Gammon Gold (NYSE:GRS) Jumps on Guidance

Shares of Gammon Gold (NYSE:GRS) are getting a boost today after the gold miner reported earnings of $19.3 million in the first quarter, or 14 cents a share.

Last year in the same quarter the company generated a net income of $1.8 million, or 1 cent a share. They did miss as measured by analysts' expectations, which were looking for 16 cents a share on average.

Gammon Gold Inc., which participates in the acquisition, exploration, development, and mining of gold and silver deposits in North America and Mexico, estimates gold production for 2011 to come in at a range of 255,000 to 290,000 gold equivalent ounces.

In 2010 the company produced just over 200,000 ounces.

Much of that is from the acquisition of Capital Gold and the ending of a strike at its El Cubo mine.

Gammon was trading in New York at $9.61, gaining $0.17, or 1.91 percent, as of 2:25PM EDT.