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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
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Post by red911on Feb 23, 2012 10:06am
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Post# 19572477

Drilling...

Drilling...

10Q... page 11...

In Q3 they had to purchase $2M in 'Reclamation bonds'... the reason for the dramatic increase in these assets from
to $2M was...

"The asset retirement obligation at December 31, 2011 includes the Company’s estimate of reclamation costs for Phase 1A of the Borealis Heap Leach Project and in fill drilling that commenced in the quarter ended December 31, 2011."

i.e. They HAVE been drilling. 

In Q3... They had operating loss of $2.5M given production issues during initial production (these are supposedly under control).  They spent $11.1M on leach pads, plant, reclamation bonds, etc.  They have $3.5M tied up in inventories... gold sitting on the leach pad for the most part.  To me this does not sound like anythign out of the ordinary for a start-up.  What are we missing?  Again, compare to SGN... they are not making money yet. 

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