NR: Gryphon Gold Provides Operational Update... For me, this is the last straw. GLTA.
red911
Gryphon Gold stops gold production at Borealis
2013-01-07 09:29 NT - News Release
Mr. James O'Neil reports
GRYPHON GOLD PROVIDES OPERATIONAL UPDATE
Gryphon Gold Corp. has suspended gold production at its Borealis property due to equipment failure at its adsorption desorption recovery (ADR) refining facility.
Donald B. Tschabrun, Chief Operating Officer of Gryphon Gold, commented, "The failure of the ADR facility's boiler has impacted production as we are unable to properly heat the strip solution which enables us to extract the gold. A replacement boiler is currently being inspected and, should it pass inspection, we anticipate it to be delivered, installed and operating by month end provided we are able to continue to fund operations. We are loading the expanded heap leach pad, have installed the conveyor system and are completing the installation of the new crushers. We also have heavy earth moving equipment on site and a drilling and blasting contractor lined up. At this time, we expect to start moving new ore to the expanded pad starting in February. Because of the boiler's reduced functionality and ultimate failure, production in December and January has been impacted. We have cut back measurably on our operating staff in the meantime to reduce costs."
Director Resignation
The Company also announced that Terence J. Cryan resigned his position as Director, effective January 1, 2013. In his letter of resignation, he noted that the increase of other commitments have impacted his ability to properly fulfill his role as a director for the Company.
Marvin K. Kaiser, Chairman of the Board, noted, "We will miss Terence's advice and counsel. He has been instrumental in our efforts to bring the Borealis project back to life as a producing mine. We wish him well in all his endeavors."
We seek Safe Harbor.