Common Contracts

TO: WATERTON GLOBAL VALUE, L.P. (the “Senior Creditor”) RE: Bridge Loan Agreement dated as of March 20, 2012 (the “Bridge Loan Agreement”), among Gryphon Gold Corporation (“Gryphon”), Borealis Mining Company and the Senior Creditor

Subordination Agreement • March 26th, 2012 • Gryphon Gold Corp • Gold and silver ores

• Contract Type
  Subordination Agreement
• Filed
  March 26th, 2012
• Company
  Gryphon Gold Corp
• Industry
  Gold and silver ores

WHEREAS Computershare Trust Company of Canada (the “Subordinated Trustee”) is trustee to the holders (the “Holders”) of certain 10% Series B Subordinate Secured Notes issued by Gryphon and maturing on November 22, 2012 (the “Notes”), pursuant to a note indenture dated as of November 22, 2011 between Gryphon and the Subordinated Trustee (the “Note Indenture”);

TO: WATERTON GLOBAL VALUE, L.P. (the “Senior Creditor”) RE: Bridge Loan Agreement dated as of March 20, 2012 (the “Bridge Loan Agreement”), among Gryphon Gold Corporation (“Gryphon”), Borealis Mining Company and the Senior Creditor

Subordination Agreement • March 26th, 2012 • Gryphon Gold Corp • Gold and silver ores

• Contract Type
  Subordination Agreement
• Filed
  March 26th, 2012
• Company
  Gryphon Gold Corp
• Industry
  Gold and silver ores

WHEREAS Computershare Trust Company of Canada (the “Subordinated Trustee”) is trustee to the holders (the “Holders”) of certain 10% Subordinate Secured Notes issued by Gryphon and maturing on July 28, 2012 (the “Notes”), pursuant to a note indenture dated as of July 27, 2011 between Gryphon and the Subordinated Trustee (the “Note Indenture”);