• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
TableofContents
SECURITIESANDEXCHANGECOMMISSION
Washington,DC20549
FORM10-K 
ANNUALREPORTPURSUANTTOSECTION13OR15(D)OFTHESECURITIESEXCHANGEACTOF1934
FortheFiscalYearendedDecember31,2008Commissionfilenumber1-12284
GOLDENSTARRESOURCESLTD.
(ExactNameofRegistrantasSpecifiedinItsCharter)
Canada
98-0101955
(StateorotherJurisdictionof IncorporationorOrganization)
(I.R.S.EmployerIdentificationNo.)
10901WestTollerDrive,Suite300Littleton,Colorado
80127-6312
(AddressofPrincipalExecutiveOffice)
(ZipCode)
Registrant’stelephonenumber,includingareacode(303)830-9000SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct:
TitleofEachClass
Nameofeachexchangeonwhichregistered
CommonShares
 NYSEAlternextUS
SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct:None
Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes
®
No
x
IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes
®
No
x
Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934(the“Act”)duringthepreceding12months(orforsuchshorterperiodthattheRegistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes
x
No
®
IndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationS-K(§229.405ofthischapter)isnotcontainedherein,andwillnotbecontained,tothebestofregistrant’sknowledge,indefinitiveproxyorinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10-KoranyamendmenttothisForm10-K.
®
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfilerorasmallerreportingcompany.(Seedefinitionof“largeacceleratedfiler,”“acceleratedfiler”and“smallerreportingcompany”inRule12b-2oftheExchangeAct).(Checkone):Largeacceleratedfiler:
x
Acceleratedfiler:
®
Non-acceleratedfiler:
®
Smallerreportingcompany
®
Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct)Yes
®
No
x
Theaggregatemarketvalueofthevotingandnon-votingcommonequityheldbynon-affiliatesoftheRegistrantwasapproximately$594.7millionasofJune30,2008,basedontheclosingpriceofthesharesontheNYSEAlternextUSasofthatdateof$2.69pershare. NumberofCommonSharesoutstandingasatFebruary24,2009:236,005,311.
DOCUMENTSINCORPORATEDBYREFERENCE
PortionsofourDefinitiveProxyStatementtobefiledwiththeSecuritiesandExchangeCommissionpursuanttoRegulation14Ainconnectionwiththe2009AnnualMeetingofShareholdersareincorporatedbyreferencetoPartIIIofthisAnnualReportonForm10-K.
Processed and formatted by SEC Watch - Visit SECWatch.com
 
TableofContentsTABLEOFCONTENTS
ITEM1.BUSINESS
10ITEM1A.RISKFACTORS
20ITEM1B.UNRESOLVEDSTAFFCOMMENTS
29ITEM2.DESCRIPTIONOFPROPERTIES
30ITEM3.LEGALPROCEEDINGS
42ITEM4.SUBMISSIONOFMATTERSTOAVOTEOFSECURITYHOLDERS
42ITEM5.MARKETFORTHEREGISTRANT’SCOMMONEQUITYANDRELATEDSTOCKHOLDERMATTERS
42ITEM6.SELECTEDFINANCIALDATA
45ITEM7.MANAGEMENT’SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS
46ITEM7A.QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK 
59ITEM8.FINANCIALSTATEMENTSANDSUPPLEMENTARYDATA
61ITEM9.CHANGESINANDDISAGREEMENTSWITHACCOUNTANTSONACCOUNTINGANDFINANCIALDISCLOSURE
98ITEM9A.CONTROLSANDPROCEDURES
98ITEM9B.OTHERINFORMATION
98ITEMS10,11,12,13AND14
98ITEM15EXHIBITS,FINANCIALSTATEMENTSCHEDULES
99SIGNATURES
102EXHIBITINDEX
103
2
Processed and formatted by SEC Watch - Visit SECWatch.com
 
TableofContentsREPORTINGCURRENCY,FINANCIALANDOTHERINFORMATION
AllamountsinthisreportareexpressedinUnitedStates(“US”)dollars,unlessotherwiseindicated.Canadiancurrencyisdenotedas“Cdn$.”FinancialinformationispresentedinaccordancewithaccountingprinciplesgenerallyacceptedinCanada(“CdnGAAP”or“CanadianGAAP”).DifferencesbetweenaccountingprinciplesgenerallyacceptedintheUS(“USGAAP”)andCanadianGAAP,asapplicabletoGoldenStarResourcesLtd.,areexplainedinNote25totheConsolidatedFinancialStatements.Referencesto“GoldenStar,”the“Company,”“we,”“our,”and“us”meanGoldenStarResourcesLtd.,itspredecessorsandconsolidatedsubsidiaries,oranyoneormoreofthem,asthecontextrequires.
NON-GAAPFINANCIALMEASURES
InthisForm10-K,weusetheterms“totaloperatingcostperounce”,“totalcashcostperounce”and“cashoperatingcostperounce”whichareconsideredNon-GAAPfinancialmeasuresasdefinedinSECRegulationS-KItem10andapplicableCanadiansecuritieslawandshouldnot beconsideredinisolationorasasubstituteformeasuresofperformancepreparedinaccordancewithCdnGAAPorUSGAAP.SeeItem7Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperationsforadefinitionofthesemeasuresasusedinthisForm10-K.
STATEMENTSREGARDINGFORWARD-LOOKINGINFORMATION
ThisForm10-Kcontainsforward-lookingstatements,withinthemeaningofSection27AoftheSecuritiesActof1933,asamendedandSection21EoftheSecuritiesExchangeActof1934,asamended,andwithinthemeaningofapplicableCanadiansecuritieslaw,withrespecttoourfinancialcondition,resultsofoperations,businessprospects,plans,objectives,goals,strategies,futureevents,capitalexpenditures,andexplorationanddevelopmentefforts.Wordssuchas“anticipates,”“expects,”“intends,”“forecasts,”“plans,”“believes,”“seeks,”“estimates,”“may,”“will,”andsimilarexpressions(includingnegativeandgrammaticalvariations)tendtoidentifyforward-lookingstatements.Althoughwebelievethatourplans,intentionsandexpectationsreflectedintheseforward-lookingstatementsarereasonable,wecannotbecertainthattheseplans,intentionsorexpectationswillbeachieved.Actualresults,performanceorachievementscoulddiffermateriallyfromthosecontemplated,expressedorimpliedbytheforward-lookingstatementscontainedinthisForm10-K.Thesestatementsincludecommentsregarding:anticipatedattainmentofgoldproductionrates;productionandcashoperatingcostestimatesfor2009;anticipatedcommencementdatesofminingandproduction,includingatPresteaSouthandtheHwini-Butreproperty;estimateddevelopmentcostsfortheHwini-Butrepropertyin2009;anticipatedoredeliveryfromandlifeofPresteaSouthpits;productioncapacity, productionrates,andproductioncosts;cashoperatingcostsgenerally;goldsales;miningoperationsandrecoveryrates;oredelivery;ore processing;potentialminelife;permitting;establishmentandestimatesofMineralReservesandResources;geological,environmental,communityandengineeringstudies;timingandresultsoffeasibilitystudies;explorationeffortsandactivities;availability,costandefficiencyofminingequipment;oregrades;reclamationwork;ouranticipatedinvestingandexplorationspendingin2009;identificationofacquisitionandgrowthopportunities;powercosts,theabilitytomeettotalpowerrequirements,commencementandcompletionofconstructionoftheBogosopowerplantandaccesstothepowerplantoncecompleted;retentionofearningsfromouroperations;ourobjectivesfor2009;andsourcesofandadequacyofliquiditytomeetcapitalandotherneedsin2009.Thefollowing,inadditiontothefactorsdescribedunder“RiskFactors”inItem1Abelow,areamongthefactorsthatcouldcauseactualresultstodiffermateriallyfromtheforward-lookingstatements:
•
significantincreasesordecreasesingoldprices;
•
lossesorgainsinMineralReservesfromchangesinoperatingcostsand/orgoldprices;
•
failureofexplorationeffortstoexpandMineralReservesaroundourexistingmines;
•
unexpectedchangesinbusinessandeconomicconditions;
•
inaccuraciesinMineralReservesandnon-reservesestimates;
•
changesininterestandcurrencyexchangerates;
•
timingandamountofgoldproduction;
•
unanticipatedvariationsinoregrade,tonnesminedandcrushedormilled;
•
unanticipatedrecoveryorproductionproblems;
•
effectsofillegalminingonourproperties;
•
changesinminingandprocessingcosts,includingchangestocostsofrawmaterials,supplies,servicesandpersonnel;
3
Processed and formatted by SEC Watch - Visit SECWatch.com
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...