UPDATE 1-Gammon Gold discovers two new deposits at Mexican mine

* Says two new gold-silver deposits found at Ocampo mine

* Says to begin exploration at Guadalupe y Calvo project

March 30 (Reuters) - Gammon Gold Inc GAM.TO said it discovered two new gold and silver deposits at its key mine in Mexico and that it plans to begin drilling at its new exploration project, Guadalupe y Calvo, in April.

The Nova Scotia-based mid-tier gold and silver producer also reported the discovery of five new significant target areas at its key Ocampo mine, located in the Chihuahua state of Mexico.

"We currently have eleven drill rigs working at Ocampo and El Cubo with plans to test at least 12 exploration targets at Ocampo and 10 at El Cubo," the company said in a statement.

The company said it will be adding one drill rig each at Ocampo and El Cubo in the second quarter.

Gammon, which owns 100 percent interest in the Ocampo mine, said with the start of its drilling programs at Guadalupe y Calvo, and planned drilling at Mezquite project, it expects to have 15 drill rigs working in Mexico during the second quarter.

Shares of the company, which have lost over 27 percent in last three months, closed at C$8.64 Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828;Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))