Monday, 17th December 2007 (1914 views)

Bosses at the Gammon Gold company have hailed what they claim to be a "turnaround" in fortunes for its flagship Ocampo goldmine in Mexico.

Gammon Gold is based in Nova Scotia and has a number of mining assets in central America, notably the Ocampo project, which has achieved notable increases in production rates in recent months.

Furthermore, the company reports that it was able to sell 12,253 ounces of gold extracted from the Ocampo mine over the course of October and November 2007 and to produce around 12,750 ounces of gold during the same period.

Gammon Gold's chief financial officer Glenn Hynes commented: "I am encouraged by the operational improvements gaining traction at Ocampo as this has positively impacted cash flows, particularly in November.

"The company will aggressively manage expenditures in the months ahead in order to optimise liquidity during this turnaround period."

Gammon Gold is currently focusing on exploration and development of another Mexican-based mining initiative in the same region as the Ocampo, namely the Guadalupe y Calvo site in the state of Chihuahua.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.