Gammon Gold (GAM-T) hosted a conference call late today to reassure investors that the departure of chief executive Russell Barwick was not a bad sign for the company.
Gammon has been striving to recover from a string of operations problems at its Ocampo and El Cubo gold mines in Chihuahua state, Mexico.
Barwick himself was appointed as CEO in early April, and had since assembled a stronger management team to turn the company around.
Gammon Golds share price fell as low as $7.94 in early September slipping from above $20 per share last April.
Over the last few weeks, Gammons share price has recuperated to the $11-range. The company held an analyst tour last week. On todays news, Gammon was up 10 to $11.42 on a trading volume of 1.6 million shares.
Barwick, an Australian who moved to Halifax for the position with Gammon, has moved back to Australia for personal reasons.
Im sad to be pulling back from Gammon, Barwick said from Australia. I apologize but family has to come first I apologize to those who may see it as negative We saw the concern of the market.
Barwick did not leave Gammon high and dry. Hes been helping Gammon president Fred George search for his replacement for the past two or three months.
Russell helped me big-time to find this candidate, said George from Halifax.
That candidate is Rene Marion, who will be coming from his role as Barrick Golds (ABX-T, ABX-N) regional vice-president for Barrick Russia, Central Asia.
While Marion has not yet visited either of the projects, he says that he is very familiar with them.
The projects are well-known at Barrick, Marion said from Russia. We always review what the juniors are doing.
Marion says the Mexican projects are strong and that he has confidence in the management.
Im impressed with their drive, vision and tenacity to push the company forward, Marion said.
Marion will begin his new position on Oct. 25.
Be the first to comment on "Gammon Gold CEO leaves for personal reasons"