Piedmont Mining Signs Letter of Intent on Gold Discovery at Morgan Pass

RENO, Nev.--(Business Wire)--
Piedmont Mining Company, Inc. (OTC BB: PIED) today announced the
signing of a Letter of Intent with Nevada Eagle Resources LLC, a
wholly owned subsidiary of Gryphon Gold Corporation (TSX: GGN), to
enter into an 'exploration agreement with option to form joint
venture' on a gold discovery by Duval International in 1985 at Morgan
Pass, approximately 12 miles southwest of Wendover in Elko County,
Nevada. This property consists of 22 claims covering an area with
massive jasperoid outcrops and gold assays of up to 4.3 ppm (0.13
ounces per ton) of gold in surface samples. Duval drilled 24 shallow
holes on this property in 1985 and 1986. Gold mineralization assaying
more than 0.3 ppm (0.01 ounces per ton) of gold was found over sample
intervals of 20 to 330 feet in 17 of the drill holes. These holes were
located along a two-mile long zone trending northeast. They also
reported a 5-foot intercept assaying 8.1 ppm (0.236 ounces per ton) of
gold and a 45-foot intercept assaying 2.33 ppm (0.068 ounces per ton)
of gold.

In early May 2008, 14 rock chip samples were collected from
various jasperoid outcrops on the claim block. All of them have
returned anomalous gold assays, with over half of the assays showing
from 0.4 ppm (0.01 ounces per ton) of gold up to 4.3 ppm (0.13 ounces
per ton) of gold. This gold mineralization is hosted in brecciated
jasperoids replacing Paleozoic limestones. The geology and past work
on the property confirm Carlin-type mineralization and many
characteristics of the mineralization at the Pequop - Long Canyon gold
discoveries 28 miles to the northwest.

This property is currently located within a 'Wilderness Study
Area', but the Bureau of Land Management has recommended that the area
be released from wilderness study and placed instead into a 'Multiple
Use' category because of its proximity to an active U.S. Air Force
training area and a large operating limestone quarry and its mineral
potential.

A formal agreement will be entered into upon release of the
property into Multiple Use status. At that time Piedmont will then
undertake a work commitment of $750,000 over a five year period to
earn a 51% interest in the property and the project, or up to 70% upon
completion of a bankable feasibility study. In the meantime, this
property will have very low holding costs and the property payments
and holding costs will be creditable against the work commitment.

Piedmont is an exploration-stage company, exploring for gold and
silver in Nevada. It has entered into agreements with experienced and
respected exploration groups on 7 properties in Nevada. It
participates through funding exploration costs utilizing highly
skilled people only on an as needed basis thus minimizing G&A costs.
It can drop properties that don't meet expectations. The Company's
Common Stock is traded on the OTC Bulletin Board under the symbol:
PIED.

FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: Statements relating
to the company's business activities and other statements in this
press release are forward-looking statements within the meaning of the
Securities Litigation Reform Act of 1995. Such statements are based on
current expectations about the Company's business. Words such as
expects, anticipates, intends, plans, believes, estimates and similar
words and expressions are intended to identify such forward-looking
statements. These statements involve risks that are difficult to
evaluate. Actual results can vary from descriptions herein due to many
factors including changes in metal prices and business conditions;
changes in laws and regulations; problems encountered in exploration
and obtaining permits; changes in the competitive environment;
technological advances; shortages of skilled workers, drill rigs and
equipment; the need for additional capital and other risks listed in
the Company's Securities and Exchange Commission filings under "risk
factors" and elsewhere. Forward-looking statements speak only as of
the date they were made. The Company does not undertake any obligation
to update forward-looking statements.

Piedmont Mining Company, Inc.
Robert M. Shields, Jr., 212-734-9848
or
Investor Relations:
Maria Da Silva, 877-261-4466
www.piedmontmining.com

Copyright Business Wire 2008