N@N

A cut-off grade of .005 opt (0.15 g/t Au) was used in calculating assay intervals. The true widths of the intercepts are not known. MR-14 was drilled at minus 45 degrees.

The current drilling program is designed to upgrade inferred oxide resources reported in Gryphon's 2008 NI 43-101 "Technical Report on the Mineral Resource of the Borealis Gold Project Located in Mineral County, Nevada, USA" to the Measured and Indicated category and to potentially add additional oxide ounces to the Borealis resource. Drilling will test multiple targets within the permitted mining area with the designed intent of increasing resources for the short term mine plan. Targets include extensions of known ore zones, infill drilling and identification of additional mineralized zones.

One reverse circulation drill continues to operate and is currently finishing the Middle Ridge program. The drill will then be moved to a target to extend the old Borealis Pit to the northeast area and then move back to Freedom Flats to finish testing the oxide gold zone which is trending to the west.

Gryphon and Sage entered into an option agreement on March 5, 2010, as amended. Under the terms of the Option Agreement Gryphon has agreed to grant Sage the right to earn a 50% interest in the Borealis property, including the permitted Borealis oxide gold project located in the Walker Lane Mineral Belt of Southwest Nevada. SRK Consulting (U.S.) Inc. has been engaged to prepare a bankable study.

The Borealis property is described in a technical report dated April 28, 2008 titled "Technical Report on the Mineral Resources of the Borealis Gold Project Located in Mineral County, Nevada, U.S.A" and prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") filed on [ www.sedar.com ]. This technical report describes the exploration history, geology and gold resources at the Borealis property. Disclosure in this press release of mineral resources is based on the technical report. Details of the quality or grade of each category of mineral resources and key assumptions, parameters and methods used to estimate the mineral resources is included in the technical reports. The technical report also includes a description of environmental and permitting matters.

The technical information in this press release was approved by Mr. Steven Craig, VP of Exploration of Gryphon Gold, who is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario and Nevada. Its main properties are the recently optioned Borealis Gold project in Nevada; the Clavos Gold project in Timmins; and its ongoing exploration in the Beardmore – Geraldton Gold Camp. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at [ www.sedar.com ].

This release as it relates to Gryphon was prepared by the management of Gryphon. This release as it relates to Sage was prepared by Sage management.

ABOUT GRYPHON GOLD:

Gryphon Gold is a Nevada-focused gold exploration and potentially a production company. Its principal gold resource, the 1.4 million ounce (measured and indicated) and 1.1 million ounce (inferred) Borealis deposits, is located in the Walker Lane gold belt of western Nevada. The Borealis gold system is one of the largest known volcanic-hosted high-sulphidation gold bearing mineralized systems in Nevada.

Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated and Inferred Resources: This press release and the Pre-Feasibility Study referenced in this press release use the terms "Measured Resources", "Indicated Resources", "Measured & Indicated Resources" and "Inferred Resources." We advise U.S. investors that while these terms are defined in and required by Canadian regulations, these terms are not defined terms under the U.S. Securities and Exchange Commission ("SEC") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or pre-feasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. This press release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian and United States securities laws, which may include, but is not limited to: 1) resource estimates on the Borealis resource, pediment exploration plans and other plans, projections, estimates and expectations; and 2) statements with respect to the expected terms of the option agreement and joint venture agreement. Such forward-looking statements and forward-looking information reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risk that the option agreement may not be completed or that Sage may not exercise its option thereunder, that financing for the development of the Borealis Project may not be available on terms satisfactory to Gryphon and Sage and the risks and uncertainties outlined under the section headings "Forward-Looking Statements" and "Risks Factors" in our annual report on Form 10-KSB, as filed with the SEC on June 26, 2009, under the section heading "Risk Factors" in our most recent quarterly report on Form 10-Q, as filed with the SEC on February 16, 2010 and in our most recent financial statements, reports and registration statements filed with the SEC (available at [ www.sec.gov ]) and with Canadian securities administrators (available at [ www.sedar.com ]).
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements or forward-looking information, except as may be required by law. Full financial statements and securities filings are available on our website: [ www.gryphongold.com ] and [ www.sec.gov ] or [ www.sedar.com ].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.