Business
Gammon Gold Announces Retirement of President and Chairman Mr. Fred George and Changes to the Board of Directors
Gammon Gold Announces Retirement of President and Chairman Mr. Fred George and Changes to the Boa...
About this update from Auq Gold Mining Inc.
[{"type":"text","content":"\n\n\n\nSep. 22, 2009 (Canada NewsWire Group) -- HALIFAX, Sept. 22 /CNW/ -- Gammon Gold Inc. (\"Gammon Gold\" or the \"Company\") (TSX:GAM and NYSE:GRS) announces the retirement of Mr. Fred George as President, Chairman and a member of the Board of Directors of Gammon effective October 13, 2009. René Marion, currently Chief Executive Officer, will subsequently be appointed as President and will continue as Chief Executive Officer.Mr. George was a co-founder of Gammon and throughout the past 14 years has led the transformation of Gammon Gold from a small exploration company to one of the largest gold and silver producers in México. Mr. George has agreed to waive all existing compensatory retirement entitlements. However, in recognition of his significant contributions, Mr. George will be entitled to receive payments equal to an industry standard of 36-months of compensation. Additionally, all of his outstanding options will become fully vested. Mr. George will remain as an advisory consultant to the Board on an as needed, voluntary basis.Mr. Fred George, President & Chairman of Gammon Gold stated, \"As previously promised in 2008, I advised that I would retire when the new management team led by René Marion had the Company on solid footing. I am pleased to say that this talented management team has achieved that goal and has delivered 6 consecutive quarters of positive operating cashflow.I would like to highlight some of their major accomplishments:- Increased milling capacity at Ocampo by 165% from 1,200 tonnes per dayin 2007 to the current 3,300-3,400 tonnes per day- Reduced operating costs at Ocampo by 47% since 2007- Improved open pit productivity at Ocampo by more than 40% to over100,000 tonnes per day in September, 2009- Improved the in-situ mining rate at El Cubo by 55% since 2007- Self funded over $100 million of expansionary capital in the past 6quarters- Positioned the Company for up to a 90% growth profile in metalproduction from 2007 to 2011- Obtained the Presidential approval for the absolute free hold title ofthe Ocampo land packageI would like to thank all our shareholders for their continued supportover the years. I would also like to thank the Government of México for theirunconditional support and helping Gammon Gold to successfully consolidate oneof the most exciting gold and silver district...