There's Gold In Them Thar HeapsIt appears that modern technology can yield a lot more gold from heaps than in the past.
Further to the PDF that ozzy5 posted, here are some key lines from HGI's brochure on their technology. Presumably, Gryphon will use similarly advanced technology.
https://www.hydrogeophysics.com/pdf/Final%20Heap%20Leach%20Gold%20Recovery.pdf"...the Newmont test project results were impressive. Improved fluid flow and adequate wetting of dry unleached areas released an additional estimated 25000+ ounces of gold for a heap that was previously considered depleted of impregnated ore and ready for closure. Additionally, the improved fluid flow through the heap reduced pumping and maintenance costs..."
In other words: more gold and cheaper costs, from already-mined gold ore, and from new gold ore => cash flow.Given that Gryphon has ~2.5moz Au in the M&I & I categories, and potentially 5moz Au with more drilling (paid for from potentially near-term cash flow); and, given that the gold is near-surface, open-pittable, bulk-mineable, and it is oxide (oxide being, generally, more friendly than sulphide); and, given that there is even more sulphide gold at depth which has not yet been included in any resource calculations (as indicated by red911).; and, given modern technology, such as HGI's, for heap leaching, there is a lot of potential, recurring cash flow for Gryphon.
2011 will potentially be the year for Gryphon.
My money is on Gryphon.