what will come first?

What will come first...XMAS or corporate activity. Every day the GRY SP weakens or tracks sideways from here and whilst the gold price steadies or strengthens, Gryphon is one step closer to being gobbled up...IMO.

I have said previously that whilst overseas majors could be running a ruler over GRY, my most likely candidate is Resolute (RSG) on the ASX. Market value and Share Price divergence of both RSG and GRY is now at its greatest point in 3 years. Now is the time for RSG to move but suspect DFS will come first.

RSG punching GRY Perth Head Office numbers into their fax machine as we speak. Heh heh!!

Big few months coming up and all milestones below have been stated by GRY as due before end of CY2012:

On-site assay prep-lab commisioning.

Regional exploration results including Ouahiri and Stinger.

DFS release. (Likely the biggest value driver)

Potential staged start-up operation study. (2MT versus 3.5MT plant)

Resource update. (Expect significant amount of the 1.4m oz inferred resource to be upgraded and added to the existing 2.2m oz Measured/Indicated resource). (Chance of small increase to the overall resource of Banfora Project towards 5m OZ.)

Drilling results from 30,000m drilling program at Tijirit, Mauritania. (Kinross' 13m+ oz Tasiast Mine (~10kms away) has average grade of 1.8g/t operating until 2046.) (Early drilling results at Tasiast from earlier operators were of modest intersections and sub 1g/t proportions so don't expect block buster intercepts/grades from Tijirit just yet.

Toronto Stock Exchange listing.

PS. IMO the DFS will surprise significantly to the upside just like the much higher than expected resource upgrade earlier in the year. There are many factors GRY has going for it as a low-risk/high-margin West African gold producer that should not be under-estimated:

The current resource is Shallow!!! (with significant depth potential)

The Banfora Project is close to infrastructure (rail/roads, tranmission line/grid power, water and major towns) unlike some other companies 'stranded' projects in West Africa including Burkina Faso.

The current secondary resources (Fourkoura, Samavogo and Stinger) on major shear zones and a further 20 odd targets are all within a 25km radius of the centre-piece Nogbele deposit and proposed processing plant location.

Banfora Project is extremely close to other projects literally across the border owned by the majors including Randgold and of course Resolutes 11.5m oz Syama Project.