ASX Announcement & Media Release
Friday, 12 October 2007

Drill Testing of High Priority Targets
Minara Resources Joint Venture - Collurabbie Project

Highlights;

Commencement of:

𙦦 Diamond drill testing of high priority electro‐magnetic targets
𙦦 Geochemical air‐core drilling programme
𙦦 Detailed ground electro‐magnetic survey
𙦦 Regional aeromagnetic survey

Gryphon Minerals Ltd (ASX:GRY) is pleased to announce that a major exploration campaign targeting sulphide nickel, copper and PGE’s has commenced at the highly prospective Collurabbie Project Joint Venture (JV) in the North Eastern Goldfields of Western Australia.

A diamond drilling programme will commence in the coming days to test several high priority bedrock conductors. Geophysical consultants have reported that several of these conductors are of significance and that at least one target has a geophysical signature that is consistent with the potential presence of a massive sulphide.

A detailed ground electro‐magnetic survey (EM) has commenced that will infill areas of previous interest as well as “stepping out” to cover a further seven kilometres of untested strike potential of the Collurabbie ultramafic/mafic sequence. The infill lines will be undertaken on 100m line spacing’s and the area covering extensions of the greenstone belt will be at 200m and 400m line spacing’s. The entire survey is expected to take 6 to 8 weeks to complete.

The Company has also commenced an air‐core drill programme to follow up on previously identified areas of anomalism including 2m @ 0.64% Ni within a limonitic chlorite schist at the bottom of hole CBR21 and elevated levels of platinum (up to 4m @ 139ppb Pt in hole CBR14) and palladium (up to 4m @ 37ppb Pd in hole CBR13).

A regional aeromagnetic survey will be undertaken over a significant portion of untested greenstone belt on licences both to the north and south of the BHP and Falcon Minerals “Olympia” discovery.

The survey is scheduled to commence in the coming weeks.  On completion of the Collurabbie ground EM the geophysical crew will move and commence further EM surveying at the Mount Rankin JV Project in the Southern Cross greenstone belt.

All results from the drilling and geophysical programmes will be made available at the earliest opportunity.

ACN 107 690 657
Freemasons Hall, 181 Roberts Road, Subiaco WA 6008
PO Box 536 West Perth WA 6872
T: + 61 8 9287 4333 F: + 61 8 9287 4334
E: admin@gryphonminerals.com.au W: www.gryphonminerals.com.au

T