Amendment to Options

Griffin Mining Ld
24 March 2004


                             Griffin Mining Limited

                                24th March 2004


                                  AMENDMENT TO

               NEW ISSUE OF OPTIONS TO KEY EMPLOYEES & DIRECTORS


Griffin Mining Limited ('Griffin' or the 'Company') announces that, in
consultation with major institutional investors in the Company, it has today
agreed to amend the grant of options to key employees and directors of the
Company as announced on the 10th of March 2004.  The new option grant (the 
'Options') will be as follows:


1.  A total of 9,500,000 Options will be granted to key employees and
directors of the Company, representing 4.92% of the fully diluted capital of the
Company, rather than the 15 million options (which would have represented 7.55%
of the fully diluted capital of the Company) originally announced.



2.  Each Option will entitle the holder to subscribe for new ordinary
shares in Griffin at 30 pence per share on or before the 28th  February 2007
rather than the previous exercise price of 271/2 pence per share exercisable on
or before the 28th of February 2007.



3.  The Options will vest in each option holder in 3 separate and equal
instalments triggered by the following events:



    A.        The first third of each holder's Options will vest immediately;

    B.        The second third of each holder's Options will vest upon the
              commissioning of the plant at Caijiaying, China with an initial 
              throughput of 200,000 tonnes per annum; and


    C.        The last third of each holder's Options will vest upon the
              announcement of an upgrade in the throughput of the Caijiaying 
              plant from 200,000 tonnes per year to 500,000 tonnes per year.

The Options will not vest if an employee or a director resigns or leaves the
Company prior to the vesting event taking place.  All the Options will vest
immediately upon a takeover offer being made or a change in substantial control
of the Company taking place prior to the Options expiring.


The Options have been allocated as follows:


                                                                  New options       Total number of options
                                                                                   to subscribe for one new
                                                                                    ordinary share now held
                                                                                            following grant
                                                                          No.                           No.

Directors:

Mladen Ninkov (Chairman)                                            6,000,000                     6,000,000

Roger Goodwin (Finance Director)                                    1,700,000                     1,700,000

Dal Brynelsen (Director)                                              600,000                       600,000

William Mulligan (Director)                                           600,000                       600,000


Management:

Jeff Sun (General Manager - China)                                    250,000                       250,000

Rupert Crowe (Project Manager)                                        300,000                       300,000

Warren Woodhouse (Project Geologist)                                   50,000                        50,000


Total                                                               9,500,000                     9,500,000


Further information


Mladen Ninkov - Chairman                Telephone: [phone]

Roger Goodwin - Finance Director

Griffin Mining Limited



Philip Davies                           Telephone: [phone]

Charles Stanley & Company Limited




Griffin Mining Limited's shares are quoted on the Alternative Investment Market
(AIM) of the London Stock Exchange (symbol GFM).

      The Company's news releases are available on the Company's web site:
                             www.griffinmining.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange