Gryphon Gold Corporation (TSX: GGN)(OTCBB: GYPH) filed on SEDAR and its website the recently completed CIM compliant NI 43-101 technical report in respect of the gold resource inventory for the Central Borealis deposit (previously announced April 30, 2008).
The total Central Borealis gold resource inventory is now calculated to be 1,422,500 ounces of measured and indicated gold ("M&I") and 1,104,500 ounces of inferred ("Infd") gold. This is an increase of 704,000 ounces of gold from the previous study (39% increase comprised of 209,000 ounces of M&I and 495,000 ounces of Infd resources) at an exploration cost of approximately $6.50/ounce. It is likely that much of the inferred mineralization can be upgraded to measured and indicated with a modest drill program.
These results confirm that the geological model developed by Gryphon Gold's geologists (Steve Craig and Roger Steininger) is proving successful. The model effectively identified the areas of mineralization that resulted in this significant increase; as well the model has identified areas in the Central Borealis where resources are open to possible expansion and where additional higher-grade material is likely to be delineated.
A drill program is being planned to follow up on these very encouraging results in the Central Borealis, and to apply the successful geological model to the very thick (up to 1,450 ft) zones of anomalous gold and alteration that were discovered in the Western pediments during the 2007 exploration program.
http://findarticles.com/p/articles/mi_pwwi/is_200806/ai_n25480089?tag=content;col1
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