# GRY - Gryphon Minerals



## Sean K (28 November 2006)

Just spotted this one this morning announcing what seems to be very impressive gold grades from an exploration project in West Africa.

Intersections include:

24m @ 2.64g/tn from 8m including
12m @ 3.37g/tn from 8 m

Other grades equally impressive.

*The Banfora Gold Project*

The Banfora Gold Project is located in the south-west of Burkina Faso, West Africa in a major gold producing district host to such world class gold deposits as Tongon (2.9 Million oz) Syama (5.2 Million oz) and Morila (5.6 Million oz).  The project area contains two granted exploration licenses and three exploration license applications covering a total of 1150km².

The Project area is easily accessible by road and in close proximity to the town of Banfora. A 100km sealed road connects the project to the city of Bobo Diolasso and a further 350km to Burkina Faso’s capital city Ouagadougou. Grid power is located only 30km from the eastern boundary of the project.

Chart wise, not really much to tell. Very choppy, off it's lows....

Might be worth keeping an eye on. More to follow....

www.gryphonminerals.com.au


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## Sean K (13 December 2006)

This has been suspended for the past 2 days pending ann.

Ann this am that they have made a placement to NEM of 7 mil shares at $0.32. Not sure what % of company that is atm, but not much.

This is currently a 3c premium to it's last price. I don't think I've ever heard of a placement at a premium to it's sp.   Surely the company would be happy with that.

NEM must be pretty sure that this is going to get off the ground. Will be interesting to see where it goes from here.


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## BraceFace (13 December 2006)

About bloody time for something to happen on this one!!

Not sure what the share placement is all about, but it gets the thumbs up from me.


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## Sean K (13 December 2006)

BraceFace said:
			
		

> About bloody time for something to happen on this one!!
> 
> Not sure what the share placement is all about, but it gets the thumbs up from me.



How long have you held it BF?

I haven't bought in yet. Waiting for some more details from the project. If the grades keep coming in as has been then it'll be worth a punt. Gotta like that NEM is on board.

If you've held it for a year, you'd be happy, even with the volatility. Now up 50% for the year. 

As you would expect, opened at the placement price of $0.30.


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## powerkoala (13 December 2006)

have been holding this since may 06
when the market got correction...
now finally ....
today news is really encouraging...
seems Newmont trusts this company that well...
hm... will hold and see what happen next


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## Sean K (13 December 2006)

powerkoala said:
			
		

> have been holding this since may 06




Ouch!  :22_yikes: 

You would have lost 50% in a few days.

Well done for holding on! Maybe you should have averaged down? 

Good luck. Hopefully they can eventually pull a 5 m oz au resource out of the hat?


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## powerkoala (13 December 2006)

yes, in fact almost 60% lost..
yet, still holding it till now
well, seems newmont also agree with me though 
LOL


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## powerkoala (14 December 2006)

hm.. now mbl become holder too
thinks good news for gry 
let see what happen next


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## Sean K (19 December 2006)

kennas said:
			
		

> This has been suspended for the past 2 days pending ann.
> 
> Ann this am that they have made a placement to NEM of 7 mil shares at $0.32. Not sure what % of company that is atm, but not much.
> 
> ...



NEM now have 10% of the company. That is a decent investment in an explorer, with some good grades.


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## powerkoala (22 December 2006)

nice move today
looks like few seller left..
let see what happen next


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## Sean K (22 December 2006)

Yes, see post no 4 chart compared to today.

Looks like a break through some pretty tough traffic.


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## Dr Doom (22 December 2006)

kennas this one looks like a goer, maybe the stablemate (SRI) can get in on the act too. The Newmont factor again. Up 6% today.


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## powerkoala (29 January 2007)

buyer side looks huge today
is it due to wise owl recommendation?


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## powerkoala (29 January 2007)

just broke 52week record high
will it be blue sky?
seems wise owl suggestion is affecting market


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## BraceFace (29 January 2007)

What did wise owl say?


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## powerkoala (29 January 2007)

BraceFace said:
			
		

> What did wise owl say?




52weeks target at 60c
strong buy

do your own research though
i'm not recommending anything


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## spottygoose (15 February 2007)

Announcement out this morning - High Grade Drill Results for Banafora Gold Project.


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## wahoo (16 February 2007)

Hey Spotty,

I just jumped in this - looks 2b trading in a nice upwards channel ever since the placements for Newmont and Macquarie Bank in mid December.

Kickin drill results especially that *65.5g/t Au* over 4m!!!

With the stale bulls mostly shaken out now, hopefully the sp will be up to the top of the channel


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## spottygoose (18 February 2007)

Thanks for the chart wahoo - very neat.

Not quite the reaction I was expecting to that announcment but perhaps we did get rid of a few more stale bulls and we can enjoy a nice ride up to that target of 60c.


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## spottygoose (19 February 2007)

From Minebox:

High grade results at Banfora

Burkina Faso


Gryphon Minerals Ltd has announced more promising results from the ongoing Reverse Circulation drill program being undertaken at the highly prospective Banfora Gold Project, Burkina Faso - West Africa.

Results recently released are from exploration style “step out” drilling targeting gold mineralization within the northern zone of the Nogbele Prospect. Within the northern zone gold mineralization occurs within multiple parallel and sub-parallel zones that include broad hematite, silica and pyritic altered zones, sericitic schist’s and lode quartz veins, within an area of weak to strong hemitite alteration within the Nogbele granodiorite intrusion.

Significant drill results include:
· BNRC330 - 3m at 11.15 grams per tonne (g/t) gold (Au) from 2m; 
· BNRC333 - 4m @ 11.01g/t Au from 10m; and
· BNRC334 - 4m @ 65.45 Au from 32m.

From previous drilling at the Nogbele Prospect the Company has now defined at least seven mineralised gold zones with a combined strike length in excess of five kilometres. Drilling is targeting several of these mineralized zones with infill and step out drilling, as well as several new untested targets within mafic and sediment lithologys adjacent the Nogbele granodiorite.

This current and on going phase of exploration will consist of approximately 10,000 metres of Reverse Circulation drilling targeting gold mineralized zones at the Nogbele and Fourkoura Prospects. The Fourkoura Dolerite Prospect is located only 7.5km to the south east of Nogbele, where previous drill intersections included 16m at 9.85g/t Au from 32m.

The company has also commenced a regional soil geochemical sampling programme designed to cover a significant portion of the Banfora Gold Project that has been previously unexplored.

Gryphon Minerals Ltd is exploring the Banfora Gold Project through an “earn-in” Joint Venture agreement which grants Gryphon Minerals the right to acquire 90% (Government 10%) of the Project.

The Banfora Gold Project is located in the south-west of Burkina Faso, West Africa in a major gold producing district host to such world class gold deposits as Tongon (3.2 Moz) Syama (6.5 Moz resources, 5.0 Moz mined) and Morila (6.5 Moz). The project area covers a total of 1,150sqkm , and entirely encapsulates the highly prospective “Loumana” Birimian geological belt within Burkina Faso.


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## spottygoose (20 February 2007)

Announcement - $5.5 million nickel JV - Minara Resources


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## spottygoose (20 February 2007)

$5,500,000 Nickel Farm In - Joint Venture with Minara Resources
- Collurabbie & Mount Rankin Projects

Gryphon Minerals Ltd (GRY) is pleased to announce a Farm in and Joint Venture (JV) agreement with major nickel producer Minara Resources Ltd (Minara) to primarily explore for sulphide nickel mineralisation on Gryphon Minerals Collurabbie and Mount Rankin Projects, located in two highly prospective nickel regions of Western Australia.

Inaugural exploration programmes for the Gryphon-Minara JV has already commenced with detailed geophysical ground Electro-Magnetic (EM) surveys at the Collurabbie and Mount Rankin Projects being undertaken. The Company anticipates generating several drill targets from the geophysical surveys which are expected to be completed over the coming weeks.

Minara Resources Limited is a leading Australian resources company, based in Perth and listed on the Australian Stock Exchange (ASX Code: MRE). The Company is Western Australia’s second largest nickel producer, and one of the top ten in the world. Founded in 1994, Minara Resources (formerly Anaconda Nickel Limited) owns and operates the world-class Murrin Murrin nickel cobalt joint venture project (60% Minara, 40% Glencore International AG) near Leonora in Western Australia's historic northern goldfields region.


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## spottygoose (3 April 2007)

Up over 6% today on decent volume. Any ideas on news that might be coming? West Africa gold drilling results? Uranium update? Wise owl had a strong buy on these with a target of 60c been as high as 40c today. Any ideas?


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## Peakey (15 April 2007)

GRY looking good on the chart. Volume has picked up with the break at .37. MACD looks positive and new highs as well. Not holding but will watch it closely if .45 is surpassed.


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## Sean K (26 June 2008)

I've obviously been following this for some time, and have been surprised by the sell off. Maybe just like most other goldies.

Need to review what they're up to and potential to host a significant resource. Will dig a bit deeper.

In the mean time just a look at their chart.

Potential bottom at 30c perhaps. The historical support is significant. Change of fortunes around the green circle perhaps? 

Some funnymentals to follow. 

Anyone else watching?


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## jman2007 (26 June 2008)

kennas said:


> Anyone else watching?




Well, just the usual suspects mate 

I did start to take notice of this once it slid in to the mid-forty range, and toyed with the idea of buying some for a while, but held off. I can only attribute the slide in the sp to none other than simply the negative sentiment toward goldies atm..

Similarly I also do not know a huge amount about their recent work, although they recently announced a maiden 410,000oz @2.1g/t resource at Banfora in Burkina Faso. They are targeting an enormous amount of drilling here over the next 8-10 months, somewhere in the region of 80,000m, and they recently raised $10M to accelerate exploration at Banfora, so they're obviously very confident of finding more ounces.

They also have some interesting projects in WA that would also justify some more detailed examination.

Definitely an interesting prospect imo.

Cheers
jman


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## Goldmann (27 June 2008)

jman2007 said:


> Well, just the usual suspects mate
> 
> I did start to take notice of this once it slid in to the mid-forty range, and toyed with the idea of buying some for a while, but held off. I can only attribute the slide in the sp to none other than simply the negative sentiment toward goldies atm..
> 
> ...




i will be honest (red wine does that).

Long time listener, first time caller.. crossed both your paths in various other threads...  you both are always interesting at the least....

I was interested in this one for no real technincal reason when they .30 last time, other than this is the horse that i would call in the eighth at port headland...  google astriaal drummer.. if you can work that out.. then you have more time on your hands than me....

GRYPHON... extremely strong name... i will buy in to this.. just a matter of when.. by the way - how is leviathan going?


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## Sean K (23 February 2009)

I'm not sure when the next resource upgrade is due, but with the recent drill results it looks like they're going to be able to upgrade the resource by quite a few ounces. Not sure how many will make a feasible mining operation here. 1m oz? I doubt they can upgrade it that much with what they've produced so some way to go, but prospective. Need to get a wriggle on if they're going to make the most of this spurt in gold which may or may not continue. 

Not sure what Newmont's doing on the register. Maybe waiting tosee what they can shore up before taking them over perhaps, or at least blocking another predator. 

Was that a bottom down there?

Like many explorers, been decimated with the market sell off. Maybe overdone?


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## Sean K (8 April 2009)

Revovered well since the 'bottom' down there, and the resource upgrade is out.

Doubled! 

Not bad.

Nice grades for around here too.

Is that a little baby bird calling out?


Wednesday, 8 April 2009

Resource Doubles to 820,000oz Gold: Banfora Gold Project, Burkina Faso - West Africa

Highlights

JORC resource estimate on Nogbele & Fourkoura deposits at the Banfora Gold
Project of 10.6Mt @ 2.4g/t for 820,000oz gold.
Mineralization remains open at depth and along strike at both Nogbele and
Fourkoura deposits.
The resource is shallow with 90% above 100 meters depth.
On‐going 15,000 meter RC/DD drilling programme following up on high grade
extensions along strike and at depth.
100% increase in gold ounces & 15% increase in grade from the last resource
estimate.
Less than US$10 per ounce discovery costs.


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## Sean K (8 April 2009)

kennas said:


> Revovered well since the 'bottom' down there, and the resource upgrade is out.
> 
> Doubled!
> 
> Not bad.



Good response, up 40+%, but looking heady around these levels on a peer comparison.

AZM mc down around $9m with 750K ounces.
GRY mc currently at $29m with 805K ounces.

Similar depth deposits, but GRY grades better. 

Market's factoring many more ounces for GRY to come by the look.


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## shag (8 April 2009)

well im onboard now with a handful at 20c.
watch it get dumped now i guess.
looking at the graph i guess it can only drop to 8c or so....


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## MACCA350 (8 April 2009)

Picked up some at market today when it was climbing by the second......26.5c which ended up being the high of the day......and to think I was going to buy in a few weeks ago below 10c

Hopefully the run hasn't lost it's legs already

cheers


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## shag (9 April 2009)

i like the fact newcrest is onboard and some of its hi grades, plus mac bank.
i'd say newcrest will know what they likely have got, geo's talk, gold people know gold.
always good to have yr ore body open too, but i guess most are open to some degree. 
it went from 19 to 26 real quick.


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## Sean K (9 April 2009)

I think it's Newmont on board.

Macquarie have supported a number of juniors in West Africa interestingly.

The 800K does look like it'll get another upgrade down the track. 1m oz is the key to getting a decent standalone project up and running, and corporate interest. Lots of additional targets near by for them to test, so chances are they'll get well over the 1m. In fact, looking back through one of their last presentations, they have heaps of other prospects to be drilled out with some good looking grades. Potential for a multi million ouce project perhaps. 

I've never invested in this to date. Kicking myself about missing what looked pretty bottomish to me, as per previous posts. 

Quite a few junior goldies are up 2-300% since the 'bottom'. Were clearly oversold in retrospect. Wish I had have been more on the ball. 

Pretty tough picking the top yesterday! Bad luck.


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## shag (9 April 2009)

sorry mate, newmont and newcrest and details like that go in on eye and out the other.
the opess saga was so obviously a once in a lifetime buy chance, but then the world banks came periously close to all falling over then too, and it could all have been toilet paper too.
i guess all this makes azm look better.


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## Sean K (10 April 2009)

Pretty good day yesterday imo. Could have come right back down after what looked to be a little bit too much of a run on 800K oz au. Long way to go with this one.

In the Aus - Criterion:

*Gryphon Minerals (GRY) 22.5c *

ELSEWHERE in Africa -- the bulbous western side -- Gryphon Minerals is in striking distance of firming up a targeted 1 million ounce gold resource at its Banfora project in Burkina Faso. 

Gryphon yesterday doubled its inferred resource to 820,000ounces of the yellow stuff, at a pleasing average grade of 2.4g a tonne. "It's a significant upgrade in terms of both grade and number of ounces," says chief garimpeiro Steve Parsons. 

Much more needs to be done to upgrade the resource to reserve status, but at least Gryphon has a plan to get to staged open-pit production before the next Ice Age. 

Parsons envisages an initial heap-leach plant, operating from next January, to process low-grade stuff sitting near the surface. The plan is to pour 45,000oz to fund a 100,000oz-a-year carbon-in-leach plant (costing $60-$100 million). 

Gryphon has cash of $5million to contribute to the $15-$20 million cost of the heap-leach plant. Management plans to raise a further $20million, tapping a receptive shareholder base that includes Macquarie Group, Newmont Mining, Standard Bank and the emerging-market fund Genesis. 

Gryphon shares stacked on 5.5c yesterday, which values Banfora at $21 million. Put another way, Gryphon's reserves are valued at $US25 per resource ounce, compared with the average of more like $US120/oz. 

We rate Gryphon a speculative buy, even after the standard Africa discount. For fans of nearism, other mines in the same zone include Resolute's 11.5 million ounce Syama mine -- which has been mined for 1000 years -- and Randgold/Anglo Ashanti's Morila, otherwise known as Morila the Gorilla.


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## jman2007 (10 April 2009)

kennas said:


> I've never invested in this to date. Kicking myself about missing what looked pretty bottomish to me, as per previous posts.
> 
> Quite a few junior goldies are up 2-300% since the 'bottom'. Were clearly oversold in retrospect. Wish I had have been more on the ball.
> 
> Pretty tough picking the top yesterday! Bad luck.




I never really considered an investment in GRY either kennas, it would have been an extremely bold move to have picked up a swag late last year, but those that did have been spectacularly rewarded... so well done to anyone on ASF who did! GRY seemed to have sat on Banfora for what seemed like an eternity, but the upgrade was a good one. A lesson in patience perhaps.

jman


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## shag (12 April 2009)

the sad thing is we, the common bloke knows the least and is the last to hear of any real plus intangible information re resource prospects. i guess thats where charting assists, filters out the dregs of info we never get or get last.
u presume macbank knows or has faith in these wee fellas, unless its just funds for yr mates. the only good thing is the geos and engineers have the information before dirty directors(some) get their hands on it, bar the financials side.
my point partly, is why should azm be more discounted to say gry....do others know, or is it just ignored....
directors need to be more tightly watched, and proper penalties, punative also.


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## Sean K (16 April 2009)

Good intersection jus announced well downstrike and outside the current resource estimate. So the 800K oz should definately be upgraded significantly, how much a pluck. Have to wait to later in the year to find out. Can only guestimate that it should be well over 1m oz if the strike is uniform along the veins. At present MC, 1m oz from surface and 2.5 g/t looks pretty good!


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## Sean K (16 April 2009)

Interesting set up here. After the breakout, consolidated into a bit of a triangle making a pole and pennant. Target on break up is the length of the pole. These things sometimes come off and in a continuation pattern like this has a high probability. Interesting to see what happens anyway. 

Although, it's gone from 5c to 25c in a couple of months, so there might be a tendancy for some profit taking.

So, it could go up, sideways, or down.


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## Sean K (17 April 2009)

Well, didn't finish very well yesterday. And check out the closes of the past 4 days. Looks pretty ordinary really. Plenty of sellers once it gets to the 26c mark. I stick by what I said above, with 1m in the bag by the looks a pretty good proposition between here and 17c, if it comes off. 116m @ .25 = $29m MC. So, they're worth $29 an ounce just on Banfora. And 1m is a minimum target for this year I'd say. Could be much more. 

I'm still waiting for a potential nother leg down to take advantage of. Hope I haven't missed the boat completely.


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## shag (22 April 2009)

well another trading halt boys...
and only a slight varience in yesterdays price, ie it dropped to 20 odd late in day then returned to a solid 24....


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## shag (24 April 2009)

well it seems they couldnt get their sh-t togeather in the trading halt period, now its a suspection for a bit.
i suspect delays combined with mention of a capital raising isnt the best news....


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## shag (30 April 2009)

oh well, a quarterlies report out, god knows if its good, but before it came out the price ramped up a bit and has kept solid since.
its likely a good trader as it jumps around a little.


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## Sean K (6 June 2009)

This has been a champion the past 3 months. 10 to 35c in practically a straight line. These don't last forever of course, but this little phase of consolidation looks pretty familiar. If the trend continues, it's due to break. Or, the pattern changes....

Can't post chart for some reason, will update later.


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## Adam A (6 June 2009)

Results due from further drilling in the not to distant future as well

The company has a great website for further info

Look forward to your chart Kennas


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## catman (6 June 2009)

Heavy Resistance at 34 and 36c. Needs to break it.

The 200 SMA on the weekly should hold it from going down.

Next stop 44c.  Ride the wave until the bend at the end.


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## shag (6 June 2009)

kennas said:


> This has been a champion the past 3 months. 10 to 35c in practically a straight line. These don't last forever of course, but this little phase of consolidation looks pretty familiar. If the trend continues, it's due to break. Or, the pattern changes....
> 
> Can't post chart for some reason, will update later.




yes a chart would be nice if u sober up enough sometime soonish, if u can find the computer let alone the send button amongst all the bottles. like u only need one hand to drink with....
maybe those ew'ers have given u some special mexican potion or spell.

yes im awaiting the next set of grades etc, but u wonder whats leaked out since its had such a good solid run.

the press is just comming around to the idea that maybe the rio fiasco will push the chinese monies south american and african way. more relevant to base metals but has to be good for these guys too directly or indirectly.

the takeovers/consolidations must start soon now the bhp/rio matter is reasonably sorted and the recession  that we had to have, didnt happen.


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## catman (7 June 2009)

Here's a chart.  20 week ema has crossed the 50 ema. 

I would expect it to either consolidate are here for a while or make a break of 36c resistance


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## Sean K (7 June 2009)

shag said:


> yes a chart would be nice if u sober up enough sometime soonish,



OK, I'm back home in Peru now, but still not sober. That may take a few weeks.... 

Hopefully chart works now.

Hitting the support line and had some consolidation. Hope she holds and continues the trend.


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## shag (8 June 2009)

thanks mate. what a good looking linear graph. esp if u hold.
i wish i had knowledge of these african pots(or plots) of gold earlier. maybe i should have looked at macbanks flow of monies. but im paranoid enough to suspect some of macbanks monies may go to mates projects. like aus esp sydney is a small place still.

re resistance, it ploughed thru 24 or so once it got going again after two weeks or so.
good u r back now to see the fallout from the bhp/rio saga. it will be interesting how chinalco plays the game from now. eitherway, the african and south american plays must benefit.


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## Sean K (10 June 2009)

kennas said:


> Hitting the support line and had some consolidation. Hope she holds and continues the trend.



LOL, first time I put up a chart showing that trend and she breaks down.   Very low volume, so not too disastrous, yet. A little bit of support at 30..


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## sydneysider (10 June 2009)

kennas said:


> LOL, first time I put up a chart showing that trend and she breaks down.   Very low volume, so not too disastrous, yet. A little bit of support at 30..




Kennas,

IF u had overlaid MACD and stochastics on the GRY chart, would clearly show that both turned down sharply several days ago. I am seeing this kind of behavior in many ASX listed stocks. IMHO this is indicating distribution across many listings. Looks like the market wants to pull back for awhile as lots of stocks look very "frothy".


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## catman (10 June 2009)

Sydney is right.  Looking a bit shakey taking into account the turn on the daily MACD.  However, the daily chart stochastic might give it a short term bounce when one takes note of todays inverted hammer.  Might be in the process of forming a pennant pending consolidation.

http://www.trending123.com/patterns/bullish_pennant.html

GRY is an undervalued low cost production goldie IMHO.


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## catman (10 June 2009)

Sorry forgot to post the chart.  Expecting some positive drilling results soon.  They have quite a bit of land to drill.  Strike lenths could be massive hence the interest from the likes of big insto's and major goldies.


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## Sean K (21 July 2009)

catman said:


> Expecting some positive drilling results soon.  They have quite a bit of land to drill.  Strike lenths could be massive hence the interest from the likes of big insto's and major goldies.



Yes, should be very soon, and an updated resource probably this quarter. Depending on how smoothly the drilling goes and the extent they drill out you could easily expect them to clear the 1m oz mark. I've been going through their last few anns in detail to see what strike lengths they're drilling out and the grades they were getting earlier and it looks pretty bloody good to me. The SW area extentions could hold hundreds of thousands of ounces alone by the look. 

I'm not sure what the market is factoring in to the share price. If we take the average mc to oz au for an explorer in West Africa of $30 an ounce then with a market cap of $40m that's 1.2m ounces factored in. Looking at their strike lengths, depths and grades I think they might eventually exceed that by some margin. In fact, as the company states, multi million ounce potential. 

Check out the step out drilling from the current resource on this map. 3km extention from the main deposit area and 1.5km in the SW zone. Could turn into anything really.

(not holding. not sure why not  )


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## Sean K (24 July 2009)

kennas said:


> Check out the step out drilling from the current resource on this map. 3km extention from the main deposit area and 1.5km in the SW zone. Could turn into anything really.
> 
> (not holding. not sure why not  )



First 3 holes from the SW zone released and confirm mineralised areas going to depth and good grade. Not sure why they're going lower than 100m as their goal is to define 1m oz au ABOVE 100m. But anyway, confirms the strike and grades. Importantly, the central line step out hole that claimed 24m@4.75, is open at depth and confirmes the mineralisation. That could mean that central zone runs for at least 1000m, and good grades.

As I said before, this could turn out to be anything.


ASX Announcement and Media Release
Friday, 24 July 2009

Initial High Grade Drill Results:
9m @ 3.73g/t, 3m @ 12.26g/t, 12m @ 2.40g/t & 4m @ 5.1g/t Gold
Banfora Gold Project, Burkina Faso Highlights
 Drill results continue to intersect high grade gold mineralisation at the
Nogbele Gold Deposit (refer to table and maps).
 Results are from only the first three diamond holes from the recently
commenced major drilling campaign, further drill results are pending.
 Drilling will be ongoing with approximately 20,000 meters RC/DD planned
over the coming months.
 Drilling will continue to target shallow (<100 meters) high grade gold
mineralization.
 A new resource upgrade is expected on completion of this drilling campaign.


(holding a few now)


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## Sean K (21 August 2009)

New results, from a different area than mentioned above, to the NW. The area in the blue circle is that mentioned above.

So, both regions should be included in the end of year resource upgrade. By this, it should be significant. 


*Further High Grade Drill Results include:*

12m @ 4.26g/t, 8m @ 4.43g/t, 6m @ 3.57g/t Gold

Banfora Gold Project, Burkina Faso Highlights

 Drill results continue to intersect high grade gold mineralisation at the Nogbele Gold Deposit (Refer to table and maps).
 Results include 12m @ 4.26g/t from 76m & 8m @ 4.43g/t from 28m in multiple mineralised zones, including a new confirmed zone 800 meters further east.
 Ongoing drilling will continue to target shallow high grade gold mineralization on several targets at the Banfora Gold Project.
 A new resource upgrade is expected on completion of this drilling campaign.


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## Sean K (24 August 2009)

To get a larger pictuire of the resource potential we need to consider what other discoveries could turn into resources. Lots of targets have been developed and I'm surprised some of the hits haven't been targetted in more detail. Perhaps there's only so much drilling you can do? Why they haven't followed up the Muddi intersection of 24m @ 2.5 g/t in the SE corner is surprising. And 150g/t rock chip samples. Maybe they have and I can't find the drilling results?

Pushing up against resistance in a bit of a triangly looking thing at the moment. If it breaks through after this sideways action you might expect it to run a little, but this resistance looks tough. Perhaps it needs the JORC upgrade, due in the second half for it to be re-rated. 

176m@.335 = $59m less cash $12m = $47m EV.

Currently 800k JORC gives it $58 an ounce valuation which is high for an explorer. 

If the benchmark is about $30 an ounce then the market's factoring in about 1.5m ounces coming up. Almost double the current JORC. So, fundamentally, probably not too much upside from this price unless they look to have much more potential than 1.5m....

New research report from Austock out on 1 Aug which I missed. Puts it as Spec Buy. 

Outlook / Investment View

The recent funding leaves GRY comfortably financed, enabling it to advance its exploration program well into 2010 and allowing it to lift its resource position above the coveted 1moz level. This is around a year later than had initially been indicated, but it reflects the more conservative expenditure rate made necessary by the economic events of mid-late 2008.

GRY remains an attractive exploration play, and one that is now progressing towards an early development play.

http://www.gryphonminerals.com.au/documents/AustockGRY-SepQ09.pdf

Argonaut put it as a Spec Buy on 27 July also.

Blackswan slapped a Spec Buy on it on 24 June, but gives a target of $0.55-0.70. 

Recommendation and Price Target
• Speculative Buy. Buy below $0.33.
• We have established a price target range of A$0.55 ‐ A$0.70.
• The investment horizon under consideration is 6 ‐ 12 months.

They worked that out on a peer comparison pretty much how I look at things, but use $40 an ounce for anything over 1.5m oz au as base case, then move it up to $66 an ounce.

Assuming 166M shares on issue, the subjective probabilities outlined above give the following estimated share price target ranges:

At announcement of upgrade to 1,500,000 ounces based on A$40/oz valuation:
(1,000,000 + (500,000*75%) at A$40/oz = 1,375,000 * A$40 = A$55.0M
Price per share on 158M fpo = A$55 / 166 = A$0.33 BASE PRICE VALUATION

At announcement of upgrade to 1,500,000 ounces based on A$66/oz valuation:
(1,000,000 + (500,000*75%) at A$66/oz = 1,375,000 * A$66 = A$9.75M
Price per share on 166M fpo = A$91 / 166 = A$0.55 TARGET PRICE LOW

At announcement of upgrade to 2,000,000 ounces based on A$66/oz valuation:
(1,500,000 + (500,000 * 50%)) at A$66/oz = 1,750,000 * A$66 = A$115.5M
Price per share on 166M fpo = A$115 / 166 = A$0.70 TARGET PRICE HIGH

http://www.gryphonminerals.com.au/documents/BlackSwanEquities-GryphonMinerals-June2009.pdf


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## Sean K (25 August 2009)

Hey kennas, she might have broken through yesterday, along with the rest of the ASX. Went as high as 37c before dropping back to 36c. For this to be a breakout need it to hold above and then make 35c as support. Chau!


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## swm79 (25 August 2009)

kennas said:


> Hey kennas, she might have broken through yesterday, along with the rest of the ASX. Went as high as 37c before dropping back to 36c. For this to be a breakout need it to hold above and then make 35c as support. Chau!




nice one kennas... is that the ancient sound of one user posting?

sounds a bit echo'y in here - no ones here


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## Sean K (25 August 2009)

swm79 said:


> nice one kennas... is that the ancient sound of one user posting?
> 
> sounds a bit echo'y in here - no ones here



 lol

Yes, I've obviously got too much time on my hands. All I do is read company reports and put red and blue lines on charts. 

Maybe I'll get a real job one day. Hm, maybe not.

Orders aren't really lining up this morning, so the breakout looks suspect.

They need some more good results out quick smart! Or POG to run throiugh $1050...


----------



## swm79 (25 August 2009)

kennas said:


> lol
> 
> Yes, I've obviously got too much time on my hands. All I do is read company reports and put red and blue lines on charts.
> 
> ...




lol red and blue lines on charts.

happy reading - all i do is put those ridiculous reports together

i'm surprised POg has stayed so high actually... with all the people jumping ships to get on the rally (all beit probably too late)... but plenty of volume still around for it


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## munga (26 August 2009)

kennas said:


> lol
> 
> Yes, I've obviously got too much time on my hands. All I do is read company reports and put red and blue lines on charts.
> 
> ...




kennas
question from newby/oldie (age)
u seem to post to a lot of my portfolio stocks
eg: gry, bmn, sdl, 
how do u get info on stocks to tech anal watch?
i use info from a couple of brokerage firms .

would appreciate any advive


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## Sean K (26 August 2009)

munga said:


> kennas
> question from newby/oldie (age)
> u seem to post to a lot of my portfolio stocks
> eg: gry, bmn, sdl,
> ...



I initially find stocks just by monitoring  all the announcements from the ASX on a daily basis. I'll scan just about every price sensitive one anyway. Then if it looks interesting, go back through their other anns, quarterlies and presentations, and go to their company website and look through it, then start looking at their chart. I keep a pretty long watchlist of the stocks I want to follow. All starts from the announcements really. Plus, stocks identified here on ASF.


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## Sean K (1 September 2009)

GRY is running ahead of itself I think.

Or, people are just taking a punt.

Good luck.


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## Sean K (2 September 2009)

OK drill results, but not exciting me toooo much.

Most intersections are just 1-4m.

Would like to see 100m@10g/t please. 

But, continues the good drilling success. 

I would like to post up a good picture of the location of the drilling results but I am restricted to a laptop at the minute. So, go to the ann for details.

Looks like the SW zone will increase the JORC significantly. 

Due in the 'coming weeks'. 

I hope it's not factored in too much, but I think over 1m oz is. At least .........

*Further Excellent Drill Results include:*

18m @ 3.72g/t, 
19m @ 2.43g/t, 
5m @ 5.20g/t Gold

Banfora Gold Project, Burkina Faso

Highlights
 Drill results continue to intersect significant widths with high grade gold
mineralisation at the Nogbele Gold Deposit (Refer to tables and maps).
 Results continue to confirm additional gold mineralisation outside of the
current defined resource estimate.
 Ongoing drilling will continue to target shallow high grade gold mineralization
on multiple targets at the Banfora Gold Project.
 A new resource upgrade is expected in the coming weeks.


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## Sean K (3 September 2009)

I've got no idea what the next resource upgrade could bring but the market is factoring in quite a lot.

Currenty trading at about $67 an ounce (EV to resource) is double some of the other explorers about in W Africa. 

So, we could probably assume the market expects well over 1m oz au eventually. 

Currently failing to breach 40c which has been well rejected the past few days. 

Gold running at the moment, and potential to break to the upside through the giant triangle it's trading in.

What an awesome opportunity that was down at 6c earlier in the year.


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## munga (3 September 2009)

kennas said:


> I've got no idea what the next resource upgrade could bring but the market is factoring in quite a lot.
> 
> Currenty trading at about $67 an ounce (EV to resource) is double some of the other explorers about in W Africa.
> 
> ...



whats your trading ideas on this one kennas wat sell price
longterm price, hold/sell etc im confused as to take profits and watch
or take a long position


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## Sean K (3 September 2009)

munga said:


> whats your trading ideas on this one kennas wat sell price
> longterm price, hold/sell etc im confused as to take profits and watch
> or take a long position



With 'investments' which this is for me, I normally have a policy of selling half once a stock has gone up 50% ish, but that's a way off for me. I'm just adding on dips at the moment. As I said above it's EV to MC is quite high, so I wouldn't expect any huge gains from here unless they discover something larger close to the main resource, or some very exceptional grades. As an example LGL and NCM trade around $100 an ounce, and they are established producers, so GRY sitting at $67 ish is pretty high. So, depends on the results really. Will be subject to general market weakness also so if there's a major correction, (overdue, imo) then this could find it's way well back depending on the severity of any market fall, or gold collapse. POG looks like it might be running higher at the minute, so we'll see.


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## munga (3 September 2009)

cheers for that
have set generous stops at the moment
been some really strong buying from support
but even stonger selling from resistence
wait and see


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## Sean K (8 September 2009)

LGL has come out with some statements that they will be looking at M&A in West Africa which is due for some consolidation. Two potentials are PRU and maybe even GRY. I'm not sure if GRY fits the profile well enough as they're after advanced exploration with potential for 200k oz pa output. That certainly fits the PRU profile, but if GRY can shore up some more resources quickly they're probably in the frame as well. They have some good nearology with the old EQI tenaments also, as seen on these maps from GRY and LGL.


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## Sean K (10 September 2009)

Another ann out this morning.


*ASX Announcement and Media Release*
Thursday, 10th September 2009

High Grade Drill Results include 6m @ 19.2g/t & 4m @ 38.0g/t Gold, Banfora Gold Project, Burkina Faso

Highlights
 Drilling continues to intersect high grade gold mineralisation at the Nogbele
Gold Deposit (Refer to tables and maps).
 Drilling will continue to target shallow high grade gold mineralization on
multiple targets at the Banfora Gold Project.
 A new resource upgrade is expected in the coming weeks.

I thought that next news would be a resource upgrade. Maybe they're just trying to ramp it while they can.

And a decent ramp! Good intersections.

And these intersections are outside the current resources and recent target areas. 

I didn't expect to see results from this area.


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## munga (10 September 2009)

kennas said:


> Another ann out this morning.
> 
> 
> *ASX Announcement and Media Release*
> ...




or maybe they have a open for business or sale sign up
i assume all these latest drill results will be included
in the resource upgrade?


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## Sean K (11 September 2009)

munga said:


> or maybe they have a open for business or sale sign up
> i assume all these latest drill results will be included
> in the resource upgrade?



Yes, I think anything they announce now will be added to the upgrade. 


"Further results from the 20,000 metre drilling programme will be made at the earliest opportunity. The Company is anticipating a new resource estimate in the coming weeks *after the completion of this drilling campaign*."


Some of these results really a very good for West Africa.

12m @ 3.10g/t gold from 52m
8m @ 4.94g/t gold from 88m
4m @ 13.75g/t gold from 20m
6m @ 19.24g/t gold from 132m
9m @ 3.44g/t gold from surface
4m @ 38.00g/t gold from 60m
4m @ 11.70g/t gold from 44m


Should be a substantial upgrade, and this is just the first deposit they are drilling from a blind exploration hole.

They are claiming Banfora could be a project similar to the others in the area which range from 4-6.5m ounces. Fingers crossed.

"The Company believes that the drill results released to date confirm the potential for the Banfora Gold Project to host world class gold mineralization similar to other major deposits in West Africa."

4m @ 38 g/t and the stock didn't move! Must be factored in, or no one else is watching. 

What was I doing when it hit 6c! arghhhhhhh!!!!


----------



## munga (11 September 2009)

kennas said:


> 4m @ 38 g/t and the stock didn't move! Must be factored in, or no one else is watching.



everybody is expecting an upgrade to over 1m ounces.
imo theres a good chance that after the ann
the stock will spike and then quickly go down as profit
takers move in.there needs to be an increase way over 1m ounces to
keep this going.


----------



## Sean K (16 September 2009)

This might look like a ramp, but can't argue with the charts. This could either be an inverse H&S or a C&H with about the same target. I'll take that thanks. 

Wouldn't it have been nice to pick it up and the breakout down there. 

While PRU is touted as a possible takeover I wonder if they're looking at something like GRY as a potential partner themselves. They are drilling in fairly close proximity, might be a good tie up. Banfora is in the blue circle. Maybe too far away for any synergies.


----------



## Sean K (17 September 2009)

Another ann out, more great intersections outside the resource are on a new target. Shaping up to be a potential multi million ounce player. New resource shouldn't be too far away and can only guess after adding up the recent results that they will surpass 1m. The market is well factoring it in as the mc keeps running further and further away.


*Further High Grade Drill Results include 17m @ 9.2g/t Gold Banfora Gold Project, Burkina Faso*

*Highlights*

 Drilling intersects high grade gold mineralisation at the Fourkoura Gold Deposit, only 7km from the Nogbele Deposit (Refer to tables and maps).
 Drilling includes a substantial 700 meter step‐out from previous drilling.
 Mineralisation is shallow (<100 meters depth) and open at depth and along strike.
 These consistently high grade drill results have significantly elevated the future potential of the Fourkoura Deposit, demanding immediate drilling.

Gryphon Minerals Ltd (ASX:GRY) is pleased to announce drilling results from the ongoing resource drilling programme from the Fourkoura Deposit, at the Company’s flagship Banfora Gold Project in Burkina Faso, West Africa. The Project is located in a major gold producing district, host to such world class gold deposits as Randgold’s Tongon (4.2Moz) Resolute’s Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) and Anglo/Randgold’s Morila
(6.5Moz).

Refer to tables 1 & 2 for complete drill results, a selection includes:

17m @ 9.2g/t gold from 16m
6m @ 14.9g/t gold from 39m
5m @ 12.9g/t gold from 59m
14m @ 3.4g/t gold from 94m
12m @ 3.1g/t gold from 12m
20m @ 2.6g/t gold from 44m


----------



## shag (17 September 2009)

thats morilla the gorilla
lihir may be enormous, but all this peppering of large mines/deposits convinced me months back the risk was to the upside over there, to use beancounter lingo-plus grades and such
it was interesting to note that  FP didnt even cover these as they push au and punts
hartleys even had pru as overpriced at 70/80 yesterday so i was told-pretty slack at the best

maybe not enough freebies for them all, plus mates in the game......


----------



## jman2007 (17 September 2009)

kennas said:


> Another ann out, more great intersections outside the resource are on a new target. Shaping up to be a potential multi million ounce player.




Yeah some great hits there, really really good. I guess it goes without saying if we'd both jumped on at 6c kennas we'd be popping the champagne corks right about now.

It's pretty much a given that GRY will get their 1Moz, and I'd also be reasonably confident in them proving up another 500Koz on top of that by the middle of next year. In some ways the story reminds me of PRU in the early days. The Tongon deposit is probably more relevant to Banfora than Morilla imo, Tongon is hosted in the same rocks along strike to the north, so the structural and geological setting should be quite similar.

The chart doesn't looked _too_ overcooked, but tbh I'm more interested in the exploration upside than the expected Resource upgrade. There appears to be numerous ex-WMC targets that were poorly or sporadically tested which are just begging for some quality RAB and RC drilling. Cash balance looks to be ok well into 2010, and if they continue delivering results like this, there should be plenty more where that came from.

Not holding just yet, but it's becoming too good a story to ignore for much longer.


----------



## Sean K (18 September 2009)

Yes, 6c would have been nice. Not going hard at 25 breakup was a mistake, but have a decent holding now from around 30. 

Indecision yesterday creating a potentially bearish evening star doji. Don't want to see a long red candle today.

Or, that could just mean the opportunity will be coming to enter. Some strong support lines there, but a fair way off current position. That's the problem when things go vertical, not much support on the way back down. 

Seems to be some upside with exploration here. I didn't even realise they were drilling Fourkoura. 

Current resource is 90k oz au on 500 x 100 ish zone to the north. Looks like that is being drilled out/confirmed with possible additions to the resource at depth. 

To the south about 1k away is where more of the latest drill holes are 3 paralel zones 8 - 20m thick @ 2.5 - 7.8 g/t.

There is an untested area of 700m now which you would reasonable expect to contain similar mineralisation, all under 100m. So, it will be at least 1000m strike, still open both ends. If the original JORC was just on the top 4-500m section then we could be looking at 200k ish minimum, with no further extentions to the strike. 

On Fourkoura they state:



> The Fourkoura Prospect is only 7 kilometres from the Nogbele gold deposit and is located on the intersection of a major shear corridor and a zoned dolerite intrusive believed similar in style to the Golden Mile dolerite in Western Australia. A large historical soil geochemical anomaly extends over 2500 meters in strike length with several peak values over 1000ppb gold that coincides with the dolerite. Gold mineralization is associated within single and multiple sub parallel shear zones with intense silica, magnetite and pyrite alteration and quartz veining within a felsic intrusive and the dolerite intrusive.




I don't think the current drilling program is intended to cover the entire strike length so it may not be included in the next resource upgrade. Still, this drilling alone could take them over the 1m mark, and then add in all that drilling at Nogbele yet to be included. 

In some ways I hope it does pull back for you jman, and I would certainly add more on a decent pullback, but then again....


----------



## jman2007 (19 September 2009)

kennas said:


> Yes, 6c would have been nice. Not going hard at 25 breakup was a mistake, but have a decent holding now from around 30.
> 
> To the south about 1k away is where more of the latest drill holes are 3 paralel zones 8 - 20m thick @ 2.5 - 7.8 g/t.
> 
> ...




Well I'm in now @ 45c, so let's see what happens. I'm reasonably happy to have given up at least some potential gains, as GRY finally seem to have demonstrated the potential of their tenement holdings and de-risked the project somewhat. I really should have kept a closer eye on GRY tbh, I remember we posted on them ages ago when they were just plodding along, and poking a few drill holes here and there. Perhaps the MD set off a bomb underneath them though, hence the steady flow of good news this year. :

That 700m untested zone at Fourkoura was one of the main reasons behind my decision to enter actually, barring some kind of bizarre geological event, that zone should also host some reasonable mineralisation. Looking good for the next 6 months on the news front.


----------



## LeeTV (21 September 2009)

I grabbed a small parcel today @ 46c, better late than never eh?

ASX Announcement and Media Release
_Monday, 21 September 2009_
*Gryphon Minerals announces 1.1 Million oz Gold
Resource: Banfora Gold Project, Burkina Faso - West Africa
Highlights*
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00989782

JORC inferred resource estimate on Nogbele & Fourkoura deposits at the
Banfora Gold Project of 14Mt @ 2.4g/t for 1,100,000 oz gold.
Exceeding 1 Million ounce milestone a major achievement by World Gold
Council statistics.
Mineralization remains open at depth and along strike at both Nogbele and
Fourkoura deposits.
The resource is shallow with 90% above 100 meters depth.
Gryphon aims to establish a multi‐million ounce gold district by targeting


----------



## Sean K (21 September 2009)

This is out earlier than expected and will not include the most recent drilling results so look forward to more upside, which may be substantial on those drill results we saw. Not exactly sure what has been included at this point.

The market also agrees with this comment according to current MC to oz JORC as it's more than double the average. Market is factoring in 2m plus I think. 

_Gryphon views this resource as an interim estimation with significant potential to define further shallow ounces and potentially a multi‐million ounce gold district from the company’s aggressive on‐going drilling programs at the Banfora Gold Project._

2.4g/t is very respectful also.

_Gryphon Minerals will undertake a 10,000m RC/DD infill and step‐out drill programme at Nogbele and Fourkoura over the coming weeks which will continue to target shallow high grade gold mineralisation (≈100 meters vertical depth) outside of the current defined resource estimate. Further drill results will be made available at the earliest opportunity.

To date the total resource estimate is located on only two target areas, the only areas to date to have received any RC/DD drilling. The Company intends to RC/DD drill test with 10,000m a further seven high priority target areas within a 15 kilometre radius of the Nogbele deposit over the coming weeks. The Company will also undertake a reconnaissance exploration focussed on new, previously untested regional targets.

The Company believes that the drill results released to date confirm the potential for the Banfora Gold Project to host world class gold mineralization similar to other major deposits in West Africa._

That means 4m oz au plus, I guess.

Fourkoura is up to 200k already which is more than I thought.


----------



## jman2007 (21 September 2009)

kennas said:


> The market also agrees with this comment according to current MC to oz JORC as it's more than double the average. Market is factoring in 2m plus I think.
> 
> 2.4g/t is very respectful also.
> 
> ...




Nothing wrong with that grade at all, in comparison it is double that of PRU's Ayanfuri Project which itself generates a healthy IRR.

I thought the Ann was a good one, there is clealry going to be extensions along strike and and depth to the known Resources, so a 2Moz eventual outcome definitely isn't out of the question. What is pleasing is that they don't sound like they'll resting on their laurels, but plan to keep feeding the market a steady flow of (hopefully positive) news.


----------



## Sean K (29 September 2009)

Decent correction underway. All else being equal you'd expect a bit of support across the 35c ish zone. A little bit at the mercy of the market and POG of course.

From the 1.1m JORC upgrade ann they state that they're into a 20,000m drilling program. 



> Gryphon Minerals will undertake a 10,000m RC/DD infill and step‐out drill programme at Nogbele and Fourkoura over the coming weeks which will continue to target shallow high grade gold mineralisation (≈100 meters vertical depth) outside of the current defined resource estimate. Further drill results will be made available at the earliest opportunity.
> 
> To date the total resource estimate is located on only two target areas, the only areas to date to have received any RC/DD drilling. *The Company intends to RC/DD drill test with 10,000m a further seven high priority target areas within a 15 kilometre radius of the Nogbele deposit over the coming weeks*. The Company will also undertake a reconnaissance exploration focussed on new, previously untested regional targets.




So, trying to extend the current deposits, and discover new ones.

The top priority targets are probably:

*Ouahiri*
4m@12g/t
8m@4g/t
7m@3.8g/t

*Bassongoro*
4m@10g/t

*Muddi* 
24m@2.5g/t
Rock chips +150g/t

*Kassangara*
1m@8g/t
5m@1.8g/t

*Samavogo*
8m@2.5g/t
16m@1.4g/t
Rock chips +85g/t

You would have to be confident that one of these will turn into a few defined ounces, if not all of them. All within 15km of Nogbele. Could turn into a decent sized gold camp.


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## swm79 (29 September 2009)

i dont know if they're listening to you out there kenna... up another 2c today.

or given the prospects, maybe they are.

would have liked to have seen this one taking shape to get on with you, but i think i missed the boat.

However, if POG keeps going down hill we might have another buy in opp.

RSI has dipped under 50 with a MACD cross over.... maybe 35c doesnt look too far off.


----------



## Sean K (30 September 2009)

Hi swm,

Yes, just paused a bit around some support as shown, but it's pretty week imo. 35, looks better to the downside. I'll be considering adding down around those levels. Interesting rise in volume recently.

Funnymentally obviously I see them being a longer term producer with their current resources and future potential clear enough. Judging entries on the fundamentals is a matter of guestimating what value they should be now and what they might be in the future. On their current resources they are trading at $53 an ounce EV. This is about double most junior explorers. Why should they command a premium? Obviously the market's factoring in double the resources in the future. Will they get 2m oz au? Or, 4m oz au? I'm sure 2m is possible, and with another decent discovery _perhaps_ 3m. 4m might be a stretch. On 3m oz au, their EV to oz au (on current shares on issue and cash) would be $19.5. For an advanced explorer going into development, this would be crazily undervalued. At that stage, they should still command $50 an ounce I think which would give them a sp of about 92c. Of course, there will be more capital raisings between now and then, so need to factor in some dilution. 

Having said that, I understand any reluctance of entering something that has seemingly run so far so quickly from the 6c lows. It's why I haven't completely committed yet either, and why I watched EXT run from $1.00 to $10 without buying it. lol

One thing we shouldn't discount with GRY is a takeover from possibly a West African player. LGL is obviously on the hunt, but Randgold is developing their Tongan Project 30km to the south. So, it's practically trucking distance from Banfora. Not sure of any spare capacity though, and it's in another country....


----------



## swm79 (30 September 2009)

kennas said:


> Hi swm,
> 
> Yes, just paused a bit around some support as shown, but it's pretty week imo. 35, looks better to the downside. I'll be considering adding down around those levels. Interesting rise in volume recently.
> 
> ...




i know the feeling of seeing them run and not getting in... TRUST me! i let MEO run over 400% before i got in.... not to mention some of the others!... KAR!!!!!!!!!!!!!!!!!!!!! 

i've been following this one with some interest for some time now and i think, fundamentally, they do have a nice little set up. although like you said ATM they are running double their peers... I think a lot of people got caught up in the gold rush over the last few weeks - which has sort of quietened down now a bit - which is what i've been waiting for - but the USD isnt helping us AT ALL!

and yes i agree that Banfora may well be a bigger elephant than first thought.... there are a lot of good things GRY have got going for them - nearology to LGL and Randgold, Newmont on the books... etc. 

as i see it i think they'll touch 35c and imo they may even breifly slip lower... that will give me a good entry.

my problem is i'm fully invested and waiting for some catalysts to pan out before i take some of my skin out of the game 

so once again, this may just be another one that slips away.


----------



## craigj (30 September 2009)

there seems to be a lot of speccy stocks like this that are forming very similar charts
GRY after a good announc last week has retraced 15% like many others
seems like the small caps that have run strongly are having a retrace
GBG CNX FML to name a few


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## Sean K (15 October 2009)

I'm surprised that minor support at 40 ish held. I was actually hoping for more of a pullback to pick up a few more. He who hesitates is lost.  POG can't keep runing away though, and neither can this. Fundamentals should catch up eventually and the current EV does not really represent it's current assets imo. Looks a bit overdone. Although, if POG keeps going, I suppose sentiment will keep pushing money into the market chasing the likes of these stocks.


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## Sean K (24 November 2009)

Trading Halt for a capital raising.

But, they raisied $10m in April and got a $2m donation from IFC in May.. What the? They should have $8m plus in the bank.

Maybe best to strike while the iron's (gold) hot? 

On a 2-3 week VWAP should be covered at about 54c a share, which looks good to me.

Let's hope no major discount.


----------



## Sean K (26 November 2009)

40m @ 50c a share is OK I suppose.

Puts them in a pretty neat cash position for the next year or two. 

Looking forward to some drilling results which should be momentarilly.


*ASX Announcement and Media Release*
Thursday, 26 November 2009

Gryphon Minerals Raises $20 Million to Advance Exploration at Banfora Gold Project Gryphon Minerals Limited (ASX code: GRY) is pleased to announce that it has received firm commitments for 40.0 million shares at $0.50 per share to raise gross proceeds of $20 million (Placement). The Placement was strongly supported by new and existing institutional investors including a number of UK and North American based international resource funds.


----------



## Sean K (25 February 2010)

Taken them bloody ages to get some drill results out from the current program and they're not that exciting, but ok. Shows the continuity of the deposits I suppose. Disappointed the ann didn't come with a map of the drill holes which would have shed some light on where they're actually drilling...

ASX Announcement and Media Release
Wednesday, 24th February 2009

Ongoing Drill Results include -
11m @ 4.42g/t, 12m @ 3.87g/t & 16m @ 2.81g/t Gold, Banfora Gold Project, Burkina Faso 

Highlights
 Drilling intersects high grade gold mineralisation at the Nogbele & Fourkoura Gold Deposits (Refer to tables and map).
 Mineralisation is shallow (<100 meters depth) and open at depth and along strike.
 Drilling will continue to target shallow gold mineralization at Nogbele & Fourkoura as well as new satellite targets at the Banfora Gold Project.
 Further results from the ongoing drilling will be made available at the earliest opportunity.


----------



## Sean K (9 April 2010)

Some more good drilling results a few days ago, but I can't see them accounting for the break up of GRY the past few days. What a performance.  Something going on perhaps with that volume.


----------



## Sean K (14 June 2010)

GRY being an absolutely outstanding investment the past couple of years. Punching way above it's weight, with the expectation of a massive resource base looming obviously. 

Looking expensive on an oz to au ratio, which reflects the markets optomism.

Now taking a substantial stake in RNS. No idea why.  Shouldn't they just concentrate on getting to production? I hope they don't end up being one of those explorers that just keep exploring. Get to production FFS!


----------



## Sean K (19 June 2010)

kennas said:


> Decent correction underway. All else being equal you'd expect a bit of support across the 35c ish zone. A little bit at the mercy of the market and POG of course.
> 
> From the 1.1m JORC upgrade ann they state that they're into a 20,000m drilling program.
> 
> ...




This one should add significant resources.

Going to be a multi million ounce gold camp you'd expect with these ongoing exploration results.



> ASX Announcement and Media Release
> Thursday, 17th June 2010
> Drill results from a new major regional target:
> Include 15m @ 5.09g/t, 17m @ 2.55g/t & 4m @ 11.54g/t Gold
> ...


----------



## Sean K (29 June 2010)

Trading halt. 

HUH? 

For an acquisition?

HUH HUH  

Gryphon, you are an exploration company with barely an asset and future debt / major dilution forecast. 

Buy with cash and reduce holdings at a time when cash is at a premium, or dilute company with a share swap?

You better be buying something bloody interesting.


----------



## Sean K (1 July 2010)

No amount of HUH's to exclaim.

Who pays a 50% + VWAP? I'm off you GRY. Hooly Dooly!!!



> *Key Points of the Transaction*
> ● Shield shareholders will receive one Gryphon share for every three Shield shares
> ● Share Offer represents a 35.8% premium to Shield’s closing price and a 55.8% premium to the three month VWAP of Shield shares prior to the announcement
> ● Unanimous recommendation by Shield Board of Directors
> ...




THE priority should be getting cash flow from their existing potential mine. 

They could end up JUST AN EXPLORER if they don't get the focus right.

Subject to further analysis of the tenaments they have picked up, off the watch list.


----------



## Bigukraine (15 July 2010)

kennas said:


> No amount of HUH's to exclaim.
> 
> Who pays a 50% + VWAP? I'm off you GRY. Hooly Dooly!!!
> 
> ...




g'day kennas and other's,

big order's came through today for GRY and expecting drill results soon... a bit of a leak maybe ??

I'm a SHX holder and can see some games being played re this take over such as others taking a blocking stake % wise and as you would of found out very prospective ground SHX has on offer right next door to the canadian Redback and lease has similar geo.... reading the concerns of this post the positive i can see is that they wanted to secure extra ground while they could and maybe that is there intention to be an explorer only for now and get jv's re bringing project's into fruition...intersting and noticed area of the world africa re investment and GRY's attempt could be a good strategic one..... only my thoughts


----------



## Sean K (10 August 2010)

Bigukraine said:


> as you would of found out very prospective ground SHX has on offer right next door to the canadian Redback and lease has similar geo....



I still haven't looked into the ground in detail, but I should have.

This just keeps going, but will be hard to beat this resistance around 90c. Still, what a run since 5c. Incredible to watch it unfold. I was only on half of it unfortunately. Damn it! lol

I have it at $150 an ounce EV at the moment. The average for West African explorers used to be $30 an ounce. Hooly dooly!

Having said that, AND is on about $750 an ounce. 

Either these explorers are horribly overvalued at the moment, or POG is going to keep running to the moon.

(note, spreadsheet may be out of date for some stocks)


----------



## Bigukraine (10 August 2010)

kennas said:


> I still haven't looked into the ground in detail, but I should have.
> 
> This just keeps going, but will be hard to beat this resistance around 90c. Still, what a run since 5c. Incredible to watch it unfold. I was only on half of it unfortunately. Damn it! lol
> 
> ...




Thats the reason why i  got on board SHX after doing research on the ground they held and around the same time Rudd dropped the bomb shell re the mine tax and thought there could be a chance of some takeover action..... didn't have to wait long... GRY got rid of their aussie exploration targets to another explorer for a 16 odd % stake(can't remember the name but are asx listed) and then went after SHX.... imo gold will stay around the $1100-$1200 an ounce mark for a while yet and during this time over the next 6 months drilling and results should filter through and if good ......who knows what will happen.....
I agree with you on the .90c resistance and a bot is at work at the min in GRY....so all i can do now is wait for my transfer to GRY and see how things unfold....


----------



## Sean K (10 August 2010)

Bigukraine said:


> I agree with you on the .90c resistance and a bot is at work at the min in GRY....so all i can do now is wait for my transfer to GRY and see how things unfold....



Well, good luck BU. GRY should end up a multimillion ounce owner and producing up to 200k a year I reckon. A major should have taken them 2 years ago. Poor action really from the likes of an LGL that could have taken them for a pittance and reaped the rewards. 

I do hope GRY crack on with going to DFS in short time to start getting some cash rolling in. The risk here is they just keep drilling and drilling and drilling until POG falls over and then they're a has been.


----------



## Sean K (31 August 2010)

This was 6 c not long ago. 

Looks like it's taking a charge at breaking through 90 resistance.

What a great return.

Looking very expensive now to me at $156 an ounce, for an explorer..

AND on $938 an oz looks absurdly overdone.


----------



## Sean K (1 September 2010)

I thought that run yesterday was a little suspiscious.

No leaky ship here.

Gryphon Minerals announces 1.5 Million oz gold resource:
Banfora Gold Project, Burkina Faso

Highlights

 JORC inferred resource estimate on Nogbele & Fourkoura deposits at the Banfora Gold Project of 21Mt @ 2.2g/t for 1.5 Million oz of gold
 Mineralisation remains open at depth and along strike
 The resource is shallow with 80% above 100 meters depth
 Recent deeper drilling targeting mineralisation to 150 meters depth intersected high grade gold, including 20m @ 3.30g/t, 14m @ 5.09g/t and 10m @ 4.20g/t highlighting the potential for significant growth at depth (Refer ASX Ann.30/08/10)
 Gryphon aims to build on this resource by targeting “step‐out” mineralization as well as high priority regional targets, to establish a multi‐million ounce gold district at Banfora
 Work to commence shortly on Tijirit Gold Project, adjacent to the world class +7Moz Tasiast gold mine, Mauritania


----------



## Sean K (5 September 2010)

Outstanding breakout a few days ago through 90c. Retraced, tested support and bounced. Probably had an assist by the AND excitement. Could be one of the best performers on the ASX the past 2 years. 5c to $1.00. Not bad.


----------



## Sean K (13 September 2010)

Shame no one is making money off this here by the seems. I was out yonks ago as it went overvalued. Now it's doing an AND and just going to crazy levels. This can not be sustained. I've said it before but unless POG goes balistic, a fe goldies are going to fall off a cliff. Trading over $200 an ounce now for an explorer, with some great upside but huh?

Maybe someone's taking a stake like AND?


----------



## matty193 (16 September 2010)

Hey Kennas, thanks for all your thoughts. I've been watching this one for close to a year now and I decided I wanted in at 0.75, but thought it was overdone then, just look at her now hey?

Hindsight is a wonderful thing...


----------



## Sean K (17 September 2010)

matty193 said:


> Hey Kennas, thanks for all your thoughts. I've been watching this one for close to a year now and I decided I wanted in at 0.75, but thought it was overdone then, just look at her now hey?
> 
> Hindsight is a wonderful thing...



Yep a wonderful thing. Gryphon was always going to expand it's resource base considerably and has plenty to go. I'd like to see them get to 2m ounces and get a Reserve established and get throug feasability studies asap. Still, while the punters keep seeing upside in resource and takeover speculation for west african goldies it could keep running. This buying is pretty suspiscious imo.


----------



## outback (17 September 2010)

I can't help but feel that GRY, AND and similar are heading towards a smoking hole in the ground. I wish I had been in for the ride up, but would hate to be onboard if it starts to nosedive.


----------



## matty193 (17 September 2010)

Another day, another 10% rise, another thought that I wish I would just buy in!


----------



## Sean K (18 September 2010)

outback said:


> I can't help but feel that GRY, AND and similar are heading towards a smoking hole in the ground. I wish I had been in for the ride up, but would hate to be onboard if it starts to nosedive.



Yes, will get to a point where there must be some decent consolidation where profits will be taken, some people will get fearful and jump ship while it finds a base again. Then the old hands and new holders take it higher. Or, gold goes through a decent correction and all juniors go with it. Or, a takeover comes in and it's off the market.

Work about to commense on the Tijirit Project they took from Shield. I haven't found much information on it really. Wonder if there's any gold there? 

Amazing volume pushing this up the past few weeks since the outstanding break through 90c.


----------



## outback (18 September 2010)

Surely when genuine confidence in "THE" economy returns the prospect of gold as a safe haven will tarnish. All it will take is one rat to say the sky is falling and jump ship and down she goes.


----------



## shag (23 September 2010)

kennas said:


> Shame no one is making money off this here by the seems. I was out yonks ago as it went overvalued. Now it's doing an AND and just going to crazy levels. This can not be sustained. I've said it before but unless POG goes balistic, a fe goldies are going to fall off a cliff. Trading over $200 an ounce now for an explorer, with some great upside but huh?
> 
> Maybe someone's taking a stake like AND?




well mate im making dosh on this fella
this is a major part of portfolio
bought in tons more when pru became a margin loader
started at sub 20
just lked the boys/geos/engers and the area
tjese two r 95pc of portfolio
will juust sit on them
cheers n thanks 4 graphs


----------



## Sean K (12 October 2010)

The weak support established at $1.40 looks in trouble on todays effort. Support way down there. eeeek. Needs to find something for buyers to come back in and hold her up.


----------



## pedalofogus (28 October 2010)

kennas said:


> The weak support established at $1.40 looks in trouble on todays effort. Support way down there. eeeek. Needs to find something for buyers to come back in and hold her up.




It has been a few weeks since the last chart you posted on this one kennas.  During that time, it has found support at 1.30 twice, and bounced pretty well late this afternoon after being down to 1.325 during the day.

What are your thoughts on it now?  I reckon it has possibly been setting a base for another run, but would be glad to hear from more experienced charters.


----------



## Sean K (29 October 2010)

pedalofogus said:


> It has been a few weeks since the last chart you posted on this one kennas.  During that time, it has found support at 1.30 twice, and bounced pretty well late this afternoon after being down to 1.325 during the day.
> 
> What are your thoughts on it now?  I reckon it has possibly been setting a base for another run, but would be glad to hear from more experienced charters.



Yes, finding something there across $1.30, but risk is to the downside I think. Lower highs continuing down. Would be nice if $1.30 held and some sidways movement to shore up some decent support for further gains. Alway dangerous when a stock runs up so quick with no consolidation to fall back on.

I'm really looking forward to what they do with the Shield prospects. 

They've been saying that work was going to start 'shortly' for a while now....

*Quarterly Report*

For the period ending 30 September 2010

Highlights 

* Banfora Gold Project - Burkina Faso, West Africa*

o Increased JORC inferred resource estimate on Nogbele & Fourkoura deposits at the Banfora Gold Project to 21Mt @ 2.2g/t for 1.5 Million oz of gold
- Mineralisation remains open at depth and along strike
- The resource is shallow with 80% above 100 metres depth
- Gryphon aims to build on this resource by targeting “step‐out” mineralisation as well as high priority regional targets, to establish a multi‐million ounce gold district at Banfora

o Ongoing Exploration (with further results still pending) includes:
- Recent deeper drilling targeting mineralisation to 150 meters depth intersected high grade gold, including 20m @ 3.30g/t, 14m @ 5.09g/t and 10m @ 4.20g/t highlighting the potential for significant growth at depth (Refer ASX Ann. 0/08/10)
- Ongoing step out and infill drilling at the Nogbele & Fourkoura deposits, intersects further shallow gold mineralisation (<100 meters depth)
- Regional mapping, soil geochemical sampling & trenching over the majority of the untested 1,200km² project area continues

* Tijirit Gold Project - Mauritania, West Africa*

*o Work to commence shortly on the Tijirit Gold Project, adjacent to the world class +11Moz Tasiast Gold Mine*

* Corporate*

o Gryphon raised $45.2million via a heavily oversubscribed share placement and initiated a share purchase plan to raise a further $3 million at $1.25, for a total funding package of $48.2 million
o Current cash position of $60+ million
o Gryphon is admitted to the S&P/ASX300
o During the quarter Gryphon reaches 94% interest in Shield Mining. The Company has now completed compulsory acquisition of Shield and controls 100% of the issued capital
o Mr David Netherway is appointed to the Board as a Non Executive Director
o The Company attended the Denver Gold Show, presented at the Africa Down Under Conference and recently completed an international investor road show


----------



## shag (5 November 2010)

kennas said:


> Yes, finding something there across $1.30, but risk is to the downside I think. Lower highs continuing down. Would be nice if $1.30 held and some sidways movement to shore up some decent support for further gains. Alway dangerous when a stock runs up so quick with no consolidation to fall back on.
> 
> I'm really looking forward to what they do with the Shield prospects.
> 
> ...




well im not happy, the fkers still aint given me back my 30k for the spp, less the pultry 2kodd of shares per account.
ive a ton of them too so the pro rata c.ap obviouslty wasnt linked the stock held. why not just increase it, and not stuff us around.
these spp's have been sooo loose and more benefit to the insto's imo.
seems to have found support at 130ish?

from some other spp's i expected it to pop up post handout. a few oppies for us would have been nice like iva did.

i presume everyone got the 2 oddk's worth of stock.

i rang them to give them a drenching, but no reply.

hope they r better as gold hounds than keeping joe boggs happy.


----------



## shag (9 November 2010)

well anyone got their holding officially listed and or their refund back? im still ouit 26 odd k, tho i did buy them up on the market at little over issue price.
these goldies r a bit sus imo, tho maybne the tigtly held registry helps it run like its doing today.
someone else must b stupid enough to hold some of these too.

dml has a very convoluted but seemingly better spp.


----------



## Sean K (9 November 2010)

Very unusual run up today. Leaky ship perhaps.

Like PRU and AZM, I made a handy profit on this one selling it in September 09.


----------



## shag (11 November 2010)

well i finally got refund cheques n stock listed
like i said these spp's have been sooo sloppy, it clearly said double dipping like me was a no go, ie two accounts thus two entitlements.
holding 30k of my valuable aussie curency for a month didnt impress me either.
i guess the third party companies that run the spp's for them don't care bar their profits....


----------



## Sean K (16 December 2010)

This looks like it might be a decent discovery.

They really should start working more aggressively towards mining what they have. They damn well know there's more ounces to keep any centralised mill going for years. 

Race to mining or miss the boat!!

Weren't they supposed to start Mauritania yonks ago? ... 


*Multiple shallow mineralised zones discovered at Samavogo Banfora Gold Project, Burkina Faso include:*

6m @ 9.89g/t gold from 13m 10m @ 5.14g/t gold from 67m 7m @ 4.80 g/t gold from 38m

Highlights

 Follow up drilling at the new and exciting Samavogo “satellite” discovery has intersected further significant gold mineralisation.
 Results are from infill and down dip drilling targeting multiple mineralised zones over 2.5km of strike.
 Mineralisation remains open along strike and down dip with a further 12 kilometres strike of the Samavogo structural target still to be tested.
 Mineralisation dips at a very gentle angle (20 degrees) thus all results to date are typically less than 50 meters vertical depth and open.
 Further results from the ongoing drilling at Samavogo will be made available at the earliest opportunity with a maiden resource estimate anticipated in the first half of 2011.
 An aggressive exploration programme is currently underway with RC drilling at the Nogbele deposit, 4 x RAB and auger rigs testing new regional targets across the 120 kilometres of highly prospective shear zones at the Banfora Gold Project.
 Mauritania projects update: Aggressive exploration program to commence in January 2011 including aeromagnetic surveying, soil geochemical sampling, geological mapping and diamond drilling.


----------



## Sean K (4 January 2011)

Oh dear, market is expecting big things from this little plugger. Certainly have 2-3m oz in the ground but probably being tipped to have much more at this stage.

Great break up through the 1.60 ish mark!


----------



## Sean K (23 March 2011)

kennas said:


> This looks like it might be a decent discovery.
> 
> 
> *Multiple shallow mineralised zones discovered at Samavogo Banfora Gold Project, Burkina Faso include:*
> ...



Looks like it's going to turn into a few additional ounces.

Maiden resource to be announced shortly. That's quick! 



> Further drill results at Samavogo Banfora Gold Project, Burkina Faso include: 10m @ 6.21g/t gold from 93m 6m @ 9.41g/t gold from 102m 5m @ 11.23g/t gold from 131m 7m @ 4.92 g/t gold from 131m
> 
> Highlights
>  RC & DD drilling at the new and exciting Samavogo “satellite” discovery has intersected further significant gold mineralisation
> ...



WTF with Mauritania! They said 'drill ready targets' at the acquisition. You don't need aeromagnetic s for 'drill ready'.


----------



## Sean K (28 September 2011)

One of the most canned stocks the past few days. Why? Not sure.

Maybe POG, economic environment, politics, low liquidity. 

Taken far too long to get to development. 

Seems like they are mining the stock market, or incompetent.


----------



## Bigukraine (29 September 2011)

kennas said:


> One of the most canned stocks the past few days. Why? Not sure.
> 
> Maybe POG, economic environment, politics, low liquidity.
> 
> ...




 long time no see kendas,

got out of this in the early days when it hit a $1.30 ish and yes agree the world where it is at the min is the problem and the speccie sector if it isn't giving info or has delays it is getting punished badly.

best of luck anyway....


----------



## Sean K (29 September 2011)

Bigukraine said:


> long time no see kendas,
> 
> got out of this in the early days when it hit a $1.30 ish and yes agree the world where it is at the min is the problem and the speccie sector if it isn't giving info or has delays it is getting punished badly.
> 
> best of luck anyway....



Bounced OK, but geeeeesh, the market is just so volatile and running on the slightest emotion. But I guess the EW guys could have predicted it.


----------



## Sean K (9 March 2012)

Gryphon well into the DFS for a 200k pa mine. Can't remember prelim numbers on likely opex but should be well within the POG you'd imagine. Maybe a $1000 per ounce win.

Some great new results out. Should be a very good upgrade coming with these sorts of grades in the early pit.

 Results include:
16m @ 8.61g/t gold from surface 
17m @ 6.85g/t gold from 22m 
20m @ 4.45g/t gold from 40m 
12m @ 1.47g/t gold from 76m 
20m @ 3.94g/t gold from 64m 
12m @ 4.24g/t gold from 112m 
12m @ 4.00g/t gold from 144m 
7m @ 10.98g/t gold from 95m 
4m @ 16.37g/t gold from 72m 
2m @ 94.29g/t gold from 123m

.....targeted multiple parallel, shallow and Mineralisation at the Nogbele Deposit remains open along strike

 Next resource estimate calculation on track for the second quarter CY2012 will incorporate all drilling results.

 Definitive Feasibility Studies based on a 3.5mtpa operation for 200,000oz gold on track for delivery in the third quarter CY2012.


They need to get this to production asap though. Been dragging their heals imo.


----------



## pixel (10 March 2012)

funny you should add to this thread today, kennas;
I've been running one of my early-warning scans over the ASX (because most *confirmed* trend reversals are already in full swing) and I reckon it could earn its place on next week's shopping list:




Bounce off the psychological $1
last 3 months smell like some accumulation going on
about a quarter of issued shares have been turned over since mid-November;
although much of that would be churning, it seems logical that no more could be shaken out at lower levels. So accumulation should be finished and sp return back up. Target the gap?


----------



## mr. jeff (11 March 2012)

Good results and good prospects for gold production. 87M in cash approx. at Dec but take costs to date and PIR buying, probably means 60M now from what I could see so no danger of cap raising yet...

I would like to add some charts to the analysis of recovery signs:




No signs of major finishing volume yet, but a lot of turnover. In a downtrend still but the last week as you say has shown some interest though and may mark a bottoming. Potentially looking at 90c though.




A lot of selling evident. Only the last bar looks positive...and that is lightly up on large volume so not a great sign.




GRY have done PIR plenty of favours recently by taking a stake.

Prospective, great ground and upcoming mid tier producer. Showing potential, but at 400M MC, not ridiculously cheap. DFS will most likely either confirm sell down, or turn the trend up. Watching!


----------



## Xcellent (15 March 2012)

Hi guys, where can I find information about royalties cost, cost of production and capital cost of the project? I’m trying to working out the NPV. Thank you.


----------



## mr. jeff (18 March 2012)

Xcellent said:


> Hi guys, where can I find information about royalties cost, cost of production and capital cost of the project? I’m trying to working out the NPV. Thank you.




You'll have to look through their more recent announcements, try a quarterly or a production report.  Any problems, let me know.


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## shag (5 May 2012)

Xcellent said:


> Hi guys, where can I find information about royalties cost, cost of production and capital cost of the project? I’m trying to working out the NPV. Thank you.




royalties might b your neck in west africa
taken a bath on this one. the graph said it all.
be nice if it was reported on a bit more.
very slow as kennas noted. u're stupid if u're not shifting gold, sitting on such resources, in current circumstances. its obviously rather easy in this region.
even pru followed thru. 
its not ideal mining engineering-wise, but cook while the fires on.

dml followed this strategy with its cu n ag strikes down south.


----------



## Sean K (5 May 2012)

shag said:


> royalties might b your neck in west africa
> taken a bath on this one. the graph said it all.
> be nice if it was reported on a bit more.
> very slow as kennas noted. u're stupid if u're not shifting gold, sitting on such resources, in current circumstances. its obviously rather easy in this region.
> ...



Like AZM, have failed to strike while the gold (and cheap money for development) was hot. Still a chance to develop a mine while POG is still high but if the US turns around and stops printing money I don't know. Gold will crash if fiat currancy seems to work. GRY should have been well producing by now but I think they've started mining the market instead of mining the dirt.


----------



## Sean K (3 July 2012)

Some new decent drill results. Stinger should add quite a few ounces, but they just need to get a resource done and start digging! It's been years since they should have been ready to go. 

Get to production or die GRY!



> ASX Announcement and Media Release
> 2 July 2012
> 
> Stinger Target
> ...


----------



## Sean K (9 July 2012)

Very good upgrade.

Doubled the resource but this is probably in line with general expectations.



> ASX Announcement and Media Release
> 9 July 2012
> 
> *Resource estimate at Banfora Gold Project increased to 4.5Moz Gold *
> ...



Turning into a significant deposit.


----------



## Sean K (9 July 2012)

Chart wise looks to have stabilised and MACD looks promising. 0.60 looks like a potential bottom, 0.80 big resistance. WAY off highs. Really smashed the past year. And POG has only come off a bit comparatively. I think the political situation in W Africa has been the prime driver of WA goldie sentiment. i.e., bad bad bad. I don't think the world is thinking that the world economy has settled and the US won't do a QE3. In fact, my read is the opposite, which is supportive of POG. So, is the world wrong in destroying WA gold companies? Hm. Is this an opportunity to buy something with clearly a long term prospect to mine something at a depressed price, or is this going to go into administration? 

I think we need to revisit the WA gold stock reckoner to see where this sits in comparison with others mining or about to mine like RSG, PRU, AZM. 

GRY have 348m shares on issue @ 0.70 = $243m MC
3.5m ounces = $69 an ounce resource to MC.

They also have $67m in cash and investments so EV to oz au = 243 - 67 / 3.5 = $50 ounce to EV. 

Need to test that against peers to see where it sits.

With 3.5m oz confirmed it's hard to see these guys not going to production. Especially with OK grades at/near surface.


----------



## Sean K (11 July 2012)

kennas said:


> I think we need to revisit the WA gold stock reckoner to see where this sits in comparison with others mining or about to mine like RSG, PRU, AZM.
> 
> GRY have 348m shares on issue @ 0.70 = $243m MC
> 3.5m ounces = $69 an ounce resource to MC.
> ...




Comparing with AZM as a near peer. i.e., advanced exploration. 

￼333m on issue @ .15 = $49m mc
1.7m oz au = $28 an oz to MC
Cash and investments = $30m ish
EV to resource = $11 an ounce. 

Hm, maybe that cash is incorrect, I'm just going off their last presentation.

AZM looks cheap on that, even though they've got a much smaller resource.


Well, a premium to GRY on that comparison.


----------



## Sean K (16 July 2012)

kennas said:


> Chart wise looks to have stabilised and MACD looks promising. 0.60 looks like a potential bottom, 0.80 big resistance. WAY off highs.



Can't get excited about this until it looks cheaper on the peer comparison or it gets some energy behind a break through .80. Until then risk to the downside still really. Needs POG to look good again I think.


----------



## pavilion103 (23 August 2012)

Strong volume and movement today


----------



## Gringotts Bank (14 September 2012)

Juicy, classic breakout from very clean double-bottom/channel.  Plenty of meat on this up to 99c or even further up to 1.20.

If you want to be extra careful, you could put a bid in at 81.5 and hope for retracement.


----------



## Sean K (14 September 2012)

Gringotts Bank said:


> Juicy, classic breakout from very clean double-bottom/channel.  Plenty of meat on this up to 99c or even further up to 1.20.
> 
> If you want to be extra careful, you could put a bid in at 81.5 and hope for retracement.



Yes, very strong. Resistance from 95c though.


----------



## Gringotts Bank (24 September 2012)

Gringotts Bank said:


> Juicy, classic breakout from very clean double-bottom/channel.  Plenty of meat on this up to *99c *or even further up to 1.20.




99c.  A fall below 90 would make 1.20 less likely.


----------



## shag (17 October 2012)

kennas said:


> Yes, very strong. Resistance from 95c though.




the idiots still do not seem close to selling gold bars which cannot help as well.
both my other dodgy afro jobs  are pulling bullion revenue, pru and dml.
the latter using an innovative design method to pull monies while shoring up further huge reserves.

id rather have bullion heading out of the continent, than knowing there is a further few millions ounces, stuck in soil, on land you do not own...
get them hooked on royalties imo, then you have some power.  

in some ways too, all that intellectual knowledge, ie drilling results, makes you more vunerable. im sure nowadays, you could run an efficient mine with only basic knowledge of pit grades, ie if someone flogs 'your' mine n holdings and has at least some of your drilling knowledge.


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## Sean K (21 October 2012)

Gringotts Bank said:


> 99c.  A fall below 90 would make 1.20 less likely.



LOL, hit 99 for a second. Did you push it to that? Didn't really look like 1.20 on the chart in retrospect did it. 

shag is on the mark with their inability to turn resources into a mine. Too tardy.

This could turn into a massive missed opportunity once au turns south. If it turns, dependent on so many things...


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## albaby (22 October 2012)

View attachment 49409

	

		
			
		

		
	
                                                                                                                       Looks ugly to me.Just failed 80c,next stop 75?


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## mr. jeff (22 October 2012)

no time for a chart but 0.75 looks like a solid support level and it is at 80c now. 
watch for a reversal...or a strong dive under that level.


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## Sean K (13 November 2012)

Stinger drilling looks like it could extend that zone but quite a bit. Hard to say but maybe double it? Another 500k ounces will take them over 5m oz au. 



> ASX Announcement and Media Release
> Tuesday, 13 November 2012
> 
> Ongoing shallow infill and step out drilling highlights further multiple high grade gold mineralisation from the Stinger gold deposit and adjacent new parallel mineralised zones at the 4.5Moz Banfora Gold Project.
> ...




DFS for completion end 2012. 

Sounds like it's on schedule, but geesh it's taken them a long time to get there.


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## Country Lad (14 November 2012)

mr. jeff said:


> ..or a strong dive under that level.


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## Sean K (6 February 2013)

The market has liked the BFS delivered 31 Jan.



> *Bankable Feasibility Study Demonstrates Viability of Developing Banfora Gold Project, Burkina Faso
> Highlights*
>  Bankable Feasibility Study (“BFS”) demonstrates the viability of developing the Banfora Gold Project to be the next gold mine in Burkina Faso.
>  BFS based on a conventional 2Mtpa CIL processing plant and open pit mining operation using contractor mining, up-scalable to +4Mtpa.
> ...




NOT! 




What a disaster.


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## Gringotts Bank (7 February 2013)

Hell of a sell off since Sept 2012.  I was watching the trading action today and think we're close to bottom.


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## notting (7 February 2013)

Plenty of others producing and getting pretty cheap about the joint.
The Japs have rammed up the printing so gold must be close to record highs against the yen,the US has tanked against the Euro which is what normally lifts gold - not even a blip.  
What if US is actually in better shape than EURO Land?
Euro tanks against the US and gold loses against US $ strength.
What is going to lift it between now and 2014 Q4?
A take over?
It's a nice story just about 6 years too late.


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## Sean K (7 July 2013)

Banfora BFS completed and accepted 6 months ago and still no debt financing.

SAG mill put on hold until market conditions change. 

Perhaps because the BFS was based on $1300, $1600 and $2000 POG... 

So, maybe on hold for a very very long time.

If they had have just got on with this project instead of wasting time and cash on adventures in Mauritania (just what's happened there?) and investing in other explorers, they might have got into development some time ago.

Poor darts Gryphon.


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## Sean K (2 August 2013)

These guys have just given up. 



> 29 July
> 
> 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.
> 
> ...




I suppose this just goes into mothballs until gold goes back above $1500 ish...


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## trillionaire#1 (2 August 2013)

kennas said:


> These guys have just given up.
> 
> 
> 
> I suppose this just goes into mothballs until gold goes back above $1500 ish...




Dont know about given up.
Certainly a trim all excess costs, put the feet up a while decision.
Maybe some time for the boss to consider his err..portly salary!

Hopefully still a take over target for a major goldie who still has a few bucks left in the till


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## Sean K (2 August 2013)

trillionaire#1 said:


> Dont know about given up.
> Certainly a trim all excess costs, put the feet up a while decision.
> Maybe some time for the boss to consider his err..portly salary!
> 
> Hopefully still a take over target for a major goldie who still has a few bucks left in the till



Yes, there's some easy pickings out there at the moment if POG recovers, or OPEX goes south considerably. Junior goldies trading at about $5 an ounce at the moment, v $40 not long ago.


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## BullsihBear (14 February 2014)

Bought 40K shares @ 0.185 today, over looked stock in my opinion, similar to SAR but just not been noticed. 

We'll see I guess.


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## CanOz (14 February 2014)

BullsihBear said:


> Bought 40K shares @ 0.185 today, over looked stock in my opinion, similar to SAR but just not been noticed.
> 
> We'll see I guess.




Close to all time lows, i wonder why its overlooked? Do they have a balance sheet? What research have you done on this penny dreadful?


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## burglar (14 February 2014)

CanOz said:


> ... i wonder why its overlooked? ...




Perennial drillers, ... can't seem to leap into mining!


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## System (14 October 2016)

On October 13th, 2016, Gryphon Minerals Limited (GRY) was removed from the ASX's official list in accordance with Listing Rule 17.11, following the implementation of the Scheme of Arrangement with Teranga Gold Corporation.


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## Miner (14 October 2016)

System said:


> On October 13th, 2016, Gryphon Minerals Limited (GRY) was removed from the ASX's official list in accordance with Listing Rule 17.11, following the implementation of the Scheme of Arrangement with Teranga Gold Corporation.




Hi Joe and other posters (GRY or not) 
If I may suggest that any stock forum being inactive for more than 18 months should be deactivated. This GRY was last posted back in 2014. 
What do you and others reckon ?

Cheers


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## Thaiman (21 January 2021)

BraceFace said:


> What did wise owl say?



Nothing don’t answer emails and 1300 line is dead


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## basilio (21 January 2021)

Miner said:


> Hi Joe and other posters (GRY or not)
> If I may suggest that any stock forum being inactive for more than 18 months should be deactivated. This GRY was last posted back in 2014.
> What do you and others reckon ?
> 
> Cheers




In the time I have been actively investing and contributing to ASF there have been many meteors flashing across the investment skyline. Famed , flamed and burnt. I suggest there are many lessons that could be learnt from these ventures and establishing a currently inactive but still  readily accessible area of  such stocks would be a good way to deal with them.

1)  The company and their operations represent valuable information to current investors.  This is particularly useful when wanting some history of CEO's and stories about their previous ventures. Many small companies   die but I suggest the lessons from them should not be forgotton and perhaps most importantly the people who promoted them. 
2)  The storage and  noting of these ventures would add extra value to ASF in terms of  attracting new members.
3)  In some cases future litigation issues  against company directors can be supported by reference to the original ongoing comment of exploration, announcements and so. Again a useful tool for law enforcement and perhaps worth following up.


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