Gryphon Gold Corporation reported unaudited consolidated earnings and production results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported loss from operations of $1,250,705 and net loss of $1,752,577 or $0.01 per basic and diluted share against loss from operations of $687,088 and net loss of $1,155,027 or $0.01 per basic and diluted share for the same period a year ago. Net sales were $3,215,242 against $931,794 a year ago.

During the third quarter, approximately 196,585 tons of ore was placed on the heap leach pad compared with 261,730 tons in the trailing second quarter. The company produced 1,942 gold equivalent ounces in the quarter at a recovery rate of approximately 40% with an average cash cost per ounce of $1,292.

For the nine months, the company reported loss from operations of $2,142,745 and net loss of $3,196,304 against loss from operations of $1,897,839 and net loss of $2,542,949 for the same period a year ago. Basic and diluted net loss per share was $0.02 against $0.01 a year ago. Net sales were $12,608,898 against $931,794 a year ago. Net cash used in operating activities was $3,583,513 and purchase of property, plant and equipment was $3,460,450 against net cash used in operating activities of $4,790,874, purchase of property, plant and equipment of $8,732,729 for the same period a year ago.

For the nine months, the company produced 7,709 gold equivalent ounces at a recovery rate of approximately 40%.