Gryphon Resources Inc. (GRYO) Signs Letter of Intent
Gryphon Resources Inc. reported that the company has entered into a letter of intent to acquire the exploration and mining rights on properties located in the southwestern United States. The company is prospecting for gold and copper at the site. Gryphon Resources Inc. said the Cruce prospect comprises 560 acres in size and is located forty miles north of Tuscon, in Pinal County, Arizona. Gryphon Resources Inc. agreed to pay $265,000 in cash to the seller of the mineral rights, and the company must also invest $335,000 at the Cruce prospect over the next three years. The company also agreed…