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Gryphon Minerals in trading halt pending capital raising announcement

Gryphon Minerals (ASX: GRY) has been granted a trading halt by the ASX pending the release of an announcement about a capital raising.

The company expects to make an announcement on or before the commencement of trading on Wednesday 23 November, 2011.

On November 18 Gryphon announced that it is continuing to intercept a string of gold discoveries at the Banfora Gold Project, which is located in the highly prospective west African country of Burkina Faso.

The broad nature and near surface characteristics of the strikes provide encouragment to the company as drilling is ongoing.

At the Samavogo Gold Deposit, the latest highlights include 18 metres at 4.65 grams per tonne (g/t) gold from 73 metres, and 23 metres at 3.56g/t gold from 127 metres.

Currently at Banfora six rigs are active ensuring a strong news flow of drilling results in the short term, with a Definitive Feasibility Study for a 3.5 million tonne per annum operation at the project well advanced.