Worst Corporate Press Release Of The Day: Gammon Gold (GRS)

By Douglas A. McIntyre Published Nov 6, 7:08PM EST

Gammon Gold (GRS) is a Canadian-based gold mining company. Like many firms in the metals exploration industry, it likes to put our cryptic press releases on progress at its drilling sites.

These releases always mean the same thing, no matter how they are worded–"We are looking hard, but we have not found anything yet."

From Gammon’s release today on its Guadalupe y Calvo exploration property located in Chihuahua State, Mexico:

"We continue to receive positive drill assay results that confirm the gold-silver potential of the Guadalupe y Calvo property. Drill results received to date indicate the potential for an underground mine below the previously identified open pit area where a significant number of high grade gold and silver intercepts have been received" stated Peter Drobeck, Senior Vice President of Exploration and Business Development of Gammon Gold. Mr. Drobeck continued, "Based on the positive results to date, we will continue to accelerate the engineering evaluation of this property with the completion of a Scoping Study that is expected during Q1, 2009. The Scoping Study will focus primarily on the open pit target and could provide the basis for moving directly to Feasibility Study levels to accelerate the operational development of this asset."

Well said…

Douglas A. McIntyre

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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.