Gryphon Resources Successfully Completes US$320,000 Private Placement to Launch Lithium Exploration Program in Arizona

APACHE JUNCTION, Ariz., Nov. 29, 2010 /PRNewswire/ -- Gryphon Resources Inc. ('Gryphon' or the 'Company') (OTC Bulletin Board: GRYO) today announced completion of a US$320,000 private placement which raises sufficient capital for the first stage of a new lithium exploration initiative in Arizona, USA.

"We believe the success of our fund raising is a good indication of market interest in Gryphon's new strategic plan and its entry into the rapidly expanding field of lithium exploration," said President and CEO Alan Muller. "Over the last nine months we've worked quietly to re-focus Gryphon and execution of this private placement is quite encouraging. This funding initiative has provided working capital over the last several months; includes a debt to shares conversion component which has strengthened our balance sheet; and will now fund the first stage of our lithium exploration program."

Mr. Muller further commented: "The importance of the U.S. Government's commitment to the domestic lithium production could not be more evident than in the fact that the Chemetall Foote Clayton Valley facility in Nevada was awarded US$28.4 million dollars in stimulus funds from the American Recovery and Reinvestment Act of 2009 for the production of lithium materials for advanced transportation batteries." Mr. Muller continued, "Our Arizona properties are similar to the geographic area of Chemetall Foote's Nevada facility and may have the potential to fulfill our goal of  discovering reserves to form a new U.S. source of lithium."

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

Mr. Muller concluded: "We believe that a supply squeeze for lithium is on the horizon and this 21st century metal will increasingly be viewed as a 'Strategic Commodity' for the U.S. industrial sector. We're looking to become  a major supplier of lithium to the domestic U.S. market, which we strongly believe is going to continue to be one of the major consumers of lithium in the future."

This financing raised aggregate proceeds of US$320,000 based on the private placement sale of 6,400,000 restricted common shares priced at US$0.05 per share. These shares will be issued pursuant to Regulation S of the Securities Act of 1933, as amended, and Gryphon did not engage in any general solicitation or advertising regarding this offering.

About Lithium

Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries have become the rechargeable battery of choice in cell phones, computers, hybrid-electric cars and electric cars. Manufacturers from GM and Ford to Toyota and Mercedes-Benz have all announced plans to build Li-ion battery powered cars. Demand for lithium-powered vehicles is expected to increase fivefold by 2012. The domestic automotive industry must secure a lithium source to supply the next generation of hybrid-electric and electric vehicles. Over 60% of cell phones and 90% of laptops use lithium batteries. The worldwide market for lithium batteries is estimated at over US$4 billion per year.

About Gryphon Resources

Gryphon Resources Inc. trades on the OTC-BB under the symbol GRYO. The Company was incorporated in Nevada 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, USA and is currently developing exploration plans for these properties. More information about Gryphon is available on our website: www.gryphonresourcesinc.com.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995

Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, are forward-looking statements. The words "believe," "expect," "will," "anticipate," "contemplate," "target," "plan," "continue," "budget," "may," "intend," "estimate," "project" and similar expressions identify forward-looking statements. Forward-looking statements  are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Gryphon Resources Inc.

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