March 30, 2010 / 12:44 PM / in 7 years

UPDATE 1-Gammon Gold results boosted by higher metal prices

* Q4 adjusted EPS $0.16 Vs $0.04 a yr-ago

* Q4 revenue up more than 40 pct

TORONTO, March 30 (Reuters) - Gammon Gold GAM.TO reported lower fourth-quarter net income as it booked foreign exchange losses and a tax-related charge, but higher gold and silver prices lifted earnings before special items.

Net income fell to $13.5 million, or 10 cents a share, from $31.6 million, or 26 cents a share, a year earlier.

Excluding items, profit rose to 16 cents a share from 4 cents.

Revenue rose more than 40 percent to $68.2 million, the Halifax-based company said in a statement.

The company realized an average gold price of $1,093 per ounce during the quarter, up from $796 a year earlier, while silver prices jumped to $17.54 per ounce from $10.05.

Gammon Gold has a 100 percent interest in the Ocampo gold-silver project in Chihuahua, Mexico. It also owns the El Cubo Mine located in Guanajuato, Mexico. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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