Prestea Mining Lease

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This is the Prestea Mining Lease which falls under land registration number 2799/2001 and was issued on June 29, 2001 to Prestea Gold Resources Limited which is part of Golden Star Resources, and covers 129 square kilometres. The agreement grants right to operate open pits for surface deposits and an underground mine lower than a depth of 150.37 metres below sea level for a 30 year period. The entire strike length of the undergound mine extends from the Ankobra shaft in the north the the Tuapim shat in the south and covers an approximate area of 11.27 square kilometres.

On March 14, 2002 a Memorandum of Agreement was signed between Prestea Gold Resources, Bogoso Gold Limited, Prestea Goldfields Limited, the State Gold Mining Company Limited , the Ghana Mineworkers Union, and the Republic of Ghana to create a joint venture between all interested parties and consolidate management of the mine. After this agreement was concluded Golden Star put the mine on Care and Maintenance and began deeper exploration and evaluation of the deposit, which led to the discovery of the West Reef, a new zone comprised of high-grade narrow vein deposit that is host to non-refractory free milling gold.