Lincoln, NE 4/28/2011 (PennyPayDay) -- Gryphon Gold Corporation (TSX:GGN; OTC:GYPH) recently, in a press release, announced 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, www.sedar.com.According to the press release, 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.
For more information, please visit: www.gryphongold.com.
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