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Shares in Gunns Limited (ASX:GNS) jumped this morning in the first hour of trade since its shares were placed in a trading halt at the beginning of August.

The forestry company has since issued an update to the Australian Securities Exchange detailing the Tasmanian Forests Agreement, pulp mill project, its financing and business restructure.

Gunns has also provided a trading outlook and says it expects underlying earnings before interest and tax of between $40 million to $50 million in the 2012 financial year.

Shares in Gunns had jumped 26.83 per cent this morning and were trading at $0.26.

In the 2011 financial year Gunns booked a net loss of $355.5 million.