Gammon Gold Approved to Trade on the New York Stock Exchangeadmin
Gammon Gold Inc. (“Gammon”) (TSX:GAM and AMEX:GRS): is pleased to announce that the New York Stock Exchange (NYSE) has approved Gammon’s application to list its common stock on the NYSE. The company anticipates that its common shares will begin trading on the NYSE at the opening of trading on October 14, 2008 under its current U.S. trading symbol “GRS”. The company’s shares will continue to trade on the AMEX until the close of trading on October 13, 2008. Gammon will continue to trade on the Toronto Stock Exchange under the ticker symbol “GAM”.
President & Chairman, Fred George, along with Chief Executive Officer, Rene Marion and certain members of the senior management team, Board of Directors and invited guests will celebrate Gammon’s listing on the NYSE by presiding over ringing the NYSE Opening Bell on Monday, October 27th, 2008 at 9:30 AM EDT. Gammon’s opening-bell ceremony will be broadcast live on the Internet at www.nyse.com and on the Company’s website at www.gammongold.com.
“Listing on the New York Stock Exchange is a significant milestone for Gammon. We are one of only seventy-seven Canadian companies and the first Canadian company that is headquartered solely in Atlantic Canada to ever attain a listing on the prestigious NYSE and we are very proud of this tremendous accomplishment.” said Fred George, President & Chairman of Gammon Gold. He continued, “The evolution of Gammon from a small junior exploration company to one of the largest, mid-tier gold producers in North America is an amazing growth story, but the most exciting part of this story is that this is just a new beginning, we have so much more growth and success yet to achieve. I would personally like to thank the AMEX, and particularly Mr. Paul Dorfman & Mr. Kevin Ernst, for the support and assistance that was provided to Gammon since we listed in September, 2003.”
“We believe that our NYSE listing will provide increased liquidity and enhanced visibility for Gammon that will benefit our shareholders and is testament to what the new management team has been able to accomplish over the past 9-12 months.” said Rene Marion, Chief Executive Officer of Gammon Gold. He continued, “Since Q4 2007, we have continued to successfully execute our business model that includes driving continuous improvement initiatives throughout our operations that has resulted in a 48% improvement in production, a 25% decrease in total cash costs, a 132% increase in net earnings per share, a $22.6 million improvement in operating cash flow and an $16.1 million improvement in net free cash flow in Q2 2008 as compared to Q4 2007. We have also significantly enhanced our exploration program to an 18-month $26-29 million program, recently appointing 3 new board members with extensive experience in the mining sector and have created a corporate culture that embraces change and supports the execution of our business model. The successes we have achieved to date, including the approval to trade on the NYSE, positions Gammon well for continued and sustainable growth in the years ahead.”
“The Exchange is privileged to welcome Gammon Gold Inc. to our family of companies listed on the NYSE,” said NYSE Euronext EVP and Head of Global Listings, Catherine R. Kinney. “We look forward to providing Gammon with the superior services, liquidity and brand visibility associated with listing on the NYSE.”
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 development Guadalupe y Calvo property in Chihuahua State. The company remains 100% unhedged.