Gryphon Gold Addresses News Service Report
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/10/10 -- Gryphon Gold Corporation (TSX: GGN)(OTCBB: GYPH) has been advised that information in respect of Gryphon Gold was published in error by a third party news service without review by Gryphon Gold.
At the request of the Toronto Stock Exchange, Gryphon Gold confirms that as published in Gryphon Gold Corporation, Borealis Mining Company, Canadian NI 43-101 Technical Report on the Mineral Resources of the Borealis Gold Project Located in Mineral County, Nevada, USA dated April 28, 2008, the reported resource is;
Measured 383,900 oz Au at a grade of .058 oz/ton
Indicated 1,038,600 oz Au at a grade of .035 oz/ton
Inferred 1,104,500 oz Au at a grade of .022 oz/ton
Included in the above Measured and Indicated resources are 377,356 ozs of Proven and Probable reserves which are included in the 2009 Pre-Feasibility Study on the Mineral Resources of the Borealis Gold Project Located in
Mineral County, Nevada, U.S.A.
The company's intent continues to be to advance the Borealis property to production in an expeditious manner which is dependent on an acceptable form of available financing. To date no acceptable financing mechanism is in place.
Gryphon Gold has had no involvement with the information published by the news service and has no responsibility therefor.
On Behalf of the Board of Directors of Gryphon Gold Corporation
John L. Key, CEO
ABOUT GRYPHON GOLD:
Gryphon Gold is a Nevada-focused gold exploration and potentially a production company. Its principal gold resource, the 1.4 million ounce (377,356 ounces of proven and probable reserves and 1,022,644 ounces of measured and indicated) and 1.1 million ounce (inferred) Borealis deposits, is located in the Walker Lane gold belt of western Nevada. The Borealis gold system is one of the largest known volcanic-hosted high-sulphidation gold bearing mineralized systems in Nevada.
This press release contains 'forward-looking statements' and 'forward-looking information' within the meaning of Canadian and United States securities laws, which may include, but is not limited to, statements with respect to reserve and resource estimates and estimated gold mineralization and other plans, projections, estimates and expectations. Such forward-looking statements and forward-looking information reflect our current views and are subject to certain risks, uncertainties and assumptions outlined under the section headings 'Forward-Looking Statements' and 'Risks Factors' in our annual report on Form 10-K, as filed with the SEC on June 26, 2009, under the section heading 'Risk Factors' in our most recent quarterly report on Form 10-Q, as filed with the SEC on November 13, 2009, and in our most recent financial statements, reports 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. Historical resource estimates may not be indicative of actual mineralization. We do 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 our website: www.gryphongold.com and www.sec.gov or www.sedar.com. For further information contact: John Key, CEO, by phone: 775-853-8814, or email at jkey@gryphongold.com. The Borealis property is described in the technical report and in the technical report dated September 21, 2009 titled Pre Feasibility Study on the Mineral Resources of the Borealis Gold Project Located in Mineral County, Nevada, U.S.A prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ('NI 43-101'). The technical report describes the exploration history, geology and gold mineralization at the Borealis property. Disclosure in this press release of mineral reserves and resources is based on the technical report. Details of the quality or grade of each category of mineral resources and key assumptions, parameters and methods used to estimate the mineral reserves and resources is included in the technical report. The reports also include a description of environmental and permitting matters.
All mineral reserves and resources have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the United States Securities and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7 standards are substantially different and the information contained in this press release is not comparable to similar information disclosed by U.S. companies. This press release uses the terms 'measured,' 'indicated,' and 'inferred' resources. We advise investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that enable them to be categorized as mineral reserves. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.
Contacts:
Gryphon Gold Corporation
John L. Key
CEO
775 853-8814
jkey@gryphongold.com
www.gryphongold.com