MATERIAL CHANGE REPORT
Gammon Gold Inc.
1701 Hollis Street
Halifax, Nova Scotia, B3J 3M8
June 28, 2010
The press release attached as Schedule A was released over Canada NewsWire on June 28, 2010.
Gammon Gold Provides Updated Ocampo Production and Cash Cost Outlook for 2010
Gammon Gold Inc. announces that due to the suspension of operations at the El Cubo mine located in
Guanajuato State, Mexico, it is providing an updated 2010 production and cash cost outlook for the Ocampo
mine. This adjusted outlook has assumed that the 154 contract workers and key pieces of underground mining
equipment recently re-deployed from El Cubo will be supporting expanded operations at Ocampo to the end of
In 2010, at Ocampo, the Company expects to produce 100,000 to 110,000 ounces of gold and 4.40 to 4.95
million ounces of silver, or 180,000 to 200,000 gold equivalent ounces, using a gold-to-silver ratio of 55:1. Total
cash costs for 2010 are expected to be $425 to $450 per gold equivalent ounce using the same gold-to-silver
ratio of 55:1.
Production from Ocampo for the remainder of 2010 will be supported by:
l 154 contract miners, including supervisors, surveyors, geologists and maintenance personnel, as well as 30
pieces of key underground mining fleet equipment from El Cubo have been redeployed to the Ocampo
mine to expand underground operations. The workers are currently on site at Ocampo and are expected
to have an immediate positive impact on operations as they become part of the regular rotation within the
l These additional workers and equipment will be deployed to focus primarily on advancing development at
the Santa Eduviges, Belen, San Amado, Jesus Maria, Maria, Molinas Southwest, Rosario, and the
southern extensions of Aventurero discoveries. These recent discoveries are not included in the 2009
Reserve and Resources statement.
l Development activities at the Santa Eduviges underground mine are well advanced and currently accessing