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Gryphon Minerals Inc
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 27193
Burkina Faso
Environmental categoryB
Date SPI disclosedMay 19, 2009
Projected board dateJune 22, 2009
Previous EventsInvested: August 14, 2009
Signed: June 26, 2009
Approved: June 24, 2009
View Environmental & Social Review Summary (ESRS), click here
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Project description
Gryphon Minerals Limited (“Gryphon” or the “Company”) has been engaged in exploration of minerals in Burkina Faso since 2005. The Company’s key focus is in the advancement of its early-stage exploration project, the Banfora Gold Project (“Banfora” or the “Project”), located in south-west Burkina Faso. Over the last few years, Gryphon has conducted aggressive exploration at Banfora which has now yielded impressive discoveries. The Company recently doubled its maiden resources at Banfora to 10.6 million tonnes with an average grade of 2.4 grams per tonne for 820,000 ounces of gold. As a result, Gryphon is placing an increasing emphasis on the development of its Burkina Faso assets and this requires access to more capital.

IFC has been invited to provide an equity investment of A$2 million to finance on-going exploration work at Banfora with the aim of proving up adequate resources that would lead to the development of a mine at Banfora. Funds raised will be applied to undertake further work targeting additional increases in resources at Gryphon’s flagship Banfora project, including:

- Funding an in-fill drilling program within the existing defined resource zone;
- Funding an ongoing reverse circulation/diamond drilling program following up on high grade extensions along strike at the Project;
- Commencing reconnaissance rotary air blast/aircore/auger drilling testing high priority targets ; and
- General working capital purposes.

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