October 21, 2003

News Release: Golden Star Expects Increase in 2003 Gold Production to 160,000 Ounces; Decrease in Cash Operating Cost to US$175/oz

Golden Star Resources Ltd. (AMEX: GSS) (TSX: GSC) is pleased to announce that it expects its 2003 gold production from its Bogoso/Prestea mining operations in Ghana to total approximately 160,000 ounces, a 14% improvement over the 140,000 ounces previously anticipated. The Company also expects a 2003 cash operating cost(1) of approximately US$175 per ounce, a 5% improvement on the previously anticipated US$185 per ounce. Commenting on the improvements, Peter Bradford, President and CEO of Golden Star said, 'The upgrades are a result of continued positive performance of the Company's mining operations at Bogoso/Prestea compared to earlier projections as well as better than expected tonnes and grade in the Plant-North pit at Prestea during the third quarter relative to the Company's reserve model. In addition, the construction at our nearby Wassa project continues on target for commissioning and first gold production in the first quarter of 2004.'Third quarter results will be announced on October 30th followed by a conference call and webcast on October 31st.

Golden Star has a significant property position on the Ashanti gold belt in Ghana including a 90% equity interest both in the Bogoso/Prestea open-pit mine, which is now expected to produce approximately 160,000 ounces in 2003 at a cash operating cost of about US$175 per ounce, and in the Wassa gold project, where Golden Star is currently developing and constructing a new mine and carbon in leach mill expected to reach first gold production in early 2004. The Company is actively exploring its significant land position in Ghana, including the majority owned Prestea underground gold mine which previously produced in excess of 9 million ounces and where the Company has an active exploration and drilling program. In addition, the Company has other gold exploration interests elsewhere in West Africa and in the Guiana Shield in South America. Golden Star has approximately 122 million common shares outstanding.

Statements Regarding Forward-Looking Information

The references to future production and cash operating costs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, such as the timing of and unexpected events during construction, expansion and start-up; variations in ore grade, or tonnes mined, crushed or milled; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues, and fluctuations in gold price and costs of materials and supplies. Please refer to the discussion of these and other factors in our Form 10-K for 2002.

(1) Non-GAAP Cash Operating Costs

'Cash operating cost'per ounce as used by the Company is equal to mining operations expense for the period as recognized in the statement of operations, less production royalties, divided by the number of ounces of gold shipped during the period. This information differs from measures of performance determined in accordance with generally accepted accounting principles (GAAP) in Canada and the United States and should not be considered in isolation or as a substitute for those measures. This information is provided to assist in evaluation of the Company's ability to generate cash and may not be comparable to similarly described measures of other companies.

SOURCE: Golden Star Resources Ltd.

Golden Star Resources Ltd. Peter Bradford, 303-894-4613 Allan Marter, 303-894-4631 General Inquiries, 800-553-8436 www.gsr.com

WEBSITE This email address is being protected from spambots. You need JavaScript enabled to view it.