Golden Star continued to show real progress in the second quarter. We produced approximately 85,000 ounces of gold in the quarter, a 10% increase over first quarter and a 20% increase over Q4 of 2011. Gold prices averaged $1,600 in Q2 which was $86 lower than Q1. Higher production meant our revenues were up 4%. Year-over-year, our revenues were up 24% on higher gold production and higher prices.
We’re happy to report that our combined cash operating costs are trending lower to $921 in the second quarter from $1,118 in the first quarter as we achieved lower costs at both our Bogoso and Wassa operations. In addition, our corporate G&A cash costs were approximately 25% lower than Q2 a year ago.
Operating cash flow before changes in working capital was almost $0.13 per share in Q1 which is up from $0.08 in – I’m sorry in Q2 which is up from $0.08 in Q1. We have put together four consecutive quarters of positive cash flow from operations, an indication that, in addition to gold prices remaining high and our production trending in the right direction, we are achieving solid operational improvements at both mines.
We closed the quarter with approximately $106 million in cash and cash equivalents, a slight increase over $104 million at the end of the first quarter. CapEx in Q2 was about $15 million and we used $15.5 million in working capital. Inventories, largely store ore stockpiles were up $8.5 million and we reduced payables by $8.5 million.One additional note, we refinanced $74.5 million of our convertible debentures. At this point, it is our expectation to pay the remaining $50.5 million in cash on November 30, 2012. I refer you to complete disclosure on this matter in the 10-Q filing of yesterday. Turning to our six-month results, Golden Star produced almost 163,000 ounces of gold in the first half of 2012, a 4% increase over the same period last year. Our average realized gold price in the first half was up 13% to $1,641 per ounce from $1,447 in the first six months of 2011, a better than $190 per ounce increase year-over-year. I’ll again remind investors that our gold production this year is completely unhedged.
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