Gryphon Gold Corp GYPHQ

Metals & Mining Gold

Gryphon Gold Corporation is a mine development company. The Company's principal asset is Borealis property. The Borealis Property is 27.5 square miles located in the Walker Lane gold belt of western Nevada. The Company's land position covers approximately 17,600 acres for the Borealis property and over 60 Nevada exploration properties, which cover approximately 70 square miles in the state's gold trends. The Borealis property has approximately 1.4 million ounces of measured and indicated gold resources, and approximately 1.1 million ounces of inferred gold resources have been accredited to the one square mile Central Borealis zone. Its Borealis property has over five other prospective zones that are being explored, which have the potential to host significant gold resources. The Company continued drilling on the Borealis property in the Graben resource, and in the central and western pediment areas.

GREY:GYPHQ - Post by User

Gryphon Gold Corp

Bullboard Posts

Post by red911on Nov 23, 2011 6:47pm

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Post# 19262702

Phase 2 ASAP?...

Like I have said... the latest presentation indicates $4M required for Phase 2... Phase 2 was not originally scheduled to be started until Feb 2012... maybe they decided to ramp up asap?... Phase 2 includes expanding the leach pad and mining and processing Borealis pit ore. The latest drill program's objective was "a series of holes that is designed to obtain additional mine planning data in the Borealis pit for reserves". Phase 2 costs $4M... GGN just raised $4M. Is this all a coincidence? Could be but just throwing it out there. Did results from the ongoing drill program warrant immediate development of this Borealis Pit ore? Maybe it made more sense to do this expansion now as part of solution to overcome production issues related to Phase 1?

Another major milestone on our horizon is ADR construction. As per slide 20, this was to be commissioned in December. That's just 1 week away. If their record of being well ahead of schedule applies to the ADR plant we could see an announcement here soon. If so, and they are initiating Phase 2 now (only previously scheduled to take just 1 month), GGN could be recovering their own gold an silver to bullion before year end. No? Again just speculating.

red911

SLIDE 16:

Production Phase 1

•Construct Leach Pad and Ponds

•Process Freedom Flats Heap

•Recover Gold and Silver to carbon initially and bullion upon completion of the ADR

Production Phase 2

•Expand Leach Pad

•Mine and Process Borealis Pit Ore

•Recover Gold and Silver to bullion

SLIDE 20:

Estimated Timeline

•06/2011 – Initial Pad/Service/Support/ADR Construction

•08/2011 – Initial Pad Completion Process Releach Ore

•08/2011 – Process Fluid Return