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Cours Or & Argent
Gryphon Gold Announces Joint Venture With Waterton Global Value L.P.
Published : January 31, 2013
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CARSON CITY, NEVADA--(Marketwire - Jan. 31, 2013) - Gryphon Gold Corporation (the "Company" or "Gryphon Gold") (News - Market indicators)(OTCQB:GYPH), a gold exploration, development, and production company focused on its Borealis Oxide Heap Leach Project in Nevada (the "Borealis Property"), announced today it has entered into agreements (collectively, the "Agreement") with Waterton Global Value L.P. ("Waterton") and a subsidiary of Waterton to form a joint venture with Gryphon's Borealis Mining Company.

Under terms of the Agreement, Waterton will convert $17.0 million, or about two-thirds, currently outstanding under its Senior Credit Facility with Gryphon Gold for a 60% ownership interest in the Company's subsidiary, Borealis Mining Company ("Borealis"). Gryphon Gold will own a 40% interest in Borealis and the amount due under the Senior Credit Facility will be reduced to $8.0 million, which is to be repaid in monthly installments commencing on January 31, 2013 through the end of the term in November 2014. The reduction of the amount outstanding under the facility will reduce the Company's' monthly debt payments from $1.4 million, by approximately $1.0 million, to $0.4 million.

As previously announced, Borealis' production was adversely impacted as a result of certain operational issues and particularly due to equipment failures at its Adsorption Desorption Recovery (ADR) refining facility. The Board of Directors of the Company surveyed a number of alternatives to mitigate the Company's working capital deficit. Given the challenging equity markets, the Company has determined that the best and most actionable method of preserving shareholder value is to immediately restructure its Credit Facility with Waterton.

James T. O'Neil Jr., Chief Executive Officer and Interim CFO of Gryphon Gold, stated, "Waterton has been a strong supporter of Gryphon Gold and an integral part of the advancement of the Borealis Property. This transaction provides the Company with a strengthened capital structure, and importantly, adds Waterton as a joint venture partner, bringing a wealth of technical expertise and successful gold mining experience. With their partnership, we expect to significantly increase mining efforts and current production activities, including adding additional crushing capabilities and hauling equipment."

Cheryl Brandon, Portfolio Manager at Waterton, stated, "We are very excited about our partnership with Gryphon Gold and the future potential of the Borealis project. Our expectation is that the near term initiatives being undertaken at the Borealis Property along with our experience and added capital will enable us to increase recovery rates and extend the life of the mine."

Concurrent with the joint venture and the debt reduction, Gryphon Gold and Waterton entered into an operating agreement which will govern the operational and financial obligations of both joint venture parties on a going-forward basis. Gryphon Gold is responsible for the payment of an initial $4.0 million to the joint venture to compensate Borealis for obligations incurred prior to the formation of the joint venture, in addition to 40% of an initial $4 million contemplated capital contribution. Waterton will advance a total of $5.6 million to Gryphon, with $3.0 million already having been advanced, to cover the Company's initial capital contributions to the joint venture which will be repaid, with interest at escalating rates, on or before July 31, 2013. Ongoing capital contributions will be determined by the board of managers of Borealis, and will be paid by both parties equal to their respective ownership interest in Borealis. If one party fails to meet a financial obligation it will be subject to dilution in their ownership interest in Borealis. In addition, if Gryphon fails to meet monthly payment obligations under the Senior Credit Facility, its interest in Borealis will be diluted in accordance with the terms of the Credit Agreement relating to the Senior Credit Facility.

ABOUT GRYPHON GOLD:

Gryphon Gold produces gold from its Borealis Property, which is located in Nevada's Walker Lane Gold Belt. The Company and its joint venture partner Waterton Global Value L.P. are expanding the Borealis Property production capacity and advancing the development of the oxide heap leachable gold and silver historically identified that includes both pre-processed and unprocessed ore. Gryphon Gold also plans to further expand and develop the significant sulphide resource available through exploration, metallurgical design and sulphide project permitting and development. The Borealis Property contains unpatented mining claims (including claims leased to the Company's wholly owned subsidiary) of approximately 20 acres each, totaling about 15,020 acres, which has successful past production.

Gryphon Gold routinely posts news and other important information on its website: www.gryphongold.com.

Safe Harbor Statement

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 projected production rates, expected capital contribution, and plans to advance the development of the Borealis Property. 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 risks associated with the possible dilution of Gryphon's interest in Borealis if it is unable to meet its capital contribution or loan repayment obligations, risks associated with mining operations, risks associated with the installation and operation of new equipment, risks associated with the reduction in revenue from operations for the periods referred to in this release; risks associated with Gryphon's limited capital resources, risks associated with the oxide heap, risks associated with exploration, metallurgical design and project permitting and development and the risks and uncertainties outlined under the section headings "Forward-Looking Statements" and "Risks Factors and Uncertainties" in the Annual and Quarterly Reports, 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 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. 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: www.gryphongold.com and www.sec.gov or www.sedar.com.



Gryphon Gold Corporation
James T. O'Neil Jr.
CEO and Interim CFO
775.883.1456
joneil@gryphongold.com
www.gryphongold.com
or
Kei Advisors LLC
Deborah K. Pawlowski
716.843.3908
dpawlowski@keiadvisors.com

Gryphon Gold Corp.

EXPLORATEUR
CODE : GGN.TO
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Gryphon Gold est une société développant des projet miniers d'or basée au Canada.

Gryphon Gold détient divers projets d'exploration en USA.

Ses principaux projets en exploration sont BOREALIS, COLD SPRINGS, ASHBY, GOLD POINT, ANCHOR, CUMBERLAND, TWIN BUTTES, RUBY, GOLD REEF, STATELINE, SOUTHERN BELLE, BLACK MOUNTAIN, WATER CANYON, REGENT, BAXTER SPRINGS, BLACKROCK, ARGENTITE, FLORENCE CANYON, HORSETHIEF, SCRAPER SPRINGS, ACE, FRI GOLD, COLUMBIA, BRIK, DALE, 4 ACES, BUCKSKIN NORTH, STAR CITY et ROCK CREEK en USA.

Gryphon Gold est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,9 millions CA$ (1,9 millions US$, 1,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 29 décembre 2006 à 2,35 CA$, et son plus bas niveau récent le 26 juin 2013 à 0,01 CA$.

Gryphon Gold possède 194 644 000 actions en circulation.

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Financements de Gryphon Gold Corp.
20/03/2012Announces $1,500,000 Bridge Loan Facility, as the First Stag...
25/05/2011Announces US$382,500 Over-Allotment Option Exercise
18/05/2011Announces Closing of US$10,000,000 Equity Financing
13/05/2011Announces Terms of $10,000,000 Equity Financing
07/02/2011Announces Filing of Registration Statement and Preliminary S...
21/01/2011Closes C$1.3M Private Placement
29/11/2007Closes Second Tranche of C$5.44M Private Placement
23/11/2007 Closes First Tranche of C$5.44M Private Placement
15/11/2007 Announces Increase in Size of Private Placement
07/08/2007Closes C$4.0 Million Private Placement
Nominations de Gryphon Gold Corp.
30/07/2012Announces Resignation of Chief Financial Officer
03/02/2012Announces Management Changes; Appoints James T. O'Neil Jr. a...
03/01/2012Appoints James T. O'Neil Jr. as CFO
22/07/2008Appoints Mining Engineer John Key as CEO & Director
Rapports Financiers de Gryphon Gold Corp.
15/08/2011Announces Financial Results for 1st Quarter Ended June 30, 2...
11/02/2011Announces Financial Results for 3rd Quarter Ended December 3...
14/08/2008 Announces Financial Results for 1st Quarter Ended June 30, ...
27/06/2008Reports Annual Financial Results for March 31, 2008
12/02/2008Announces Financial Results for December 31, 2007
14/11/2007 Announces Financial Results for September 30, 2007
Projets de Gryphon Gold Corp.
26/06/2012Provides Production Update
01/05/2012Provides Production Update for April 2012
03/04/2012Successfully Completes First Test Production Pour at ADR Pla...
14/10/2011Begins Production, Ships Loaded Carbon
24/08/2011(Borealis)s Progress on Borealis Mine Development
02/08/2011(Borealis)s Progress on Borealis Mine Development
09/06/2011(Borealis)Begins Construction of Borealis Heap Leach Project
26/04/2011(Borealis)Updated NI 43-101 Pre-Feasibility Filed for Borealis Oxide H...
03/03/2011(Borealis)to Issue Updated Pre-Feasibility Study and Clarifies Mineral...
22/02/2011(Borealis)Announces Extends Option to Fix NSR Royalty
04/06/2009(Borealis)Pre-Feasibility Study for Gryphon Gold's Borealis Oxide Reso
10/03/2009(Argentite)Signs Letter of Intent on Argentite Property, Nevada
09/01/2008Summary of the Borealis Exploration Program
18/01/2007(Borealis)Gold Resource Model Update
Communiqués de Presse de Gryphon Gold Corp.
13/02/2013to Discuss Joint Venture Agreement with Waterton on Third Qu...
31/01/2013Announces Joint Venture With Waterton Global Value L.P.
15/01/2013(Ace)Announces Installation of Replacement ADR Refining Facility ...
07/01/2013Provides Operational Update
31/10/2012Announces Second Quarter Fiscal Year 2013 Financial Results ...
15/10/2012Provides Operational Update
25/09/2012and Waterton Agree to Increase Senior Secured Credit Facilit...
28/08/2012Announces Filing of Supplement to Proxy Statement
14/08/2012Reports $5.9 Million in Revenue in the First Quarter Fiscal ...
05/07/2012Mourns the Loss of Director
18/06/2012Announces Fiscal Year End 2012 Financial Results Conference ...
29/05/2012Sets Record Date and Meeting Date For Annual General Meeting
19/04/2012Secures $15,000,000 Senior Secured Credit Facility with Wate...
24/02/2012(Borealis)Provides Third Quarter Fiscal 2012 Financial Results and an ...
18/02/2012Announces Third Quarter FY2012 Financial Results Conference ...
05/12/2011Reports Gold Sales
24/10/2011Continues Loaded Carbon Shipments
08/09/2011(Ace)Announces Heap Placement at Borealis Mine
27/07/2011(Ace)Closes $3 million Private Placement of Units
14/03/2011States That Its Policy Is Not to Comment on Unusual Market A...
13/07/2009 signs lease with Newmont
12/06/2009Annual Meeting
07/01/2009Employs Cash Conservation While Continuing Plans for Mine Co...
03/09/2008Preliminary Assessment Supports Initial 46,000 ozs/yr Gold P...
22/08/2008Signs Option to Cap Borealis Royalty
05/08/2008Signs Option to Restructure its $5 Million Debt
16/07/2008Retains AGORACOM
22/05/2008Enters Option Agreement with Silver Reserve Corp.
29/04/20082008 Resource Model Update
27/03/2008Report New Resource Calculation End of April 2008
05/03/2008Reports that Blackrock Project, Nevada is to be Drilled by N...
28/02/2008and American Bonanza Terminate Merger Negotiations
20/02/2008Assessment of Proposed Merger with American Bonanza
12/02/2008Announces Planned Merger With American Bonanza
05/02/2008Smartstox Spotlights Gryphon Gold Corporation
05/02/2008Announces New COO ? Mining Engineer John L. Key
25/01/2008DRILLING UNDERWAY IN 2008 AT RED ROCK PROPERTY
18/01/2008OUTLINES PLANS FOR PROPERTIES HELD BY NEVADA EAGLE RESOURCES
07/11/2007Provides Drill Program Update
02/11/2007CSAMT Geophysical Survey Improves Drill Targeting
23/10/2007 Announces Agreement With Agnex Exploration For Regent Gold-...
15/10/2007 ANNOUNCES AN AMENDMENT TO LEASE WITH AuEx VENTURES INC. TO ...
15/10/2007Announces an Amendment to Lease With AuEx Ventures Inc. to A...
08/09/2007Reports on Annual General Meeting : Continues to increase ou...
23/08/2007Reports 174 meter (570 ft.) gold mineralized zone
22/08/2007Closes Nevada Properties Acquisition
06/07/2007acquires Nevada Eagle Resources LLC
27/06/2007reports on exploration progress
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