Successful Phase 1 Borealis Oxide Gold Drill Program 

VANCOUVER, BC - Gryphon Gold Corporation reported that all assays for the 18 reverse circulation holes in the oxide exploration drilling program have been returned on the Borealis Property in the Walker Lane gold belt in Nevada. The assays were completed by American Assay Laboratories in Sparks, NV. These holes were distributed into four areas of gold mineralization that contained Inferred Resources which management of Gryphon anticipates may be converted into Measured and Indicated resources following further drilling of priority targets. The program also included two additional condemnation holes completed within the boundaries of the proposed leach pad of the fully permitted oxide heap leach mine.

Overall, Phase 1 drilling successfully tested multiple targets within the proposed mining area by converting and adding oxide gold ounces to the short-term mine plan. is work, numerous other targets were identified which remain to be tested in a proposed Phase 2 drilling program. These targets contain numerous Inferred Resource blocks and potential to discover new gold ounces. Targets include, in priority, 2,500 feet of the East Ridge and Gold View pit high wall, 1,000 feet of the Northeast Ridge strike extension, South Crocodile Ridge, 1,400 feet of the Borealis northeast extension zone, the western extension of Borealis, Polaris (DOF) down dip and on strike, and 1,200 feet of the upper Middle Ridge zone. Several other targets are being studied which include a magnetic linear trending between Freedom Flats and Polaris and an untested silicified structure adjacent to Polaris. It is anticipated by management of Gryphon that with additional focused drilling, the overall Measured and Indicated oxide gold resources will increase in the number of contained gold ounces. Freedom Flats contains two oxide resource areas that are labeled the Pipe and Western Notch. The Pipe did not need any further drilling but the Notch had appeared to be amenable to resource expansion. Six holes were drilled to confirm that the Western Notch of the Freedom Flats pit contained oxidized gold grades and potentially mineable thicknesses of gold mineralization. The program is considered to be successful with 5 holes intercepting gold values. A second drilling area focused on the Lower Middle Ridge area and on one corner of the East Ridge Pit floor where no previous drill data existed. Middle Ridge is the up-strike extension of the East Ridge mineralized zone. Gryphon tested both areas for grade and oxidation level with good results. East Ridge is located about a mile to the northeast of Freedom Flats. Historically, it produced about 3.4 million tons of 0.03 opt (1.03g/t Au) Au for about 102,000 ounces of gold. It is anticipated that a Phase 2 drilling program will test numerous Inferred Resource blocks under and along the pit high wall and along with several short holes located in the pit floor where no drilling information exists. A cut-off grade of .005 opt (0.17g/t Au) was used in calculating assay intervals. The true widths of the intercepts are not known. Drill holes MR-14, ER-29, 30 and 31 were drilled at minus 45 degrees. MR 15, 16, 17,18, 19, 20 and 21 were drilled at -90 degrees.                One hole was drilled in the vicinity of a historic mineralized hole that was on the fringe of the Borealis pit. This old hole along with a projected feeder structure associated with a magnetic low suggested that this area could open up along strike to the northeast of the old pit. The hole that Gryphon drilled returned a modest but potentially attractive gold intercept. It is anticipated that additional drilling will test this zone to identify previously unrecognized gold ounces. Two holes were placed in the center of the proposed leach pad which also targeted two historic geochemical surface anomalies associated with projected structures. The purpose of the condemnation holes is to determine that no minable resource exists under the proposed leach pad. Only one hole intercepted mineralization, which was contained in gravel derived from an eroding deposit. This drilling program focused on potentially upgrading Inferred Resources reported in Gryphon's 2008 NI 43-101 "Technical Report on the Mineral Resource of the Borealis Gold Project Located in Mineral County, Nevada, USA" to the Measured and Indicated category and to potentially add additional oxide ounces to the Borealis resource. Drilling successfully tested multiple targets within the permitted mining area with the intent of adding gold ounces to the short term mine plan. Numerous other targets remain to be tested and permitting for those proposed drill sites is underway. The company's address is Suite 711, 675 West Hastings Street, Vancouver, BC V6B 1N2, 888.261.2229, fax: 604.608.3262.Because of th