Gryphon Gold Summary of the Borealis Exploration Program

VANCOUVER , BC - Gryphon Gold Corporation reported its near term exploration plans and summarizes the last year of drilling and geophysical investigations at its Borealis property, Mineral County, Nevada. During 2007, a total of 44 reverse circulation holes were completed. Drilling in the Graben resource identified extensions to the deposit and expanded the high-grade zones; while drilling in the Central and Western pediments identified at least two expansive areas of gold bearing hydrothermal alteration. Geophysical surveys were conducted throughout the property to model known mineralized areas and to test previously unexplored areas for similar geophysical anomalies.

An updated CIM complicate, NI 43-101 resource report with newly developed resource estimates to incorporate all of the 2007 drilling is in progress. In addition to updating the knowledge about the property it will also identify areas for potential expansion of the resource base. Initially, there appears to be reasonable potential for expanding the oxidized gold mineralization resource base that could lead to the development of a mine plan for a heap leach operation. A detailed drilling plan is being developed to test these oxide targets. Similarly, there appears to be reasonable potential for developing an underground mine in the high-grade zones of the Graben deposit and possibly, a large open pit operation to incorporate the entire deposit. Drill plans are in progress to develop the information needed to evaluate both of these options.

Thirty-one reverse circulation holes, totaling 10,095 meters (33,120 ft) were drilled in, and around, Graben to continue definition of the deposit's boundaries, and to test for extensions of the internal high-grade gold zones. Drilling along the northwestern margin of the deposit identified a significant extension that was not anticipated. These results indicate that several other marginal areas of the deposit also need closer definition drilling. 2007 Graben drilling results included: GGCG-29, 56 m of 0.19 opt; GGCG-43, 75m of .09 opt; GGCG-52, 46m of .07 opt and 67m of .06 opt; and GGCG-55, 70m of .11 opt.

Previous drilling (Gryphon and historic) identified three significant high-grade ( > 3 g.t.) gold zones within the deposit. Part of the 2007 drill program was targeted to test for expansions of these zones. Drilling around the northern zone resulted in significant expansions, holes around the southern zone produced modest extensions, and results from the central zone confirmed its size. A new Graben resource estimate will be produced in conjunction with the completion of the new NI 43-101 resource report.