Gryphon Minerals Limited
(ASX:GRY) will spend $20 million more than expected to develop its Banfora Gold Project in West Africa.
The company’s managing director, Steve Parsons, told the Australian Financial Review that the company will spend between $160 and$200 million on the gold project development in Burkina Faso.
Its Banfora project, is expected to define further resources at depth and boasts an inferred gold resource of 2 million ounces.
Gryphon reported a loss of $11.2 million for the second quarter ending March 31, 2011.
