Golden Star Resources Ltd. (GSS) Tops Q2 EPS by 1c, Revenues Beat

Golden Star Resources Ltd. (NYSE: GSS) reported Q2 EPS of $0.01, $0.01 better than the analyst estimate of $0.00. Revenue for the quarter came in at $67.74 million versus the consensus estimate of $60.6 million.

"With another strong quarter of production from Wassa and continuing improvements at Prestea, Golden Star is approaching the end of 2018 with a robust platform for growth. We have implemented plans to reduce Prestea's cash operating costs and we believe that following the closure of the open pit operation, the underground operation will be well-positioned to move forwards with a lower cost structure. We saw similar increased cash operating costs last year at Wassa during its transition into an underground-only operation and we believe that Prestea's performance will improve in a similar way once the operation is right sized.

"The strategic investment from La Mancha has strengthened our balance sheet and we are excited to use these funds to gain a more thorough understanding of the potential of our assets. We expect to release further drilling results from Wassa Underground during the fourth quarter of 2018, in addition to the first results from the 2018 drilling program at the Father Brown satellite deposit. Golden Star is a very different company from the one we were at the start of the year and we now have the right people, the right assets and the right balance sheet to deliver significant value for our shareholders."

For earnings history and earnings-related data on Golden Star Resources Ltd. (GSS) click here.

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