gryphon's $42m kitty

Fantastic mainstream coverage for Gryphon. This article comes from the business section of the Sydney Morning Herald.

http://www.smh.com.au/business/gryphons-42m-west-africa-kitty-20100924-15qo4.html

September 25, 2010

GOLD explorer Gryphon Minerals Ltd has raised $45.2 million via a share placement, the proceeds of which will be used to hasten exploration in west Africa.

Under the capital raising, Gryphon will issue 36.1 million new shares at $1.25 per share. In addition, Gryphon will initiate a share purchase plan, to raise up to $3 million at $1.25 a share, for funds of up to $48.2 million.

Gryphon said on Friday that the funds would be used to fast-track exploration at its Banfora gold project in Burkina Faso and to begin exploring its Tijirit gold project in Mauritania.

"These funds allow us to accelerate our exploration program in two highly prospective and under-explored regions of est Africa," managing director Steve Parsons said. "Gryphon now holds a dominant and strategic land position of more than 3600 square kilometres in Burkina Faso and Mauritania.

"Following this capital raising, our immediate focus will continue to be advancing our Banfora gold project in Burkina Faso, where Gryphon believes there is the potential to establish a multimillion-ounce gold project through an aggressive drilling program.

"We are also excited to start work at Tijirit, which lies within the same region of Mauritania as Tasiast, one of the most significant gold discoveries of recent times, and where we already have a number of drill-ready targets identified."