Gryphon Minerals Limited
Gryphon Minerals Limited
Gryphon Minerals (ASX:GRY) is aggressively focussed on advancing the Banfora Gold Project in Burkina Faso, West Africa as well as its pipeline of new and exciting projects in Mauritania.
Gryphon is a West African focussed Gold exploration company with projects in Burkina Faso and Mauritania.
It has been a busy and exciting 2010/2011 with the team actively exploring the flagship Banfora Gold Project in Burkina Faso, West Africa.
The Company recently announced a resource of 29Mt @ 2.1g/t for 2 million oz of gold, at it's flagship Banfora Gold Project in Burkina Faso.
The Project has numerous regional exploration targets with real potential for Gryphon Minerals to uncover a multi-million ounce gold district.
In September 2010, the Company acquired fellow ASX company Shield Mining (ASX:SHX) providing Gryphon exposure to a number of highly prospective gold and copper projects in Mauritania including the Tijirit Project adjacent to the world-class Tasiast Gold Mine currently owned by Redback/Kinross.
Gryphon Minerals has world-class shareholder support including the IFC (World Bank Group); Baker Steel; Genesis Fund and other international institutional and sophisticated investors.
The company also holds strategic shares in fellow ASX listed explorers, Renaissance Minerals (ASX: Renaissance) and Tawana Resources (ASX: TAW).
Gryphon Minerals Limited (Gryphon or the Company) is a West African focused Gold exploration company. Its flagship Banfora Gold Project is located in Burkina Faso. The project is located in a major gold producing district, host to such world class gold deposits as Rangold's Tongon (4.2Moz) Resolute's Syama (5Moz mined & 6.5M oz resources) and Anglo/Rangold's Morila (6.5Moz) gold deposits. The company also has strategic holdings in Mauritania, adjacent to Kiross' world class Tasiast gold mine.
Gryphon Managing Director, Steve Parsons said, "the Banfora Gold Project continues to deliver resource growth that supports the company's push to become the first Australian miner to produce gold in Burkina Faso. "
"There are very few new discoveries globally with resources of two million ounces and grades of over two grams per tonne of gold that are growing as rapidly as Banfora."
"With drilling at the Nogbele deposit underway, a maiden resource estimate at Samavogo and multiple high priority targets being followed up in an aggressive exploration programme, we expect further and significant growth over the next 12 months," Mr Parsons said.
Surpassing a million ounce gold resource estimate is a significant milestone for the company and a major achievement by world gold exploration standards. According to World Gold Council (WGC) statistics, very few gold discoveries over 1 million ounces are found each year globally. Since Gryphon's first drilling programme at the Banfora Gold Project in 2006 there have only been a handful of new discoveries over 1 million ounces made globally, despite the strengthening spot gold price and increased exploration expenditure over that period.
Graph: Number of gold discoveries found per year over 1 million ounces