ASX Announcement & Media Release
Wednesday 31 October 2007

Drilling Intersects Disseminated & Massive Sulphides
Minara Resources Joint Venture - Collurabbie Project

Highlights

- 30 meters of abundant disseminated sulphides with zones of up to one meter of massive sulphides intersected in the first diamond drill hole.

- First hole completed into the first of five high priority targets.

- Along strike from BHP/Falcon Minerals JV and Regis Resources nickel discoveries.

Gryphon Minerals Ltd (ASX:GRY) is pleased to announce that the first diamond drill hole (CBDD001) targeting the first ground electro‐magnetic (EM) anomaly has successfully intersected a 30 meter zone of disseminated and semi-massive to massive sulphides from 157m depth at the Company’s Collurabbie Project Joint Venture (Minara Resources) located only 30km to the south of the BHP/Falcon Minerals nickel discovery in Western Australia.

The sulphide zone in hole CBDD001 coincides exactly with the EM anomaly recently identified by detailed ground based geophysical surveying. Preliminary geological logging of the hole highlights a prospective geological sequence of ultramafic and mafic schist’s, black shale, sulphidic quartz veining, basalts and gabbros. This is the first of several diamond holes to be drilled over the coming weeks targeting the first five high priority ground electro‐magnetic and geochemical targets at the Collurabbie Project JV.

The diamond drilling is part of the Company’s major exploration campaign which includes aircore drilling, ground electro‐magnetics, down hole electro‐magnetics, aeromagnetics and soil geochemical surveying.

Detailed ground electro‐magnetic survey (EM) is currently in progress that will infill areas of
previous interest as well as “stepping out” to cover a further seven kilometres of untested strike potential of the Collurabbie ultramafic/mafic sequence.

The Company has also completed a 30 hole reconnaissance air‐core drill programme to follow up on previously identified areas of anomalism including 2m @ 0.64% Ni within a limonitic chlorite schist at the bottom of hole CBR21 and elevated levels of platinum (up to 4m @ 139ppb Pt in hole CBR14) and palladium (up to 4m @ 37ppb Pd in hole CBR13). Aircore drill results are pending.

On completion of the Collurabbie ground EM the geophysical team will commence further EM
surveying at the Mount Rankin JV Project in the Southern Cross greenstone belt.

The first diamond drill core (CBDD001) is currently being cut and sent to the laboratory for
geochemical analysis. All results from the drilling and geophysical programmes will be made
available at the earliest opportunity.

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ACN 107 690 657
Freemasons Hall, 181 Roberts Road, Subiaco WA 6008
PO Box 536 West Perth WA 6872
T: + 61 8 9287 4333 F: + 61 8 9287 4334
E: admin@gryphonminerals.com.au W: www.gryphonminerals.com.au