Interim Results

Griffin Mining Ld
27 October 2000


INTERIM STATEMENT 
OF RESULTS FOR THE 6 MONTHS ENDED 30th JUNE 2000

Griffin Mining Limited ('Griffin') has today published its results for the 6
months ended 30th June 2000, a copy of which is attached. 

During the six months to 30th June 2000 Griffin recorded a loss of $244,000
(loss $491,000 in the 6 months ended 30th June 1999). Shareholders' funds
increased to $6,090,000 from $5,503,000 at 31st December 1999 due to an
increase in the value of the Company's investment portfolio.

Craig Niven, Chairman, commented on the activities of Griffin so far this year
as follows:

'During the first six months of the year the underground development programme
at Caijiaying was completed. As I described in my Chairman's statement which
accompanied the 1999 Annual Report and accounts, on the basis of the results
of the work programme the Board took the decision to investigate the
possibility of commencing zinc and gold production at Caijiaying. The Board
believes that the production economics of an underground mining plan are
robust and is currently investigating a number of alternative ways in which
the Caijiaying project can be financed into production.

On 5th June 2000,as previously reported, Griffin's Chinese joint venture
company was awarded an exploration licence covering 102.2 sq. km of highly
prospective ground surrounding the existing exploration licence are at
Caijiaying. Work is currently underway on the design of an initial exploration
programme on this new area which will begin to add to the existing knowledge
base that exists from work previously undertaken by the Chinese authorities.

During the first half of the year Griffin was also actively involved in the
promotion of Griff-Tech.com plc and its subsequent take-over of Future
Internet Technologies Limited and its renaming as Future Internet Technologies
plc.  Notwithstanding that current market conditions for technology investment
are less favourable than earlier in the year, the Board believes that there
are still opportunities to create value in this sector.  There are a number of
initiatives underway which would involve similar structures to those utilised
in the Griff-Tech and FIT transactions.' 

Further information

Craig Niven (Chairman)                                                     
Telephone: + 44 (0)20 7663 9855

Charles Dampney - Charles Stanley                                           
Telephone; + 44 (0)20 7739 8200

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM) and traded on the
Canadian Dealing Network in Toronto (symbol GRFM). 

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

 
Consolidated Profit and Loss Account
(Expressed in thousands US Dollars)
                                        6 months to   6 months to      Year to
                                         30/06/2000    30/06/1999   31/12/1999
                                          Unaudited     Unaudited      Audited
                                               $000          $000         $000
Income                                   
(Losses) on the disposal of investments           -          (141)       (179)
Other income                                     22             -           -
                                                 22          (141)       (179)
                                   
Net operating expenses                         (299)         (325)       (774)
Provisions in respect of continuing operations    -           (21)        (74)
Profits on disposal of discontinued operations   67             -           -

Operating (Loss)                               (210)         (487)     (1,027)
                                   
Foreign exchange (losses) / gains               (61)           (8)          4
Interest receivable                              27             4          17

(Loss) before taxation                         (244)         (491)     (1,006)
                                   
Taxation on ordinary activities                   -             -           -

(Loss) for the financial period                (244)         (491)     (1,006)
                                   
(Loss) per share (cents)                       (0.6)         (2.3)      (10.0)
                                   
                                   

 
Consolidated Balance Sheet
(Expressed in thousands US Dollars)
                                   
                                           30/6/2000    30/6/1999   31/12/1999
                                           Unaudited    Unaudited      Audited
                                                $000         $000         $000
Fixed Assets                                   
Intangible assets                              4,405        4,654        5,122
Tangible assets                                    6          261          259
                                               4,411        4,915        5,381
                                   
Current Assets                                   
Portfolio investments                            750           90           82
Accounts receivable                              273           33           10
Prepaid expenses                                  25           43            3
Cash and deposits                                846          457        1,501
                                               1,894          623        1,596

Creditors: Amounts falling due within one year                               
Creditors and accruals                          (215)        (461)       (519)

Net current assets                             1,679          162       1,077
                                   
Negative goodwill                                  -         (288)       (288)

Total net assets                               6,090        4,789       6,170
                                   
Capital and reserves                                   
Share capital                                  4,100        2,266       3,895
Share premium                                 13,150       12,855      13,084
Investment revaluation reserve                  (210)        (806)       (764)
Foreign exchange reserve                         163          270         266
Profit & loss (Deficit)                      (11,113)     (10,463)    (10,978)

Equity shareholders funds                      6,090        4,122       5,503
                                   
Equity minority interests                          -          667         667

Equity interests                               6,090        4,789       6,170

Attributable net assets per share (cents)         15           18          14
                                   
Number of shares in issue                 41,003,551   21,208,154  38,946,501

 
Consolidated Cash Flow
(Expressed in thousands US Dollars)

                                        6 months to   6 months to      Year to
                                         30/06/2000    30/06/1999   31/12/1999
                                          Unaudited     Unaudited      Audited
                                               $000          $000         $000
Net cash (outflow) from operating 
activities                                     (472)          (66)       (381)
                                   
Investing activities                                   

Payments to acquire intangible fixed assets    (341)         (320)       (819)
Payments to acquire investments                (114)            -           -

Net cash (outflow) from investing activities   (455)         (320)       (819)

Net cash (outflow) before financing            (927)         (386)     (1,200)
                                   
Financing                                   
Issue of ordinary share capital                 285           500       2,774

Expenses paid in connection with share issue    (13)          (65)       (481)
                                                
                                                272           435       2,293
(Decrease) / Increase in cash and 
cash equivalents                               (655)           49       1,093


Reconciliation of operating (loss) to 
net cash (outflow) from operating activities

Operating loss                                 (210)         (487)     (1,027)
Interest received                                27             4          17
Depreciation                                      3             2           4
Losses on sale of investments                     -           141         179
Receipts on the sale of investments               -            38          51
Provisions in respect of continuing operations    -            21          74
Profits on the sale of discontinued operations  (67)            -           -
Receipts on the sale of discontinued operations  87             -           -
(Increase) / decrease in debtors                (35)          (51)         12
(Decrease) / Increase in creditors             (218)          257         287
Other non-cash income, including 
exchange differences                            (59)            9          22

Net cash (outflow) from operating activities   (472)          (66)       (381)


 
Statement of Total Recognised Gains & Losses
(Expressed in thousands US Dollars)
                            
                                        6 months to   6 months to      Year to
                                         30/06/2000    30/06/1999   31/12/1999
                                          Unaudited     Unaudited      Audited
                                               $000          $000         $000
(Loss) for the period                          (244)         (491)     (1,006)
Unrealised gains on investments                 554           105         147
Currency translation differences in 
foreign currency net investments                  5            27          23

Total gains and losses 
recognised in the period                        315          (359)       (836)

Notes:

1. This statement has been prepared using accounting policies and presentation
consistent with those applied in the preparation of the statutory accounts of
the Company.

2. Copies of this interim report are being sent to all registered
shareholders.  Additional copies are available from the Company's London
office, 4th Floor, the Linen Hall, 162-168 Regent Street, London W1R 5TB.

3. Losses per share have been calculated on the basis of the net loss after
taxation of $244,000 and the weighted average number of shares in issue in the
period ended 30 June 2000 of 40,660,000. There is no dilutive effect of
outstanding share purchase options to purchase 2,475,000 shares at $0.24
because the exercise prices of the share purchase options were greater than
the weighted average market price of the Company's ordinary shares in the
period.

4. Debtors at 30th June 2000 include $250,000 receivable from Aurex AB on the
sale of the Company's gold exploration and development interests in Burkina
Faso. This consideration is payable when cumulative gold production on the
licence areas reaches 5,000 ozs. 

5. The summary accounts set out above do not constitute statutory accounts as
defined by Section 84 of the Bermuda Companies Act 1981 or Section 240 of the
UK Companies Act 1985.  The summarised balance sheet at 31 December 1999 and
the summarised profit and loss account, summarised cash flow statement and
summarised statement of total recognised gains and losses for the year then
ended have been extracted from the Group's 1999 statutory financial statements
upon which the auditors' opinion is unqualified. 

6.  Reconciliation of shareholders' funds.
   

                                        6 months to   6 months to      Year to
                                         30/06/2000    30/06/1999   31/12/1999
                                          Unaudited     Unaudited      Audited
                                               $000          $000         $000

Total gains and (losses) recognised 
in the period                                   315          (359)       (836)
Issue of Ordinary Shares in the period          272           435       2,293

Net additions to shareholders' funds            587            76       1,457
Opening shareholders' funds                   5,503         4,046       4,046

Closing shareholders' funds                   6,090         4,122       5,503