GAMMON GOLD INC. News
Gammon Gold Denies Allegations in Class Action Claim and Receives Positive Report From Independent Firm
The plaintiff alleges that the Company's 2007 prospectus contained misstatements with respect to production run rates and the adequacy of the Company's internal controls. The plaintiff also alleges inappropriate option granting.
Gammon Gold considers the allegations in the statement of claim to be without merit and intends to vigorously defend itself. The Company believes that it acted with appropriate care, diligence and skill at all times.
"The claim relating to the production run rates is a copycat claim, on a class action basis, of a claim filed in New York courts last year," said
Last year, the plaintiff's counsel wrote to the Company about potential concerns with stock options granted between 2001 and 2007. McInnes Cooper, a leading Nova Scotia law firm, was retained to steward an independent investigation into the Company's options granting process and independent consultants were retained to assist in the investigation.
Following the investigation, McInnes Cooper reported to the Board that with respect to the options granted by the Board between
Gammon Gold remains focused on meeting its short term deliverables provided in the
About Gammon Gold Inc.
Gammon Gold Inc. is a Nova Scotia based mid-tier gold and silver producer with properties in
Cautionary Statement
Cautionary Note to US Investors - The
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
Certain statements included herein, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "forecast", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold and silver production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades, recovery rates, future financial or operating performance, margins, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of construction, costs and timing of future exploration and reclamations expenses. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, known and unknown uncertainties and risks relating to additional funding requirements, reserve and resource estimates, commodity prices, hedging activities, exploration, development and operating risks, illegal miners, political and foreign risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs, restrictions in the Company's loan facility, dependence on key employees, possible variations of ore grade or recovery rates, failure of plant, equipment or process to operate as anticipated, accidents and labour disputes. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
SOURCE GAMMON GOLD INC.
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