Gryphon Gold Corp., a Nevada-focused gold explorer, completed its first production shipment of carbon loaded with gold and silver and said it expects to record its first revenue in four weeks, sending its shares up as much as 10 percent.

Gryphon, whose primary asset is the Borealis gold project in Western Nevada, shipped 4.05 wet tons of carbon loaded with gold and silver to Just Refiners Inc in Reno.

The shipment of gold and silver on carbon is expected to provide revenue to fund ongoing operations, immediate capital requirements and exploration, Chief Executive John Key said in a statement.

Shares of the Vancouver, British Columbia-based company rose 10 percent to 32 Canadian cents in early trade on Monday morning on the Toronto Stock Exchange.