APACHE JUNCTION, Ariz., Dec. 23, 2010 /PRNewswire/ -- Gryphon Resources Inc. ('Gryphon' or the 'Company'), (OTC Bulletin Board: GRYO), reported today it has raised US$150,000 to increase funding for its two mineral exploration projects in Arizona, USA.
President and CEO Alan Muller commented, "We've been working hard over the last two months to form working plans for our lithium project and our gold, copper-porphyry project and parallel with this have been concerted efforts to raise funding." Muller continued, "With the successful completion of this private placement of 1,500,000 shares, we've added $150,000 to our war chest and we'll now be using these funds to move forward quickly with our exploration initiatives."
Gryphon's L.G. Property lithium project is currently based on 11 permits 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's Cruce Property gold, copper-porphyry project currently consists of exploration rights to a 560 acre area located approximately 40 miles north of Tucson, Arizona. Gryphon 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 also has prior experience with the Cruce Property.
This private placement raised aggregate proceeds of US$150,000 based on the sale of 1,500,000 restricted common shares priced at US$0.10 per share. These shares will be issued pursuant to Regulation S of the Securities Act of 1933, as amended, and Gryphon did not engage in any general solicitation or advertising regarding this offering.
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 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 which shows potential for gold and copper-porphyry. More information about Gryphon is available on our website: www.gryphonresourcesinc.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995
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'll now be using these funds to move forward quickly with our exploration initiatives"; "This property may have the potential for discovery of large volumes of brine containing potentially economic concentrations of lithium"; and "Gryphon believes the Cruce Property may have gold and copper-porphyry potential...", 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.