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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: LoneClone who wrote (26459)	11/27/2006 7:37:33 PM
From: LoneClone	Read Replies (1) of 78416

Gryphon Gold stock drops 26 pct on study revision Mon Nov 27, 12:35 PM ca.news.finance.yahoo.com TORONTO (Reuters) - Shares of Gryphon Gold Corp. dropped 26 percent on Monday after the company said development of its main asset in Nevada will be delayed because it needs to revise its feasibility study. Shares of Gryphon fell 37 Canadian cents, or 26 percent, to C$1.03 on the Toronto Stock Exchange, underperforming the gold-mining sector <.SPTTGD, which was up 0.3 percent. Gryphon, which is based in Colorado and listed in Toronto, said revisions are required because of miscalculations made in reserve and resource calculations. The company expects the total gold resource estimates for the Borealis property to be down nominally. It said it will postpone its plan to raise money to finance the project due to the impact of the "anticipated reduction in recoverable gold and silver estimates." Gryphon said it will delay its decision to put the project into production until a reassessment of the viability of the mine is completed.

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