Gryphon Resources Inc.Letter of Intent • December 3rd, 2010 • Gryphon Resources, Inc. • Metal mining
Subject to due diligence and legal review of the Option Agreement by all parties, this Letter of Intent will form the basis for and set out the terms and conditions pursuant to which Gryphon Resources Inc. (“Gryphon”) will receive the right to acquire from Noel Cousins and Steven Van Ert up to a 100% undivided interest in and to the Cruce Property (the “Property”) as described in the following staged increments (all dollar figures in US$):
