Gammon Gold Reports 3-Year Consolidated Operational Outlook and Updated Reserves and Resources
By Gammon Gold Inc., PRNEMonday, March 29, 2010
HALIFAX, Canada, March 30, 2010 - Gammon Gold Inc. ("Gammon" or the "Company")
(TSX:GAM and NYSE:GRS): today issued a 3-year operational outlook for the
years 2010 to 2012 and updated Reserves and Resources statements as at
December 31, 2009.
3-Year Operational Outlook
————————————————————————-
In 2010, the Company expects to produce 150,000 to 180,000 ounces of gold
and 6.10 to 6.85 million ounces of silver, or 260,000 to 305,000 gold
equivalent ounces, using a gold-to-silver ratio of 55:1, from existing
operations. Total cash costs for 2010 are expected to be $440 to $475 per
gold equivalent ounce using the same ratio. The anticipated increase in
production over 2009 is expected to be supported by a number of
factors including:
<<
- Completing the commissioning of the Phase III mill expansion during
the second quarter of 2010 that will increase mill capacity to
between 3,300 and 3,400 tonnes per day ("tpd")
- Achieving the Ocampo steady-state underground production target of
1,500 tonnes per day by the end of the first quarter of 2010
- Gaining access to higher grade mineralization in the Picacho open pit
during the second quarter of 2010
- Completing the heap leach expansion program and ramping up stacking
rates to targeted levels of over 10,000 tonnes per day during the
second quarter of 2010
- Completing the development of the Santa Eduviges underground mine with
production anticipated during the second half of 2010 with further
expansions in 2011
- Continuing to improve productivity at El Cubo to targeted levels of
1,850 tonnes per day by the second half of 2010
>>
In subsequent years, further increases in production from existing
operations and decreases in total cash costs are expected to be supported by
a number of factors including:
<<
- Consistent operations at Ocampo and increased in-situ ore production to
2,000 tpd from El Cubo
- Full-year production from the Santa Eduviges underground mine at Ocampo
- Continued productivity enhancements throughout our operations
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Gammon Gold - 3-Year Operational Outlook
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Production: 2010 2011 2012
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Gold Ounces 150-180,000 oz 155-185,000 oz 175-205,000 oz
-------------------------------------------------------------------------
Silver Ounces 6,100-6,850k oz 7,500-8,250k oz 6,750-7,500k oz
-------------------------------------------------------------------------
Gold Equivalent(1) 260-305,000 oz 290-335,000 oz 295-340,000 oz
-------------------------------------------------------------------------
Cash Cost per Gold
Equivalent Ounce(1,2) $440-$475 $410-$445 $395-$430
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
1. Assumes a 55:1 gold-to-silver ratio
2. Assumes a foreign exchange rate of 12.5 Mexican pesos to one U.S.
dollar
-------------------------------------------------------------------------
>>
"The majority of 2010's production growth from existing operations is
expected to be realized in the second half of the year when the Company
completes the Ocampo capital expansion program, the Ocampo underground mine
achieves steady state production of 1,500 tonnes per day and we realize
ongoing productivity improvements at the El Cubo mine. Additional production
is planned early in the second half of the year when the Santa Eduviges
underground mine is expected to come into production." stated Rene Marion,
President and Chief Executive Officer of Gammon Gold. "In 2011 and 2012, we
expect production to increase as we gain the full year benefit of the Ocampo
capital expansion program, production from Santa Eduviges and the planned
improved productivities at El Cubo. Through our aggressive exploration
program we anticipate that future years will benefit from the development of
new orebodies identified by our strategic exploration program and reserves
growth that we expect to realize through our drilling programs."
Reserve and Resource Estimates
————————————————————————-
Mineral Reserves and Mineral Resources are stated as of December 31, 2009
and have been calculated assuming a gold price of $845 per ounce, a silver
price of $14.35 per ounce and an exchange rate of 12.5 Mexican Pesos to the
US dollar.
Proven and Probable Mineral Reserves
————————————————————————-
Consolidated
Gammon's total Proven and Probable reserves at year-end 2009 decreased by
412,000 ounces to 2,546,000 gold equivalent ounces, versus 2,958,000 gold
equivalent ounces at year end 2008, or a decrease of 14%, using a silver to
gold ratio of 58.89:1. Mining depletion of 267,000 gold equivalent ounces
accounted for 9% of the net reduction. 2009 year end Proven & Probable
Reserves are 67,776,000 tonnes at 0.65 grams per tonne gold, 30 grams per
tonne silver for an average gold equivalent grade of 1.17 grams per tonne
using a silver to gold ratio of 58.89:1. 2009 year end Proven & Probable
Reserve tonnages have increased by 7,886,000 tonnes (an increase of
approximately 13%) from the 2008 year end Reserves.
Ocampo Underground
2009 year end Proven & Probable Reserves at the Ocampo underground are
2,953,000 tonnes at 3.58 grams per tonne gold, 177 grams per tonne silver for
an average gold equivalent grade of 6.59 grams per tonne using a silver to
gold ratio of 58.89:1, resulting in 626,000 contained gold equivalent ounces,
or an increase of 16% over 2008 year end gold equivalent ounces after mining
depletion.
Ocampo Open Pit
2009 year end Proven & Probable Reserves at the Ocampo open pits are
61,248,000 tonnes at 0.40 grams per tonne gold, 16 grams per tonne silver for
an average gold equivalent grade of 0.67 grams per tonne, resulting in
1,324,000 contained gold equivalent ounces using a silver to gold ratio of
58.89:1. This is a reduction of 25% from the 2008 year end Proven & Probable
gold equivalent reserve ounces and is a 16% reduction following 2009 mining
depletion. The reduction in 2009 Proven and Probable Reserves is primarily a
result of the 2009 drilling program that targeted deeper inferred material in
and below the pit bottom. This drilling program returned lower than expected
average grades that upon incorporation into the resource interpretation
resulted in lower overall pit grades. The impact of the 2009 drilling program
was partially offset by a reduction in the leach cutoff grade from 0.30 grams
per tonne to 0.18 grams per tonne, and the significant inclusion of
additional leach material within the ultimate pit. The additional leach
material has also had the impact of significantly reducing the strip ratio
year over year from 3.0 to 2.3.
El Cubo Underground
2009 year end Proven & Probable Reserves at the El Cubo underground are
3,575,000 tonnes at 2.64 grams per tonne gold, 150 grams per tonne silver for
an average gold equivalent grade of 5.19 grams per tonne using a silver to
gold ratio of 58.89:1, resulting in 596,000 contained gold equivalent ounces.
At a silver to gold ratio of 58.89:1, gold equivalent ounces have decreased
by 7% from 2008 year end reserves of which mining depletion accounted for 3%
of the decrease. Reductions were primarily due to the removal from reserve of
specific remnant pillars deemed to be impractical to mine.
Consolidated Measured and Indicated Mineral Resources
————————————————————————-
Gammon's total Measured and Indicated mineral resources at year-end 2009
decreased by 195,000 ounces to 489,000 gold equivalent ounces, versus 684,000
gold equivalent ounces, a decrease of 29% over 2008. 2009 year end Measured
and Indicated mineral resources are 17,565,000 tonnes at 0.59 grams per tonne
gold, 17 grams per tonne silver for an average gold equivalent grade of 0.87
grams per tonne using a silver to gold ratio of 60.00:1. The decrease in
Measured and Indicated resources is primarily a result of the drop in the
leach cutoff grade within the Ocampo open pit and the subsequent conversion
of low grade Measured and Indicated into Proven and Probable.
Consolidated Inferred Mineral Resources
————————————————————————-
Gammon's total Inferred mineral resources at year-end 2009 decreased by
303,000 ounces to 4,638,000 gold equivalent ounces ay a silver to gold ratio
of 60.00:1, versus 4,941,00 gold equivalent ounces, a decrease of 6% over
2008. The reduction in Inferred resources can be attributed to the conversion
of resource material to Proven and Probable and Measured and Indicated in the
open pit as a result of the 2009 pit drilling program, the conversion of
Inferred material to Proven and Probable ore at the Ocampo underground and
the conversion of Las Torres Inferred material to Proven and Probable ore at
the El Cubo mine.
About Gammon Gold
Gammon Gold Inc. is a Nova Scotia based mid-tier gold and silver producer
with properties in Mexico. The Company's flagship Ocampo Project in Chihuahua
State achieved commercial production in January 2007. Gammon gold also
operates its El Cubo operation in Guanajuato State and has the promising
Guadalupe y Calvo development property in Chihuahua State. The Company
recently completed a purchase option agreement to acquire the Mezquite
Project ("Mezquite") in Zacatecas State, Mexico.
<<
Cautionary Statement
>>
Cautionary Note to US Investors - The United States Securities and
Exchange Commission permits US mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. This press release uses certain terms, such
as "measured," "indicated," and "inferred" "resources," that the SEC
guidelines strictly prohibit US registered companies from including in their
filings with the SEC. US Investors are urged to consider closely the
disclosure in Gammon Gold's Annual Report on Form 40-F/A, which may be
secured from Gammon Gold, or from the SEC's website at
www.sec.gov/edgar.shtml.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Certain statements included herein, including information as to the
future financial or operating performance of the Company, its subsidiaries
and its projects, constitute forward-looking statements. The words "believe",
"expect", "anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "forecast", "may", "will", "schedule" and
similar expressions identify forward-looking statements. Forward-looking
statements include, among other things, statements regarding targets,
estimates and assumptions in respect of gold and silver production and prices
in 2010 and subsequent years, operating costs, results and capital
expenditures, mineral reserves and mineral resources and anticipated grades,
recovery rates, future financial or operating performance, margins, operating
and exploration expenditures, costs and timing of the development of new
deposits, costs and timing of construction, costs and timing of future
exploration and reclamation expenses including, anticipated 2009 results,
operating performance projections for 2009 and 2010, our ability to fully
fund our business model internally, 2009 gold and silver production and the
cash and operating costs associated therewith, the ability to achieve
productivity and operational efficiencies, further reduction in the open
pit stripping ratio and the timing of each thereof. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by the Company, are inherently subject
to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors could cause the Company's
actual results to differ materially from those expressed or implied
in any forward-looking statements made by, or on behalf of, the Company.
Such factors include, among others, known and unknown uncertainties and
risks relating to additional funding requirements, reserve and resource
estimates, commodity prices, hedging activities, exploration, development
and operating risks, illegal miners, political and foreign risk,
uninsurable risks, competition, limited mining operations,
production risks, environmental regulation and liability,
government regulation, currency fluctuations, recent losses and write-downs,
restrictions in the Company's loan facility, dependence on key employees,
possible variations of ore grade or recovery rates, failure of plant,
equipment or process to operate as anticipated, accidents and labour
disputes. Investors are cautioned that forward-looking statements are not
guarantees of future performance and, accordingly, investors are
cautioned not to put undue reliance on forward-looking statements due
to the inherent uncertainty therein.
<<
Ocampo Proven & Probable Reserves(4)(5)(7)(8)(10)
-------------------------------------------------------------------------
Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(1)
-------------------------------------------------------------------------
Open Pit
Area(9)
-------------------------------------------------------------------------
Proven 0.39 17 0.67 29,636 374 15,813 643
-------------------------------------------------------------------------
Probable 0.40 16 0.67 31,612 406 16,180 681
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Total Open
Pit Area
Proven &
Probable 0.40 16 0.67 61,248 781 31,994 1,324
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Underground
Area
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Proven 3.67 186 6.83 2,266 268 13,524 497
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Probable 3.25 151 5.81 686 72 3,323 128
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Total
Underground
Area Proven
& Probable 3.58 177 6.59 2,953 339 16,847 626
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Total Proven 0.63 29 1.11 31,902 642 29,337 1,140
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Total
Probable 0.46 19 0.78 32,299 478 19,504 809
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Total Ocampo
Proven &
Probable 0.54 24 0.94 64,201 1,120 48,841 1,949
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El Cubo Proven & Probable Reserves(4)(5)(7)(10)
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Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(1)
-------------------------------------------------------------------------
El Cubo
-------------------------------------------------------------------------
Proven 2.72 159 5.43 1,373 120 7,028 240
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Probable 2.86 141 5.26 1,688 155 7,651 285
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Total
El Cubo
Proven & 2.80 149 5.33 3,061 275 14,679 525
Probable
Reserves
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Las Torres
(Underground)
-------------------------------------------------------------------------
Proven 1.60 155 4.24 305 16 1,521 41
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Probable 1.86 153 4.47 209 13 1,031 30
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Total
Las Torres
Proven &
Probable
Reserves 1.71 155 4.33 514 28 2,552 72
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Total Proven -
El Cubo and
Las Torres 2.52 158 5.21 1,678 136 8,549 281
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Total
Probable -
El Cubo and
Las Torres 2.75 142 5.17 1,897 168 8,682 315
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Total Proven
& Probable
Reserves -
El Cubo and
Las Torres 2.64 150 5.19 3,575 304 17,232 596
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Total Summary of Proven & Probable Reserves(4)(5)(7)(8)(10)
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Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(1)
-------------------------------------------------------------------------
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Total
Proven 0.72 35 1.32 33,580 778 37,886 1,422
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Total
Probable 0.59 26 1.02 34,196 646 28,186 1,124
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Total
Proven &
Probable
Reserves 0.65 30 1.17 67,776 1,424 66,072 2,546
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Ocampo Measured, Indicated & Inferred Resources(3)(4)(5)(7)(8)(10)
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Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(2)
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Open Pit
Area(9)
-------------------------------------------------------------------------
Measured 0.20 7 0.31 5.604 35 1,220 56
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Indicated 0.16 6 0.25 9,008 46 1,613 73
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Total Open
Pit Area
Measured &
Indicated 0.17 6 0.27 14,612 81 2,833 129
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Inferred 1.42 38 2.06 8,888 405 10,957 588
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Underground
Area
-------------------------------------------------------------------------
Measured 3.10 190 6.26 275 27 1,681 55
-------------------------------------------------------------------------
Indicated 2.20 87 3.65 230 16 645 27
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Total
Underground
Measured &
Indicated 2.69 143 5.08 505 44 2,326 82
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Inferred 4.50 262 8.86 5,330 771 44,858 1,519
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Summary -
Total
Measured
& Indicated
-------------------------------------------------------------------------
Total
Measured 0.33 15 0.59 5,879 63 2,901 111
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Total
Indicated 0.21 8 0.34 9,238 62 2,258 100
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Total
Measured &
Indicated 0.26 11 0.43 15,117 125 5,159 211
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Summary -
Total
Inferred
-------------------------------------------------------------------------
Total
Inferred 2.57 122 4.61 14,218 1,176 55,815 2,107
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El Cubo Measured, Indicated & Inferred Resources(3)(4)(5)(7)(10)
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Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(2)
-------------------------------------------------------------------------
El Cubo
-------------------------------------------------------------------------
Measured 1.91 93 3.46 112 7 334 12
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Indicated 2.03 96 3.63 197 13 608 23
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Total
El Cubo
Measured &
Indicated 1.99 95 3.57 309 20 942 36
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Inferred 4.10 203 7.49 2,416 319 15,790 582
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Las Torres
-------------------------------------------------------------------------
Measured 2.02 68 3.14 27 2 59 3
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Indicated 2.13 65 3.22 11 1 24 1
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Total
Las Torres
Measured &
Indicated 2.05 67 3.17 38 3 82 4
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Inferred 4.34 171 7.19 487 68 2,679 113
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Phoenix Pit
-------------------------------------------------------------------------
Measured - - - - - - -
-------------------------------------------------------------------------
Indicated 2.72 49 3.54 2,100 184 3,308 239
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Total
Phoenix Pit
Measured &
Indicated 2.72 49 3.54 2,100 184 3,308 239
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Inferred - - - - - - -
-------------------------------------------------------------------------
Summary -
Measured &
Indicated
-------------------------------------------------------------------------
Total
Measured -
El Cubo and
Las Torres 1.93 88 3.40 139 9 393 15
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Total
Indicated -
El Cubo and
Las Torres 2.66 53 3.54 2,309 197 3,940 263
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Total
Measured &
Indicated -
El Cubo and
Las Torres 2.62 55 3.53 2,448 206 4,333 278
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Summary -
Inferred
-------------------------------------------------------------------------
Total
Inferred -
El Cubo and
Las Torres 4.14 198 7.44 2,903 387 18,469 694
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Guadalupe y Calvo Estimate of Inferred Resources(3)(4)(5)(7)(10)
-------------------------------------------------------------------------
Gold
Gold Equi-
Equi- Gold Silver valent
Deposit Gold Silver valent Tonnes Ounces Ounces Ounces
Location (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(2)
-------------------------------------------------------------------------
Rosario
Bulk Tonnage
(at 75% of
available
tonnes) 1.60 96 3.25 10,700 566 33,100 1,118
-------------------------------------------------------------------------
Rosario
Underground
(at 33% of
available
tonnes) 18.50 435 24.28 700 393 9,200 546
-------------------------------------------------------------------------
Rosario
-------------------------------------------------------------------------
Total
Rosario
Inferred 2.64 117 4.54 11,400 959 42,300 1,664
-------------------------------------------------------------------------
Nankin
Underground
(at 33% of
available
tonnes) 9.25 260 13.45 400 118 3,300 173
-------------------------------------------------------------------------
Nankin
-------------------------------------------------------------------------
Total Nankin
Inferred 9.25 260 13.45 400 118 3,300 173
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Summary -
Inferred
-------------------------------------------------------------------------
Total
Rosario
and Nankin
Inferred 2.84 120 4.84 11,800 1,077 45,600 1,837
-------------------------------------------------------------------------
Total Summary of Measured, Indicated and Inferred Resources(3)(4)(5)(10)
-------------------------------------------------------------------------
Gold
Gold Equi-
Equi- Gold Silver valent
Mineral Gold Silver valent Tonnes Ounces Ounces Ounces
Category (g/t)(6) (g/t)(6) (g/t)(6) (000's) (000's) (000's) (000)(2)
-------------------------------------------------------------------------
Summary -
Measured &
Indicated
-------------------------------------------------------------------------
Total
Measured 0.37 17 0.65 6,018 72 3,294 126
-------------------------------------------------------------------------
Total
Indicated 0.70 17 0.98 11,546 259 6,198 363
-------------------------------------------------------------------------
Total
Measured &
Indicated 0.59 17 0.87 17,565 331 9,492 489
-------------------------------------------------------------------------
Summary -
Inferred
-------------------------------------------------------------------------
Total
Inferred 2.84 129 4.99 28,921 2,640 119,884 4,638
-------------------------------------------------------------------------
Notes to Mineral Resources and Reserves Tables:
1. Gold equivalent calculations use the reserve metal prices of $845/oz
for gold and $14.35/oz for silver for a gold to silver ratio of
58.89:1.
2. Gold equivalent calculations use the resource metal prices of $975
/oz for gold and $16.25/oz for silver for a gold to silver ratio of
60.00:1.
3. These Mineral Resources are in addition to Mineral Reserves. Mineral
Resources that are not Mineral Reserves do not have demonstrated
economic viability when calculated using Mineral Reserve assumptions
4. Reserves have been calculated in accordance with NI 43-101, as
required by Canadian securities regulatory authorities. In addition,
while the terms "Measured", "Indicated and "Inferred" Mineral
Resources are required pursuant to NI 43-101, the SEC does not
recognize such terms. Canadian standards differ significantly from
the requirements of the SEC, and Mineral Resources disclosed in
accordance with the requirements of the SEC. Investors should
understand that "Inferred" Mineral Resources have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. In addition, investors are cautioned
not to assume that any part or all of Gammon's Mineral Resources
constitute or will be converted into Reserves.
5. Mineral Reserves and Resources have been calculated as at
December 31, 2009.
6. Grade represents an average, weighted by reference to tons of ore
type where several recovery processes apply.
7. The metallurgical recovery applicable at each property and the
cut-off grades used to determine Reserves as at December 31, 2009
are as follows:
Au Ag
Metallurgical Metallurgical Cut-off
Mine Recovery (%) Recovery (%) Grade g/t
----------------------------------------------------------------------
Ocampo
Open-Pit
Mill 96 82 (greater than)2.5
Ocampo
Open Pit
Fine Crush 82 72 (greater than)0.7-2.5
Ocampo
Open Pit
Coarse Crush 60 35 (greater than)0.18-0.70
----------------------------------------------------------------------
Ocampo
Underground 96 82 2.0
----------------------------------------------------------------------
El Cubo 89 89 2.19
All ores at Ocampo demonstrate similar metallurgical recoveries
regardless of whether oxides are sulfides.
8. The Ocampo Open Pit strip ratio is 2.3:1.
9. The basis for the reserve estimation is the Learchs-Grossman pit
optimization methodology.
10. Sums may not add to totals due to rounding.
For further information: please visit the Gammon Gold website at
www.gammongold.com or contact: Rene Marion, President & Chief
Executive Officer, Gammon Gold Inc., +1-(416)-646-3825; Anne Day, Director
of Investor Relations, Gammon Gold Inc., +1-(902)-468-0614
For further information: please visit the Gammon Gold website at
www.gammongold.com or contact: Rene Marion, President & Chief
Executive Officer, Gammon Gold Inc., +1-(416)-646-3825; Anne Day, Director
of Investor Relations, Gammon Gold Inc., +1-(902)-468-0614
Tags: canada, Gammon Gold Inc., Halifax, March 30
