MEXICO – GAMMON LAKE RESOURCES INC., based in Dartmouth, N.S. has purchased a truck fleet consisting of 17 new Terex TR100 Rigid Haul Trucks for open-pit mining operations at the company’s 100%-owned Ocampo gold-silver project. The fleet was purchased from AMECO Services for a total purchase price of US$14.8 million. AMECO guarantees that the truck fleet purchased by Gammon Lake will maintain a minimum average fleet mechanical availability of 85% for a period of one year. The first five trucks are scheduled for delivery to the Ocampo project in August, with the remaining 12 trucks to be delivered by November 2005.
This equipment purchase meets with the specifications and budget outlined in the feasibility study completed for the project, and the company is on schedule for production in the first quarter of 2006.
Gammon Lake has also entered into a rental agreement with AMECO Services for three Terex TA-30 articulated trucks and one CASE 921C front end loader. Two Terex TA-30 trucks and the front end loader are scheduled for delivery to the project site by March 30, 2005, with the third Terex TA-30 truck to be delivered before April 15, 2005. This equipment will be used to expedite construction at the project.
For more information contact Investor Relations, Gammon Lake Resources Inc. at 902-468-0614.