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Capital Gold, Gammon Gold Both Still Up Around 3% on Proposed Merger; Timmins Gold Up Nearly 5%

Capital Gold Corporation (CGC.TO) is still up nearly 3% with around 45 minutes of trading left after it reaffirmed its support for a proposed merger agreement with Gammon Gold Inc. (GMM.TO), which is up more than 3%. Despite being left on the outer, Timmins Gold (TMM.V) is up nearly 5%.

CGC today acknowledged that, on March 15, 2011, Timmins Gold added $0.25 in cash to its unsolicited offer for Capital Gold. Also on March 15, 2011, Gammon Gold announced that it was proposing to amend its merger agreement with Capital Gold to increase the cash component of the merger consideration to be paid to CGC's stockholders by $0.30, from $0.79 to $1.09.

"The Board of Directors of Capital Gold has considered both bids and

unanimously reaffirms its support of the merger with Gammon, as increased," Capital Gold said in a statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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