La Mancha Announces Acquisition of Additional Golden Star Resources Common Shares

LUXEMBOURG, March 25, 2020 /CNW/ - La Mancha Holding S.à r.l. ("La Mancha"), a Luxembourg-incorporated private gold investment company, is pleased to announce the acquisition of an aggregate of 2,481,248  common shares (the "Shares") of Golden Star Resources Ltd. (NYSE American: GSS; TSX: GSC; GSE: GSR) ("Golden Star") representing approximately 2.26% of the issued and outstanding common shares. The share purchases were made through open market purchases on the New York Stock Exchange and other U.S. marketplaces at prices ranging from US$2.1220 (C$3.0769) to US$3.0148 (C$4.4196) per share (USD-CAD conversions based on the Bank of Canada exchange rate on March 24, 2020). The share purchases were made in reliance on the normal course purchase exemption from the take-over bid rules under applicable Canadian securities law and in connection with Golden Star's previously announced consent to La Mancha acquiring up to an additional 5% of the outstanding common shares of Golden Star (to a maximum of 35%) through ordinary market or block trade purchases.

Following such acquisition, La Mancha, through its wholly owned subsidiary, La Mancha Star Investments S.à r.l., now beneficially owns and has control and direction over an aggregate of 37,539,704 common shares of Golden Star representing approximately 34.27% of the issued and outstanding common shares.

La Mancha acquired the Shares of Golden Star for investment purposes. In the future La Mancha may, from time to time, increase or decrease its investment in Golden Star through market transactions, private agreements, treasury issuances or otherwise at any time subject to the terms of an investor rights agreement between La Mancha and Golden Star and other applicable restrictions.

La Mancha's head office is located at 31‐33 avenue Pasteur L‐2311 Luxembourg.

Golden Star's head office is located at 150 King Street West, Sun Life Financial Tower, Suite 1200, Toronto, Ontario, Canada, M5H 1J9.

La Mancha will file an updated early warning report in accordance with applicable securities laws, which will be available under Golden Star's profile on the SEDAR website at www.sedar.com, and may also be obtained by contacting:

Karim Nasr,
Chief Executive Officer of the La Mancha Group
T: [phone]
Email: [email protected]

About La Mancha Group

La Mancha is a privately held international gold company with investments in Endeavour Mining, Evolution Mining and Golden Star Resources, having operations in West Africa (Mali, Burkina Faso, Côte d'Ivoire and Ghana) and Australia, respectively. La Mancha was taken private in 2012 by the Sawiris family. Under the Sawiris family ownership, since 2012, La Mancha has expanded its exposure to mining operations in Africa and Australia and is invested in three mining companies with total production exceeding 1.8 million gold equivalent ounces per annum. Mrs. Yousriya Nassif Loza owns all of the issued and outstanding shares of Marchmont Limited, the holding company of La Mancha Holding S.à r.l. For more information, please visit www.lamancha.com.

SOURCE La Mancha Holding S.à r.l.