Wednesday, March 31, 2010

Gammon Gold (NYSE:GRS) Estimates Higher Production

Increased Gold Production says Gammon Gold

Gammon Gold (NYSE:GRS) said yesterday gold production over the next three years should be higher for the company.

This year Gammon estimates production levels of between 150,000 to 180,000 ounces of gold, which should increase to between 175,000 to 205,000 ounces in 2012.

Increased production estimates are largely based on the completion of the Santa Eduviges mine in Mexico, and also production levels as existing mines enjoying higher production.

While costs per ounce of gold this year will be around $440 to $475 an ounce, the increased production levels should bring costs down to about $395 to $430 an ounce by 2012.

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