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Updated NI 43-101 Pre-Feasibility Filed for Borealis Oxide Heap Leach in Nevada

Carson City, Nevada - May April 26, 2011 (Marktwire) - Gryphon Gold Corporation (TSX: GGN/OTCBB: GYPH) (the “Company”) announces that a copy of the NI 43-101 Pre-Feasibility Study update of the Mineral Resources of the Borealis Gold Project located in Mineral County, Nevada, USA as at April 25, 2011 (the “2011 Study”) has been filed on the SEDAR website,

The NI 43-101 compliant study, completed by Telesto Nevada Inc., examined the proposed oxide heap leach open pit operation at the Company’s wholly owned Borealis Project located in the Walker Lane Gold Belt of western Nevada.

“Gryphon’s long-term plan for the Borealis property has always been to advance the oxide heap leach to generate the cash flow required to fully explore one of the premier exploration targets in Nevada. The 2011 Study reflects a more conservative view of the near-term production than the 2009 Pre-Feasibility Study. This Pre-Feasibility Study illustrates that the project has a $99.7 million gross profit over the initial mine life at $1,200 gold. Our intent is to aggressively advance the exploration to achieve additional oxide heap leach reserves while moving to fully explore the potential to increase the sulphide gold resources in the Central Borealis and begin to aggressively explore the geophysical targets in the Western Pediments.” said John L. Key, President and CEO of Gryphon Gold.

The principal changes reported in the 2011 Study compared to the “Pre-Feasibility Study of the Mineral Resources of the Borealis Gold Project located in Mineral County, Nevada, USA, Revised and Restated as at September 17, 2009” (the “2009 Pre-Feasibility Study”) and the “NI 43-101 Technical Report on the Mineral Resources of the Borealis gold Project located in Mineral county, Nevada, USA dated April 28, 2008” (the “2008 Technical Report”) are:

•An increase in the number of measured and indicated oxide and mixed oxide in-situ gold (an increase of 227,500 oz) and silver (an increase of 1,459,800 oz) resources.
•A increase in the Proven and Probable oxide and mixed oxide gold (an increase of 21,200 oz) and silver (an increase of 287,320 oz) ounces coming from the heaps and dumps.
•A decrease in the aggregate Proven and Probable oxide and mixed oxide contained gold (a decrease of 8,556 oz) and silver (a decrease of 1,023,700 oz) reserves.
•A decrease in the average grade of oxide and mixed oxide resources and reserves for both gold and silver • An increase in cash operating costs
•The phasing of the construction costs into two stages, with estimated initial project costs of $12.7 million and total estimated project costs of $23.0 million
•An increase in the gold price used to determine the reserves from $800 to $1,200 per oz of gold.
The current Resources for the Borealis are illustrated in the following table.

The Proven and Probable reserves of 368,800 ounces of gold gives the Borealis Oxide Heap Leach a six-year mine life producing an annual average of 42,100 gold equivalent ounces. Highlights are as follows:

•Average annual production of over 42,000 oz gold equivalent
•Low initial construction cost of $12.7 million using a 10% contingency
•Average cash operating cost of $851 per oz of gold over the life of the mine
•After-tax Net Present Value, at 10%, of US $18.9 million, IRR of 118% and a payback of 14 months based on US$1,200 per ounce price of gold.
No inferred resources were included in the economics of this study. The inferred oxide resources (totaling 408,200 oz gold) represent potential to extend the mine life beyond the six-year plan examined in the Pre-Feasibility Study, if such inferred resources are confirmed as reserves as a result of additional exploration work. Future exploration will also provide opportunities for further resource expansion as the Borealis Property covers approximately 23.5 square miles of favorable Nevada geology.

John Welsh P.E., Jon Brown, CPG, Doug Willis, CPG and Dr. Thom Seal P.E., and Daniel Kappes, “qualified persons” as defined in National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”), have assumed responsibility of their respective sections/subsections of the technical information relating to the Borealis Property referred to in this press release.

For further information, contact:
John L. Key, CEO and President 1-775-883-1456
Gryphon Gold Corporation

Gryphon Gold is a Nevada-focused gold exploration and potentially a production company. Its principal gold resource, the 1.4 million ounce (measured and indicated) and 1.1 million ounce (inferred) Borealis deposits, is located in the Walker Lane gold belt of western Nevada. The Borealis gold system is one of the largest known volcanic-hosted high-sulphidation gold bearing mineralized systems in Nevada.

Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated and Inferred Resources: This press release and the Pre-Feasibility Study referenced in this press release use the terms "Measured Resources", "Indicated Resources", "Measured & Indicated Resources" and "Inferred Resources". We advise U.S. investors that while these terms are defined in and required by Canadian regulations, these terms are not defined terms under the U.S. Securities and Exchange Commission ("SEC") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or pre-feasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian and United States securities laws, which may include, but is not limited to: 1) resource estimates on the Borealis resource, pediment exploration plans and other plans, projections, estimates and expectations; 2) statements regarding the proposed Phase 2 drilling program and the potential to increase Measured and Indicated Resource estimates and contained gold ounces at the Borealis property 2) statements with respect to the expected terms of the option agreement and joint venture agreement. Such forward-looking statements and forward-looking information reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risk that further drilling will not convert Inferred Resources into Measured and Indicted resources or increase contained gold ounces, the risk that further drilling will not be completed as currently anticipated or at all, that financing for the development of the Borealis Project may not be available on terms satisfactory to Gryphon and the risks and uncertainties outlined under the section headings "Forward-Looking Statements" and "Risks Factors" in Gryphon's annual report on Form 10-K, as filed with the SEC on June 28, 2010, under the section heading "Risk Factors" and in Gryphon's most recent financial statements, reports and registration statements filed with the SEC (available at and with Canadian securities administrators (available at Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements or forward-looking information, except as may be required by law. Full financial statements and securities filings are available on Gryphon's website: and or

For more information contact:
Price Target Media, Inc.
Eric Stevenson