IZMIR, Turkey, Sept. 29 /PRNewswire-FirstCall/ -- Gryphon Resources reported today it has begun negotiations for purchase of a significant oil & gas exploration interest in Turkey. CEO Serdar Kirmizioglu described this initiative "As a significant expansion of our strategic plans which effectively diversifies the Company. This is a good opportunity and we''re confident we can successfully manage oil exploration and continued exploration for manganese and copper. Negotiations are expected to conclude within the next several weeks and we see this as a positive development for our future marketability."
Gryphon Resources also reported findings of an independent geologist who visited Gryphon''s H33D4 manganese exploration site in Turkey. An examination of H33D4 done by Dr. Warren Pratt showed a block of manganese mineralization measuring approximately 20 x 15 x 5 metres with a grade of approximately 45%, plus other lower grade manganese mineralization. The visible high grade manganese deposit occurs within a complex mega-breccia (melange) deposit. Other similar manganese blocks are not visible at the surface and no drilling has yet been undertaken. Based on his findings, Dr. Pratt cannot verify previous analysis of the Company that H33D4 supports the existence of an extensive high grade manganese deposit. However, there is evidence of low grade manganese mineralization hosted by a tectonised sequence of ophiolitic rocks. This mineralization extends for at least 400 metres along strike and is composed of a manganiferous chert approximately 3 metres thick on average. This mineralization is estimated to have a grade of approximately 1.2 - 5.7% and does not present an economical case for exploitation at this time. The Company intends to expand its exploration efforts for manganese and copper on the H33D4 site.
About Gryphon Resources
Gryphon Resources Inc. trades on the OTC-BB under the symbol GRYO. The Company was incorporated in Nevada in 2006 and incorporated its subsidiary APM Madencilik Ltd. in Turkey in 2008. Gryphon has undertaken exploration initiatives in Canada and Turkey and is focused on manganese, copper and oil exploration.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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." 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. 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, including, but not limited to, certain delays beyond the company''s control with respect to mining operations, changes in the worldwide price of manganese, copper or certain other commodities; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; contests over title to properties; and the risks involved in the exploration, development and mining business. 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.
Gryphon Resources Inc.
CONTACT: Serdar Kirmizioglu of Gryphon Resources Inc., +1-360-685-4238
Web Site: http://www.gryphonresourcesinc.com/