Gryphon Gold Announces Heap Placement at Borealis Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/08/11 -- Gryphon Gold Corporation (TSX: GGN)(OTCBB: GYPH) is pleased to provide an update of onsite construction work for the Borealis Oxide Heap Leach Project as of September 8, 2011. The project remains below budget. The Borealis Oxide Heap Leach Project began building the initial heaps for cyanide treatment on September 5, 2011.
John Key, Chief Executive Officer of Gryphon, commented, 'The aggressive schedule for entering production at Borealis has been a challenge but one that our personnel and contactors are continuing to meet. With the initial building of oxide gold heaps, we would anticipate fluid flows beginning soon and our previously announced shipping and sales dates to be met.'
As of September 1, 2011 the leach pad liner was 100% complete.
As of September 5, 2011 final approvals from the Nevada Department of Environmental Protection had been received that allows for production processing.
The initial portion of the heap leach pad has successfully been over lined with material screened from the Freedom Flats heap. This drainage layer is gold bearing material and will contribute to the gold production.
The project is on target for delivery of loaded carbon in September and cash flow in October. With funds from the $3M Private Placement, the Adsorption, Desorption, Recovery Plant (the 'ADR') is being fabricated and is currently on schedule. On site, the ADR footings are complete and the pouring of the floors is in progress.
A construction update with pictures will be posted on www.gryphongold.com.
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; the schedule for site construction work, heap leach pad construction, ADR plant construction, pad loading, fluid flows, shipping, delivery, sales and revenue from gold sales at the Borealis Oxide Heap Leach Project; assumptions related to the commercial viability of the Borealis Oxide Heap Leach Project; assumptions related to gold grade and recoverability, estimates of tonnage and grade, anticipated release of further updates on the progress at the Borealis project 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
1-775-883-1456
jkey@grypyhongold.com
Gryphon Gold Corporation
Lisanna M. Lewis
Vice President, Treasurer, Investor Relations
1-604-261-2229
llewis@gryphongold.com
www.gryphongold.com