Ameritrust Corp (ATCC)

[FrankMD]

News! Form 8-K for GRYPHON RESOURCES, INC.

I think this is great news! They must really belive there is a lot of gold there to pay for this property the way they have! IMO.



3-Dec-2010

Other Events



Item 8.01 - Other Events
On November 30, 2010, Gryphon Resources Inc. (the "Company") entered into a Letter of Intent (the "LOI") which will allow it to acquire an option to purchase certain mineral exploration rights from Mr. Noel Cousins and Mr. Steven Van Ert to a property in south-central Arizona, USA, named the Cruce Property. Mr. Cousins and Mr. Van Ert (collectively the "Vendors") each owned a 50% interest in the mineral exploration rights to the Cruce Property and held the sole right, title and interest to the Cruce Property exploration rights (subject to the rights and title of the State of Arizona), free and clear of all liens and encumbrances. Under the LOI (attached hereto as Exhibit A), upon entry into an a material definitive option agreement, the Vendors will grant an exclusive option (the "Option"), to Gryphon to purchase a 100% undivided right, title and interest in Vendors' rights to the Cruce Property.

To exercise the Option, Gryphon must, in staged increments, over three years:
(i) pay the vendors an aggregate sum of US$265,000; (ii) incur an aggregate of at least US$335,000 of expenditures on the Cruce Property; and (iii) issue the vendors an aggregate of 2,600,000 restricted common shares of Gryphon. Additionally, the vendors will receive an Net Smelter Royalty payment of 3%, subject to a minimum royalty payment of US$250,000 per year upon commencement of mineral production

http://biz.yahoo.com/e/101203/gryo.pk8-k.html