Gryphon Minerals Limited (GRY) –Moving its Banfora Gold Project in Burkina Faso towards a Scoping Study and BFS during 2010.

• Gryphon Minerals’ (GRY’s) current main focus is on its Banfora Gold project in Burkina Faso. GRY has reviewed prospects in and adjacent to Burkina Faso with a view to keeping GRY as a West African gold company, while possibly undertaking an IPO of its WA gold and nickel projects
• Burkina Faso is a stable West African country located north and adjacent to the Ivory Coast and Ghana. Its current government has enhanced its infrastructure, inflation is negligible, roads are good and radiate from the capital of Ougadougou, while traffic is significantly less congested than Dakar in Senegal. There is a main railway link to Abdijan in the Ivory Coast, and the main crops are cotton and rice.
• GRY’s ~35km x 35km Banfora Gold Project is located in SW Burkina Faso on the Tongon/Senoufo greenstone belt (one of the many major greenstone belts that pass N/S through the country), above the river border with the Ivory Coast.
• It is an area that contains a number of significant gold mines, such as Randgold’s 4 to 5 moz Tongon mine (in the Ivory Coast) on strike to the south, Resolute’s Syama (5moz mined, 6.5moz resource) to the NW (on strike from Perseus and Etruscan). Further NW is Anglogold/Randgold’s Morila (>5moz).
• GRY have already established a >1moz resource to a depth of ~100m, mostly at Nogbele and are currently infilling/upgrading the resource targeting towards 2moz or higher with a view to completing a scoping study that leads into a BFS during 2010. Additional resource progress is being made at nearby Fourkoura, although there are historic artisanal gold workings in a number of areas of the property.
• While there are a number of historic and new artisanal workings (following the drill rigs / exploration progress), the artisanal workers have moved on and the old workings bulldozed (partly due to reducing the spread of malaria). However, it could be seen that the artisans were mostly focusing solely on the near surface gold-in-quartz mineralisation, under the laterite cover down ~7m to 10m to the water table, and usually missing the halo alteration.