Corporate Directory Non-Executive Chairman Mel Ashton Managing Director Stephen Parsons Non-Executive Directors Didier Murcia Bruce McFadzean Company Secretary Carl Travaglini Contact Details Principal & Registered Office 288 Churchill Avenue SUBIACO WA 6008 T: +61 8 9287 4333 F: +61 8 9287 4334 E: admin@gryphonminerals.com.au ASX CODE GRY www.gryphonminerals.com.au | ASX Announcement 29 October 2015 Divestment of Mauritanian Gold and Copper Assets Highlights
Gryphon Minerals Limited (ASX:GRY) is pleased to announce that the Company has granted an option to Algold Resources Ltd (TMX: ALG) to acquire 100% of Gryphon's interest in its Mauritanian Properties, principally comprising the Saboussiri Copper/Gold Project, Tijirit Gold Project and Akjoujt Copper/Gold Project. Benefits of the Transaction The benefits of the transaction include: Option Terms The consideration for the granting of the option is the issue of C$250,000 worth of Algold Resources Ltd shares (Initial Shares) which are non-refundable. Algold may exercise the option at any time within 90 days of the signed option agreement (29 October 2015) by issuing further shares that together with the Initial Shares would result in Gryphon holding 14.9% of Algold's issued and outstanding shares. In addition to the initial consideration, Gryphon is entitled to the following milestone payments:
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29 October 2015 ASX Announcement
indicated or inferred) of 500,000 ounces on a gold equivalent ounces basis at any of the properties or combination thereof; and
the later of the following two dates:
the date which falls 15 months from the completion of the transaction; and
the date on which Algold receives, from the Mauritanian authorities, the documents evidencing the renewal of the licenses with respect to the tenements subject to the option agreement.
(ii) C$1.5 million, payable within 90 days of achieving an NI 43-101 compliant mineral resource (of any one or more categories of measured, indicated or inferred) of 1,000,000 ounces on a gold equivalent ounces basis at any of the properties.
The finalisation of the option is subject to TSX-V approval which is expected in the next few business days. Yours faithfully
Stephen Parsons Managing Director
1 CAD/AUD exchange rate of 1.06.
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