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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (26704)	11/30/2006 5:26:23 PM
From: loantech	Respond to of 78421

This may be very good news for GGN. I like the fact they are cleaning up their mess in public and quickly: Gryphon moves exploration to Nevada, halts Borealis 2006-11-30 17:05 ET - News Release Mr. Albert Matter reports: GRYPHON GOLD FOCUSES ON EXPLORATION Gryphon Gold announced today that its Board of Directors has concluded that the Company will not proceed with the construction and related financing of the Central Borealis heap leach mine at this time. This decision follows on the Company's Nov. 27, 2006 announcement that it would be revising the gold and silver resource estimates of the Borealis heap leach mine. As there is currently no need for production engineering capability, the Denver, Colo., office will be closed. Steve Craig, Vice-President Exploration will move to Nevada and continue to head the exploration team and Allen Gordon will no longer serve as an officer or Director of the Company. The Company will be engaging independent consultants to complete an updated NI 43-101 compliant gold and silver resource technical report which will include the results of the drilling since March, 2006, to date which were not included in the current technical report. The Company's focus in respect of the Borealis property will be on expanding the total gold resources (of the heap leachable deposits and the Graben sulphide deposit) and exploring the six known similar geological targets on the property for additional deposits. Drilling continues on the Graben deposit and has commenced on two of the six prospective district targets. Results of these programs will be reported once all the assays have been completed and analyzed. Gryphon Gold is a Nevada corporation in the business of acquiring and developing gold properties in North America. Gryphon Gold's principal asset is the 27.5-square-mile Borealis property located in the Walker Lane gold belt of western Nevada. At present the Company has 41 million shares outstanding with a net cash balance of $6.2-million (U.S.) at the second fiscal quarter end, Sept 30, 2006. We seek Safe Harbor.