Design and Construction Schedule Progressing for Borealis

 

RENO, NV - Gryphon Gold Corporation reported a progress update for the proposed development of its wholly owned Borealis Oxide Project in the Walker Lane Belt of western Nevada.

- Negotiations are under way for the final price and construction schedule of a turnkey Absorption, Desorption and Recovery ("ADR") plant that will incorporate the most advanced technology for the adsorption, desorption and precipitation of gold and silver. The anticipated final design and construction schedule for the ADR plant project is 20 weeks.

- Bid packages were issued for the construction of the initial heap-leach pad and site visits were conducted. The bid opening is scheduled for September 28, 2009.

- Approval is expected shortly for the final heap-leach pad design previously submitted for approval to the Nevada Division of Environmental Protection.

- The first of two water wells has been pump-tested. The design of the second water well is near completion, with installation expected in early November.

- Negotiations with NV Energy are under way for installation of the 55-kv power line to the Borealis plant and potential power installation to the water-well location.

This recently completed, NI 43-101 compliant study examined a proposed, open-pit heap-leach mine with initial construction cost of US$14.8 million (using a 10% contingency) and average annual production of more than 50,000 gold-equivalent ounces. Development is subject to adequate financing.

The company’s address is Suite 711-675 West Hastings Street, Vancouver, BC V6B 1N2, 888.261.2229, fax: 604.608.3262.