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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 raises $20 million to advance exploration at Banfora Gold Project

Thursday, November 26, 2009

Perth-based mineral exploration company Gryphon Minerals (ASX code: GRY) has raised $20 million as part of a strategy to grow its flagship Banfora Gold Project in Burkina Faso in West Africa.

The company received firm commitments for 40.0 million shares at $0.50 per share to raise the funds.

The Placement was strongly supported by new and existing institutional investors, including a number of UK and North American based international resource funds.

Gryphon announced an upgraded inferred resource of 1,100,000 ounces of gold at 2.4 grams per tonne in September this year.

Proceeds from the Placement will be applied to undertake further work targeting additional increases in resources at the highly prospective Banfora Gold Project. This includes funding further in‐fill drilling within the existing defined resource zone, continuation of the drilling program, the capability to assess ongoing additional prospective land acquisition opportunities within West Africa as they arise and general ongoing working capital requirements.

The Placement to institutional and sophisticated investors will be made in two tranches. Tranche 1 will comprise 24.8 million shares at 50 cents to raise $12.4 million will be issued immediately under the Company’s 15% capacity.

The second tranche will comprise of 15.2 million shares at 50 cents to raise a further $7.6 million, subject to shareholder approval at a meeting of members to be held within the next seven weeks.

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