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Gryphon Minerals Strengthens Management

Gryphon Minerals (ASX: GRY) has made two key appointments to its executive management team with the addition of Beth Michetti as chief financial officer and Mark Arundell as independent advisor to assist in the funding process of the Banfora Gold Project.

Michetti has more than 10 years experience in operational financial roles, working most recently as general manager of corporate & commercial services at Tronox, previously Tiwest Joint Venture, a joint venture that has developed a fully integrated titanium minerals processing project in Western Australia.

Meanwhile, Arundell has an extensive background in structuring domestic and cross border debt for project finance.

He has successfully advised a number of resource companies on project funding and brings with him an extensive network and capability in this area.

Steve Parsons, managing director of Gryphon Minerals, commented: "Beth's wealth of leadership experience, in a financial context, and in the mining sector will complement an already strong management team at Gryphon.

"I am confident this team has the skills necessary to achieve the company's ultimate goal to become a world class gold producer.

"The appointment of Mark comes at an important stage in our development. As we assess the various financing options available to us to determine the most appropriate funding structure for the development of the Banfora Gold Project, Mark's experience in debt financing and getting a project 'bank ready' will be invaluable.

"Both appointments add to the depth and breadth of experience of our corporate team and complements the skills of our technical team, which has extensive experience in developing gold projects in West Africa."

High grade gold up to 207.9g/t

Gryphon recently delivered exceptional high grade gold drill results of 13 metres at 69.9 grams per tonne (g/t) gold from 19 metres, including 4 metres at 207.9g/t gold, at its Banfora Gold Project in Burkina Faso.

Other highlights included 14 metres at 36.5g/t gold from 56 metres, including 4 metres at 125.1g/t gold, and 20 metres at 15.06g/t gold from 80 metres, including 4 metres at 72.4g/t gold.

The drill results are from the outcropping shallow multiple mineralised zones at the Nogbele gold deposit which remain open, along strike and at depth.

The drill results will be incorporated into a resource estimate update for the Definitive Feasibility Study on track for delivery by the end of 2012.

Drilling is continuing at the Nogbele gold deposit as well as the new Stinger deposit, with results due in the coming weeks.

Gryphon has also begun a detailed review on a potential staged plus-2 million tonne per annum "start-up" operation that would benefit from lower initial capital costs and could be up-scaled to 4 million tonnes per annum at a later date.

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