Gryphon Gold Begins Production, Ships Loaded Carbon
17 Oktober 2011 - 3:00PM
Marketwired
Gryphon Gold Corporation (TSX:GGN)(OTCBB:GYPH) is pleased to
announce that it has completed its first production shipment of
loaded carbon to Just Refiners, Inc. ("Just Refiners") of Reno,
Nevada. This first production shipment totaled 4.05 wet tons of
carbon loaded with gold and silver. Final assays will be available
upon settlement between Gryphon and Just Refiners.
"This is a major milestone event," said John L. Key, President
and CEO of Gryphon Gold. "We embarked with an aggressive timeline
of breaking ground in June and having heap leach production in
September. With the delivery of the first gold and silver loaded
carbon shipment, we anticipate revenue in approximately four
weeks."
The initial delivery of gold and silver loaded carbon is
expected to be balanced toward heavier silver loading. Gryphon's
focus is to efficiently collect all of the precious metals without
preference, resulting in higher tonnages of carbon being sold into
the market.
"The shipment of gold and silver on carbon is expected to
provide revenue to fund ongoing operations, immediate capital
requirements and exploration," added Key. "Gryphon plans an
aggressive Borealis exploration program that will first concentrate
on expanding the oxide heap leachable gold and silver ounces and
then move to the balance of our 23.5 square mile property to
increase our gold resource at Borealis."
Gryphon made an initial shipment in September of 150 dry pounds
of partially loaded carbon in September. This initial shipment
allowed for the confirmation in procedures concerning shipment,
receiving, sampling, assaying, security and settlement.
The fall drilling program at Borealis began in mid-September
with plans to aggressively drill through the balance of 2011 and
into the first quarter of 2012.
ABOUT GRYPHON GOLD:
Gryphon Gold is a Nevada-focused gold exploration company. The
Company's principal property is its Borealis gold project located
in the Walker Lane gold belt of western Nevada.
This press release contains "forward-looking statements" and
"forward-looking information" within the meaning of United States
and Canadian securities laws, which may include, but are not
limited to statements relating to the Company's plans to advance
its Borealis Oxide Heap Leach Project; expectations related to
shipping, delivery, sales and revenue from gold an d silver sales
at the Borealis Oxide Heap Leach Project; assumptions related to
revenue and ability to fund operations, capital requirements and
exploration; assumptions related to gold grade and recoverability,
success of exploration and drill programs and other statements
relating to plans, estimates, objectives, and timing. Such
forward-looking statements and forward-looking information reflect
our current views with respect to future events and are subject to
certain risks, uncertainties and assumptions, including, the risk
that additional financing for the development of the Borealis Oxide
Heap Leach Project, may be required, and if so, may not be
available on terms satisfactory to the Company if at all, risks
associated with the start up of mining operations, and the risks
and uncertainties outlined under the section headings
"Forward-Looking Statements" and "Risks Factors and Uncertainties"
in the Company's annual report on Form 10-K, as filed with the SEC
and Canadian securities regulatory authorities on June 30, 2011,
and in the Company's other reports, documents, and registration
statements filed with the SEC (available at www.sec.gov) and with
Canadian securities administrators (available at www.sedar.com).
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, believed, estimated or
expected. The Company does not undertake to update forward-looking
statements or forward-looking information, except as may be
required by law. Full financial statements and securities filings
are available on the Company's website: www.gryphongold.com and
www.sec.gov or www.sedar.com.
Contacts: Gryphon Gold Corporation John L. Key CEO and President
1-775-883-1456jkey@gryphongold.com Gryphon Gold Corporation Lisanna
M. Lewis Vice President, Treasurer, Investor Relations
1-604-261-2229llewis@gryphongold.comwww.gryphongold.com