Nov 4 2010
Gryphon Gold Corporation (TSX:GGN)(OTCBB:GYPH) announced that it has received the approval of Amendment 5 of the Plan of Operation (POO) for the Borealis Mine Site from the United States Forest Service.
This amendment is the final approval required to allow sample collection for the confirmation of the Freedom Flats Re-Leach data. This data will include both grade and metallurgical recovery of gold form the Freedom Flats stockpile.
The October 21, 2010 Gryphon Gold press release stated that, "Gryphon Gold Corporation is pleased to announce that the Board of Directors has developed a strategy to expedite the Borealis Heap Leach Project production timeline, assuming adequate financing and regulatory approval. The focus of this strategic direction will be to finalize certain critical data pertaining to the Freedom Flats Re-Leach and secure the financing for a scaled down version of the start-up of mining operation." This approved amendment allows Gryphon to finalize the critical data required to keep the project timeline intact.
"We have set an ambitious schedule that provides for construction in March, 2011 and gold production in July, 2011 subject to financing. This POO approval will keep us on schedule and drills will be active today to secure the required samples to confirm this critical data. Our goal is to be a gold producing company in the near term and this approval is instrumental in reaching our target," said John Key, President and CEO of Gryphon Gold.
Source: Gryphon Gold Corporation