Itronics Inc (ITRO)

[marcbelgium]

Whitney in GYPH.OB
Form 8-K for GRYPHON GOLD CORP
24-Feb-2011
Entry into a Material Definitive Agreement, Regulation FD Disclosure
Item 1.01 Entry into a Material Definitive Agreement.
Effective February 22, 2011, Gryphon Gold Corporation (the "Registrant"), its wholly-owned subsidiary Borealis Mining Company ("Borealis" and together with the Registrant, "Gryphon"), Richard J. Cavell TTTEE F/T Richard J. Cavell Trust dated 02/23/1994 ("Cavell Trust"), Hardrock Mining Company ("Hardrock") and John W. Whitney ("Whitney", together with Cavell Trust and Hardrock, the "Lessors") entered into Amendment No. 4 ("Amendment No. 4") to the Option Agreement Amendment to Mining Lease (the "Option Agreement"), dated August 22, 2008 (the "Option Agreement Effective Date"). The Option Agreement provided Gyphon with the option (the "Option"), exercisable within eighteen months of the Option Agreement Effective Date (the "Option Term"), to pay a 5% reduced royalty payment to the Lessors under the mining lease, dated January 24, 1997, as amended on February 24, 1997 in consideration for the payment of an exercise price (the "Option Exercise Price") in the aggregate amount of $7,000,000. The foregoing description of the Option Agreement is qualified in its entirety by reference to the Option Agreement, a copy of which is filed as Exhibit 10.18 to the Registrant's Form 10-K filed with the SEC on June 26, 2009.