Gryphon Gold Confirms Higher Gold Grades  

VANCOUVER, BC – Gryphon Gold Corporation reported that it has received the gold and silver assays from the 2010 reverse circulation drilling program for the Freedom Flats Heap at the Borealis Mine Site. This drilling was designed to confirm the critical data included in the September 17, 2009 "NI 43-101 Pre-Feasibility Study of the Mineral Resources of the Borealis Gold Project" located in Mineral County, which estimated that the Freedom Flats Heap Indicated Resource was 1.028 million tons of 0.026 opt Au (0.89 gms/tonne Au) and 0.24 opt Ag (8.2 gms/tonne); these estimates were converted to Proven and Probable Reserves. Based on the assays from the 2010 drilling program, the average gold grade reported from the drill holes was 0.036 opt (1.24 gms/tonne). Gryphon believes that the completion of this critical stage keeps the project timeline intact and on schedule, subject to adequate financing, with final metallurgical recovery data due in early January.

In Gryphon’s October 21, 2010 press release entitled "Gryphon Gold Road To Production" Gryphon stated, "The focus of this strategic direction will be to finalize certain critical data pertaining to the Freedom Flats Releach and secure the financing for a scaled down version of the start-up of mining operation." Gryphon believes that development of the Freedom Flats Heap is instrumental to the staged approach for development of the Borealis Heap Leach Project. "The potential 38% increase in the gold grade of the Freedom Flats Heap could increase in the Phase One revenue above the estimates contained in our "Road to Production" http://www.gryphongold.com/main/files/files/20101203_R2P.pdf," said Gryphon Gold President, John Key. "We believe this development will greatly assist potential financing plans and maintain the groundbreaking timeline as well." Key went on to say that, "Phase One could possibly generate enough extraordinary revenue during the first four to six months of actual production to potentially accelerate our Phase Two production plan." The drilling program primarily tested the Freedom Flats Heap followed by a limited drilling program on the adjacent Releach stockpile. A total of 28 new reverse circulation holes were drilled in this program. The grid spacing between all drill holes was approximately 100 feet with the older holes being used to fill in the grid pattern. Five foot samples were collected and a total of 1630 feet was drilled. Samples were taken to Florin Analytical Services for fire assay gold and silver, cyanide soluble gold, ICP analysis for toxic metals and sulphide sulphur. The company’s address Suite 711-675 West Hastings Street, Vancouver, BC  V6B 1N2, 888.261.2229, fax: 604.608.3262.