AXcess News: Gryphon Gold Becomes First Junior Gold Producer in Nevada This Year
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/17/11 -- Gryphon Gold Corp. (OTCBB: GYPH) became the first junior gold producer in Nevada in 2011 after having shipped carbon columns loaded with silver and gold from its Borealis Mine in Mineral County. Gryphon's President John Key called the shipment a "milestone event" for the company.
According to sources in the company, Gryphon Gold will be shipping carbon columns bi-weekly from here on out and could report gold production figures sometime in the second half of November.
The company's shares set a new 52-week high in early morning trading on the Over-the-Counter Bulletin Board market Monday, reaching a high of $0.32.
GYPH completed a secondary offering in May, having raised $10 million through an underwriting led by Roth Capital in the U.S. with Acumen Capital of Alberta managing the Canadian sale of common stock. In all, the two underwriters brought in enough buying to take down $1 million of the underwriters over allotment. Proceeds from the offering allowed Gryphon Gold to build out its leach pad operation and with the help of an additional $3 million in debt, also placed by the underwriters, the company had the capital to build the ADR plant. The plant will permit the processing of carbon into bullion on-site, saving as much as 5% in costs. The company expects the plant to be in operation sometime during the beginning of the new year.
Gryphon Gold is forecasting an annual production rate of approximately 48,000 ounces of gold once in full production at a cost basis near $400 per ounce this year. Based on current prices, that would put the company's pre-tax earnings somewhere in the $60 million range. For shareholders, Monday's announcement on shipping carbon columns may be a 'milestone event,' as Key stated, though production figures to come later this fall could substantiate Gryphon Gold's forecast.
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Datum: 17.10.2011 - 12:10 Uhr
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