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2 similar Security Agreement contracts by Gryphon Gold Corp

SECURITY AGREEMENT
Security Agreement • March 26th, 2012 • Gryphon Gold Corp • Gold and silver ores • Nevada

THIS SECURITY AGREEMENT (together with all amendments, restatements, modifications, supplements and revisions thereof in accordance with its terms, the “Agreement”) is made as of March 20, 2012 by Gryphon Gold Corporation, a corporation organized and existing under the laws of the State of Nevada (the “Debtor”) in favor and for the benefit of Waterton Global Value, L.P., by its Investment Manager, Altitude Management Ltd. (with its successors and assigns, the “Secured Party”).

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SECURITY AGREEMENT
Security Agreement • March 26th, 2012 • Gryphon Gold Corp • Gold and silver ores • Nevada

THIS SECURITY AGREEMENT (together with all amendments, restatements, modifications, supplements and revisions thereof in accordance with its terms, the “Agreement”) is made as of March 20, 2012 by Borealis Mining Company, a corporation organized and existing under the laws of the State of Nevada (the “Debtor”) in favor and for the benefit of Waterton Global Value, L.P., by its Investment Manager, Altitude Management Ltd. (with its successors and assigns, the “Secured Party”).

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