GoldMinerPulse.com -- Gammon Gold Inc.: (NI) 43-101 Metal Valuation Report

Gammon Gold Inc. (GAM)

Company Web Site: www.gammongold.com
(NI) 43-101 reports from projects located in: Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-11-23. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
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Recent Production
2009 : Production (Q1): 36,829 oz gold and 1,351,300 oz silver.
2008 : Production (full year): 154,428 oz gold and 5,778,874 oz silver.
Source(s): 2008 full year production Press Release Jan 9, 2009
2009 Q1 production Press Release April 14, 2009.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver
    Ocampo MX $37.96 45% 8% 47% 2.93 M oz     126.39 M oz
    Guadalupe y Calvo MX $13.84 0 0 100% 1.08 M oz     45.53 M oz
    El Cubo MX $12.61 38% 17% 45% 981.19 K oz     41.56 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver
    Metal Totals 4.99 M oz     213.48 M oz
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $38.77     $25.65
    Percentage of Total Metal Value 60.19%     39.81%
    PP% | MI% | I% 34% | 9% | 57%     35% | 7% | 58%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$64.42
    Average Ore Value per Tonne    US$66.44
    Metal Value Leverage (MVL)    6.86
    Market Capitalization as % of Metal Value    14.6%
    Recent Stock Price    C$9.62   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    142.76 M    ( Fully diluted shares estimated as the shares outstanding reported at the company's Stock Information Web page (viewed November 2009). )
    PP% | MI% | I%    34% | 8% | 58%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    1.122 g/t
    Market Capitalization
    per oz of Gold In Ground    $268.62   US$  |   275.15   C$
    Gold Eq Oz Estimate    8.29 M oz   ( 4.99 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $161.68   US$  |   165.60   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    48 g/t
    Market Capitalization
    per oz of Silver In Ground    $6.28   US$  |   6.43   C$
    Silver Eq Oz Estimate    536.20 M oz   ( 213.48 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $2.50   US$  |   2.56   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Other Projects    -   MD&A filing for the three and six months ended June 30, 2008.

EL CUBO MINE, Guanajuato, Mexico

Quote:
Gammon Gold has commenced a 15,000-meter diamond drill utilizing three diamond drills. The program, starting in June of 2008, is designed to confirm and increase ore reserves so that more orderly production scheduling can proceed.

GoldMinerPulse has not found a NI 43-101 compliant estimate for the resource at El Cubo. As a result, El Cubo has not been included in the MORE gold and MORE silver estimates for GAM.

Guadalupe y Calvo, Chihuahua, Mexico -- Per the June 2008 MD&A filing, a scoping study is due in Q1 2009.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
Ocampo	MX	$37.96	45%	8%	47%	2.93 M oz	126.39 M oz
Guadalupe y Calvo	MX	$13.84	0	0	100%	1.08 M oz	45.53 M oz
El Cubo	MX	$12.61	38%	17%	45%	981.19 K oz	41.56 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver
Metal Totals	4.99 M oz	213.48 M oz
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$38.77	$25.65
Percentage of Total Metal Value	60.19%	39.81%
PP% \| MI% \| I%	34% \| 9% \| 57%	35% \| 7% \| 58%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$64.42
Average Ore Value per Tonne	US$66.44
Metal Value Leverage (MVL)	6.86
Market Capitalization as % of Metal Value	14.6%
Recent Stock Price	C$9.62 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	142.76 M ( Fully diluted shares estimated as the shares outstanding reported at the company's Stock Information Web page (viewed November 2009). )
PP% \| MI% \| I%	34% \| 8% \| 58%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	1.122 g/t
Market Capitalization per oz of Gold In Ground	$268.62 US$ \| 275.15 C$
Gold Eq Oz Estimate	8.29 M oz ( 4.99 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$161.68 US$ \| 165.60 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	48 g/t
Market Capitalization per oz of Silver In Ground	$6.28 US$ \| 6.43 C$
Silver Eq Oz Estimate	536.20 M oz ( 213.48 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$2.50 US$ \| 2.56 C$

See terms for more about GoldMinerPulse metrics.

GoldMinerPulse Coverage Status:

GoldMinerPulse coverage of Gammon Gold Inc. is complete pending a final internal review.

El Cubo - ^top^

(NI) 43-101 Report:

Title: Gammon Gold Inc. Review of Resources and Reserves El Cubo Gold-Silver Mine Guanajuato, Mexico
Date: 2009-10-15 (90 pages)

Project Location: Guanajuato, Mexico

Map View: View the El Cubo and oLas Torees deposits on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.63 338.86 K oz 3.260 g/t 3.23 M t
Silver $2.15 17.88 M oz 172.000 g/t 3.23 M t
Estimate notes: See Table 9: Proven and Probable Reserves El Cubo & Las Torres January 1, 2009 on p. 51 of 90 in the NI 43-101 dated October 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.63	338.86 K oz	3.260 g/t	3.23 M t
Silver	$2.15	17.88 M oz	172.000 g/t	3.23 M t
Estimate notes: See Table 9: Proven and Probable Reserves El Cubo & Las Torres January 1, 2009 on p. 51 of 90 in the NI 43-101 dated October 2009.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.66 214.05 K oz 2.690 g/t 2.48 M t
Silver $0.54 4.46 M oz 56.000 g/t 2.48 M t
Estimate notes: See Table 7: Measured and Indicated Resources El Cubo & Las Torres January 1, 2009 on p. 47 of 90 in the NI 43-101 dated October 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.66	214.05 K oz	2.690 g/t	2.48 M t
Silver	$0.54	4.46 M oz	56.000 g/t	2.48 M t
Estimate notes: See Table 7: Measured and Indicated Resources El Cubo & Las Torres January 1, 2009 on p. 47 of 90 in the NI 43-101 dated October 2009.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.33 428.28 K oz 4.790 g/t 2.78 M t
Silver $2.31 19.22 M oz 215.000 g/t 2.78 M t
Estimate notes: See Table 8: Inferred Resources El Cubo January 1, 2009 on p. 48 of 90 in the NI 43-101 dated October 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.33	428.28 K oz	4.790 g/t	2.78 M t
Silver	$2.31	19.22 M oz	215.000 g/t	2.78 M t
Estimate notes: See Table 8: Inferred Resources El Cubo January 1, 2009 on p. 48 of 90 in the NI 43-101 dated October 2009.

Guadalupe y Calvo - ^top^

(NI) 43-101 Report:

Title:
Date: 2002-11-25 ( pages)

Updates: See Gammon Gold October 2009 Presentation, slide 12 of 31.

From a April 2007 Prospectus filing

Technical information relating to the Guadalupe y Calvo property contained in this short form prospectus or contained in other documents incorporated by reference is based upon an independent technical report dated November 25, 2002 prepared by Pincock, Allen & Holt.

Project Location: Chihuahua, Mexico / Mining Region: Sierra Madre Occidental

Map View: View the Guadalupe y Calvo deposits on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $8.37 1.08 M oz 2.840 g/t 11.80 M t
Silver $5.47 45.53 M oz 120.000 g/t 11.80 M t
Estimate notes: See January 15, 2003, Gammon Lake announces investment in Mexgold Resources Inc. available at Sedar.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.37	1.08 M oz	2.840 g/t	11.80 M t
Silver	$5.47	45.53 M oz	120.000 g/t	11.80 M t
Estimate notes: See January 15, 2003, Gammon Lake announces investment in Mexgold Resources Inc. available at Sedar.

Ocampo - ^top^

(NI) 43-101 Report:

Title: Gammon Gold Inc. Ocampo Mine Ocampo, Chihuahua State, Mexico, 2008 Technical Report on the Ocampo Mine
Date: 2009-10-12 (71 pages)

Project Location: Chihuahua,, Mexico / Mining Region: Sierra Madre Occidental

Map View: View the Ocampo deposit on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $10.47 1.35 M oz 0.740 g/t 56.66 M t
Silver $6.78 56.47 M oz 31.000 g/t 56.66 M t
Estimate notes: See Table 1: Estiamte Reserves on January 1, 2009 in the NI 43-101 p. 8 of 71, report dated October 2009

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.47	1.35 M oz	0.740 g/t	56.66 M t
Silver	$6.78	56.47 M oz	31.000 g/t	56.66 M t
Estimate notes: See Table 1: Estiamte Reserves on January 1, 2009 in the NI 43-101 p. 8 of 71, report dated October 2009

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.83 235.34 K oz 0.260 g/t 28.15 M t
Silver $1.20 9.96 M oz 11.000 g/t 28.15 M t
Estimate notes: See Table 2: Estimated Resources on January 1, 2009 on p. 9 of 71 in the NI 43-101 report dated October 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.83	235.34 K oz	0.260 g/t	28.15 M t
Silver	$1.20	9.96 M oz	11.000 g/t	28.15 M t
Estimate notes: See Table 2: Estimated Resources on January 1, 2009 on p. 9 of 71 in the NI 43-101 report dated October 2009.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $10.48 1.35 M oz 1.260 g/t 33.31 M t
Silver $7.20 59.97 M oz 56.000 g/t 33.31 M t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.48	1.35 M oz	1.260 g/t	33.31 M t
Silver	$7.20	59.97 M oz	56.000 g/t	33.31 M t
Estimate notes: See Measured + Indicated notes.


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