Gammon Gold maintains full year production guidance
Mexico focused gold producer Gammon Gold (TSX:GAM, NYSE:GRS) reported solid first quarter results today and reiterated it full year production and cash cost guidance for the full year.
The company generated revenues of C$70.3 million and net earnings of $19.3 million, or 14 cents per share (excluding a $7.6 million charge for restarting operations at the El Cubo Mine). Cash balances at the end of the quarter were $119.1 million.
"Our strengthened operations team at Ocampo has delivered another consecutive quarter of record margins, operating cash flow and net free cash flow," stated Rene Marion, President and CEO.
The Company also reiterated its consolidated 2011 production guidance of 167,000-189,000 gold ounces, 4.8-5.6 million silver ounces at cash costs of $455-485 per gold equivalent ounce.
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