Ameritrust Corp (ATCC)

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NEWS!Gryphon Resources Executes Agreement to Purchase Cruce Property in Arizona, USA

Press Release Source: Gryphon Resources Inc. On Tuesday January 25, 2011, 4:00 pm
APACHE JUNCTION, Ariz., Jan. 25, 2011 /PRNewswire/ -- Gryphon Resources Inc. ('Gryphon' or the 'Company') (OTC Bulletin Board:GRYO.ob - News) announced today it has finalized negotiations and executed the mineral exploration rights purchase agreement underlying a Letter of Intent it signed in December 2010.

The purchase agreement entails an option to purchase mineral exploration rights on the 'Cruce Property' located in Pinal County, south-central Arizona, USA with potential for gold and copper-porphyry reserves.

Concurrent with execution of the agreement (the 'Cruce Agreement'), Gryphon fulfilled its first tier of obligations through a cash payment of $40,000 to the vendors and issuance to them of 100,000 restricted shares of Gryphon common stock. To complete exercise of the option, Gryphon must over three years: (i) pay the vendors a further aggregate sum of US$225,000; (ii) incur an aggregate of at least US$335,000 of expenditures on the Cruce Property; and (iii) issue the vendors a further aggregate 2,500,000 restricted common shares of Gryphon. Additionally, the vendors will receive an NSR payment of 3%, subject to a minimum royalty payment of US$250,000 per year upon commencement of mineral production.

"The execution of the Cruce Agreement is another milestone in fulfilling our strategic plans in Arizona," said President and CEO Alan Muller, "We believe the 560 acre Cruce Property has very interesting potential for both gold and copper-porphyry exploration and is located close enough to our Arizona lithium project that we expect to yield some economies of scale during exploration. Progress on all fronts of our plans is going well and we're looking forward to an active 2011."

http://finance.yahoo.com/news/Gryphon-Resources-Executes-prnews-1793578439.html?x=0&.v=1