February 6, 2012 / 4:33 PM / in 6 years

Gryphon Gold posts lackluster output at key mine

(Reuters) - Gold explorer Gryphon Gold Corp GGN.TO said its third-quarter production was lower than its target at its flagship Borealis project in Nevada, hurt by unexpected maintenance work at the facility, sending its shares down as much as 11 percent.

In the October-December quarter, the company mined 199,674 tons of ore from which it estimates to get 6,223 ounces of gold.

“(We) faced unexpected maintenance with our crushing system which resulted in significant downtime and reduced the tonnage and rate at which the material was being placed on the leach pad,” interim Chief Executive James O‘Neil said in a statement.

Gryphon shares were trading down 8 percent at 17 Canadian cents on Monday on the Toronto Stock Exchange. They earlier touched a low of 16.5 Canadian cents.

Reporting by Shounak Dasgupta in Bangalore; Editing by Viraj Nair

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