Document:

<PAGE>
                                                                   EXHIBIT 10.18

                            Gryphon Gold Corporation
                            Public Offering of Units

                                                             August, ______ 2005

Desjardins Securities Inc.
Suite 2750, 145 King Street West
Toronto, ON
M5H 1J8

                              RE: LOCK-UP AGREEMENT
Ladies and Gentlemen:
         This letter of agreement ("Lock-up Agreement") is being delivered to
you in connection with the Investor Rights Agreement, as amended, and an agency
agreement (the "Agency Agreement") entered into between Gryphon Gold
Corporation, a corporation organized under the laws of the State of Nevada (the
"Company") and Desjardins Securities Inc. ("Desjardins") relating to an initial
public offering (the "Offering") of units in the capital of the Company
consisting of shares of common stock (the "Common Stock").

         In consideration of the Offering and the consents required thereunder,
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the undersigned agrees that during the period beginning from the
date hereof and continuing for eighteen (18) months following the completion of
the Offering (the "Lock-up Period"), the undersigned, unless otherwise advised
in writing by Desjardins, will not offer, sell, contract to sell, pledge or
otherwise dispose of or enter into any transaction which is designed to, or
might reasonably be expected to, result in a direct or indirect disposition of
Common Stock (collectively, the "Securities Transactions"), except as set forth
below:

         (i)      during each Quarter (as defined below) within the Lock-up
                  Period, the undersigned may conduct Securities Transactions on
                  up to the greater of 5,000 shares of Common Stock or 20% of
                  the amount of Common Stock held by the undersigned as
                  calculated from the Common Stock holdings of the undersigned
                  on the date the Lock-up Period commences; plus

         ii)      following the first Quarter, any shares of Common Stock that,
                  although eligible, were not subject to Securities Transactions
                  during the prior Quarter or successive Quarters will become
                  eligible to participate in Securities Transactions.

         For the purposes of this Lock-up Agreement, "Quarter" means a
sequential three month period, with the first Quarter commencing on the date of
completion of the Offering and ending three months thereafter, and the
subsequent Quarters following thereafter.

         This Lock-up Agreement shall terminate and be of no further force or
effect upon either the Company or Desjardins notifying the other in writing that
they are abandoning the Offering or if the Agency Agreement is terminated prior
to the Closing Date.

                                        Yours very truly,

                                        SIGNATURE OF SHAREHOLDER

Name and address of shareholder:<PAGE>
                                                                   EXHIBIT 10.19

                            Gryphon Gold Corporation
                            Public Offering of Units

                                                          September, ______ 2005

DESJARDINS SECURITIES INC.                    GRYPHON GOLD CORPORATION
SUITE 2750, 145 KING STREET WEST              SUITE 810, 1130 WEST PENDER STREET
TORONTO, ON                                   VANCOUVER, B.C.
M5H 1J8                                       V6E 4A4

                              RE: LOCK-UP AGREEMENT
Directors and Officers of Gryphon Gold Corporation:
         In consideration of the Offering and the consents required thereunder,
and other good and valuable consideration, the receipt of which is hereby
acknowledged, the undersigned agrees that during the period beginning from the
date hereof and following the completion of the Offering (the "Lock-up Period"),
the undersigned, unless otherwise advised in writing by Desjardins, will not
offer, sell, contract to sell, pledge or otherwise dispose of or enter into any
transaction which is designed to, or might reasonably be expected to, result in
a direct or indirect disposition of Common Stock (collectively, the "Securities
Transactions"), except as set forth below:

         (i)      Six (6) months following completion of the Offering during
                  each Quarter (as defined below) within the Lock-up Period, the
                  undersigned may conduct Securities Transactions on up to 20%
                  of the amount of Common Stock held by the undersigned as
                  calculated from the Common Stock holdings of the undersigned
                  on the date the Lock-up Period commences; plus

         ii)      Starting at the beginning of the third Quarter following the
                  Offering, any shares of Common Stock that, although eligible,
                  were not subject to Securities Transactions during the prior
                  Quarter or successive Quarters will become eligible to
                  participate in Securities Transactions.

         For the purposes of this Lock-up Agreement, "Quarter" means a
sequential three month period, with the first Quarter commencing on the date of
completion of the Offering and ending three months thereafter, and the
subsequent Quarters following thereafter.

         This Lock-up Agreement shall terminate and be of no further force or
effect upon either the Company or Desjardins notifying the other in writing that
they are abandoning the Offering or if the Agency Agreement is terminated prior
to the Closing Date.

                                Yours very truly,

Name:

                                SIGNATURE OF SHAREHOLDER<PAGE>
                                                                   Exhibit 10.20

                                                            [COMPUTERSHARE LOGO]

                        COMPUTERSHARE TRUST COMPANY, INC.
                                WARRANT AGREEMENT

Gryphon Gold Corporation, an Nevada corporation (the "COMPANY"), and
Computershare Trust Company, Inc. ("COMPUTERSHARE"), 350 Indiana Street, Suite
800, Golden, CO, 80401, a Colorado limited purpose trust company ("WARRANT
AGENT"), agree as follows:

         1.       Warrants. Each Warrant will entitle the registered holder of a
                  Warrant ("WARRANT HOLDER") to purchase from the Company one
                  share of Company common stock, (See Schedule A attached) par
                  value (each a "SHARE") at (See Schedule A attached)per Share
                  ("EXERCISE PRICE"). A Warrant Holder may exercise all or any
                  number of Warrants resulting in the purchase of a whole number
                  of Shares.

         2.       Exercise Period. The Warrant may be exercised at any time
                  during the period commencing (See Schedule A attached) and
                  ending at (See Schedule A attached) on ("EXPIRATION DATE")
                  except as changed by Section 10 of this Agreement. After the
                  Expiration Date, any unexercised Warrants will be void and all
                  rights of Warrant Holders shall cease.

         3.       Certificates. The Warrant certificates (the "WARRANT
                  CERTIFICATE") shall be in registered form only and shall be
                  substantially in the form set forth in Exhibit A attached to
                  this Agreement. Warrant Certificates shall be signed by, or
                  shall bear the facsimile signature of, the President or a Vice
                  President of the Company and the Secretary or an Assistant
                  Secretary of the Company and shall bear a facsimile of the
                  Company's corporate seal. If any person, whose facsimile
                  signature has been placed upon any Warrant Certificate or the
                  signature of an officer of the Company, shall have ceased to
                  be such officer before such Warrant Certificate is
                  countersigned, issued an delivered, such Warrant Certificate
                  shall be countersigned, issued and delivered with the same
                  effect as if such person had not ceased to be such officer.
                  Any Warrant Certificate may be signed by, or made to bear the
                  facsimile signature of, any person who at the actual date of
                  the preparation of such Warrant Certificate shall be a proper
                  officer of the Company to sign such Warrant Certificate even
                  though such person was not such an officer upon the date of
                  the Agreement.

         4.       Countersigning. Warrant Certificates shall be manually
                  countersigned by the Warrant Agent and shall not be valid for
                  any purpose unless so countersigned. The Warrant Agent hereby
                  is authorized to countersign and deliver to, or in accordance
                  with the instructions of, any Warrant Holder any Warrant
                  Certificate, which is properly issued.

         5.       Registration of Transfer and Exchanges. The Warrant Agent
                  shall from time to time register the transfer of any
                  outstanding Warrant Certificate upon records maintained by the
                  Warrant Agent for such purpose upon surrender of such Warrant
                  Certificate to the Warrant Agent for transfer, accompanied by
                  appropriate instruments of transfer in form satisfactory to
                  the Company and the Warrant Agent and duly executed by the
                  Warrant Holder or a duly authorized attorney. Upon any such
                  registration of transfer, a new Warrant Certificate shall be
                  issued in the name of and to the transferee and the
                  surrendered Warrant Certificate shall be cancelled.

         6.       Exercise of Warrants.

                  (a)      Any one Warrant or any multiple of one Warrant
                           evidenced by any Warrant Certificate may be exercised
                           upon any single occasion on or after the exercise
                           date, and on or before the Expiration Date. A Warrant
                           shall be exercised by the Warrant Holder by
                           surrendering to the Warrant Agent the Warrant
                           Certificate evidencing such Warrant with

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                           the exercise form on the reverse of such Warrant
                           Certificate duly completed and executed and
                           delivering to the Warrant Agent, by good check or
                           bank draft payable to the order of the Company, the
                           Exercise Price for each Share to be purchased.

                  (b)      Upon receipt of a Warrant Certificate with the
                           exercise form thereon duly executed together with
                           payment in full of the Exercise Price for the Shares
                           for which Warrants are then being exercised, the
                           Warrant Agent shall requisition from any transfer
                           agent for the Shares, and upon receipt shall make
                           delivery of, certificates evidencing the total number
                           of whole Shares for which Warrants are then being
                           exercised in such names and denominations as are
                           required for delivery to, or in accordance with the
                           instructions of, the Warrant Holder. Such
                           certificates for the Shares shall be deemed to be
                           issued, and the person whom such Shares are issued of
                           record shall be deemed to have become a holder of
                           record of such Shares, as of the date of the
                           surrender of such Warrant Certificate and payment of
                           the Exercise Price, whichever shall last occur,
                           provided that if the transfer books of the Company
                           with respect to the Shares, shall be closed. The
                           certificates for the Warrant Shares shall be issued
                           as of the date on which such books shall next be
                           open, and the person to whom such Shares are issued
                           of record shall be deemed to have become a record
                           holder of such Shares as of the date on which such
                           books shall next be open (whether before, on or after
                           the Expiration Date) and until such date the Warrant
                           Agent shall be under no duty to deliver any
                           certificate for such warrant Shares.

                  (c)      If less than all the Warrants evidenced by a Warrant
                           Certificate are exercised upon a single occasion, a
                           new Warrant Certificate for the balance of the
                           Warrants not so exercised shall be issued and
                           delivered to, or in accordance with, transfer
                           instructions properly given by the Warrant Holder
                           until the Expiration Date.

                  (d)      All Warrant Certificates surrendered upon exercise of
                           the Warrants shall be cancelled.

                  (e)      Upon the exercise, or conversion of any Warrant, the
                           Warrant Agent shall promptly deposit the payment into
                           an escrow account established by mutual agreement of
                           the Company and the Warrant Agent at a federally
                           insured commercial bank. All funds deposited in the
                           escrow account will be disbursed on a weekly basis to
                           the Company once they have been determined by the
                           Warrant Agent to be collected funds. Once the funds
                           are determined to be collected, the Warrant Agent
                           shall cause the share certificate(s) representing the
                           exercised Warrants to be issued.

                  (f)      Expenses incurred by Computershare Trust Company,
                           Inc., acting in the capacity as Warrant Agent will be
                           paid by the Company. These expenses, including
                           delivery of exercised share certificate to the
                           shareholder, will be deducted from the exercise fee
                           submitted prior to the distribution of funds to the
                           Company. A detailed accounting statement relating to
                           the number of shares exercised, names and registered
                           Warrant Holder(s) and the net amount of exercised
                           funds remitted will be given to the Company with the
                           payment of each exercise amount.

         7.       Taxes. The Company will pay all taxes attributable to the
                  initial issuance of Shares upon exercise of Warrants. The
                  Company shall not, however, be required to pay any tax which
                  may be payable in respect to any transfer involved in any
                  issue of Warrant Certificates or in the issue of any
                  certificates of Shares in the name other than that of the
                  Warrant Holder upon the exercise of any Warrant.

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         8.       Mutilated or Missing Warrant Certificates. On receipt by the
                  Company and the Warrant Agent of evidence satisfactory as to
                  the ownership of and the loss, theft, destruction or
                  mutilation of any Warrant Certificate, the Company shall
                  execute and the Warrant Agent shall countersign and deliver in
                  lieu thereof, a new Warrant Certificate representing an equal
                  aggregate number of Warrants. In the case of loss, theft or
                  destruction of any Warrant Certificate, the Registered Owner
                  requesting issuance of a new Warrant Certificate shall be
                  required to secure an indemnity bond from an approved surety
                  bonding company. In the event a Warrant Certificate is
                  mutilated, such Certificate shall be surrendered and canceled
                  by the Warrant Agent prior to delivery of a new Warrant
                  Certificate. Applicants for a substitute Warrant Certificate
                  shall also comply with such other regulations and pay such
                  other reasonable charges as the Warrant Agent may prescribe.

         9.       Reservation of Shares. For the purpose of enabling the Company
                  to satisfy all obligations to issue Shares upon exercise of
                  Warrants, the Company will at all times reserve and keep
                  available free from preemptive rights, out of the aggregate of
                  its authorized but unissued shares, the full number of Shares
                  which may be issued upon the exercise of the Warrants will
                  upon issue be fully paid and nonassessable by the Company and
                  free from all taxes, liens, charges and security interests
                  with respect to the issue thereof.

         10.      Governmental Restrictions. If any Shares issuable upon the
                  exercise of Warrants require registration or approval of any
                  governmental authority, the Company will endeavor to secure
                  such registration or approval; provided that in no event shall
                  such Shares be issued, and the Company shall have the
                  authority to suspend the exercise of all Warrants, until such
                  registration or approval shall have been obtained; but all
                  Warrants, the exercise of which is requested during any such
                  suspension, shall be exercisable at the Exercise Price. If any
                  such period of suspension continues past the Expiration Date,
                  all Warrants, the exercise of which have been requested on or
                  prior to the Expiration Date, shall be exercisable upon the
                  removal of such suspension until the close of business on the
                  business day immediately following the expiration of such
                  suspension.

         11.      Adjustments. If prior to the exercise of any Warrants, the
                  Company shall have effected one or more stock split-ups, stock
                  dividends or other increases or reductions of the number of
                  shares of its US$0.001 par value common stock outstanding
                  without receiving compensation therefore in money, services or
                  property, the number of shares of common stock subject to the
                  Warrant granted shall (i) if a net increase shall have been
                  effected in the number of outstanding shares of the Company's
                  common stock, be proportionately increased, and the cash
                  consideration payable per share shall be proportionately
                  reduced, and, (ii) if a net reduction shall have been effected
                  in the number of outstanding shares of the Company's common
                  stock, be proportionately reduced and the cash consideration
                  payable per share be proportionately increased.

         12.      Notice to Warrant Holders. Upon any adjustment as described in
                  Section 11, the Company within 20 days thereafter shall (i)
                  cause to be filed with the Warrant Agent a certificate signed
                  by a Company officer setting forth the details of such
                  adjustment, the method of calculation and the facts upon which
                  such calculation is based, which certificate shall be
                  conclusive evidence of the correctness of the matters set
                  forth therein, (ii) cause written notice of such adjustments
                  to be given to each Warrant Holder as of the record date
                  applicable to such adjustment. Also, if the Company proposes
                  to enter into any reorganization, reclassification, sale of
                  substantially all of its assets, consolidation, merger,
                  dissolution, liquidation or winding up, the Company shall give
                  notice of such fact at least 20 days prior to such action to
                  all Warrant Holders which notice shall set forth such facts as
                  indicate the effect of such action (to the extent such effect
                  may be known at the date

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                  of such notice) on the Exercise Price and the kind and amount
                  of the shares or other securities and property deliverable
                  upon exercise of the Warrants. Without limiting the obligation
                  of the Company hereunder to provide notice to each Warrant
                  Holder, failure of the Company to give notice shall not
                  invalidate any corporate action taken by the Company.

         13.      No Fractional Warrants or Shares. The Company shall not be
                  required to issue fractions of Warrants upon the reissue of
                  Warrants, any adjustments as described in Section 11 or
                  otherwise; but the Company in lieu of issuing any such
                  fractional interest, shall round up or down to the nearest
                  full Warrant. If the total Warrants surrendered by exercise
                  would result in the issuance of a fractional share, the
                  Company shall not be required to issue a fractional share but
                  rather the aggregate number of shares issuable will be rounded
                  up or down to the nearest full share.

         14.      Rights of Warrant Holders. No Warrant Holder, as such, shall
                  have any rights of a shareholder of the Company, either at law
                  or equity, and the rights of the Warrant Holders, as such, are
                  limited to those rights expressly provided in this Agreement
                  or in the Warrant Certificates. The Company and the Warrant
                  Agent may treat the registered Warrant Holder in respect of
                  any Warrant Certificates as the absolute owner thereof for all
                  purposes notwithstanding any notice to the contrary.

         15.      Warrant Agent. The Company hereby appoints the Warrant Agent
                  to act as the agent of the Company and the Warrant Agent
                  hereby accepts such appointment upon the following terms and
                  conditions by all of which the Company and every Warrant
                  Holder, by acceptance of his Warrants, shall be bound:

                  (a)      Statements contained in this Agreement and in the
                           Warrant Certificates shall be taken as statements of
                           the Company. The Warrant Agent assumes no
                           responsibility for the correctness of any of the same
                           except such as describes the Warrant Agent or for
                           action taken or to be taken by the Warrant Agent.

                  (b)      The Warrant Agent shall not be responsible for any
                           failure of the Company to comply with any of the
                           Company's covenants contained in this Agreement or in
                           the Warrant Certificates.

                  (c)      The Warrant Agent may consult at any time with
                           counsel satisfactory to it (who may be counsel for
                           the Company) and the Warrant Agent shall incur no
                           liability or responsibility to the Company or to any
                           Warrant Holder in respect of any action taken,
                           suffered or omitted by it hereunder in good faith and
                           in accordance with the opinion or the advice of such
                           counsel, provided the Warrant Agent shall have
                           exercised reasonable care in the selection and
                           continued employment of such counsel.

                  (d)      The Warrant Agent shall incur no liability or
                           responsibility to the Company or to any Warrant
                           Holder for any action taken in reliance upon any
                           notice, resolution, waiver, consent, order,
                           certificate or other paper, document or instrument
                           believed by it to be genuine and to have been signed,
                           sent or presented by the proper party or parties.

                  (e)      The Company agrees to pay to the Warrant Agent
                           reasonable compensation for all services rendered by
                           the Warrant Agent in the execution of this Agreement,
                           to reimburse the Warrant Agent for all expenses,
                           taxes and governmental charges and all other charges
                           of any kind or nature incurred by the Warrant Agent
                           in the execution of this Agreement and to indemnify
                           the Warrant Agent and save it harmless against any
                           and all

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                           liabilities, including judgments, costs and counsel
                           fees, for this Agreement except as a result of the
                           Warrant Agent's negligence or bad faith.

                  (f)      The Warrant Agent shall be under no obligation to
                           institute any action, suit or legal proceeding or to
                           take any other action likely to involve expense
                           unless the Company or one or more Warrant Holders
                           shall furnish the Warrant Agent with reasonable
                           security and indemnity for any costs and expenses
                           which may be incurred in connection with such action,
                           suit or legal proceeding, but this provision shall
                           not affect the power of the Warrant Agent to take
                           such action as the Warrant Agent may consider proper,
                           whether with or without any such security or
                           indemnity. All rights of action under this Agreement
                           or under any of the Warrants may be enforced by the
                           Warrant Agent without the possession of any of the
                           Warrant Certificates or the production thereof at any
                           trial or other proceeding relative thereto, and any
                           such action, suit or proceeding instituted by the
                           Warrant Agent shall be brought in its name as Warrant
                           Agent, and any recovery of judgment shall be for the
                           ratable benefit of the Warrant Holders as their
                           respective rights or interest may appear.

                  (g)      The Warrant Agent and any shareholder, director,
                           officer or employee of the Warrant Agent may buy,
                           sell or deal in any of the Warrants or other
                           securities of the Company or become pecuniary
                           interested in any transaction in which the Company
                           may be interested, or contract with or lend money to
                           the Company or otherwise act as fully and freely as
                           though it were not Warrant Agent under this
                           Agreement. Nothing herein shall preclude the Warrant
                           Agent from acting in any other capacity for the
                           Company or for any other legal entity.

         16.      Successor Warrant Agent. Any corporation into which the
                  Warrant Agent may be merged or converted or with which it may
                  be consolidated, or any corporation resulting from any merger,
                  conversion or consolidation to which the Warrant Agent shall
                  be a party, or any corporation succeeding to the corporate
                  trust business of the Warrant Agent, shall be the successor to
                  the Warrant Agent hereunder without the execution or filing of
                  any paper or any further act of a party or the parties hereto.
                  In any such event or if the name of the Warrant Agent is
                  changed, the Warrant Agent or such successor may adopt the
                  countersignature of the original Warrant Agent and may
                  countersign such Warrant Certificates either in the name of
                  the predecessor Warrant Agent or in the name of the successor
                  Warrant Agent.

         17.      Change of Warrant Agent. The Warrant Agent may resign or be
                  discharged by the Company from its duties under this Agreement
                  by the Warrant Agent or the Company, as the case may be,
                  giving notice in writing to the other, and by giving a date
                  when such resignation or discharge shall take effect, which
                  notice shall be sent at least 60 days prior to the date so
                  specified. If the Warrant Agent shall resign, be discharged or
                  shall otherwise become incapable of acting, the Company shall
                  appoint a successor to the Warrant Agent. If the Company shall
                  fail to make such appointment within a period of 60 days after
                  it has been notified in writing of such resignation or
                  incapacity by the resigning or incapacitated Warrant Agent or
                  by any Warrant Holder or after discharging the Warrant Agent,
                  then any Warrant Holder may apply to a Court of competent
                  jurisdiction, for the appointment of a successor to the
                  Warrant Agent. Pending appointment of a successor to the
                  Warrant Agent, either by the Company or such Court, the
                  Company shall carry out the duties of the Warrant Agent. After
                  appointment, the successor Warrant Agent shall be vested with
                  the same powers, rights, duties and responsibilities as if it
                  had been originally named as Warrant Agent without further act
                  or deed and the former Warrant Agent shall deliver and
                  transfer to the successor Warrant Agent any property at the
                  time held by it thereunder, and

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                  execute and deliver any further assurance, conveyance, act or
                  deed necessary for effecting the delivery or transfer. Failure
                  to give any notice provided for in the section, however, or
                  any defect therein, shall not affect the legality or validity
                  of the resignation or removal of the Warrant or the
                  appointment of the successor Warrant Agent, as the case may
                  be.

         18.      Notices. Any notice or demand authorized by this Agreement to
                  be given or made by the Warrant Agent or by any Warrant Holder
                  to or on the Company shall be sufficiently given or made if
                  sent by mail, first class, certified or registered, postage
                  prepaid, addressed (until another address is filed in writing
                  by the Company with the Warrant Agent), as follows:

                  Any notice or demand authorized by this Agreement to be given
                  or made by any Warrant Holder or by the Company to or on the
                  Warrant Agent shall be sufficiently given or made if sent by
                  mail, first class, certified or registered, postage prepaid,
                  addressed (until another address is filed in writing by the
                  Warrant Agent with the Company), as follows:

                           Computershare Trust Company, Inc.
                           350 Indiana Street, Suite 800
                           Golden, Colorado 80401

                  Any distribution, notice or demand required or authorized by
                  this Agreement to be given or made by the Company or the
                  Warrant Agent to or on the Warrant Holders shall be
                  sufficiently given or made if sent by mail, first class,
                  certified or registered, postage prepaid, addressed to the
                  Warrant Holders at their last known addresses as they shall
                  appear on the registration books for the Warrant Certificates
                  maintained by the Warrant Agent.

         19.      Supplements and Amendments. The Company and the Warrant Agent
                  may from time to time supplement or amend this Agreement
                  without the approval of any Warrant Holders in order to cure
                  any ambiguity or to correct or supplement any provisions
                  herein, or to make any other provisions in regard to matters
                  or questions arising hereunder which the Company and the
                  Warrant Agent may deem necessary or desirable.

         20.      Successors. All the covenants and provisions of this Agreement
                  by or for the benefit of the Company or the Warrant Agent
                  shall bind and inure to the benefit of their respective
                  successors and assigns hereunder.

         21.      Termination. This Agreement shall terminate at the close of
                  business on the Expiration Date or such earlier date upon
                  which all Warrants have been exercised; provided, however,
                  that if exercise of the Warrants is suspended pursuant to
                  Section 10 and such suspension continues past the Expiration
                  Date, this Agreement shall terminate at the close of business
                  on the business day immediately following the expiration of
                  such suspension. The provisions of Section 15 shall survive
                  such termination.

         22.      Governing Law. This Agreement and each Warrant Certificate
                  issued hereunder shall be deemed to be a contract made under
                  the laws of the State of Colorado and for all purposes shall
                  be construed in accordance with the laws of said State.

         23.      Benefits of this Agreement. Nothing in this Agreement shall be
                  construed to give any person or corporation other than the
                  Company, the Warrant Agent and the Warrant Holders any legal
                  or equitable right, remedy or claim under this Agreement; but
                  this Agreement shall be for the sole and

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                  exclusive benefit of the Company, the Warrant Agent and the
                  Warrant Holders.

         24.      Counterparts. This Agreement may be executed in any number of
                  counterparts, each of such counterparts shall for all purposes
                  be deemed to be an original and all such counterparts shall
                  together constitute but one and the same instrument.

         Date: 10 August 2005

                                        Gryphon Gold Corporation
                                        a Nevada corporation

                                        By:
SEAL
                                        Name: Tony Ker
ATTEST:                                 Title: Executive VP, Treasurer, Director

------------------------
Secretary

                                        Computershare Trust Company, Inc.
                                        a Colorado corporation

                                        By:
                                             -----------------------------------
                                             Vice President

SEAL                                    Computershare Trust Company, Inc.
                                        a Colorado corporation
ATTEST:
                                        By:
                                             -----------------------------------

------------------------
Secretary

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                                                            [COMPUTERSHARE LOGO]

                                   SCHEDULE A
                            GRYPHON GOLD CORPORATION
                                WARRANT SCHEDULE

<Table>
<Caption>
----------------------------------------------------------------------------------------------------
                         Warrants     Price of Warrant     Issue Date            Expiry Date
----------------------------------------------------------------------------------------------------
<S>                      <C>              <C>              <C>                   <C>
Shareholder Warrants     389,250          $US 0.90         26 January 2005       26 January 2007 or*
----------------------------------------------------------------------------------------------------
                         705,039          $US 0.90         26 January 2005       26 January 2007 or*
----------------------------------------------------------------------------------------------------
                         2,313,693        $US 0.90         1 April 2005          1 April 2007 or*
----------------------------------------------------------------------------------------------------
                         650,000          $US 0.90         1 April 2005          1 April 2007 or*
----------------------------------------------------------------------------------------------------
                         2,110,557        $US 0.90         25 April 2005         25 April 2005 or*
----------------------------------------------------------------------------------------------------
                         254, 627         $US 0.90         22 June 2005          22 June 2005 or*
----------------------------------------------------------------------------------------------------
Broker Warrants          141,008          $US 0.65         26 January 2005       26 January 2008
----------------------------------------------------------------------------------------------------
                         130,000          $US 0.65         1 April 2005          1 April 2007
----------------------------------------------------------------------------------------------------
</Table>

* All these warrants will expire on the date which is the earlier of (i) the
first business day which is 24 months following the Closing Date and (ii) the
first business day which is 9 months following the date on which the Common
Shares have been listed and posted for trading on the TSX Venture Exchange or
such other public stock exchange as may determined by the Corporation with the
consent of the Agents, acting reasonably.

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]