Agreement moving right along...

red911

Gryphon signs definitive option agreement with Sage

2010-03-08 13:56 NT - News Release

Mr. John Key reports

GRYPHON GOLD AND SAGE GOLD SIGN OPTION FOR JV FOR BOREALIS GOLD PROJECT NEVADA

Gryphon Gold Corp. has executed a definitive option agreement with Sage Gold Inc. on the terms set out in its Feb. 24, 2010, joint press release. Under the terms of the option agreement, Gryphon has agreed to grant Sage the right (the option) to earn a 50-per-cent interest in Borealis property, including the fully permitted Borealis gold project, located in the Walker Lane mineral belt of southwest Nevada.

The exercise of the option is subject to conditions, including receipt of the approval of the Toronto Stock Exchange with respect to Gryphon Gold and the TSX Venture Exchange with respect to Sage Gold.

The option agreement will expire if Sage Gold does not exercise the option by Dec. 31, 2010 (or such later date as may be agreed to, such date not to be later than June 30, 2011). The option agreement may be terminated if certain conditions have not been satisfied, including conditions relating to due diligence investigations and negotiations of a joint venture agreement.

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