Gryphon Gold Provides Operational Update
(firmenpresse) - CARSON CITY, NEVADA -- (Marketwire) -- 10/15/12 -- Gryphon Gold Corporation (the "Company" or "Gryphon Gold") (TSX: GGN)(OTCQB: GYPH), a gold exploration, development, and production company focused on its Borealis Oxide Heap Leach Project in Nevada (the "Borealis Property"), provided an operational update as of September 30, 2012.
Gryphon Gold has been focused on increasing its production from a monthly average rate of approximately 1,000 gold equivalent ounces realized in the first quarter ended June 30, 2012, through expansion of its heap leach operations. The Company's goal is to have the processing capability to produce 2,000 to 2,500 gold equivalent ounces per month.
Financial flexibility to fund investments in expanding production capacity
Donald B. Tschabrun, Chief Operating Officer of Gryphon Gold, commented, "The completion of our expanded financing agreement with Waterton provided us with the financial flexibility to continue to invest in all aspects of the production cycle to increase capacity and improve operational efficiency. A number of enhancements are underway and we are working on plans for additional upgrades to leverage our current operations and facilities to increase our gold recovery rate."
Continued construction of Phase 1B
Additional efforts to improve operational efficiency
ABOUT GRYPHON GOLD:
Gryphon Gold produces gold from its Borealis Property, which is located in Nevada's Walker Lane Gold Belt. The Company is expanding its 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: .
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 operating results; expansion of production capacity, pending permit application, development of oxide resources, construction of on-site laboratory facility 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 mining operations, 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 ) 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 .
Contacts:
Gryphon Gold Corporation
James T. O'Neil Jr.
CEO and Interim CFO
775.883.1456
Kei Advisors LLC
Deborah K. Pawlowski
716.843.3908
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Unternehmensinformation / Kurzprofil:
Datum: 15.10.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 192395
Anzahl Zeichen: 0
contact information:
Town:
CARSON CITY, NEVADA
Kategorie:
Mining & Metals
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