3 Dec 2010farm in farm out agreement● Neutral
On November 30, 2010 Gryphon signed a letter of intent for an option on the Cruce Property in south-central Arizona, from the same two vendors as the L.G. option. The planned terms are US$265,000 in payments, at least US$335,000 of spending and 2,600,000 restricted shares over three years, plus a 3% net smelter royalty; this was not yet a binding option agreement.