Golden Star Announces Pricing of US$75.6 Million Common Share Offering.

DENVER -- Golden Star Resources Ltd. (TSX: GSC)(AMEX: GSS) today announced that it has priced an offering of 21 million common shares at a price of US$3.60 per share resulting in $75,600,000 in gross proceeds or $72,198,000 in net proceeds to the Company, after deducting underwriting commissions but before deducting offering expenses. The underwriters have an option to acquire an additional 3,150,000 common shares for additional gross proceeds of $11,340,000 or net proceeds of $10,829,700.

The proceeds will be used to purchase an interest in an electric power station in Ghana, for completion and start-up of the Bogoso Sulfide Expansion Project, for a feasibility study for and work on the Company's Hwini-Butre and Benso properties located in southwest Ghana, and for general corporate and working capital purposes. The Company expects to close the sale of the common shares on March 1, 2007, subject to customary closing conditions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may only be made in Canada by means of a prospectus, a copy of which may be obtained from BMO Capital Markets at 1 First Canadian Place, 4th Floor, Toronto, ON M5X 1H3 and in the United States only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from BMO Capital Markets at 3 Times Square, 27th Floor, New York, New York 10036. The offering is subject to Toronto Stock Exchange acceptance and approval.

Company Profile

Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine and various other property interests in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star has approximately 208 million common shares outstanding as of February 16, 2007.

STATEMENTS REGARDING FORWARD-LOOKING INFORMATION: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the completion and terms of a proposed public offering and the use of proceeds therefrom. Factors that could cause actual results to differ materially include fluctuations in gold price, changes in U.S. and Canadian securities markets, and failure to receive regulatory approvals. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our annual report on Form 10-K, as amended, for the fiscal year ended December 31, 2005. While we may elect to update the forecasts at any time, we do not undertake to update them at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.