participant  shall
immediately  terminate,  notwithstanding the original term of the Option. In the
event the Option has been granted to a corporation wholly owned by a Participant
the  provisions of this Section 6.13 shall be  applicable,  with such changes as
may be necessary, upon the death of such Participant.

7.       AMENDMENT AND DISCONTINUANCE OF TERMS

The Board may from time to time amend or revise the  provisions  of the Terms or
may discontinue the application of the Terms at any time,  provided that no such
action may in any manner  adversely  affect the rights under any Options earlier
granted  to  a  Participant   under  the  Terms  without  the  consent  of  that
Participant.  Subject to applicable laws, any subsequent amendments or revisions
to the Terms, or the  discontinuance of the application of the Terms,  shall not
need to be approved by the shareholders of the Corporation.

8.       NO FURTHER RIGHTS

Nothing contained in the Terms or in any Option granted hereunder shall give any
Participant or any other person any interest or title in or to any shares of the
Corporation or any rights as a shareholder of the Corporation or any other legal
or equitable right against the Corporation whatsoever other than as set forth in
the Terms and pursuant to the  exercise of any Option,  nor shall it confer upon
any Participant any right to continue as a director,  officer or employee of the
Corporation or its affiliates or in any other  relationship with the Corporation
or its affiliates.

9.       DATE OF GRANT

The date of any Option shall be the date determined by the Board as set forth in
an Option Certificate containing the terms specified by the Board.

10.      COMPLIANCE WITH LAWS

The  obligations  of the  Corporation  to issue common  shares and deliver share
certificates  under the Terms are subject to such  compliance by the Corporation
and the  Participants as the  Corporation  deems necessary or advisable with all
applicable  corporate  and  securities  laws,  rules  and  regulations  and  all
applicable  Toronto  Stock  Exchange  and  American  Stock  Exchange  rules  and
policies.

11.      DATE OF TERMS

The Terms are dated as of December 21, 2005.

                                       4
<PAGE>

                                  SCHEDULE "B"

                                   OPTIONS OF

                           GOLDEN STAR RESOURCES LTD.

                               NOTICE OF EXERCISE

SECTION A - PURCHASE REQUEST - TO BE COMPLETED BY PARTICIPANT

Name:
      --------------------------------------------------------------------------

Mailing Address:
                 ---------------------------------------------------------------

Social Insurance Number:                           Telephone:
                         ------------------                   ------------------

Current Position in Corporation:
                                 -----------------------------------------------

--------------------------------------------------------------------------------
                   Number of
Option             Participant Options
Certificate Number Exercised Hereby *(A) Option Price (B) Purchase Price (A x B)
------------------ --------------------- ---------------- ----------------------

                                         Cdn.$            Cdn.$
------------------ --------------------  ---------------- ----------------------

                                         Cdn.$            Cdn.$
------------------ --------------------  ---------------- ----------------------

                                         Cdn.$            Cdn.$
------------------ --------------------  ---------------- ----------------------

                                    Total Purchase Price: Cdn.$
                                                               -----------------

Method of Payment:     [ ] Cash      [ ] Certified cheque     [ ] Bank draft

*I hereby elect to exercise the number of Participant Options to purchase common
shares of Golden Star Resources Ltd. as indicated above.

Signature:                                      Date:
           ----------------------------               --------------------------

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