Article: Gryphon Gold Enters Into Option Agreement to Sell Its Regent Hill Property, Nevada for $2.5 Million Plus Royalty to New Era Precious Metals.

VANCOUVER, BRITISH COLUMBIA, Oct 29, 2009 (Marketwire via COMTEX) -- Gryphon Gold Corporation (TSX:GGN)(OTCBB:GYPH) is pleased to report that its wholly owned subsidiary Nevada Eagle Resources (NER) has entered into an option agreement to sell its 100% owned Regent Hill Property to New Era Precious Metals for $2,500,000.

Regent Hill is located 1.5 miles northwest of Kennecott Minerals' Denton-Rawhide Mine. The property consists of 110 contiguous unpatented lode claims covering approximately 2,272 acres in Mineral County, Nevada.

New Era Precious Metals (Nevada) Inc. (NEPM) has the right to purchase the Regent Hill Property on the following terms:

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