Addendum to Option to Purchase Cruce Gold Property Agreement between Gryphon Resources and Vendors

Summary

This addendum corrects a typographical error in the original Option to Purchase Cruce Gold Property Agreement dated January 21, 2011, between Gryphon Resources and the vendors, Noel Cousins and Steven Van Ert. The change clarifies that a 3% Net Returns Royalty applies to all minerals produced and sold from the property, not just 'other minerals.' All other terms remain unchanged. The addendum is effective as of January 25, 2011.

EX-10.4 3 gryphonexh10_4.htm GRYPHON RESOURCES 10Q, OPTION ADDENDUM gryphonexh10_4.htm

Exhibit 10.4

OPTION TO PURCHASE

CRUCE GOLD PROPERTY

- addendum -

To resolve a typographical error in the original Cruce Agreement signed January 21, 2011, all parties agree to the follow change:

OLD TEXT (bolding added to show word being deleted):

2.9(c) a 3% (three percent) Net Returns Royalty on all other minerals actually produced and sold from the Property, to be calculated and paid in accordance with the terms and conditions of Schedule ‘B’ attached hereto.

NEW TEXT:

2.9(c) a 3% (three percent) Net Returns Royalty on all minerals actually produced and sold from the Property, to be calculated and paid in accordance with the terms and conditions of Schedule ‘B’ attached hereto.

IN WITNESS WHEREOF this agreement addendum has been signed by the parties hereto as of January 25, 2011.

GRYPHON:

Per: /s/ Alan Muller

Alan Muller, President & CEO

VENDORS:

/s/ Noel Cousins

Noel Cousins

/s/ Steven Van Ert

Steven Van Ert