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Gryphon Minerals Limited www.gryphonminerals.com.au/

Gryphon Minerals Ltd (ASX:GRY) is focused on advancing the Banfora Gold Project in Burkina Faso, West Africa.

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Gryphon Minerals Ltd to sell Mauritanian gold, copper assets

Monday, March 14, 2016 by Proactive Investors

Gryphon Minerals will sell its Tijirit Gold and Akjoujt copper and gold projects in Mauritania

Gryphon Minerals will sell its Tijirit Gold and Akjoujt copper and gold projects in Mauritania

Gryphon Minerals Ltd (ASX:GRY) will sell its Tijirit Gold and Akjoujt copper and gold projects in Mauritania to Algold Resources Ltd (CVE:ALG) for shares and cash of A$3 million, upon milestones being attained.

Gryphon will receive a 8,700,000 shares in Algold immediately, taking its shareholding to 10,666,666, or 14.9% of Algold’s issued capital as a result of Algold exercising the option to acquire 100% of the projects.

Gryphon will focus its funds on the 3.6 million ounce Banfora Gold Project in Burkina Faso while retaining upside to the Mauritanian projects from a significant shareholding in Algold.

Further tranched payments up to $3 million also leverage Gryphon to significant milestones and value accretion of these projects achieved by Algold.

The well-endowed Banfora Gold Project is a potentially low cost, high grade heap leach start-up operation, that is permitted for construction propelled by A$13 million in cash and listed investments of Gryphon.

 

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