APACHE JUNCTION, Ariz., Dec. 13, 2010 /PRNewswire/ -- Gryphon Resources Inc. ('Gryphon' or the 'Company') (OTC Bulletin Board: GRYO) reported that the Company has received approvals from the Arizona State Land Department for all 11 permit applications for exploration activities at its lithium project in south-eastern Arizona.
President and CEO Alan Muller commented, "We're very pleased to report permit approvals which allow us to begin exploration. We're now preparing a working plan to launch exploration in the very near future. The first part of this includes review of initial bids for geo-technical services and equipment. Once this process is complete, we expect that the first stage of exploration will include both gravity and electro-magnetic resistivity surveys."
Project Manager Nick Barr also commented, "We've conducted several site inspections and have identified some promising areas where sampling could begin. Our challenge now is to determine which exploration methods will best suit the geology and topography of the properties. We have some fractionalization of the areas under permit and lithium exploration is a developing science, so further analysis will be needed to determine where, and how, our exploration resources can best be deployed. We're expecting to complete this first stage of planning within the next couple of weeks and move forward quickly from there."
The 11 permits which make up Gryphon's L.G. Property are held on a 640 acre parcel of property in south-eastern Arizona. This property may have the potential for discovery of large volumes of brine containing potentially economic concentrations of lithium. Comparative activity in the region is evidenced by Chemetall Foote Clayton Valley facility in Nevada which is designed to produce lithium materials for advanced transportation batteries.
Gryphon also holds title to the 'Cruce Property' which consists of exploration rights to a 560 acre area located approximately 40 miles north of Tucson, Arizona. The Company believes the Cruce Property may have gold and copper-porphyry potential as indicated by the existence of the San Manuel-Kalamazoo copper deposit approximately 13 miles east; Asarco's huge Ray Complex some 28 miles north and Asarco's Silver Bell Mine about 37 miles west. The extensive Pima District also begins less than 50 miles south. Gryphon's exploration team has prior experience with the Cruce Property and is now determining how to undertake exploration.
Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries have become the rechargeable battery of choice in cell phones, computers, hybrid-electric cars and electric cars. Manufacturers from GM and Ford to Toyota and Mercedes-Benz have all announced plans to build Li-ion battery powered cars. Demand for lithium-powered vehicles is expected to increase fivefold by 2012. The domestic automotive industry must secure a lithium source to supply the next generation of hybrid-electric and electric vehicles. Over 60% of cell phones and 90% of laptops use lithium batteries. The worldwide market for lithium batteries is estimated at over US$4 billion per year.
About Gryphon Resources
Gryphon Resources Inc. trades on the OTC-BB and Pink Sheets under the symbol GRYO. The Company was incorporated in Nevada in 2006 and has been involved in mineral exploration activities since inception. In July 2010, Gryphon acquired the rights to 11 exploration properties in south-eastern Arizona, USA and is currently developing exploration plans for these properties. In November, 2010, Gryphon added to its portfolio of exploration rights by entering a Letter of Intent to acquire the Cruce Property in south-central Arizona. More information about Gryphon is available on our website: www.gryphonresourcesinc.com.
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Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. The words "believe," "expect," "will," "anticipate," "contemplate," "target," "plan," "continue," "budget," "may," "intend," "estimate," "project" and similar expressions identify forward-looking statements. In this press release, the statements: "We're now preparing a working plan to launch exploration in the very near future. The first part of this includes review of initial bids for geo-technical services and equipment...we expect that the first stage of exploration will include both gravity and electro-magnetic resistivity surveys," and "We're expecting to complete this first stage of planning within the next couple of weeks and move forward quickly from there," are forward looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Gryphon Resources Inc.