Monday, April 12, 2010

Gammon Gold (TSE:GAM) Production Down in First Quarter

Gammon Gold Production

Gammon Gold (TSE:GAM) reported reduced production in the first quarter, as levels plunged by 13 percent over the same period a year ago, although gold and silver prices experienced nice jumps.

Last year in the first quarter Gammon produced 36,829 ounces of gold and 1.35 million ounces of silver. For the first quarter this year, that was down to 28,431 ounces of gold and 1.28 million ounces of silver.

Gammon gave the reason for gold production declines as coming from replacing of equipment in the quarter and voids from former mining activity which were larger than expected.

The average price of gold for the quarter the company garnered was $1,107 an ounce for gold, and $16.81 an ounce for silver. That was far above the $903 an ounce for gold and $12.63 an ounce for silver received last year.

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