Gryphon Gold Enters Joint Venture Agreement With New Dimension Resources in Western Nevada

VANCOUVER, BC - Gryphon Gold Corporation reported that its wholly owned subsidiary, Nevada Eagle Resources, has entered into a Joint Venture Agreement with New Dimension Resources Ltd. (NDR), whereby NDR may acquire up to a 65% interest in the East Walker Project which lies within the Walker Lane mineral belt of western Nevada and approximately 20 kilometers west of Gryphon Gold's Borealis property. The agreement is subject to regulatory approval.
The Joint Venture Agreement calls for payment of $10,000 and 75,000 common shares of NDR to Nevada Eagle Resources at the time of regulatory approval. NDR must perform $120,000 of qualifying exploration work during a two year period to earn a 51% interest in the property. A further 14% interest can be earned by NDR by completing an additional $250,000 in qualified exploration expenditures during a second two year period.
The East Walker claims overlie a linear zone of intensely altered and silicified volcanics measuring approximately 750 by 100 metres in size. The priority target area is projected under younger cover and remains open in three directions. In the 1980's work by others within the area of alteration identified anomalous gold. In the same area, seven three metre long chip samples taken by NDR returned values between 0.03 g/t and 1.50 g/t gold. Grab sampling conducted by Gryphon Gold within the reclaimed trenchs returned values between 0.42 g/t and 4.9 g/t gold. In addition, historic drilling north of the target zone in the 1980's reportedly encountered anomalous gold.
Gryphon Gold's principal gold resource, the 1.4 million (measured and indicated) and 1.1 million (inferred) ounce Borealis deposit, is located in the Walker Lane gold belt of western Nevada. The Borealis gold system is one of the largest known volcanic-hosted high sulphidation gold-bearing mineralized systems in Nevada. Nevada Eagle Resources, a wholly owned subsidiary, has over 50 highly prospective gold properties located in desirable gold trends in Nevada.
The company's address is Suite 810-1130 W. Pender St., Vancouver, BC V6E 4A4, 888.261.2229, fax: 604.608.3262.