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 to issue 2.6 million shares of restricted common stock to the seller.
The sellers will also receive a royalty of 3% once mineral production begins at the property. This royalty payment to the seller is subject to a $250,000 minimum per year.
Gryphon Resources Inc. believes that the Cruce property is prospective for minerals because of its proximity to other producing mineral properties in the area. These include the Ray Complex and Silver Bell Mine owned by Asarco, and a copper deposit located just thirteen miles away.
For more information on the company, go to www.gryphonresourcesinc.com
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