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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	GRY
Latest Price:	1.34 (1.91% )
52-week High:	2.11
52-week Low:	1.13
Market Cap:	400.66M

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Gryphon Minerals Full Gryphon Minerals profile here

Gryphon Minerals (ASX: GRY) is focussed on advancing the Banfora Gold Project in Burkina Faso, West Africa as well as its pipeline of new projects in Mauritania.

Banfora is strategically located in a major gold producing district, which is host to Randgold Resources’ (LON: RRS) Tongon (4.2 million ounces), Resolute Mining’s (ASX: RSG) Syama (5 million ounces mined and 6.5 million ounces in resources) and Anglo/Randgold’s Morila (6.5 million ounces).

Gryphon Minerals reaches one million oz Banfora resource milestone

Monday, September 21, 2009

Perth-based gold explorer Gryphon Minerals (ASX:GRY) has increased the inferred resource at its flagship Banfora gold project in Burkina Faso, West Africa, to more than one million ounces.

Following another encouraging round of drilling at the Nogbele and Fourkoura deposits, Gryphon calculated a revised JORC Code-compliant inferred resource for Banfora of 14 million tonnes of ore grading an average 2.4 g/t for an estimated contained 1.1 million oz of gold.

Gryphon surmises the updated resource figure is just an interim estimation for the Banfora project with significant potential to define additional shallow ounces and potentially a multi-million ounce gold district from the company’s aggressive ongoing drilling programs.

The company pointed out that since its first drilling program at Banfora in 2006 there have only been a handful of new discoveries of above one million oz worldwide, despite the stronger gold price and increased exploration expenditure over that period. And investors have certainly taken a shine to that story, lifting Gryphon’s share price almost four-fold in the past six months.

A large proportion of the latest announced Banfora resource (90% of it) sits within 100 metres of surface, and mineralisation remains open at depth and along strike at both Nogbele and Fourkoura deposits.

Banfora is located in a major gold province that also contains AngloGold/Randgold’s Morila (6.5 million oz), Resolute’s Syama (five million oz mined and 6.5 million oz in resources) and Randgold’s Tongon (4.2 million oz) deposits.

Gryphon will now embark on a 10,000m RC and diamond drilling infill and step-out program at Nogbele and Fourkoura aimed at detecting shallow gold mineralisation outside of the delineated resource.

In addition, the company will undertake an RC/DD campaign measuring 10,000m to test a further seven high priority target areas within a 15 km radius of the Nogbele deposit over the coming weeks, as well as reconnaissance exploration focussed on previously untested regional targets.

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