Golden Star Resources Ltd. (AMEX: GSS)(TSX: GSC)(GSE: GSR) today announced its first quarter results for 2008. All currency in this news release is expressed in U.S. dollars, unless otherwise noted. The Company will host a live webcast and conference call to discuss its quarterly results on Wednesday, May 7, at 11:00 a.m. ET. To access the webcast and conference call, go to the home page of the Company’s website, www.gsr.com.

Tom Mair, President and CEO, said, “We are pleased to report that the Bogoso sulfide processing plant is making progress. The flotation circuit is achieving the float recovery expected for transitional ore and by the end of the quarter the sulfide plant had 11 of 14 bio-oxidation tanks operational compared with 8 tanks at the beginning of the quarter. By mid April 2008, we put an additional two bio-oxidation tanks into service bringing the total to 13 of 14 in service. To further enhance oxidation, the new regrind mill was commissioned during the quarter. As mining progresses to deeper levels, we expect to access fresh sulfide ore which testwork indicates should yield higher flotation recovery and consequently higher overall recovery.

“The Wassa mine continued to deliver according to expectations and the operating team is working diligently to prepare the plant for the high grade Benso ore that we expect to be mined beginning in the third quarter. Construction of the haul road from Benso is progressing well, and we expect the project to be on time and on budget. We are proud of the results to date from Wassa and believe its future will be even brighter.”

FIRST QUARTER 2008 RESULTS AND HIGHLIGHTS

• Positive mine operating margin of $4.1 million or $0.017 per share;
• Net loss of $3.9 million, or a loss of $0.017 per share;
• Increase in gold revenues of 78% to $53.2 million compared to the first quarter of 2007;
• Gold sales of 57,427 ounces from Bogoso/Prestea and Wassa, up 25% from the first quarter of 2007;
• Average realized gold price of $926 per ounce, up 42% from the first quarter of 2007; and
• Average cash operating cost of $624 per ounce compared to $535 per ounce for the first quarter of 2007.

FINANCIAL AND OPERATIONAL SUMMARY FOR THE FIRST QUARTER

During the three months ended March 31, 2008, Golden Star’s revenues increased by 78% over the first quarter of 2007 from $29.9 million to $53.2 million. Ounces of gold sold increased 25% over the first quarter of 2007 to 57,427 from 45,825 ounces. The average cash operating costs increased from $535 per ounce to $624 per ounce in the same period. The aggregate increase in cost of sales of $15.8 million is predominately due to the new Bogoso sulfide processing plant which was placed in-service after the first quarter of 2007. Realized gold prices averaged $926 per ounce, up 42% from the first quarter of 2007.

Mining operations generated a positive $4.1 million operating margin in the first quarter of 2008, an improvement of $7.6 million over the $3.5 million operating margin loss incurred in the first quarter of 2007.

During the first quarter of 2008, we incurred a net loss of $3.9 million compared to a net loss of $3.6 million for the first quarter of 2007. Factors that impacted earnings included improved mine operating margin on higher prices, offset by higher interest expense, higher depreciation charges and a lower tax benefit.

BOGOSO/PRESTEA

First quarter gold sales from Bogoso/Prestea were 31,414 ounces compared with 17,720 ounces of gold during the first quarter of 2007 and 48,067 ounces from the fourth quarter of 2007. While significant progress was made in the flotation circuit during the period and the regrind mill was put into service, several of the bio-oxidation tanks were non-operational during the first quarter due to replacement work on the respective agitator shafts and gear boxes. The reduced number of operational bio-oxidation tanks reduced concentrate retention time resulting in insufficient oxidation, which in turn caused low CIL (carbon in leach) recoveries. As the remainder of the bio-oxidation tanks are returned to service, we expect oxidation to increase resulting in improved CIL recoveries.

Bogoso/Prestea generated a $2.8 million operating margin loss in the first quarter of 2008 which was an improvement over the fourth quarter operating margin loss of $4.6 million and just over the $2.2 million operating margin loss of the first quarter of 2007.

As mining progresses deeper in the sulfide pits we expect to see less of the near-surface, low-recovery transition ores, and more of the primary sulfide ore which metallurgical testing indicates should yield higher gold recoveries.

In periods when oxide ore is not available, the oxide plant will directly process moderately oxidized ores which are presently stockpiled in the sulfide pits. The ores will be processed using the oxide plant CIL rather than creating a flotation concentrate and feeding that to the bio-oxidation circuit as was done in the first quarter.

WASSA

Wassa’s operating margin for the first three months of 2008 totaled $6.9 million on sales of 26,013 ounces of gold compared to an operating margin loss of $1.2 million on sales of 28,105 ounces of gold for the first quarter of 2007. The improved operating margin was attributable to higher gold prices, improved grades, higher recoveries and lower cash operating costs.

The cash operating costs at Wassa improved by 4%, from $469 per ounce in 2007 to $448 per ounce for the first three months of the current year. While ounces sold were lower than in the first quarter of 2007, lower cash operating costs resulted in overall lower unit costs.

DEVELOPMENT PROJECTS

HBB Properties

Construction of the haul road linking the HBB properties to the Wassa processing plant continued through the quarter and site works at the Benso site commenced. Early ore mined at Benso will be stockpiled in anticipation of the haul road completion to allow for ore delivery to the Wassa processing plant in the third quarter of this year.

Prestea South Properties

Applications for permits to mine at Prestea South were submitted and are awaiting approval. Assuming no delay in the issuance of these permits, oxide ore mined at Prestea South should commence processing in 2009.

EXPLORATION

Ghana

Exploration in Ghana in the first quarter of 2008 focused on drilling programs at Hwini-Butre and Manso. The drilling programs have delineated new targets that will require further testing through the second quarter and the rest of the year. Within our Chichiwelli concession, we discovered two new gold anomalies alongside the Wassa-Benso haul road currently under construction. Initial drilling has confirmed significant grades and widths from surface or near surface and we anticipate commencing a 6,000 meter drill program on the Chichiwelli prospect during the second quarter. A separate press release discusses this discovery in more detail.

Drill results from our first quarter drilling program at the Chujah South deposit on the Bogoso mining lease are pending and, once received, will be used to update our resource estimate. The drilling targeted inferred resources which were contained in our year-end optimized mineral resource pits. We hope to reclassify a portion of these resources into Indicated Mineral Resources for potential conversion into reserves.

During the first quarter, on our Prestea mining lease, we continued to drill test the Main Reef Footwall target located below the Plant North pit. These new drill results have confirmed the continuity of this target and we are now updating the three dimensional interpretations and grade estimations for this potential underground mining resource. Results from this new estimation will be used to update the scoping study that should be forthcoming in the second quarter of 2008.

Suriname

At our Newmont-funded joint venture on the Saramacca project, we received disappointing results from the initial drilling in the first quarter. However, several new targets have been defined as a result of our on-going soil and auger sampling and these are planned to be tested in future.

Sierra Leone

The exploration work on the Sonfon concession continued in the first quarter of 2008. Drill access to the southernmost high priority soil anomalies was completed in the quarter and initial Rotary Air Blast (RAB) drilling commenced. Positive RAB drilling results have been received to date and positive drill intersections from the new drilling are scheduled for further testing with a limited diamond drill program later this year.

Niger

A soil geochemistry program, geophysical work, and surface mapping were conducted at the Tialkam concession in Niger. Results from this work are being used to plan a drilling program for later in the year. Exploration work is also expected to be conducted at the Deba concession in the second quarter.

Ivory Coast

Exploration activities continued at the Amelikia and Abengourou concessions and will continue into the second quarter of the year. Results are pending. We anticipate several in-fill programs will be required in future.

French Guiana

Following the government’s recent announcements regarding the suspension of the granting of mining licenses pending the outcome of an environmental review of all French Guiana exploration areas, we have temporarily suspended exploration activities at the Paul Isnard project. We anticipate this review to continue through most of the year and that our exploration activities will resume when it is appropriate to do so.

CASH AND CASH FLOW

At the end of March, 2008, our cash, cash equivalents and short-term investments totaled $54.7 million down from $75.8 million at the end of 2007. Operations used $5.0 million of cash in the first quarter of 2008, compared to $8.3 million for the first three months of 2007. The improvement in cash used in operations is mainly related to improved operating results.

Net investing activities used $17.6 million of cash during the first quarter of the year. Mining property expenditures used $7.7 million of cash of which $4.3 million was directed toward Benso. Exploration projects used $2.0 million and purchases of property and equipment used $2.3 million. Lastly, $3.7 million was utilized to secure a letter of credit to support construction of the Bogoso power plant. Net financing activities provided $1.6 million during the quarter. A total of $5.3 million was received from the offering of common shares in connection with our listing on the Ghana Stock Exchange and $0.9 million came through the exercise of employee stock options. These were partially offset by $4.6 million of scheduled principal and loan payments on our equipment financing and short term bank loans.

Liquidity Outlook

The major capital expenditures for the remainder of the year will be at Benso, for the development of the HBB project where we expect capital expenditures for 2008 to total approximately $35 million as follows:

We anticipate that all of our cash needs for the remainder of 2008 will be met by the $54.7 million cash on hand, cash generated from operations as Wassa, and improvements in operations at Bogoso/Prestea. These amounts are expected to be sufficient to cover capital and operating needs for the remainder of the year.

LOOKING AHEAD

Our objectives for the remainder of 2008 include:

• Continuation of optimization activities at the Bogoso sulfide processing plant;
• Continuation of the construction and development of the HBB project;
• Complete the permitting process for the Prestea South project;
• Complete Prestea Underground pre-feasibility study; and
• Continue exploration programs at Bogoso/Prestea, Wassa and the HBB project.

We are maintaining our guidance for 2008 total gold production of 370,000 to 425,000 ounces at an average cash operating cost between $500 and $560 per ounce. The increase in average cash operating cost reflects an increase in diesel prices over our budget assumptions.

FINANCIAL STATEMENTS

The following information is excerpted from the Company’s unaudited consolidated financial statements and notes thereto contained in our Form 10-Q, which we intend to file with the SEC today and which is available on our website.