Gryphon Minerals extends option on Mauritania gold projects

Gryphon Minerals Ltd. of Australia has extended the option on several permits granted last October to Canadian company Algold Resources Ltd., including two projects in Mauritania.

For the extension, Algold transferred 300,000 common shares of Algold stock to Gryphon.

The option will allow for Kanosak Barbados Inc., an Algold subsidiary, to acquire exploration licenses for the Tijirit and Akjoujt gold projects in Mauritania. Further, Gryphon may acquire a 60 percent interest in Shield Saboussiri Mining of Mauritania SA, which owns a joint venture in the Saboussiri gold project.

Algold may exercise these extended options on or before March 23.