On May 9, 2013, the Board of Gryphon Gold Corporation appointed William B. Goodhard as Interim Chief Executive Officer, which will be effective May 10, 2013.

The company is also providing an update on its Senior Secured Gold Stream Facility with Waterton Global Value L.P. Under the terms of the credit facility, monthly principal, interest and premium payments are required to be made on the last day of each month until November 2014. The company has the option of satisfying the monthly principal and premium payments in cash, by delivery of physical gold or by the assignment to Waterton of an interest in Borealis Mining Company, LLC in such amounts or number determined in accordance with the requirements of the credit agreement, as amended, relating to the credit facility. On May 6, 2013, the company transferred to Waterton 80,000 membership units in Borealis for the payment due April 30, 2013. As a result, the company now owns a 38% interest in Borealis (3,800,000 membership units) and Waterton owns a 62% interest.