Business
Gammon Reports Best Ever Cost Margins and Continued Strengthening of Performance at Ocampo During the Fourth Quarter: Meets Operational Guidance for 2010
Jan. 9, 2011 (Canada NewsWire Group) -- TSX: GAM / NYSE: GRS / BSX: GL7 TORONTO, Jan. 9 /...
About this update from Alamos Gold Inc.
[{"type":"text","content":"\n\n\n\n Jan. 9, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTSX: GAM / NYSE: GRS / BSX: GL7\n\nTORONTO, Jan. 9 /CNW/ - Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): is pleased to provide preliminary results from the Ocampo mine for the fourth quarter and 2010. Operations at Ocampo continued to strengthen in the fourth quarter benefiting from the strong performance of the North-East underground mine. All figures reported are in U.S. dollars unless otherwise indicated.\nDuring the fourth quarter, the Company reported production at Ocampo of 29,384 gold ounces and 1,199,829 silver ounces, or 51,199 gold equivalent(1) ounces (realized(2) 53,030 ounces) at total cash costs of $426 per gold equivalent(1) ounce (realized(2) $410). On a by-product basis, taking Ocampo's silver production as a credit, total cash costs per ounce of gold sold were negative $390. Ocampo achieved a record margin of $955 per gold equivalent ounce(1) or 69%, and an operating cash flow for the period of approximately $40.0 million.\nFor the year ended December 31, 2010, the Company reported production at Ocampo of 103,220 gold ounces and 4,417,413 silver ounces, or 183,538 gold equivalent(1) ounces at total cash costs of $422 per gold equivalent(1) ounce, meeting the Company's guidance for 2010.\n"Throughout 2010 we have reported significant quarter over quarter improvements at Ocampo in virtually every key performance indicator. We have met our 2010 production and cash cost guidance an...