BMO Capital Markets

2009 Global Metals & Mining Conference

BMO Capital Markets

2009 Global Metals & Mining Conference

Tom Mair, President and CEO

February 2009

Exhibit 99.1

Legal and Other Matters

Legal and Other Matters

SAFE

HARBOR:

The

statements

contained

in

this

presentation

are

both

historical

and

forward-looking

in

nature.

The

United

States

Private

Securities

Litigation

Reform

Act

of

1995

provides

a

“safe

harbor”

for

certain

forward-looking

statements.

Investors

are

cautioned

that

forward-looking

statements

are

inherently

uncertain

and

involve

risks

and

uncertainties

that

could

cause

actual

results

to

differ

materially.

Such

forward-looking

statements

include

statements

as

to

our

2009

production

and

anticipated

commencement

dates

of

mining

and

production

at

Hwini-

Butre,

anticipated

improvements

in

recoveries

and

cash

costs.

The

forward-looking

statements

involve

risks

and

uncertainties

and

other

factors

that

could

cause

actual

results

to

differ

materially

including

those

relating

to

exploration;

the

establishment

of

reserves;

the

recovery

of

any

reserves;

future

gold

production

and

production

costs;

future

permitting

dates

for

additional

sources

of

ore;

realization

of

synergies

and

other

benefits

and

the

timing

of

such

realization;

variations

in

ore

grade,

tonnes

mined,

crushed

or

milled;

variations

in

relative

amounts

of

refractory,

non-refractory

and

transition

ores;

delay

or

failure

to

receive

board

or

government

approvals

and

permits,

the

timing

and

availability

of

external

financing

on

acceptable

terms;

technical,

permitting,

mining

or

processing

issues;

fluctuations

in

gold

price

and

costs

which

may

be

more

difficult,

time-consuming

or

costly

than

expected.

Please

refer

to

a

discussion

of

some

of

these

and

other

risk

factors

in

Golden

Star’s

Form

10-K

and

other

Securities

and

Exchange

Commission

filings.

The

forecasts

contained

in

this

presentation

constitute

management’s

current

estimates,

as

of

the

date

of

this

presentation,

with

respect

to

the

matters

covered

thereby. 

We

expect

that

these

estimates

will

change

as

new

information

is

received

and

that

actual

results

will

vary

from

these

estimates,

possibly

by

material

amounts.

While

we

may

elect

to

update

these

estimates

at

any

time,

we

do

not

undertake

to

update

any

estimate

at

any

particular

time

or

in

response

to

any

particular

event.

Investors

and

others

should

not

assume

that

any

forecasts

in

this

presentation

represent

management’s

estimate

as

of

any

date

other

than

the

date

of

this

presentation.

INFORMATION:

The

information

contained

in

this

presentation

has

been

obtained

by

Golden

Star

from

its

own

records

and

from

other

sources

deemed

reliable,

however

no

representation

or

warranty

is

made

as

to

its

accuracy

or

completeness.

The

technical

information

relating

to

Golden

Star’s

material

properties

disclosed

herein

is

based

upon

previously

filed

technical

reports

prepared

and

filed

pursuant

to

National

Instrument

43-101.

CURRENCY:

All

monetary

amounts

refer

to

United

States

dollars

unless

otherwise

indicated.

Agenda

Agenda

•

Corporate overview

•

Operating & Development

activities

–

Bogoso/Prestea

–

Wassa Mine/HBB

•

Exploration

•

Sustainability

•

Concluding Remarks

Corporate Overview

Corporate Overview

•

Gold explorer, developer, producer

–

Current production focus in Ghana: 295,926 oz sold in 2008

–

2009 guidance of 400,000 oz

–

Major plant expansion completed in 2007

–

New satellite mine brought online in 2008

–

Active exploration programs in West Africa and South America

•

Denver-based

–

NYSE Alternext US: GSS; TSX: GSC; GSE: GSR

•

Widely held, good liquidity

–

Average volume on North American markets of over 3 M shares per day

•

Market cap of ~$410 Million

–

236 M shares outstanding

Production Focus in Ghana

Production Focus in Ghana

Bogoso/Prestea Pit Locations

Bogoso/Prestea Pit Locations

Bogoso/Prestea Gold Mine

Bogoso/Prestea Gold Mine

•

2008 production of 170,499 oz 

•

Significant exploration upside at surface and underground

along the 85km of Ashanti Trend that Golden Star controls

•

Cost containment efforts succeeding

–

21% decrease from Q3 to Q4

•

Recovery rates increased throughout 2008

BSPP Recovery July 2007 to December 2008

20%

30%

40%

50%

60%

70%

80%

90%

100%

Wassa

Wassa

•

2008 production of

125,427 oz

•

Benso haulage road to

Hwini-Butre commenced

construction

•

Excellent exploration

potential

-

Manso property proximal

to Hwini-Butre

-

Chichiwelli –

situated on

the HBB haul road

Golden Star Gold Production Profile

Golden Star Gold Production Profile

0

50

100

150

200

250

300

350

400

2004

2005

2006

2007

2008

2009E

Actual Gold Production

Estimated Gold Production

Oz (000s)

Exploration

Exploration

•

Brownfields exploration remains the primary focus

–

VTEM airborne geophysics survey conducted over ~45km of Ashanti

Trend generating drilling targets

–

Further exploration of our HBB land package on eastern side of

Ashanti Trend continues

•

Green fields programs

–

Regional programs ongoing in Ivory Coast, Burkina Faso, Sierra

Leone, Suriname, French Guiana and Brazil

–

Joint venture with Newmont on Saramacca project in Suriname

West Africa Exploration

West Africa Exploration

Guiana Shield Exploration

Guiana Shield Exploration

Sustainability

Sustainability

•

Committed to best practices for

safety, health and environment

–

UN Global Compact

–

International Cyanide

Management Code

•

Community development program in

place since 1999

–

Focus on water, health, education

–

Established community

endowment fund in 2005

Sustainability

Sustainability

•

Alternative livelihood projects recognize that mining is finite

–

Create lasting employment and alternative to illegal mining

•

Oil palm plantation is primary project (GSOPP)

–

Received Nedbank Capital Green Award in 2008

–

Potential to create employment for 3,000 family groups

–

Planted 692 hectares and 98,956 oil palms in 2008

Comparables—Independent Research

Comparables—Independent Research

Comparables—Independent Research

Comparables—Independent Research

Comparables—Independent Research

Comparables—Independent Research

Concluding Remarks

Concluding Remarks

•

Bogoso/Prestea

–

Sulfide processing plant recovery rates increasing

•

Wassa Hwini-Butre Benso Development

–

Wassa is performing well and exceeding expectations

–

Road from Benso to Hwini-Butre progressing

–

Expect Hwini-Butre mining in 2H 2009

•

Robust production growth

–

2009 guidance of 400,000 ounces, up 35% from 2008

–

Expect direct operating costs to average $550/oz

•

Golden Star deeply undervalued by market at present time

Need More Information?

Need More Information?

Investor relations at Golden Star

Web

www.gsr.com

Phone

1-303-830-9000