Gammon Gold Approved to Trade on the New York Stock Exchange - The First Canadian Company Headquartered Solely in Atlantic Canada to Achieve a NYSE Listing

    HALIFAX, Sept. 29 /CNW/ - Gammon Gold Inc. ("Gammon") (TSX:GAM and
AMEX:  GRS): is pleased to announce that the New York Stock Exchange (NYSE) has
approved Gammon's application to list its common stock on the NYSE. The
company anticipates that its common shares will begin trading on the NYSE at
the opening of trading on October 14, 2008 under its current U.S. trading
symbol "GRS". The company's shares will continue to trade on the AMEX until
the close of trading on October 13, 2008. Gammon will continue to trade on the
Toronto Stock Exchange under the ticker symbol "GAM".
    President & Chairman, Fred George, along with Chief Executive Officer,
René Marion and certain members of the senior management team, Board of
Directors and invited guests will celebrate Gammon's listing on the NYSE by
presiding over ringing the NYSE Opening Bell on Monday, October 27th, 2008 at
9:30 AM EDT. Gammon's opening-bell ceremony will be broadcast live on the
Internet at and on the Company's website at
    "Listing on the New York Stock Exchange is a significant milestone for
Gammon. We are one of only seventy-seven Canadian companies and the first
Canadian company that is headquartered solely in Atlantic Canada to ever
attain a listing on the prestigious NYSE and we are very proud of this
tremendous accomplishment." said Fred George, President & Chairman of Gammon
Gold. He continued, "The evolution of Gammon from a small junior exploration
company to one of the largest, mid-tier gold producers in North America is an
amazing growth story, but the most exciting part of this story is that this is
just a new beginning, we have so much more growth and success yet to achieve.
I would personally like to thank the AMEX, and particularly Mr. Paul Dorfman &
Mr. Kevin Ernst, for the support and assistance that was provided to Gammon
since we listed in September, 2003."
    "We believe that our NYSE listing will provide increased liquidity and
enhanced visibility for Gammon that will benefit our shareholders and is
testament to what the new management team has been able to accomplish over the
past 9-12 months." said René Marion, Chief Executive Officer of Gammon Gold.
He continued, "Since Q4 2007, we have continued to successfully execute our
business model that includes driving continuous improvement initiatives
throughout our operations that has resulted in a 48% improvement in
production, a 25% decrease in total cash costs, a 132% increase in net
earnings per share, a $22.6 million improvement in operating cash flow and an
$16.1 million improvement in net free cash flow in Q2 2008 as compared to
Q4 2007. We have also significantly enhanced our exploration program to an
18-month $26-29 million program, recently appointing 3 new board members with
extensive experience in the mining sector and have created a corporate culture
that embraces change and supports the execution of our business model. The
successes we have achieved to date, including the approval to trade on the
NYSE, positions Gammon well for continued and sustainable growth in the years
    "The Exchange is privileged to welcome Gammon Gold Inc. to our family of
companies listed on the NYSE," said NYSE Euronext EVP and Head of Global
Listings, Catherine R. Kinney. "We look forward to providing Gammon with the
superior services, liquidity and brand visibility associated with listing on
the NYSE."

    About Gammon Gold

    Gammon Gold Inc. is a Nova Scotia based mid tier gold and silver producer
with properties in Mexico. The Company's flagship Ocampo Project in Chihuahua
State achieved commercial production in January 2007. Gammon Gold also
operates its El Cubo operation in Guanajuato State and has the promising
development Guadalupe y Calvo property in Chihuahua State. The company remains
100% unhedged.

    Cautionary Statement

    Cautionary Note to US Investors - The United States Securities and
Exchange Commission permits US mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. This press release uses certain terms, such as
"measured," "indicated," and "inferred" "resources," that the SEC guidelines
strictly prohibit US registered companies from including in their filings with
the SEC. US Investors are urged to consider closely the disclosure in Gammon
Gold's Annual Report on Form 40-F (File No. 001-31739), which may be secured
from Gammon Gold, or from the SEC's website at

    No stock exchange, securities commission or other regulatory authority
    has approved or disapproved the information contained herein.

    Certain information regarding the Company contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in
the forward-looking statements. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in forward looking
statements. Specific reference is made to "Risk Factors" in the Company's
Annual Information Form and Form 40-F Report. Forward-looking statements
including without limitation, statements regarding future cash costs and
production at Ocampo and El Cubo and the ability to continue to successfully
implement the Company's Turn-Around Strategy, statements regarding the
resource growth potential of Guadeloupe y Calvo, statements regarding the
Company's ability to continue its improved cash flow performance may include
estimates, plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact including, without
limitation, statements regarding potential mineralization and reserves,
including the impact of any future exploration on reserve estimates;
expectations regarding the timing and extent of production at the Ocampo
project; the implications of the Mexican Single Rate Tax on future income tax
payments; estimates regarding the future costs related to exploration at
Ocampo; the nature and availability of additional funding sources; and future
plans and objectives of Gammon. In some cases, you can identify
forward-looking statements by the use of words such as may, will, should,
could, expect, plan, intend, anticipate, believe, estimate, predict, potential
or continue or the negative or other variations of these words, or other
comparable words or phrases. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
Important factors that could cause actual results to differ materially from
the Company's expectations include, among others, risks related to
international operations, including political turmoil and limited local
infrastructure to support large scale mining operations; the actual results of
current exploration activities; conclusions of economic evaluations and
changes in project parameters as plans continue to be refined; and
fluctuations in future prices of gold and silver. These factors are set out in
the Company's annual information form. The Company's forward-looking
statements are expressly qualified in their entirety by this cautionary

For further information:

For further information: please visit the Gammon Gold website at or contact: René Marion, Chief Executive Officer, Gammon
Gold Inc., (902) 468-0614; Anne Day, Director of Investor Relations, Gammon
Gold Inc., (902) 468-0614

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