Results/Update On Borealis Gold Project

CARSON CITY, NV - James T. O'Neil Jr., Interim CEO for Gryphon Gold Corp. said, "We are encouraged with the progress we are making on our Borealis Project by overcoming the initial issues we had faced with our start up. We have addressed our pumping issues and are now on track to advancing our production through the leach process with the addition of an in-line booster pump. The booster pump should enable us to achieve design flow requirements for moving leach solution onto the pad. In addition, construction of the Adsorption Desorption Recovery ("ADR") plant is expected to be completed in early March and is expected to be operational by the end of March. We continue to find ways to reduce costs and control cash requirements as we work toward the production and sale of gold to fund operations. Thus far, we have shipped loaded carbon containing approximately 500 ounces of gold."

The Borealis Project is coming back on track to return the historic heap leach operations to production using previously mined dumps and heaps which is expected to be provide approximately ten to twelve months of production. Gryphon Gold plans to expand its exploration and development of the previously identified ore bodies once sufficient cash is generated from production.

The company's address is 611 N. Nevada Street,Carson City, NV 89703, 775-883-1456, fax: 604-608-3262.