Exercise of Warrants

Griffin Mining Ld
12 June 2001

                            GRIFFIN MINING LIMITED


                            FOR IMMEDIATE RELEASE

                               12th June 2001.


                             EXERCISE OF WARRANTS


Griffin Mining Limited ('Griffin') today announces that it has raised a total
of $1m from the exercise of the warrants issued as part of placing
arrangements announced on 22nd March 2001. Under the placing Griffin has
already raised $2.1million, before expenses, by way of a placing of new
ordinary shares with institutional and other clients of Griffin's broker,
Charles Stanley & Company Limited.


As part of these arrangements existing shareholders were issued with
20,501,775 warrants exercisable at 3.5 pence per share on or before 15th May
2001. A total of 11,882,130 warrants have been exercised by warrant holders
raising £416,000 ($580,000) for Griffin. The balance of 8,619,645 warrants
have been exercised in accordance with the terms of the warrants with the
resulting 8,619,645 ordinary shares placed by Charles Stanley & Company
Limited to raise a further £302,000 ($420,000) for Griffin.



Subject to admission to AIM, a further 9,981,377 new ordinary shares were
allotted yesterday to warrant holders, in addition to 1,900,753 already
allotted, who have exercised their entitlement to subscribe for shares in
Griffin, and the 8,619,645 new ordinary shares placed by Charles Stanley &
Company Limited have been allotted to the placees. Application for the
admission of the 18,601,023 new ordinary shares to AIM has been made, with
dealings expected to commence in respect of 9,981,377 new ordinary shares on
18th June 2001, and 8,619,645 new ordinary shares on 25th June 2001.



The warrant holders entitled to the 8,619,645 warrants exercised and placed on
their behalf will be sent the excess proceeds, being the net amount realised
after the costs of exercise and sale by cheque to their registered address
where such proceeds exceed £5.



Following this exercise of warrants and placing there are now 103,257,248
ordinary shares in Griffin in issue.



Griffin has raised a total of $3m, net of expenses, from the placing and on
exercise of the Warrants which will be used by Griffin to complete the
remaining matters required under the Chinese Mining Law of 1998 to convert
Griffin's exploration licence over the Caijiaying zinc gold project into a
mining licence. This also provides equity finance to enable Griffin, subject
to the necessary additional project finance being available, to proceed with
the construction of the mine and processing facilities at Caijiaying for the
commissioning of the Caijiaying mine.



Further information

Roger Goodwin - President                     Telephone: [phone]

Charles Dampney - Charles Stanley             Telephone: [phone]


   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