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Lithium Mining News: Gryphon Completes Arizona Program Financing

November 30, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gryphon Resources, Inc. (OTCBB: GRYO) said it has completed a US$320,000 private placement, which it said raises sufficient capital for the first stage of a new lithium exploration initiative in Arizona.

Gryphon's primary asset is currently the mineral exploration rights to a 640 acre parcel of property in Arizona referred to as the L.G. Property. According to the company, the property may have the potential for discovery of large volumes of brine containing potentially economic concentrations of lithium.

The financing raised aggregate proceeds of US$320,000 based on the private placement sale of 6.4 million restricted common shares priced at US$0.05 per share.

Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys.

Nevada-based Gryphon Resources was incorporated in 2006 and has been involved in mineral exploration activities since inception. In 2010, Gryphon acquired the rights to 11 exploration properties in south-eastern Arizona, and is currently developing exploration plans for those properties.

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