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Gryphon Resources Sees Benefit in New Tax Incentive Program Aimed at Mining Operations in Turkey

Posted on: Monday, 23 March 2009, 15:05 CDT

IZMIR, Turkey, March 23 /PRNewswire-FirstCall/ -- Gryphon Resources Inc. (OTC Bulletin Board: GRYO) reports today its subsidiary APM Madencilik Ltd. ("APM") expects to participate in a soon to be announced tax incentive program from the Government of Turkey.

Information to date indicates the incentive system will cover 11 major industrial sectors, including Mining Investments. The program is designed to increase investment in Turkey and offers a variety of incentives including: Value Added Tax and customs duty exemptions, land concessions, interest subsidies on loans used for investment purposes, and state payment of social security premiums and payroll taxes.

Gryphon's CEO Serdar Kirmizioglu remarked: "Timing of this program couldn't be better. We're in the process of establishing infrastructure and staff needed to extract manganese at our H33D4 site and this should give us a helpful boost. We're now working with the Turkish government to analyze ways to maximize our participation in the program"

About Gryphon Resources

Gryphon Resources Inc. was incorporated in Nevada in 2006 and its subsidiary APM Madencilik Ltd. was incorporated in Turkey in 2008. Gryphon has undertaken exploration initiatives in Canada and Turkey and its primary focus is now the exploration and mining of manganese and copper. APM's H33D4 exploration license comprises a 1375 hectare property 180 km due East of Ankara, the capital of Turkey. Shares of Gryphon Resources Inc. trade on the OTC-BB under the symbol GRYO.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate", "project" and similar expressions identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to mining operations, changes in the worldwide price of manganese, copper or certain other commodities; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; contests over title to properties; and the risks involved in the exploration, development and mining business. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Gryphon Resources Inc.

Source: PR Newswire

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