Mr. Richard Young reports

GRYPHON SHAREHOLDERS VOTE OVERWHELMINGLY IN FAVOUR OF TERANGA GOLD'S ACQUISITION OF GRYPHON

Shareholders of Gryphon Minerals Ltd. voted overwhelmingly in favour of Teranga Gold Corp.'s proposed acquisition of Gryphon to be effected by a scheme of arrangement.

At the meeting, Gryphon shareholders strongly supported the scheme with 97.7 per cent of votes cast at the meeting, and 90.99 per cent of Gryphon shareholders voting at the meeting being in favour of the transaction.

"This is an exciting transaction, and we are pleased that Gryphon's shareholders voted significantly in favour of the scheme," stated Richard Young, president and chief executive officer of Teranga. "Together, Gryphon and Teranga are stronger as one, creating a multijurisdictional mid-tier West African growth company. Following the close of the transaction, we will have a cash generative producing asset in Senegal, near-term growth from the development of the Banfora project in Burkina Faso and highly prospective land positions in each of these countries, as well as Cote d'Ivoire. The combined management team has extensive experience in all phases of mining from exploration through to project development and operations."

The next step in the implementation of the proposed transaction is the second court hearing to seek approval of the scheme. The second court hearing is scheduled for Sept. 28, 2016, in the Federal Court of Australia in Perth. An announcement will be made to the Australian Securities Exchange following the second court hearing.

Subject to approval of the scheme by the court and the satisfaction or waiver of the remaining conditions, implementation of the transaction is expected to occur in mid-October, 2016.

Indicative timetable (dates are indicative only and are subject to change)

The expected closing dates, and effective date of the arrangement, are outlined as follows:

Sept. 28, 2016:  second court hearing for approval of the scheme

Sept. 28, 2016:  outcome of second court hearing announced

Oct. 6, 2016:  record date for determining entitlement to scheme consideration

Oct. 13, 2016:  implementation of the scheme and issuance of scheme consideration

We seek Safe Harbor.