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Gold mining

Golden Star Resources Ltd. Reports First Quarter 1995 Earnings

Strategic Insights

— 2 min read

Golden Star Resources Ltd. has announced its earnings for the first quarter of 1995, with notable expenditures on exploration and development activities in South America and Africa. The company's consolidated cash and short-term investments stood at US$35.1 million as of March 31, 1995, a decrease from US$54.4 million at the same time last year. This decline resulted from increased expenses on the company's acquisition and exploration activities, offset by proceeds from the Guyanor Ressources S.A. initial public offering in Canada.

The company reported a net loss of US$0.3 million for the first quarter of 1995, compared to a net loss of US$0.5 million in the first quarter of 1994. Total revenues for the first quarter of 1995 increased to US$1.3 million, primarily due to gold sales in French Guiana from SOTRAPMAG. General and administrative expenditures increased to US$1.8 million, reflecting the growth in the company's support requirements to service its enlarged portfolio of exploration projects.

Key Takeaways:

  • Golden Star Resources Ltd. spent US$7.3 million on exploration and development activities in South America and Africa during the first quarter of 1995.
  • The company received US$1.1 million in joint venture recoveries during the quarter.
  • The company held cash and short-term investments of US$35.1 million as of March 31, 1995, a decrease from US$54.4 million at the same time last year.
  • The company reported a net loss of US$0.3 million for the first quarter of 1995, compared to a net loss of US$0.5 million in the first quarter of 1994.
  • Total revenues for the first quarter of 1995 increased to US$1.3 million, primarily due to gold sales in French Guiana from SOTRAPMAG.
  • General and administrative expenditures increased to US$1.8 million, reflecting the growth in the company's support requirements to service its enlarged portfolio of exploration projects.

Statistics:

  • US$7.3 million: expenditures on exploration and development activities in South America and Africa during the first quarter of 1995.
  • US$1.1 million: joint venture recoveries during the quarter.
  • US$35.1 million: cash and short-term investments as of March 31, 1995.
  • US$0.3 million: net loss for the first quarter of 1995.
  • US$0.5 million: net loss for the first quarter of 1994.
  • US$1.3 million: total revenues for the first quarter of 1995.
  • US$1.8 million: general and administrative expenditures during the quarter.

Sources:

  • PRNewswire: "Golden Star Resources Ltd. Reports First Quarter 1995 Earnings"
  • Golden Star Resources Ltd. press release: "First Quarter 1995 Earnings Release"

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