Golden Star Resources (GSR) Limited produced 92,614 ounces of gold in the fourth quarter of 2012, representing a 31 percent increase over 70,811 ounces of gold produced in the fourth quarter the previous year.

It also represented a 15 percent increase over the third quarter production of 80,826 ounces.

Of the total amount produced for the fourth quarter, 87,544 ounces were sold, a release from the company stated.

“For 2012, Golden Star produced and poured 336,348 ounces of gold, of which 331,278 ounces were sold, representing a 12 percent increase over 301,120 ounces produced in 2011.

The full year poured gold production total of 336,348 ounces was in line with 2012 guidance, and cash operating costs are estimated to be within the guidance range of $1,040 to $1,100 per ounce.”

GSR closed 2012 with an estimated cash and cash equivalents balance of approximately $73 million and this did not include the estimated proceeds of approximately $8.4 million expected in early 2013 for the 5,070 ounces poured but not sold by December 31, 2012.

“We are pleased to announce a strong fourth quarter of gold production, which enabled Golden Star to achieve production guidance for the full year. Additionally, we estimate that 2012 cash operating costs will also be within our guidance range,” said Sam Coetzer, president and CEO.

“Achieving both production and cost guidance is a testament to the operational improvements accomplished through the hard work and dedication of our entire team and sets the tone for the future.”

Highlights of GSR’s achievements for 2012 include significantly improved operating cash flows year over year; a major drilling programme at Wassa, where the company is evaluating several newly discovered zones of gold mineralization below the current Wassa pits; planning the restart of mining at the Prestea Underground mine following completion of the favorable Preliminary Economic Assessment and enhancing plant availability and ore supply at both Wassa and Bogoso.

GSR also registered a successful re-start of the non-refractory plant at Bogoso and development of the Pampe pit, as its primary feed source recorded an improved balance sheet, including a significant reduction in debt and also significant improvements in community relationships within the Bogoso and Wassa catchment areas. It also has an advancement of development plans for the Dumasi and Mampon pits.

Golden Star recently announced key changes to its Board of Directors and executive management team as well as plans to move its corporate headquarters to Toronto.

In addition to Sam Coetzer assuming the position of president and Chief Executive Officer, veteran mining industry executive, Jeff Swinoga has been named Executive Vice President and Chief Financial Officer while former Kinross COO Tim Baker joined the Board as Executive Chairman.