| Cash Flow for Golden Star Resources Ltd (GSS) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (36,404) | 64,689 | (13,531) | 2,642 | 21,956 | | Depreciation & Amortization | 36,178 | 21,530 | 16,042 | 8,096 | 4,993 | | Deferred Income Taxes | - | - | (12,930) | - | - | | Operating Losses | (9,950) | (69,944) | 13,104 | 480 | 2,489 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (1,168) | (4,077) | (2,853) | (2,802) | 1,187 | | Decrease in Inventories | (11,645) | (22,294) | (7,815) | (2,705) | (4,240) | | Decrease in Other Current Assets | - | (67) | 163 | - | - | | Increase in Payables | 12,169 | 10,716 | 8,817 | 8,204 | 690 | | Increase in Other Current Liabilities | - | - | (165) | - | 906 | | Decrease in Other Working Capital | 358 | (758) | - | - | - | | Other Non-Cash Items | 16,683 | 5,245 | - | (5) | 1,095 | | Net Cash from Continuing Operations | 6,670 | 5,398 | 1,060 | 13,910 | 29,076 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 6,670 | 5,398 | 1,060 | 13,910 | 29,076 | | | | Sale of Property, Plant, Equipment | - | 6,914 | 1,434 | 1,000 | 1,000 | | Sale of Short Term Investments | - | 21,080 | 38,850 | - | - | | | Purchase of Property, Plant, Equipment | (110,316) | (162,110) | (98,482) | (31,588) | (64,666) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | - | (21,080) | - | (4,971) | - | | Other Investment Changes, Net | (3,366) | (8,780) | (6,420) | (34,039) | (4,374) | | Cash from Investing Activities | (101,030) | (92,122) | (67,489) | (69,598) | (68,040) | | | Issuance of Debt | 134,021 | 27,431 | 71,334 | 2,328 | 799 | | Issuance of Capital Stock | 84,225 | 3,463 | 75,989 | 15,270 | 113,408 | | | Repayment of Debt | (75,240) | (6,622) | (3,678) | (153) | (5,289) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | - | (149) | (384) | - | - | | Cash from Financing Activities | 143,006 | 24,123 | 143,261 | 17,445 | 108,918 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | 48,646 | (62,601) | 76,832 | (38,243) | 69,954 | | | Cash at Beginning of Year | 27,108 | 89,709 | 12,877 | 89,970 | 20,016 | | Cash at End of Period | 75,754 | 27,108 | 89,709 | 51,727 | 89,970 | | | |
