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Gryphon Gold Announces Financial Results for 1st Quarter Ended June 30, 2011
Published : August 15, 2011
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Keywords :   Canada | Gold | Lead | Market |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - Gryphon Gold Corporation (News - Market indicators)(OTCBB:GYPH) (the "Company") reported for the three months ending June 30, 2011 a net loss of $583,461 or $0.01 per share from continuing operations compared to a net loss of $1,028,301 or $0.01 per share from continuing operations and net income of $635,708 or $0.01 per share from discontinued operations in the same period in the prior year. Unless otherwise indicated, all dollars amounts are in United States dollars.

Operational highlights of the quarter ended June 30, 2011 include the following:

  • On May 18, 2011, we closed a public offering of 80,000,000 shares of our common stock at a price of $0.125 per share for aggregate gross proceeds of $10,000,000. As part of the offering, the underwriters were granted an over-allotment option to cover over-allotments, if any. In connection with the closing of the initial offering, one underwriter exercised its over-allotment option in full for an additional 6,000,000 shares of our common stock at $0.125 per share for additional gross proceeds of $750,000. On May 24, 2011, the second underwriter exercised its over-allotment option in part for an additional 3,060,000 shares of our common stock at a price of $0.125 per share for additional gross proceeds of $382,500. After fulfilling the over-allotment options, we issued a total of 89,060,000 shares and received $9.6 million in net proceeds to the Company.

  • On May 20, 2011, we exercise our option to fix the royalty on the Borealis Property at 5%. Under the terms of the amended option agreement, we paid the Lessors aggregate consideration of $7,000,000 (less the $250,000 previously paid by Gryphon to the Lessors upon execution of the Option Agreement) as follows:

    • $150,000 in cash;

    • 7,726,500 shares of common stock at an agreed value of $0.40 per share (fair value $0.14, $1,081,675);

    • 5% promissory notes in the aggregate principal amount of $1,600,000, due May 20, 2013, with installment payments due upon commencement of production on the Borealis property; and

    • 5% convertible notes in the aggregate principal amount of $1,909,500, due May 20, 2014, convertible into shares of our common stock at $0.70 per share through May 20, 2012, $0.80 per share through May 20, 2013 and $0.90 per share through May 20, 2014.

  • During the quarter ended June 30, 2011, we announced that Ted R. Sharp of Sharp Executive Associates has joined our team as Interim Chief Financial Officer. Mr. Sharp is a Certified Public Accountant, and has Bachelor of Business Administration Degree in Accounting from Boise State University. Mr. Sharp replaced the previous Interim Chief Financial Officer, Mr. Matthew A. Fowler, also of Sharp Executive Associates.

Subsequent to the quarter ended June 30, 2011:

  • On July 27, 2011, the Company announced that it has closed a $3,000,000 CAD private placement of units at a price of $1,000 CAD per Unit. The offering was conducted by a lead agent in Canada and by a U.S. agent in the United States. Each Unit consists of $1,000 CAD principal amount of 10% secured subordinated debentures maturing July 28, 2012 and 1,500 warrants. Each Warrant entitles the holder thereof to purchase one common share in the capital of the Company at a price of $0.20 USD per share. The Warrants expire on January 27, 2013.

Three months ended June 30, 2011 compared to three months ended June 30, 2010

For the three months ended June 30, 2011, we had a net loss of $583,461 or $0.01 from continued operations and nil from discontinued operations compared to a net loss of $1,028,301 or $0.01 from continued operations and net income of $635,708 or $0.01 from discontinued operations in the same period in the prior year. 

Exploration expenses during the quarter ended June 30, 2011 were $90,896, or 16% of our total expenses, compared to $385,639, or 37% of our total expenses in the prior year. The decrease is due to Company resources being directed toward commencement of construction, with a majority of the costs incurred on the property being capitalized as construction in progress.

Management salaries and consulting fees in the quarter ended June 30, 2011 were $233,407 compared to $313,928 compared incurred in the quarter ended June 30, 2010. Total non-cash compensation expense due to the recognition of costs related to stock options was $18,508 compared to $40,139 in the quarter ended June 30, 2010. Management salaries and consulting fees during the quarter decreased due to lower consulting fees and the capitalization of engineering staff salaries as part of construction in progress. General and administrative costs increased by $200 over the prior years first quarter. Legal and audit fees for the period were $74,147 compared to $57,413 in the quarter ending June 30, 2010. These costs increased due to the level of legal services surrounding the exercise of the option to reduce the royalty and the increased activities in completing financing activities to fund the construction. Travel and accommodation costs during the quarter ended June 30, 2011 were $50,473, compared to $33,538 expended on travel in the prior year's comparable quarter. The increase in travel and entertainment cost is due primarily to travel costs incurred associated with the increased corporate activity.

Interest expense was $19,811 in the quarter ended June 30, 2011 compared to $593 in the same period in the prior year. This increase is due to the interest incurred on the promissory and convertible notes issued to reduce the potential future obligations under the royalty that was satisfied during the most recent quarter. 


Gryphon Gold is a Nevada-focused gold exploration company. The Company's principal property is its Borealis gold project located in the Walker Lane gold belt of western Nevada.

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of United States and Canadian securities laws, which may include, but are not limited to, statements relating to the Company's proposed use of proceeds from the sale of the Units. Such forward-looking statements and forward-looking information reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risk that additional financing for the development of the Borealis Oxide Heap Leach Project may be required and, if so, may not be available on terms satisfactory to the Company if at all, risks associated with the start up of mining operations, and the risks and uncertainties outlined under the section headings "Forward-Looking Statements" and "Risks Factors and Uncertainties" in the Company's annual report on Form 10-K for the year ended March 31, 2011, and interim report on Form 10Q for the period ended June 30, 2011, as filed with the SEC and Canadian securities administrators and in the Company's other reports, documents, and registration statements filed with the SEC (available at and with Canadian securities administrators (available at Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company does not undertake to update forward-looking statements or forward-looking information, except as may be required by law. Full financial statements and securities filings are available on the Company's website: and or

Gryphon Gold Corporation
John L. Key
CEO and President
Gryphon Gold Corporation
Lisanna Lewis
VP, Treasurer, Investor Relations
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Gryphon Gold Corp.

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Gryphon Gold is a gold development stage company based in Canada.

Gryphon Gold holds various exploration projects in USA.


Gryphon Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.9 millions as of today (US$ 1.9 millions, € 1.4 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.35, and its lowest recent point on June 26, 2013 at CA$ 0.01.

Gryphon Gold has 194 644 000 shares outstanding.

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Annual reports of Gryphon Gold Corp.
2008 Annual report
Financings of Gryphon Gold Corp.
3/20/2012Announces $1,500,000 Bridge Loan Facility, as the First Stag...
5/25/2011Announces US$382,500 Over-Allotment Option Exercise
5/18/2011Announces Closing of US$10,000,000 Equity Financing
5/13/2011Announces Terms of $10,000,000 Equity Financing
2/7/2011Announces Filing of Registration Statement and Preliminary S...
1/21/2011Closes C$1.3M Private Placement
1/17/2011Announces Increase in Size of Private Placement
1/5/2011Announces Proposed C$800,000 Private Placement
11/29/2007Closes Second Tranche of C$5.44M Private Placement
11/23/2007 Closes First Tranche of C$5.44M Private Placement
11/15/2007 Announces Increase in Size of Private Placement
8/7/2007Closes C$4.0 Million Private Placement
Nominations of Gryphon Gold Corp.
7/30/2012Announces Resignation of Chief Financial Officer
2/3/2012Announces Management Changes; Appoints James T. O'Neil Jr. a...
1/3/2012Appoints James T. O'Neil Jr. as CFO
7/22/2008Appoints Mining Engineer John Key as CEO & Director
Financials of Gryphon Gold Corp.
11/14/2011Announces Financial Results for 2nd Quarter Ended September ...
8/15/2011Announces Financial Results for 1st Quarter Ended June 30, 2...
2/11/2011Announces Financial Results for 3rd Quarter Ended December 3...
11/12/2010Announces Financial Results for 2nd Quarter Ended September ...
8/14/2008 Announces Financial Results for 1st Quarter Ended June 30, ...
6/27/2008Reports Annual Financial Results for March 31, 2008
2/12/2008Announces Financial Results for December 31, 2007
11/14/2007 Announces Financial Results for September 30, 2007
Project news of Gryphon Gold Corp.
6/26/2012Provides Production Update
5/1/2012Provides Production Update for April 2012
4/3/2012Successfully Completes First Test Production Pour at ADR Pla...
11/9/2011Provides Update on Production
10/14/2011Begins Production, Ships Loaded Carbon
9/26/2011(Borealis)Begins Heap Leaching at Borealis Mine
8/24/2011(Borealis)s Progress on Borealis Mine Development
8/2/2011(Borealis)s Progress on Borealis Mine Development
6/9/2011(Borealis)Begins Construction of Borealis Heap Leach Project
4/26/2011(Borealis)Updated NI 43-101 Pre-Feasibility Filed for Borealis Oxide H...
3/3/2011(Borealis)to Issue Updated Pre-Feasibility Study and Clarifies Mineral...
2/22/2011(Borealis)Announces Extends Option to Fix NSR Royalty
12/2/2010(Borealis)Advances Critical Data Analysis
6/4/2009(Borealis)Pre-Feasibility Study for Gryphon Gold's Borealis Oxide Reso
3/10/2009(Argentite)Signs Letter of Intent on Argentite Property, Nevada
1/9/2008Summary of the Borealis Exploration Program
1/18/2007(Borealis)Gold Resource Model Update
Corporate news of Gryphon Gold Corp.
3/1/2013Provides Operational Update
2/13/2013to Discuss Joint Venture Agreement with Waterton on Third Qu...
1/31/2013Announces Joint Venture With Waterton Global Value L.P.
1/15/2013(Ace)Announces Installation of Replacement ADR Refining Facility ...
1/7/2013Provides Operational Update
12/5/2012Completes Expansion of Heap Leach Pad
11/14/2012Reports $3.5 Million in Revenue for the Second Quarter of Fi...
10/31/2012Announces Second Quarter Fiscal Year 2013 Financial Results ...
10/15/2012Provides Operational Update
9/25/2012and Waterton Agree to Increase Senior Secured Credit Facilit...
8/28/2012Announces Filing of Supplement to Proxy Statement
8/14/2012Reports $5.9 Million in Revenue in the First Quarter Fiscal ...
7/5/2012Mourns the Loss of Director
6/18/2012Announces Fiscal Year End 2012 Financial Results Conference ...
5/29/2012Sets Record Date and Meeting Date For Annual General Meeting
4/19/2012Secures $15,000,000 Senior Secured Credit Facility with Wate...
2/24/2012(Borealis)Provides Third Quarter Fiscal 2012 Financial Results and an ...
2/18/2012Announces Third Quarter FY2012 Financial Results Conference ...
12/5/2011Reports Gold Sales
11/22/2011(Ace)Closes $4.479 Million Private Placement of Units
10/24/2011Continues Loaded Carbon Shipments
9/8/2011(Ace)Announces Heap Placement at Borealis Mine
7/27/2011(Ace)Closes $3 million Private Placement of Units
3/14/2011States That Its Policy Is Not to Comment on Unusual Market A...
7/13/2009 signs lease with Newmont
6/12/2009Annual Meeting
4/8/2009Sells Blue Mountain Project to Nevada Geothermal
1/7/2009Employs Cash Conservation While Continuing Plans for Mine Co...
9/3/2008Preliminary Assessment Supports Initial 46,000 ozs/yr Gold P...
8/22/2008Signs Option to Cap Borealis Royalty
8/5/2008Signs Option to Restructure its $5 Million Debt
7/16/2008Retains AGORACOM
5/22/2008Enters Option Agreement with Silver Reserve Corp.
4/29/20082008 Resource Model Update
3/27/2008Report New Resource Calculation End of April 2008
3/5/2008Reports that Blackrock Project, Nevada is to be Drilled by N...
2/28/2008and American Bonanza Terminate Merger Negotiations
2/20/2008Assessment of Proposed Merger with American Bonanza
2/12/2008Announces Planned Merger With American Bonanza
2/5/2008Smartstox Spotlights Gryphon Gold Corporation
2/5/2008Announces New COO ? Mining Engineer John L. Key
11/7/2007Provides Drill Program Update
11/2/2007CSAMT Geophysical Survey Improves Drill Targeting
10/23/2007 Announces Agreement With Agnex Exploration For Regent Gold-...
10/15/2007Announces an Amendment to Lease With AuEx Ventures Inc. to A...
9/8/2007Reports on Annual General Meeting : Continues to increase ou...
8/23/2007Reports 174 meter (570 ft.) gold mineralized zone
8/22/2007Closes Nevada Properties Acquisition
7/6/2007acquires Nevada Eagle Resources LLC
6/27/2007reports on exploration progress
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