Gryphon Gold Corporation
TSX : GGN
OTC Bulletin Board : GYPH

Gryphon Gold Corporation

July 08, 2009 09:30 ET

Gryphon Gold Reports Warrant Extension and Pricing Amendment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2009) - Gryphon Gold Corporation (TSX:GGN)(OTCBB:GYPH) (the "Company") has announced that that it has amended the terms of the warrants it issued on August 3, 2007, November 22 and 27, 2007 and December 14, 2007 to provide for an extension of the original expiry dates (previously August 2, 2009 for 5,000,000 shares, November 22, 2009 for 3,254,000 shares , November 27, 2009 for 1,050,000 shares and December 14, 2009 for 182,500 shares) and reduction of the exercise price (previously $1.25CDN). The warrants entitle the holders to acquire (on exercise) an aggregate of 9,486,500 shares of common stock, representing 15% of the Company's outstanding shares (basic). None of the warrants are held by insiders of the Company.

The revised terms of the warrants are set out below:



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Amended exercise price
Original issue date Amended expiry date (CDN$)
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August 3, 2007 December 31, 2009 $0.18 until September 20,
2009 and $0.40 from
September 21, 2009 to
December 31, 2009
----------------------------------------------------------------------
November 22, 2007 December 31, 2009 $0.18 until September 20,
2009 and $0.40 from
September 21, 2009 to
December 31, 2009
----------------------------------------------------------------------
November 27, 2007 December 31, 2009 $0.18 until September 20,
2009 and $0.40 from
September 21, 2009 to
December 31, 2009
----------------------------------------------------------------------
December 14, 2007 December 31, 2009 $0.18 until September 20,
2009 and $0.40 from
September 21, 2009 to
December 31, 2009
----------------------------------------------------------------------


All other terms of the warrants remain the same. The above amendments will be effective July 22, 2009 and are subject to regulatory approval.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to anticipated events, including regulatory approval. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risks that regulatory approval may not be obtained. Should on e or more of these risks or un certainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements.

Full financial statements and securities filings are available on our website: www.gryphongold.com and www.sec.gov or www.sedar.com.

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