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VANCOUVER, BRITISH COLUMBIA--(Marketwire
- July 22, 2008) - Gryphon Gold Corporation (TSX:GGN)(OTCBB:GYPH) is pleased to announce that mining engineer John L.
Key has been appointed Chief Executive Officer and Director of Gryphon Gold
Corporation. With more then 30 years of successfully building and operating
mines, he is well qualified to lead Gryphon in the development of its two
gold deposits and in following up on its recent exploration successes.
As a consultant to Gryphon Gold these past five months, Mr. Key fullfilled
the objectives of establishing the economic potential for a heap leach mine
from Gryphon's 700,000
oz oxide gold resources, as well as affirming the
longer term opportunities for Gryphon's 1.8 million oz sulphide gold
resources; both on the Borealis property in Nevada. An independent 43-101
compliant Preliminary Assessment Study detailing the full economics of the
oxide heap leach mine is nearing completion. It will be released in early
September along with a 43-101 compliant independent Scoping Study of the
sulphide gold resources' mining potential.
Mr. Key has had a successful and innovative career, predominantly with
Cominco and Teck-Cominco. His 30 years in the mining industry includes 20
years of direct mine construction and operations management. As General
Manager, he was directly responsible for running, in succession, the Magmont,
the Polaris, and the Red Dog mines. During his six years operating the Red
Dog mine, he was responsible for oversight, operating, capital and construction
budgets and expansion of the world largest zinc mine. Subsequently, he served
as the General Manger Projects, with increased responsibilities in project
development, political interaction, mining and milling techniques innovation
and personnel development.
Mr. Tony Ker, having faced significant health challenges during the past
year, is resigning as CEO. The Board wishes to thank Mr. Ker for having led
Gryphon through these past two difficult years in the junior mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS OF GRYPHON GOLD CORPORATION
Full financial statements and securities filings are available on our
website: www..gryphongold.com and www.sec.gov or www.sedar.com. Full
financial statements and securities filings are available on our website: www.gryphongold.com
and www.sec.gov or www.sedar.com. For further information contact: John Key,
CEO, by phone: 604-261-2229, or email at jkey@gryphongold.com
The Borealis property is described in the technical report dated April 28,
2008 titled Technical Report on the Mineral Resources of the Borealis Gold
Project Located in Mineral County, Nevada, U.S.A. and prepared in accordance
with National Instrument 43-101 of the Canadian Securities Administrators. The
technical report describes the exploration history, geology and style of gold
mineralization at the Borealis property.
This press release was reviewed by Dr. R. Steininger of Gryphon Gold, a
Qualified Person as defined by National Instrument 43-101 of the Canadian
Securities Administrators.. This press release contains "forward-looking
information" which may include, but is not limited to, statements with
respect to Mr. Key's ability to lead Gryphon Gold, resource estimates, and
other plans, projections, estimates and expectations. Such forward-looking
statements reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including, the risks
and uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the SEC (available at
www.sec.gov) and with Canadian securities administrators (available at
www.sedar.com). 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.
All mineral resources have been estimated in accordance with the definition
standards on mineral resources and mineral reserves of the Canadian Institute
of Mining, Metallurgy and Petroleum referred to in National Instrument
43-101, commonly referred to as NI 43-101. U.S. reporting requirements for
disclosure of mineral properties are governed by the United States Securities
and Exchange Commission (SEC) Industry Guide 7. Canadian and Guide 7
standards are substantially different. We do not undertake to update
forward-looking statements.
For more information, please contact
Gryphon Gold Corporation
John Key
CEO
(604) 261-2229
Email: jkey@gryphongold.com
Website: www.gryphongold.com
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