Company Information for Gryphon Minerals Limited

ASX-GRY

www.gryphonminerals.com.au

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ASX; GRY

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Company Statement

Gryphon Minerals is a Perth-based mineral exploration company established with the express purpose of exploring and developing gold and base metals deposits.

Gryphon Minerals will be focussing on increasing shareholders’ wealth through aggressive exploration. The management team has extensive experience in the resources industry, ranging through project acquisition, exploration, resource definition and financing.

Current Operations

Banfora Gold Project - Burkina Faso
The Banfora Gold Project is located in the south-west of Burkina Faso, West Africa, in a major gold producing district, host to the world class gold deposits of Tongon (3.2 Million oz Au) only 30km to the south, Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) 50km to the West, and Morila (6.5 Million oz Au) 75km to the North West. The project area contains five exploration licenses covering a total of 1150km2 and encapsulates the entire “Loumana” Birimian greenstone belt within Burkina Faso.

Gryphon has entered into an earn-in Joint Venture agreement granting Gryphon Minerals the right to acquire 90% (Government 10%) of the highly prospective Banfora Gold Project. The joint venture provides Gryphon Minerals with an extensive land holding and a cost-effective entry into one of the worlds most prospective known gold provinces.

The Project area is easily accessible by road and in close proximity to the town of Banfora. A 100km sealed road connects Banfora town to the city of Bobo Diolasso and a further 350km to Burkina Faso’s capital city Ouagadougou. Grid power is located approximately 30km from the eastern boundary of the project.

Previous explorers, that include Western Mining Corporation (WMC), had undertaken reconnaissance style exploration including soil sampling, geological mapping, rock chip sampling. Limited drilling (open hole RAB) was undertaken, with the maximum historic drill hole depth within the project being only 60 metres. The majority of the project area has not been drill tested and a large number of historical holes appear to have been ineffective in testing targets.

There are a plethora of high magnitude, well defined soil geochemical anomalies that require follow up drill testing within the Project area. One such soil geochemical anomaly at the Nogbele Prospect extends for in excess of 2000 metres with peak levels including 2400ppb, 1900ppb, 1600ppb, 1500ppb gold and associated rock chips along the entire strike include 28g/t, 18g/t and 12g/t gold. Numerous high tenor rock chips, with little or no follow up work exist throughout the project area, including 90.4g/t gold, 52.8g/t gold, 29.9g/t gold and 28.0g/t gold.

Gryphon Minerals commenced exploration on the Project in early 2006 initially within the large grano-diorite intrusion known as the Nogbele (Nog-be-lee) Prospect. Reverse Circulation, Diamond and Aircore drilling has targeted areas where broad laterally extensive magnetic and Hemititic zones and high order magnitude soil geochemical anomalies are prevalent. The Company has now drill defined several mineralised gold zones with a combined strike length in excess of five kilometres. Significant gold mineralisation has been targeted at the major Nogbele North and South Zones that extend in excess of 2.5 kilometres strike.

RC drilling was also undertaken on the Fourkoura (For-korr-a) Prospect located at the intersection of a major shear corridor and a zoned dolerite intrusive, similar in style to the Golden Mile dolerite in Western Australia. A large historical soil geochemical anomaly extends over 2500 metres in strike length with several peak values over 1000ppb gold that coincides with the dolerite. Gold Mineralization is open in all directions, and the dolerite intrusion continues untested to the north below shallow transported cover.

A selection of Gryphon’s significant drill results to date from the Nogbele and Fourkoura Prospects include:

BNRC001 ; 15m @ 2.03g/t Au from 36m
BNRC006 ; 16m @ 5.44g/t Au from 0m
; 3m @ 6.95g/t Au from 34m
BNRC021 ; 6m @ 4.41g/t Au from 88m
BNRC030 ; 8m @ 3.12g/t Au from 34m
BNAC051 ; 41m @ 2.12g/t Au from 0m
BNAC063 ; 7m @ 3.49g/t Au from 8m
BNRCD259 ; 28m @ 2.23g/t Au from 0m
BNRC291 ; 8m @ 3.01g/t Au from 0m
BNRC296 ; 16m @ 8.95g/t Au from 32m
BNRC306 ; 24m @ 2.64g/t Au from 8m
BNRC312 ; 4m @ 14.50g/t Au from 92m
BNRC334 ; 4m @ 65.45g/t Au from 32m

The Company is pleased to announce the completion of the first resource estimation at the Company’s flagship Banfora Gold Project in Burkina Faso - West Africa. The Company views this maiden resource as an interim estimation with significant potential to define further shallow ounces from the on-going drilling programmes at both the Nogbele and Fourkoura Prospects.

Table1: Summary of Banfora Gold Project Resource Estimate

Deposit	Category	Tonnage (Mt)	Grade Au (g/t)	Contained Ounces Au
Nogbele	Inferred	5.1Mt	2.0	332,000
Fourkoura	Inferred	1.0Mt	2.5	78,000
Total Banfora Gold Project	Inferred	6.1Mt	2.1	410,000

Note: For full details on key assumptions, parameters and methods used to estimate the minerals resource, please refer to the Maiden Resource ASX announcement dated 17 September 2007.

Recent regional geochemical sampling has been undertaken across portions of the Project previously untested. So far a further 30 high priority targets have been identified with numerous others requiring follow up test work.

Many of the recently identified anomalies each extend in excess of 500 meters strike length and are of greater than 0.1g/t gold. Several of these high priority anomalies are of greater than 0.25g/t gold, with peak soil values of up to 1.93g/t gold. The area covered so far by Gryphon’s soil geochemistry accounts for only 40% of the total area to be covered by this on-going regional programme at the Banfora Gold Project. The Company intends of the coming months to RAB drill test several of these exciting new target areas.
Gryphon Minerals Ltd is extremely encouraged by the high proportion of significant results from its recent drill programmes. This reinforces the potential for the Banfora Gold Project to host large scale gold mineralization. The Company will shortly commence an aggressive drill programme at the Nogbele and Fourkoura Prospects.

Minara Resources Ltd (ASX code: MRE) - Gryphon Minerals Joint Venture
In January 2007 major nickel producer Minara Resources Ltd (Minara) entered into Farm in and Joint Venture (JV) agreements with Gryphon to primarily explore for sulphide nickel mineralisation on Gryphon’s Collurabbie and Mount Rankin Projects, located in two highly prospective nickel regions of Western Australia.

Minara must fund $5,500,000 in exploration over 4 years to earn 70% equity in nickel and base metal minerals and 60% on all other commodities with minimum expenditure of $1,500,000 required within the first 12 months before they can withdraw. No equity in the project is earned by Minara until the $5,500,000 exploration funding has been spent. Gryphon is the manager and operator of the project until a decision to mine has been made.

Collurabbie Project
The Collurabbie project covers approximately 270km2 and hosts both the Northern and the Southern extensions of the sequence of ultramafic and mafic rock types that host the mineralisation at the Collurabbie Joint Venture Nickel Discovery (BHP-Falcon Minerals). Gryphon’s tenure is located approximately 30km along strike to the North West and 30km along strike to the South of the Collurabbie Joint Venture Nickel Discovery. First pass ground electro-magnetic (EM) surveying has been undertaken over a small portion of the project which has identified several discrete bedrock conductors that require immediate drill testing.

During the year a detailed ground electro-magnetic survey was undertaken over the northern portion of southern mineral licence. Southern Geoscience Consultants, a geophysical expert consultancy group, have reported the final EM dataset contains the presence of discrete bedrock conductors one of which has a signature that is consistent with the presence of a massive sulphide. The Company is expecting to commence Reverse Circulation drilling of the targets in the current year.

Mount Rankin Project
The Mount Rankin Project covers approximately 205km2 and contains highly prospective and previously untested ultramafic units that are interpreted to be the same or similar units that continue south to the Forrestania region that host Western Areas Flying Fox nickel deposits. First pass ground electro-magnetic (EM) surveying has been undertaken over a portion of the Project and has identified several discrete bedrock conductors of which initial drill testing has identified the presence of massive and disseminated sulphides.

During the year a detailed ground electro-magnetic survey was undertaken over portions of the Project area of which several high priority targets were identified. A seven hole reverse circulation (RC) drill programme tested only the first three EM targets which all holes intersected massive or disseminated sulphides.

The Company undertook Scanning Electron Microprobe (SEM) testing of drill chips in one sulphide zone which indicated the presence of matrix and disseminated pyrrhotite, pyrite and trace amounts of pentlandite. Drill assay results indicated elevated levels of zinc (up to 1m @ 1.58%), copper (up to 1m @ 0.35%) and gold (up to 1 metre @ 2.04g/t) and low levels of nickel (up to 2m @ 1761ppm) mineralisation. Assaying has determined that the nickel, zinc and copper is derived from sulphide mineralisation.

Further EM testing has recently commenced across a potential large deeper EM conductor located on the margin of the basal ultramafic sequence 2 kilometres to the south of the recent massive sulphide drill intersections. This target is anticipated to be at approximately 200 metres depth and is coincident with a significant nickel (+1000ppm) and copper (+100ppm) soil geochemical anomaly.

The company is extremely encouraged by its initial success intersecting massive and disseminated sulphides in an area previously unexplored for nickel mineralization at the Mount Rankin Project. Further detailed ground EM and drilling is expected to be completed at both the Collurabbie and Mount Rankin Projects over the coming months.

Mt Isa, Queensland Uranium Projects
Gryphon Minerals (90%) holds the Hamilton River and Cat Creek Uranium Projects, prospective for channel and calcrete style uranium mineralization in the Mount Isa District, Queensland.

The Projects secure 660 square kilometres of tenure containing significant untested radiometric uranium anomalies. The Hamilton River Project secures in excess of 60km strike length of prospective channels while the Cat Creek Project contains a significant 200 square kilometre untested surfical uranium radiometric anomaly.

Any potential uranium enrichment within the project areas are expected in the near surface sediments and as such, exploration for and appraisal of uranium mineralisation is expected to be relatively low cost. The Cat Creek mineral licence has now been granted and planning is under way for a reconnaissance style RAB drill programme later in the year.

Mt Windarra Project
Gryphon Minerals’ 100% Mount Windarra Project is located only a few hundred metres from Poseidon NL’s, famous Mount Windarra nickel discovery of the late 1960s. The project area contains at least two ultramafic units interpreted to be the basal Mount Windarra ultramafic unit that hosts the Mount Windarra, South Windarra and Woodline Well nickel deposits. These deposits produced in excess of 85,000 Tonnes of nickel.

Initial reconnaissance RAB drilling by Gryphon Minerals intersected anomalous nickel values up to 15 metres @ 0.53% nickel associated with the ultramafic unit. Detailed ground electro-magnetics (EM) identified three high priority targets which drill testing revealed broad zones of disseminated sulphides (though sub economic) in each of the three holes.

Reconnaissance Air-core drilling to the north of Gryphon’s original discovery zone intersected further ultramafic rock types, which now increases the strike length of the prospective basal unit to three kilometres.

With the tripling of the prospective basal ultramafic sequence and the discovery of broad zones of disseminated sulphides in relatively close proximity to the historic Mount Windarra nickel mine, Gryphon Minerals is encouraged by the potential to discover economic nickel sulphide mineralisation within the project area.

Radio Project
The Radio Project is an advanced high-grade gold project located in the Bullfinch region of Southern Cross, Western Australia. The project contains semi-contiguous tenements covering an area of approximately 400 square kilometres. Gryphon Minerals owns the majority of the project area 100%, including the historic Radio gold mine. The project abuts the +1 million ounce Copperhead gold mine and contains the Radio gold mine, which historically produced over 71,000 ounces of gold at 38.5g/t. The project area is highly prospective for large tonnage, multi-million ounce gold deposits as well as smaller high-grade gold deposits.

The Southern Cross Greenstone belt is a world class, gold producing belt with mines such as Marvel Loch, Yilgarn Star, Golden Pig, Nevoria and Copperhead having collectively extracted over 10 million ounces of gold and containing an estimated further 3 million ounces in resources.

There is potential for the historic Radio mine to host a high-grade mineable orebody, as there appears to be a series of “stacked” mineralised quartz veins within a low angle thrust system that have seen very little drill testing. Drilling by Gryphon Minerals has intersected significant mineralisation both along strike and down dip from the previously mined areas at Radio, with intersections up to 1m @ 27.5g/t Au, 1m @ 16.40g/t Au and 1m @ 10.70g/t Au.

Numerous regional exploration targets exist throughout the project area. These targets include the Derwent Jack Prospect with historical drill results of 1m @ 39g/t Au and 1m @ 12g/t Au, and the Lady Agnes Prospect with rockchip results of 109g/t Au, 34g/t Au and 26g/t Au.

Gryphon Minerals has undertaken detailed geological, geophysical and geochemical mapping programmes at the Radio Project, from which new areas have been highlighted as potentially significant for hosting gold, nickel, base metal and iron ore and uranium mineralisation.

Project Generation
Gryphon Minerals is continually reviewing projects for potential acquisition that would create possible further wealth for shareholders. The members of the management and geological team at Gryphon have been involved in many successful resource projects over the years, which has resulted in shareholders of previous companies making a return on their investment.

Geographical Spread

West Africa, Western Australia, Queensland

Board of Directors and Key Management

Mel Ashton	Chairman
Steve Parsons	Managing Director
Didier Murcia	Non-Executive Director
Kent Hunter	Non-Executive Director
Hamish Halliday	Management Consultant
Michael Fox	Exploration Manager, West Africa
Shane Hibbird	Exploration Manager, Australia
Brett Dunnachie	Chief Financial Officer/Company Secretary

Company Address

Freemasons Hall
181 Roberts Road
Subiaco, Australia 6008


Telephone:	61 8 9287 4333
Facsimile:	61 8 9287 4334
Email:	admin[at]gryphonminerals.com.au
Website:	http://www.gryphonminerals.com.au

Capital

80,500,000 shares on issue
Market Cap A$40 million
50c share price

Annual General Meeting

Friday 16 November
Freemasons Hall
181 Roberts Road Subiaco

Year End

30 June

Broker/Analyst Reports

28/11/07 - Argonaut Securities PTY Ltd
18/09/07 - Argonaut Securities Pty Limited
31/07/07 - Argonaut Securities Pty Limited

Major Shareholders

Management (fully diluted)	17%
Newmont Mining Corporation	9.8%
Dundee Precious Metals Inc	9.8%
Genesis Fund	6%
Macquarie Bank	5%
Rand Merchant Bank	4%
Contango	4%
Phoenix Gold	4%

Most Recent Statement

08/10/08 - Exploration Drilling Update: Collurabbie Nickel & Banfora Gold Projects
31/07/08 - Quarterly Activities Report
31/07/08 - Quarterly Cashflow Report
17/07/08 - Drilling confirms major mineralized shear zone at Nogbele
26/06/08 - Drilling at Nogbele Prospect
27/05/08 - Regional drill results include 24m @ 2.52g/t gold from surface & rock chips up to 150g/t Gold

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