ASX Announcement

29th July 2013

Gryphon announces changes to the

Board & Senior Management &

further cost reduction measures

Corporate Directory

Non-Executive Chairman

Mel Ashton

Managing Director

Stephen Parsons

Non-Executive Directors

Didier Murcia

Company Secretary

Paul Hegarty

Cash A$52M

4.9Moz Banfora Gold Project

Burkina Faso, West Africa

EV/oz A$5

World-class exploration ground

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
Gryphon Minerals Limited (ASX:GRY) announces that Mr David Netherway, Ms Andrea Hall and Mr Michael O'Neill have agreed to resign as Directors of the Company, effective 31 July, as part of the Company's cost reduction program.
In addition, the Company also announces the agreed departure of Ms Beth Michetti as Chief Financial Officer, Mr Alex Eastwood as General Counsel and Mr Michael Fox, Chief Exploration Manager, effective 31 July.
Mr Mel Ashton, Non-Executive Chairman said "On behalf of the Company I would like to thank the departing members of the Board of Directors as well as the senior staff for their devoted efforts during their time at Gryphon which have made a valuable contribution in advancing the Banfora Gold Project towards development and I wish them all well in their future endeavours."
He added "Going forward Gryphon remains in a strong position, with cash of $52 million, a world-class resource base at the Banfora Gold Project and a restructured Board and Executive Management Team that has a broad set of skills and experience, including recent financings and building mines in West Africa."
Furthermore, the Company announces as number of major cost cutting initiatives have been implemented across the entire Company, including: