ASX Announcement

Thursday, 31 October 2013

Shareholder Update:

Mine Permitting & Optimisation Studies

Nearing Completion

Corporate Directory

Non-Executive Chairman

Mel Ashton

Managing Director

Stephen Parsons

Non-Executive Director

Didier Murcia

Company Secretary

Sarah Smith

4.9Moz

Banfora Gold Project

Burkina Faso

West Africa

~$52 Million

Cash & ASX Holdings

Contact Details

Principal & Registered Office

Freemasons Hall

181 Roberts Road

SUBIACO WA 6008

T: +61 8 9287 4333

F: +61 8 9287 4334

E: admin@gryphonminerals.com.au

ASX CODE GRY

Investor Relations

MAGNUS Investor Relations

John Gardner

T: +61 413 355 997 www.gryphonminerals.com.au
Dear fellow Gryphon shareholder,
Following the release of the September 2013 quarterly report and on behalf of the Board I would like to take this opportunity to provide you with an update on the advancements we have made at the Banfora Gold Project in Burkina Faso, and also results following the implementation of our 'de-risk, get ready & add value' strategy.
During the September quarter Gryphon made considerable progress toward a number of key goals at its flagship Banfora Gold Project.
Optimisation Studies
Studies are well advanced with an update of findings expected in early
2014. The studies are focused on the following key areas: