dog + most improved of the year, page-20

Asf, don't take too long to get on board Gryphon. It has traded between 1.50 and 2.00 and is now capital raising at 1.30. A bit disappointing they had to capital raise at $1.30 but that was their decision to get in and raise capital now, rather than try during what may be a nasty 2012. As is common, the price has fallen below the cap raising price in the recent savage market. If world sentiment improves, it is highly likely that Gryphon's price will take off again.

They have runs on the board, good management, excellent prospective ground and are drilling hard. In a few years time they could have 20 million ounces and then a few years more be mining 500,000 ounces a year. Over the next five years, the market cap could go up by 3-5 times. The quick ten baggers are exciting, but I like to have a big chunk of stocks that will at least double over the next two years and have the possibility of more blue skies.