Gryphon Gold Reports On Progress At Boreallis

VANCOUVER, BC - Gryphon Gold Corporation reported that in April 2008 the Company completed a CIM compliant, NI 43-101 resource report that included all drilling results on the Borealis property to date. Total ounces of gold on the Borealis property increased by 39 percent from the earlier resource report and now total 1.4 million measured and indicated ounces of gold and 1.1 million inferred ounces of gold.
A water well, necessary for the construction of an oxide heap leach mine, was installed in June 2008;
Permits to begin operation of a heap leach mine on the Borealis were maintained.
Work progressed on a Preliminary Assessment for the development of an oxide heap leach mine and a Scoping Study for the development of the Graben sulphide resource. These reports are expected to be completed and analyzed near the end of August and reported in early September, 2008.
With respect to Nevada Eagle Resources, the Company continued to stake additional properties and subsequent to March 31, 2008 completed 5 new lease or joint venture agreements and is currently negotiating three more. The Company believes these agreements provide additional exposure to exploration success for our shareholders, while cash received from lease payments more than offsets property holding costs.
The company's address is Suite 810-1130 W. Pender St., Vancouver, BC V6E 4A4, 888.261.2229, fax: 604.608.3262.