Gryphon Gold Corp. Signs LOI For Joint Venture With Piedmont Mining

Through its wholly-owned subsidiary, Nevada Eagle Resources, Gryphon Gold has signed a Letter of Intent for a joint venture with Piedmont Mining Company, Inc. The venture pertains to Gryphon's Argentite property in Nevada. Piedmont will pay US$8,000 to Gryphon on done-deal day, and will earn a 51% interest in Argentite by committing US$750,000 of exploration work over a five-year period. Coming up with a bankable feasibility study, whether or not the work committment has been filled, will get Piedmont up to a 70% interest in the property. Subsequent payments to Gryphon will be counted against the work committment. The news release has further details on the JV deal, and contains a capsule description of what's been found so far on the property.

Gryphon's traded down today. As of the time of this post, it's dropped a penny to 14 cents. The current bid is at the same price as the last trade.

Gryphon's Google Finance web page is here.

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