SYS-CON MEDIA Authors: Carmen Gonzalez, Kevin Jackson, Pat Romanski, Elizabeth White, Yeshim Deniz

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Golden Star Reports Fourth Quarter and Full Year 2013 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 02/20/14 -- Golden Star Resources Ltd. ("Golden Star" or the "Company") (TSX:GSC)(NYSE MKT:GSS)(GHANA:GSR) today reported its financial results for the quarter and full year ended December 31, 2013 ("the fourth quarter" or "the period"). All references to currency are in US dollars.

Highlights of this announcement are as follows:


--  Gold sold in 2013 totalled 330,806 ounces (FY 2012: 331,278 ounces) 
--  Revenue for the full year 2013 was $467.8 million (FY 2012: $550.5
    million) and $96.0 million for the fourth quarter 2013 
--  Cash operating cost per ounce totalled $1,049 for 2013 (FY 2012: $1,044
    per ounce) and $1,091 for the fourth quarter 2013 
--  Cash provided by operations before working capital changes totalled
    $30.2 million for 2013 (FY 2012: $117.0 million) 
--  Non-cash impairment charges of $355.6 million 
--  Adjusted net loss attributable to shareholders of $21.5 million (FY
    2012: $42.1 million of income) 
--  Net loss attributable to shareholders of $265.9 million (FY 2012: $7.2
    million of income) 
--  Capital expenditures for 2013 of $102.9 million, reduced from $117.3
    million in 2012 
--  Consolidated cash balance was $65.6 million at December 31, 2013 

Sam Coetzer, President and CEO of Golden Star, commented:

"2013 was a defining year for Golden Star in many respects and one that allowed us to reposition the company to pursue a lower cost production strategy.

"Significant operational improvements were made during the year, with improved planning, more reliable processing operations and the realization of synergies between Wassa and Bogoso. The pushbacks in the Bogoso pits are nearing completion, which should allow for lower cost and higher grade mining in 2014 and 2015. At Wassa, the single large Main pit is now established and operating on a $1,000 per ounce pit shell. The productivity gains from this achievement should stand us in good stead going forward. Furthermore the commencement and ramp up of the tailings re-processing contributed 9,000 ounces, in the latter half of the year, to production at a low cost. We expect this to continue for a further five years.

"The results of the 55,000 meters of drilling carried out over the last year at Wassa strongly indicate a high grade zone in the deeper portion of the deposit, justifying a Preliminary Economic Assessment of an underground mine. This development could provide a long term high grade low cost ore source to the Company.

"Although we took impairment charges based on the lower gold price in 2013, we strongly believe the Company is now better structured to manage the current gold price environment and to focus on producing from lower cost non-refractory ore sources and in so doing prioritize operating margin over production."

There will be a conference call on February 20, 2013 at 10:00 am EST to discuss these results. The call can be accessed as follows:


Participants - Toll free:           888-264-8893                            
Participants - Toll:                913-312-1495                            
Participant Passcode (all numbers): 5575655                                 
Webcast:                            http://www.gsr.com/

Please call in at least five minutes prior to the conference call start time to ensure prompt access to the conference. A recording of the conference call will be available until March 7, 2014. To access this recording please dial:


Toll Free:                    888-203-1112                                  
Toll:                         719-457-0820                                  
Replay Passcode:              5575655                                       
The webcast will also be available after the call at http://www.gsr.com/    
                                                                            
Summary of operating and financial results                                  
                                                                            
                                       Three months ended    Years ended    
                                          December 31,       December 31,   
                                      --------------------------------------
                                           2013      2012     2013      2012
                                      --------------------------------------
Summary of consolidated                                                     
 financial results                                                          
Wassa gold sold                 oz       44,337    40,366  185,807   158,899
Bogoso gold sold                oz       31,093    47,178  144,999   172,379
                                      --------------------------------------
Total gold sold                 oz       75,430    87,544  330,806   331,278
                                                                            
Average realized price          $/oz      1,273     1,710    1,414     1,662
                                                                            
Cash operating cost per                                                     
 ounce(1)  - combined           $/oz      1,091     1,097    1,049     1,044
All-in sustaining costs(1) -                                                
 combined                       $/oz      1,373     1,392    1,326     1,318
                                                                            
Gold revenues                   $'000    96,034   149,710  467,796   550,540
Cost of sales excluding                                                     
 depreciation and amortization  $'000    88,549   103,492  377,140   373,543
                                                                            
Cash flow provided by                                                       
 operations                     $'000    (2,463)   43,936   59,143   123,094
Cash flow provided by                                                       
 operations per share           $         (0.01)     0.17     0.23      0.48
                                                                            
Adjusted net income/(loss)                                                  
 attributable to Golden Star                                                
 Shareholders(1)                $'000    (6,466)   10,227  (21,493)   42,143
Net income/(loss) attributable                                              
 to Golden Star shareholders    $'000  (148,576)   14,334 (265,892)    7,186
Net income/(loss) per share -                                               
 basic and diluted              $         (0.57)     0.06    (1.03)     0.03
Capital expenditures            $'000    22,513    39,349  102,867   117,299

(1) See 'Non-GAAP Financial Measures' note in the Company's 2013 Management Discussion and Analysis for a reconciliation of cash operating and adjusted net loss.

Review of Financial Results

Gold sold during 2013 totalled 330,806 ounces, compared to gold sales of 331,278 ounces in 2012. Gold sales at Wassa increased 17% year over year as a result of improved plant throughput and grades processed. Gold sales at Bogoso declined by 16% as a result of lower refractory plant throughput and lower grades processed. Gold sold during the fourth quarter 2013 totalled 75,430 ounces, compared to 88,925 ounces sold in the third quarter of 2013.

Revenues for the full year 2013 decreased to $467.8 million when compared to $550.5 million in 2012; primarily due to the decline in gold prices during 2013. The average realized gold price decreased 15% from $1,662 per ounce in 2012 to $1,414 per ounce in 2013. Revenues were $96.0 million in the fourth quarter of 2013, compared to $118.2 million in the third quarter of 2013.

Consolidated cash operating cost per ounce totalled $1,049 per ounce for 2013, compared to cash operating cost per ounce of $1,044 per ounce in 2012. Wassa's cash operating cost per ounce totalled $805 per ounce, 10% lower than in 2012, mainly as a result of higher gold sales. Bogoso's cash operating cost per ounce increased to $1,361 per ounce for 2013, up from $1,186 per ounce in 2012, mainly due to lower grade processed. Consolidated cash operating cost per ounce for the fourth quarter of 2013 totalled $1,091 per ounce compared to $960 per ounce in the third quarter of 2013.

Corporate general and administrative expenditures decreased by 11% to $21.5 million for 2013, as onetime costs relating to the relocation of the head office to Toronto were more than offset by cost savings.

Primarily as a result of non-cash impairment charges totaling $355.6 million, a net loss attributable to Golden Star shareholders of $265.9 million was incurred in 2013. The adjusted net loss attributable to shareholders for 2013 was $21.5 million.

The net loss attributable to Golden Star shareholders for the fourth quarter of 2013 totalled $148.6 million (including an impairment charge of $159.7 million), compared to a net income attributable to Golden Star shareholders of $3.5 million for the third quarter 2013.

Cash generated by operations before working capital changes totalled $30.2 million for the full year 2013 and $117.0 million for the full year 2012. For the fourth quarter 2013, cash generated by operations before working capital changes was $2.8 million compared to $12.8 million in third quarter 2013. The adjusted net loss for the fourth quarter 2013 was $6.5 million.

Capital expenditures at Bogoso and Wassa for the full year 2013 totalled $74.1 million, excluding the capitalized cost of stripping at Bogoso of $28.5 million. Capital expenditures were reduced in the second half of 2013 as a result of the spending reduction measures implemented throughout the Company. Capital expenditure in the fourth quarter was $17.6 million, excluding $4.9 million of betterment stripping to be capitalized.

Consolidated cash balance was $65.6 million at December 31, 2013.

The Company recorded impairment charges totaling $355.6 million in 2013, comprised of $245.8 million for Bogoso, $106.9 million for Wassa, and $2.9 million related to available for sale investments. In June 2013, the Company recorded impairment charges totaling $195.9 million. In the fourth quarter 2013, the Company recorded additional non-cash impairment charges totaling of $159.7 million related solely to a revaluation of Bogoso using a lower gold price assumption.

On July 30, 2013, Wassa closed a $50 million loan from Ecobank Ghana Limited. The proceeds are being used to finance Wassa capital expenditures. The loan has a term of 60 months from the date of initial drawing and the interest rate is three months LIBOR plus 9% per annum. Payment of interest and principal commences on April 30, 2014. Wassa drew down $30.0 million under this facility during 2013.

Depreciation and amortization expense for 2013 decreased to $60.0 million, down from $89.4 million in 2012 as the net book value of Golden Star's mining property and property, plant and equipment decreased with impairment charges.

A non-cash fair value gain of $52.0 million on the 5% Convertible Debentures was recorded in 2013.

Income tax recovery for 2013 totalled $12.3 million, compared to an income tax expense of $17.8 million in 2012. This was the result of a $32.9 million deferred tax recovery recorded in 2013 related to the impairment charge which more than offset the $20.6 million of current tax expense at Wassa.

Review of Operational Performance

Wassa operations

The Wassa gold mine is located in the southwestern region of Ghana. It has a single non-refractory processing plant consisting of a traditional Carbon-In-Leach system with a capacity of 2.7 million tonnes per annum ("mtpa"). In 2013, there were two operational pits providing ore for the Wassa processing plant - the Wassa Main pit and the Father Brown pit. Mining at the Father Brown pit is scheduled to be completed at the end of the first quarter 2014. Wassa produced and sold 185,807 ounces during 2013 and is expected to produce 130,000 to 140,000 ounces in 2014.


                                                                            
                                 Three months ended   Years ended December  
                                    December 31                31           
                               ---------------------------------------------
                                     2013       2012        2013       2012 
                               ---------------------------------------------
Wassa financial results                                                     
Revenue                   $'000    56,530     69,024     263,072    263,921 
Mine operating expenses   $'000    39,168     39,332     145,484    149,171 
Royalties                 $'000     2,829      3,456      13,171     13,220 
Operating costs from/(to)                                                   
 metals inventory         $'000       (98)    (1,382)      4,146     (7,687)
Net realizable value                                                        
 adjustment               $'000         -          -         265          - 
                               ---------------------------------------------
Cost of sales excluding                                                     
 depreciation and                                                           
 amortization             $'000    41,899     41,406     163,066    154,704 
Depreciation and                                                            
 amortization             $'000     5,442     20,449      40,883     67,945 
                               ---------------------------------------------
Mine operating margin     $'000     9,189      7,169      59,123     41,272 
Capital expenditures      $'000     8,634     17,190      33,570     49,299 
Wassa operating results                                                     
Ore mined                 t       557,869    525,306   2,053,259  2,583,072 
Waste mined               t     3,667,459  3,626,728  13,258,797 15,933,486 
Ore processed             t       711,348    582,527   2,695,284  2,507,172 
Grade processed           g/t        2.02       2.30        2.29       2.09 
Recovery                  %          93.2       94.9        94.5       94.6 
Gold sales                oz       44,337     40,366     185,807    158,899 
Cash operating cost per                                                     
 ounce(1)                 $/oz        881        940         805        890 

(1) See 'Non-GAAP Financial Measures' note in the Company's 2013 Management Discussion and Analysis for a reconciliation of cash operating costs per ounce.

Gold production and sales totalled 185,807 ounces for the full year 2013, a 17% increase over the 158,899 ounces sold during the full year 2012. The increase in gold production was due to an 8% increase in ore grade processed in 2013 as a result of the higher grade ore processed from the Father Brown pit and an 8% increase in plant throughput as a result of plant improvements. Fourth quarter gold production and sales were 44,337 ounces compared to 44,830 ounces in the third quarter 2013.

Gold revenues totalled $263.1 million for 2013, compared to $263.9 million in 2012. Fourth quarter 2013 revenue of $56.5 million was 5% lower than third quarter 2013 revenue. These declines were due to the lower average realized gold price.

Wassa's cash operating cost per ounce for 2013 was $805, down 10% from $890 in the prior year. Cash operating cost per ounce in the fourth quarter 2013 were $881, compared with $805 in the third quarter 2013.

Full year 2013 capital expenditure at Wassa was $33.6 million, of which sustaining capital expenditures totalled $17.7 million and development capital expenditures totalled $15.9 million. Capital expenditures at Wassa were lower in 2013 than 2012.

Capital expenditures for the full year 2013 included $12.4 million on development drilling, mostly at the Wassa Main pit, $3.0 million on Father Brown development costs, $4.5 million for the new tailings storage facility and $3.1 million on Wassa processing plant upgrades. Of this total expenditure, $8.6 million was incurred in the fourth quarter 2013.

Wassa incurred taxable income in 2012 for the first time and approximately $12.9 million of 2012 taxes were paid during 2013. Wassa generated taxable income resulting in current tax expense totaling $20.6 million in 2013, of which $10.6 million was paid during 2013.

Bogoso operations

The Bogoso gold mine is located in the southwestern region of Ghana, approximately 35 kilometers west of the Wassa mine. It has both a refractory and a non-refractory plant with capacities of 2.7 mtpa and 1.5 mtpa, respectively. There are currently two operational pits at Bogoso - the Bogoso North pit and the Chujah pit. Bogoso produced and sold 144,999 ounces of gold in 2013 and is expected to produce 165,000 to 180,000 ounces in 2014.

Through Bogoso, Golden Star owns the Prestea underground gold mine which is currently non-operational.


                                Three months ended    Years ended December  
                                   December 31                31,           
                              ----------------------------------------------
                                    2013       2012        2013        2012 
                              ----------------------------------------------
Bogoso financial results                                                    
Revenue                  $'000    39,504     80,686     204,724     286,619 
Mine operating expenses  $'000    45,649     58,213     193,490     207,892 
Royalties                $'000     1,977      4,036      10,243      14,340 
Operating costs                                                             
 from/(to) metals                                                           
 inventory               $'000    (2,396)      (163)      3,799      (3,450)
Net realizable value                                                        
 adjustment              $'000     1,420          -       6,542          57 
                              ----------------------------------------------
Cost of sales excluding                                                     
 depreciation and                                                           
 amortization            $'000    46,650     62,086     214,074     218,839 
Depreciation and                                                            
 amortization            $'000     4,231      5,726      19,083      21,408 
                              ----------------------------------------------
Mine operating margin    $'000   (11,377)    12,874     (28,433)     46,372 
Capital expenditures     $'000    13,879     21,975      69,079      67,357 
Bogoso operating results                                                    
Ore mined refractory     t       539,882    548,303   1,755,039   2,515,985 
Ore mined non-refractory t           545    246,471     391,289     805,212 
                              ----------------------------------------------
Total ore mined          t       540,427    794,774   2,146,328   3,321,197 
Waste mined              t     5,063,279  7,189,964  23,409,092  24,937,369 
Refractory ore processed t       563,204    595,599   2,352,314   2,463,861 
Refractory ore grade     g/t        1.59       2.52        2.24        2.42 
Gold recovery -                                                             
 refractory ore          %          60.6       70.5        68.7        71.2 
Non-refractory ore                                                          
 processed               t       475,835    267,806   1,190,954     873,259 
Non-refractory ore grade g/t        1.07       2.21        1.39        2.37 
Gold recovery - non-                                                        
 refractory ore          %          46.1       58.3        48.1        59.9 
Gold sold refractory     oz       23,972     35,600     119,856     134,266 
Gold sold non-refractory oz        7,121     11,578      25,143      38,113 
Gold sales               oz       31,093     47,178     144,999     172,379 
Cash operating cost per                                                     
 ounce (1)               $/oz      1,391      1,230       1,361       1,186 

(1) See 'Non-GAAP Financial Measures' note in the Company's 2013 Management Discussion and Analysis for a reconciliation of cash operating costs per ounce.

Bogoso gold sales totalled 144,999 ounces for the full year of 2013, compared to 172,379 ounces for 2012. Refractory gold sales decreased to 119,856 ounces in 2013, down 11% from the 134,266 ounces sold in 2012 due to a drop in ore grade processed, a decrease in gold recovery and less refractory ore tonnes processed. Refractory ore grade processed during 2013 was 7% lower than in 2012, due to the lower grade ore available during the push backs at the Chujah and Bogoso North pits. As a result of the lower grade, gold recovery in the refractory processing plant dropped to 68.7% for the full year of 2013. In the fourth quarter 2013, gold production declined to 31,093 ounces from 44,095 ounces in the third quarter due to a 39% reduction in the grade processed.

Non-refractory gold sales dropped to 25,143 ounces in 2013, down 34% from the 38,113 ounces sold in 2012, as a result of the lower grade non-refractory material processed and lower gold recovery in 2013. During 2012, the non-refractory ore feed was primarily sourced from the Pampe open pit mining operation; however, at the end of the second quarter 2013, the Pampe operation was suspended.

Early in the third quarter of 2013, the tailings reclaim project was ramped up to supply ore to the Bogoso non-refractory plant. For the remainder of 2013, non-refractory ore was sourced from tailings reclaim and pockets of non-refractory ore in the Bogoso North and Chujah pits.

In 2013, 0.9 million tonnes of tailings were processed at an average grade of 0.96 grammes of gold per tonne (g/t Au), at a gold recovery rate of 42.5%, which yielded 9,149 ounces for the year. It is expected that there will be sufficient tailings reclaim material to continue mining at the current rate for at least another five years. The tailings reclaim material is expected to be upgraded to Mineral Reserve and Resource during 2014.

Gold revenues for 2013 totalled $204.7 million, down $81.9 million from $286.6 million in 2012. Fourth quarter 2013 gold revenues were $39.5 million.

Cash operating cost per ounce totalled $1,361 for 2013, compared to $1,186 for the full year of 2012. With lower grade and recoveries, fourth quarter 2013 cash operating costs per ounce were 24% higher than the third quarter of 2013.

Capital expenditures for 2013 totalled $69.1 million, compared to $67.4 million incurred during 2012. Sustaining capital expenditures totalled $21.7 million and development capital expenditures were $47.4 million. Of this total expenditure, $13.9 million was incurred in the fourth quarter 2013.

Capital expenditures for the full year 2013 included $7.9 million on the Dumasi resettlement project, development expenditures at Mampon and Prestea South of $3.6 million, $7.3 million on Prestea Underground, $1.5 million for completion of construction of a water treatment plant, mining equipment of $11.5 million and $28.5 million of capitalized betterment stripping.

Push backs continued during 2013 and are expected to be substantially completed during the first quarter of 2014. Betterment stripping is expected to total approximately $7 million during the first half of 2014.

Review of development projects

Wassa

During 2013, 152 drill holes totaling 54,524 meters were completed below the Wassa main pit. The drilling was predominantly targeted at infilling gaps in the prior drilling as well as testing the higher grade plunge mineralization to the south. Drilling results have confirmed that the mineralized zone continues to the south and remains open at depth.

In February 2014, the Company announced an increased Mineral Reserve and Indicated Mineral Resource at Wassa as at December 31, 2013. Wassa Mineral Reserves increased 34% to 2.0 million ounces with 10% more tonnes at a 22% higher grade of 1.75 g/t Au.

Measured and Indicated Mineral Resources as at December 31, 2013, inclusive of Proven and Probable Reserves, increased 26% to 3.3 million ounces at 25% higher grade of 2.02 g/t Au.

A drilling program at Wassa is currently underway. The program includes approximately 20,000 meters of infill drilling of the current ore body to further define grades and continuity, and step-out drilling 250 meters to the south of the currently defined ore body. This drilling program forms the bulk of Wassa's development capital budget for 2014.

Using the latest Mineral Resource model, the Company has recently started a Preliminary Economic Assessment ("PEA") on the viability of mining the higher grade portions of the Wassa deposit via underground mining methods. The Company expects to have the PEA completed in the third quarter of 2014, and pending a positive outcome from this study and 2014 exploration drilling, will then commence a feasibility study.

Bogoso

Prestea Underground

A Feasibility Study for Prestea Underground was completed during the second quarter of 2013 and was published on SEDAR in July 2013. The feasibility study demonstrates positive economics for the extraction of the West Reef steeply dipping, high-grade, narrow vein deposit.

Estimated cash operating costs are $734 per ounce over the six year life of mine. Initial capital expenditure is estimated to be $90.6 million and total capital expenditure over the life of the project is expected to be $150.1 million. Further information on these estimates and associated assumptions are detailed in the Feasibility Study.

During 2013, expenditures totaling $14.3 million were incurred at Prestea Underground of which $7.3 million were capitalized post the conclusion of the Feasibility Study. Capital expenditures of $12.2 million are budgeted for Prestea Underground during 2014.

Dumasi

During the first quarter of 2013, a negotiated resettlement agreement was signed that provides for resettlement of the Dumasi community. Some $7.9 million of resettlement development costs were incurred during 2013, mainly related to land clearing and land preparation for construction. The resettlement action plan (RAP) for Dumasi was submitted to the Prestea Huni Valley District Assembly in December 2013 for their review and approval. The Company is continuing to prepare a draft environmental impact statement (EIS) for submission to the Ghana Environmental Protection Agency (EPA). The Company's intention is to limit its capital expenditure at Dumasi in 2014 until the gold price improves, at which time the project could be accelerated.

Mampon

The permitting process is underway and continued in the fourth quarter of 2013 with the completion of the data collection for the draft RAP for the Mampon community. The RAP and the EIS are currently being drafted and design work for the project and access road is ongoing. The Company's intention is to limit expenditure at Mampon during 2014 until gold price improves.

Prestea South

A public hearing in the Prestea community was held during the third quarter of 2013. The community was supportive of the development of the Prestea South open pit mines. Comments were received from the EPA on the draft Prestea South EIS; additional modeling and data collection is underway to enable the Company to address these comments and submit a revised EIS for final approval. Approximately $1.2 million in capital expenditure is budgeted for 2014. This expenditure may increase if gold prices increase and the project is accelerated.

Outlook for 2014

During 2014, most of the Wassa ore supply will be mined from the Wassa Main pit, as production from the Father Brown pit is expected to end in the second quarter of 2014. The decision was taken to conserve capital and not invest in the requisite push backs required to continue mining in the Father Brown pit. The Wassa Main pit has lower grades than Father Brown pit and, as a result, Wassa gold production is expected to be lower in 2014 than in 2013. Mining costs will reduce as haulage costs from Father Brown pit, which is approximately 70 kilometers from the Wassa Processing Plant, are eliminated. At Bogoso, 2014 production is expected to increase once the push backs are completed in the first quarter of 2014.

Wassa's cash operating cost per ounce will increase due to the lower grades from the Wassa Main pit. The Bogoso cash operating cost per ounce is expected to be above the 2014 annual average during the first half of 2014 due to the lower ore supply whilst the Chujah push back is completed. Bogoso's cash operating costs per ounce are forecast to reduce in the latter part of 2014 as ore supply, plant throughput and gold production increases.

Production over 2014 will fluctuate, with the second and fourth quarter delivering the most ounces. In total we expect to produce between 295,000 and 320,000 ounces in 2014.

In the near term, the Company is focused on reducing its operating costs and managing its capital expenditure. For 2014 we expect cash operating costs per ounce to be between $950 and $1,000 per ounce, lower than the $1,049 cash operating cost achieved in 2013.

Development spending will be focused on projects that are expected to provide a sufficient risk-adjusted return on investment in the near- to medium-term. The Company's longer term strategy is to continue the development of low cost non-refractory ore sources.

The development of Wassa is central to this strategy. Recent Mineral Resource and Mineral Reserve increases at Wassa justify the continued investment in resource development. Approximately $5 million will be spent on drilling at Wassa in 2014. The presence of high grade gold mineralization at depth at Wassa has prompted the Company to commence a PEA of an underground mine at Wassa. Underground mining of the deep, high grade portion of the deposit may improve the cash flows from this operation and therefore its net present value.

Mining of low cost tailings reclaim material at Bogoso forms part of this low cost strategy. Pumping capacity at the tailings storage facilities was recently increased, and daily tonnes mined and processed continue to trend upwards. During 2014, this tailings material is expected to be accurately quantified in a Mineral Reserve and Resource estimate.

Prestea Underground remains a valuable asset to the Company that has the potential to deliver low-cost, non-refractory ore over the medium-term. The Company continues to evaluate the optimal development process for this project.

Adoption of International Financial Reporting Standards

Effective as of the second quarter of 2013 the Company became a "foreign private issuer" under U.S. securities laws as a result the Company converted from accounting principles generally accepted in the United States ("US GAAP") and now prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The comparative financial information for 2012 in this news release has also been restated to conform to IFRS. See Changes in Accounting Policies note in the Company's 2013 Management Discussion and Analysis ("MD&A") for further information on the impact of this change. This MD&A should be read in conjunction with Note 27 "First Time Adoption of IFRS" in the Company's audited consolidated financial statements for the year ended December 31, 2013.

Non-GAAP Financial Measures

In this press release, we use the terms "cash operating cost per ounce", "all-in sustaining costs", "cash generated from operations before working capital changes" and "adjusted net income/(loss) attributable to Golden Star shareholders".

"Cash operating cost per ounce" for a period is equal to "Cost of sales excluding depreciation and amortization" from our statements of operations for the period less royalties and production taxes, minus the cash component of metals inventory net realizable value adjustments divided by the number of ounces of gold sold during the period. "All-in sustaining costs" commences with cash operating costs and then adds sustaining capital expenditures, corporate general and administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs. This measure seeks to represent the total costs of producing gold from current operations, and therefore it does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, interest costs or dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, our calculation of all-in sustaining costs does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. "Cash generated from operations before working capital changes" is calculated by subtracting the "Changes in working capital" from "Net cash provided by operating activities" as found in our statements of cash flows. In order to indicate to stakeholders the Company's earnings excluding the non-cash (gain)/loss on the fair value of debentures and non-cash impairment charges, the Company calculates "adjusted net income/(loss) attributable to Golden Star shareholders".

The foregoing measures should be considered as non-GAAP financial measures as defined in the Canadian securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. There are material limitations associated with the use of such non-GAAP measures. Since these measures do not incorporate all non-cash expense and income items, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Changes in numerous factors including, but not limited to, our share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. Please see "Non-GAAP Financial Measures" in the Company's Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2013 for a more detailed explanation and reconciliation of the above non-GAAP financial measures.

Cautionary note regarding forward-looking information

This report contains "forward looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the business, operations and financial performance and condition of Golden Star. Forward-looking information and statements include, but are not limited to, information or statements with respect to the estimation of Mineral Reserves and Mineral Resources, the timing of such estimates and the PEA for Wassa, plans to pursue a low cost production strategy, the timing and amount of estimated future production, expected cash operating costs, strip ratios, costs of production, capital expenditures, costs and timing of the development of new deposits and sources of funding for such development, success of exploration activities, the timing for completing the push backs and the impact of this on cost and grade, permitting time lines, requirements for additional capital and limits on capital expenditure, the duration of production from the tailings retreatment project and the duration of mining at the Father Brown pit and the supply of ore to Wassa processing plant.

Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Golden Star to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Golden Star will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those set forth in the forward-looking information and statements include, among others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and mineral resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, the availability of capital on reasonable terms or at all, local and community impacts and issues, results of pending or future feasibility studies, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although Golden Star has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information and statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Golden Star to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: risks related to international operations, including economic and political instability in foreign jurisdictions in which Golden Star operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; environmental risks; future prices of gold; possible variations in Mineral Reserves, grade or recovery rates; mine development and operating risks; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and risks related to indebtedness and the service of such indebtedness. Although Golden Star has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking information and statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Golden Star does not undertake to update any forward-looking information and statements that are included in this news release except in accordance with applicable securities laws.

Cautionary note to U.S. investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. Information concerning Golden Star's mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of the Securities and Exchange Commission (the "SEC") set forth in Industry Guide 7. Under the SEC's Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination, and the SEC does not recognize the reporting of mineral deposits which do not meet the SEC Industry Guide 7 definition of "Reserve". In accordance with NI 43-101, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in accordance with CIM standards. While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources have not demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. You are urged to consider closely the disclosure on the mining industry technical terms in "Glossary of Terms" in the Annual Report for the fiscal year ended December 31, 2012, available on SEDAR at www.sedar.com. Golden Star's Annual Report for the year ended December 31, 2012 will be superseded by the Company's annual information form for the year ended December 31, 2013, which will contain similar information and will be made available on SEDAR.

Company Profile

Golden Star is an established gold mining company that holds a 90% interest in both the Bogoso and Wassa open-pit gold mines in Ghana. Golden Star also has a 90% interest in the Prestea Underground mine in Ghana, which is currently undergoing permitting subsequent to a successful feasibility study completed in June 2013. In 2013, Golden Star sold 331,000 ounces of gold and the Company expects to produce 295,000 to 320,000 ounces of gold in 2014.

For further information on the Company, please visit www.gsr.com.


                         GOLDEN STAR RESOURCES LTD.                         
                    CONSOLIDATED STATEMENTS OF OPERATIONS                   
   (Stated in thousands of U.S. dollars except shares and per share data)   
                                                                            
                                                     For the years ended    
                                                         December 31,       
                                                 ---------------------------
                                                          2013          2012
                                                 ------------- -------------
                                                                            
Revenue                                           $   467,796   $   550,540 
  Cost of sales excluding depreciation and                                  
   amortization                                       377,140       373,543 
  Depreciation and amortization                        59,966        89,353 
                                                 ------------- -------------
Mine operating margin                                  30,690        87,644 
                                                                            
Other expenses/(income)                                                     
  Exploration expense                                   1,667         2,788 
  General and administrative                           21,515        24,106 
  Property holding costs                                7,018         9,862 
  Finance expense, net                                  9,841        13,125 
  Other income                                         (2,163)      (24,814)
  (Gain)/loss on fair value of 4% and 5%                                    
   Convertible Debentures                             (51,967)       27,985 
  Derivative mark-to-market loss                            -           162 
  Impairment charges                                  355,624         6,972 
                                                 ------------- -------------
(Loss)/income before tax                             (310,845)       27,458 
  Income tax (recovery)/expense                       (12,331)       17,756 
Net (loss)/income                                 $  (298,514)  $     9,702 
Net (loss)/income attributable to non-controlling                           
 interest                                             (32,622)        2,516 
Net (loss)/income attributable to Golden Star                               
 shareholders                                     $  (265,892)  $     7,186 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
Net (loss)/income per share attributable to                                 
 Golden Star shareholders                                                   
Basic and diluted                                 $     (1.03)  $      0.03 
Weighted average shares outstanding (millions)          259.1         258.9 
                                                                            
                         GOLDEN STAR RESOURCES LTD.                         
                         CONSOLIDATED BALANCE SHEETS                        
                    (Stated in thousands of U.S. dollars)                   
                                                                            
                                                         As of         As of
                                                  December 31,  December 31,
                                                 ---------------------------
                                                          2013          2012
                                                 ------------- -------------
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                       $    65,551   $    78,884 
  Accounts receivable                                   8,200        11,896 
  Inventories                                          67,725        82,979 
  Available for sale investments                            -        15,034 
  Prepaid and other                                     6,852        11,266 
                                                 ------------- -------------
    Total current assets                              148,328       200,059 
Restricted cash                                         2,029         2,028 
Property, plant and equipment                          83,850       191,773 
Mining properties                                      81,343       249,827 
Exploration and evaluation assets                       9,747        10,862 
Intangible assets                                         446         1,511 
Other assets                                                -             - 
Deferred tax assets                                         -           235 
                                                 ------------- -------------
    Total assets                                  $   325,743   $   656,295 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
Liabilities                                                                 
  Current liabilities                                                       
  Accounts payable and accrued liabilities        $   108,983   $   101,760 
  Current portion of rehabilitation provisions          7,783         9,721 
  Current tax liability                                 9,506        12,393 
  Current portion of long term debt                    10,855         6,968 
                                                 ------------- -------------
    Total current liabilities                         137,127       130,842 
Long term debt                                         83,387       110,507 
Rehabilitation provisions                              78,527        53,598 
Deferred tax liability                                      -        33,172 
                                                 ------------- -------------
    Total liabilities                                 299,041       328,119 
                                                 ------------- -------------
                                                                            
Shareholders' equity                                                        
Share capital                                                               
  First preferred shares, without par value,                                
   unlimited shares authorized. No shares issued                            
   and outstanding                                          -             - 
  Common shares, without par value, unlimited                               
   shares authorized                                  694,906       694,652 
Contributed surplus                                    29,346        26,304 
Accumulated other comprehensive income                      -         6,256 
Deficit                                               (652544)     (386,652)
                                                 ------------- -------------
    Total Golden Star equity                          (71,708)      340,560 
Non-controlling interest                              (45,006)      (12,384)
                                                 ------------- -------------
    Total equity                                      (26,702)      328,176 
                                                 ------------- -------------
    Total Liabilities and Shareholders' Equity    $   325,743   $   656,295 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
                         GOLDEN STAR RESOURCES LTD.                         
                    CONSOLIDATED STATEMENTS OF CASH FLOWS                   
                    (Stated in thousands of U.S. dollars)                   
                                                                            
                                                     For the years ended    
                                                         December 31,       
                                                 ---------------------------
                                                          2013          2012
                                                 ------------- -------------
Operating activities:                                                       
Net (loss)/income                                $   (298,514) $      9,702 
Reconciliation of net income/(loss) to net cash                             
 provided by operating activities:                                          
  Depreciation and amortization                        60,008        89,442 
  Amortization of loan acquisition costs                    -           895 
  (Gain)/loss on sale of assets                        (1,271)      (24,991)
  Write-off of unsuccessful exploration costs           1,333             - 
  Impairment charges                                  355,624         6,972 
  Loss on extinguishment of debt                            -           568 
  Share-based compensation                              3,013         6,542 
  Deferred income tax (recovery)/expense              (32,936)        5,363 
  Fair value of derivatives loss                            -           162 
  Fair value loss/(gain) on convertible                                     
   debentures                                         (51,967)       27,985 
  Accretion of rehabilitation provisions                  592           593 
  Reclamation expenditures                             (5,657)       (6,203)
  Changes in working capital                           28,918         6,064 
                                                 ------------- -------------
  Net cash provided by operating activities            59,143       123,094 
Investing activities:                                                       
  Additions to mining properties                      (69,725)      (76,013)
  Additions to property, plant and equipment          (32,924)      (40,569)
  Additions to exploration and evaluation assets         (218)         (717)
  Change in accounts payable and deposits on mine                           
   equipment and material                              (5,695)        5,518 
  Cash used for equity investments                          -          (938)
  Increase in restricted cash                               -          (755)
  Proceeds from sale of assets                          7,200        15,616 
                                                 ------------- -------------
  Net cash used in investing activities              (101,362)      (97,858)
Financing activities:                                                       
  Principal payments on debt                           (7,876)      (58,806)
  Proceeds from debt agreements and equipment                               
   financing                                           36,610         8,510 
  Exercise of options                                     152           300 
                                                 ------------- -------------
    Net cash provided by/(used in) financing                                
     activities                                        28,886       (49,996)
                                                 ------------- -------------
Decrease in cash and cash equivalents                 (13,333)      (24,760)
Cash and cash equivalents, beginning of period         78,884       103,644 
                                                 ------------- -------------
Cash and cash equivalents, end of period         $     65,551  $     78,884 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
                         GOLDEN STAR RESOURCES LTD.                         
                   CONSOLIDATED STATEMENTS OF OPERATIONS                    
   (Stated in thousands of U.S. dollars except shares and per share data)   
                                                                            
                                                    For the quarter ended   
                                                        December 31,        
                                                 ---------------------------
                                                     2013          2012     
                                                 ------------- -------------
                                                                            
Revenue                                           $    96,034   $   149,710 
  Cost of sales excluding depreciation and                                  
   amortization                                        88,549       103,492 
  Depreciation and amortization                         9,673        26,175 
                                                 ------------- -------------
Mine operating margin                                  (2,188)       20,043 
                                                                            
Other expenses/(income)                                                     
  Exploration expense                                     150           671 
  General and administrative                            5,097         7,723 
  Property holding costs                                    -         4,835 
  Finance expense, net                                  2,838         2,009 
  Other income                                         (1,531)       (2,666)
  Gain on fair value of 4% and 5% Convertible                               
   Debentures                                          (1,624)       (4,107)
  Impairment charges                                  159,704             - 
                                                 ------------- -------------
(Loss)/income before tax                             (166,822)       11,578 
  Income tax recovery                                  (1,518)       (2,759)
                                                 ------------- -------------
Net (loss)/income                                 $  (165,304)  $    14,337 
Net (loss)/income attributable to non-controlling                           
 interest                                             (16,728)            3 
                                                 ------------- -------------
Net (loss)/income attributable to Golden Star                               
 shareholders                                     $  (148,576)  $    14,334 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
Net (loss)/income per share attributable to                                 
 Golden Star shareholders                                                   
Basic and diluted                                 $     (0.57)  $      0.06 
Weighted average shares outstanding (millions)          259.1         258.9 
                                                                            
                         GOLDEN STAR RESOURCES LTD.                         
                   CONSOLIDATED STATEMENTS OF CASH FLOWS                    
                   (Stated in thousands of U.S. dollars)                    
                                                                            
                                                    For the quarter ended   
                                                        December 31,        
                                                 ---------------------------
                                                         2013          2012 
                                                 ------------- -------------
Operating Activities:                                                       
Net income/(loss)                                 $  (165,304)  $    14,337 
Reconciliation of net (loss)/income to net cash                             
 provided by operating activities:                                          
  Depreciation and amortization                         9,675        26,213 
  (Gain)/loss on sale of assets                            67        (2,588)
  Write-off of unsuccessful exploration costs             314             - 
  Impairment charges                                  159,704             - 
  Share-based compensation                                413         1,512 
  Deferred income tax expense/(recovery)                  150       (15,152)
  Fair value loss/(gain) on convertible                                     
   debentures                                          (1,624)       (4,107)
  Accretion of rehabilitation provisions                  148           158 
  Reclamation expenditures                               (738)         (814)
  Changes in working capital                           (5,268)       24,377 
                                                 ------------- -------------
  Net cash (used)/ provided by operating                                    
   activities                                          (2,463)       43,936 
                                                                            
Investing Activities:                                                       
  Additions to mining properties                      (14,266)      (26,237)
  Additions to property, plant and equipment           (8,247)      (12,953)
  Additions to exploration and evaluation assets            -          (159)
  Change in accounts payable and deposits on mine                           
   equipment and material                               4,440         5,663 
  Increase in restricted cash                               -               
  Cash used for equity investments                          -               
  Proceeds from sale of assets                            (66)        8,532 
                                                 ------------- -------------
  Net cash used in investing activities               (18,139)      (25,154)
                                                                            
FINANCING ACTIVITIES:                                                       
  Principal payments on debt                           (2,235)      (46,330)
  Proceeds from debt agreements and equipment                               
   financing                                           21,750             - 
  Exercise of options                                       -           110 
                                                 ------------- -------------
  Net cash provided by/(used in) financing                                  
   activities                                          19,515       (46,220)
                                                 ------------- -------------
Decrease in cash and cash equivalents                  (1,087)      (27,438)
Cash and cash equivalents, beginning of period         66,638       106,322 
                                                 ------------- -------------
Cash and cash equivalents, end of period          $    65,551   $    78,884 
                                                 ------------- -------------
                                                 ------------- -------------
                                                                            
                                                  Three months Three months 
                         Three months Three months       ended        ended 
                          ended March   ended June   September December 31, 
                             31, 2013     30, 2013    30, 2013         2013 
                                                                            
WASSA OPERATING                                                             
 RESULTS                                                                    
Ore mined           t         525,638      430,091     539,661      557,869 
Waste mined         t       3,155,399    2,877,662   3,558,276    3,667,459 
Ore and heap leach                                                          
 materials processedt         657,004      651,453     675,480      711,348 
Grade processed     g/t          2.36         2.55        2.24         2.02 
Recovery            %            94.7         95.0        94.8         93.2 
Gold sales          oz         45,866       50,774      44,830       44,337 
Cash operating cost $/ oz $       809  $       736 $       805  $       881 
                                                                            
BOGOSO OPERATING                                                            
 RESULTS                                                                    
Ore mined refractoryt         416,912      265,642     532,603      539,882 
Refractory ore                                                              
 processed          t         523,215      646,191     619,705      563,204 
Refractory ore gradeg/t          2.14         2.15        2.62         1.59 
Gold recovery -                                                             
 refractory ore     %            70.2         67.3        68.9         60.6 
Gold sold refractoryoz         26,367       29,856      39,661       23,972 
                                                                            
Ore mined non-                                                              
 refractory         t         252,397       95,498   42,849(1)       545(1) 
Non-refractory ore                                                          
 processed          t         217,564       63,154     434,400      475,835 
Non-refractory ore                                                          
 grade              g/t          2.75         2.08        0.96         1.07 
Gold recovery - non-                                                        
 refractory ore     %            52.2         54.1        42.5         46.1 
Gold sold non-                                                              
 refractory         oz          9,128        4,460       4,434        7,121 
                                                                            
Waste mined         t       7,470,959    5,854,541   5,020,313    5,063,279 
                                                                            
Gold sales          oz         35,495       34,316      44,095       31,093 
Cash operating cost $/ oz $     1,531  $     1,584 $     1,118  $     1,391 
                                                                            
COMPANY OPERATING                                                           
 RESULTS                                                                    
Average realized                                                            
 gold price         $/oz  $     1,634  $     1,418 $     1,329  $     1,273 
Cash operating cost                                                         
 per ounce          $/oz  $     1,187  $     1,078 $       960  $     1,091 
Cash flow provided                                                          
 by operations      $'000 $    11,915  $    29,544 $    20,147  $    (2,463)
Cash flow provided                                                          
 by operations per                                                          
 share              $            0.05         0.11        0.08        (0.01)

(1) The retreatment of tailings through Bogoso's non-refractory plant commenced in the third quarter of 2013. Non-refractory ore tonnes mined does not include tailings retreatment tonnes. Tailings retreatment tonnes are reflected in non-refractory ore processed.

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