Interim Results

Griffin Mining Ld
07 September 2004

                             GRIFFIN MINING LIMITED

                              7th September  2004

               INTERIM STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2004



Griffin Mining Limited ('Griffin'or the 'Company') has today published its
interim results for the 6 months ended 30th June 2004.



The Company achieved a profit for the 6 months ended 30th June 2004 of $138,000
compared with a loss of $247,000 in the same period in 2003.



Exchange gains on foreign currency deposits of $408,000 (2003 $13,000) were
recorded in the 6 months to 30th June 2004 and interest of $283,000 (2003
$19,000) was received.



Operating costs in the 6 months to 30th June 2004 increased to $553,000 (2003
$280,000) as a result of increased activity with the development of the
Caijiaying zinc gold mine in China.



Shareholder funds increased from $13,365,000 at 31 December 2003 to $29,022,000
at 30th June 2004, with the benefit of the profit for the period, a placing of
35,000,000 new ordinary shares and options over 6,600,000 new ordinary shares
being exercised, to raise a total of $16,255,000 before expenses. Following
completion of this capital raising which fully funds construction of a mine at
Caijiaying to produce 200,000 tonnes of ore per annum, exploration and
development costs incurred to date of $9,533,000 have been reclassified as
tangible fixed assets.



Mladen Ninkov, Chairman, commented as follows:



'I am delighted by the financial results achieved.  The Company continues to
out-perform financially even in light of the expenditure being undertaken during
this major construction phase at the Caijiaying mine site.  We continue to have
all our expectations and projections fulfilled with the expected commissioning
of Caijiaying on time and on budget in early 2005'





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




                              GRIFFIN MINING LIMITED

                 CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT
                       (expressed in thousands US dollars)


                                                               6 months to      6 months to      Year to 31/
                                                                30/06/2004       30/06/2003         12/2003
                                                                 Unaudited        Unaudited         Audited
                                                                      $000             $000            $000
                Turnover                                                -                -                -
                Cost of sales                                           -                -                -
                Gross profit                                            -                -                -
                Net operating expenses                               (553)            (279)            (586)

                Operating (Loss)                                     (553)            (279)            (586)

                Foreign exchange profits                              408               13              476
                Interest receivable and similar income                283               19               90


                Profit / (Loss) on ordinary activities
                before taxation                                       138             (247)             (20)

                Taxation on profit / (loss) on ordinary                 -                -                -
                activities

                Profit / (Loss) for the financial period              138             (247)             (20)
                                                                                
                Earnings / (Loss) per share (cents)                   0.1             (0.2)            (0.2)




                               GRIFFIN MINING LIMITED

                         CONSOLIDATED SUMMARISED BALANCE SHEET
                          (expressed in thousands US dollars)



                                                           30/6/2004          30/6/2003           31/12/2003
                                                           Unaudited          Unaudited              Audited
                                                                $000               $000                 $000
Fixed Assets
Intangible assets - exploration interests                         37              5,903                6,285
Tangible assets - mining properties                            9,533                  -                  171
Tangible assets - other                                           15                  2                    3
                                                               9,585              5,905                6,459

Current Assets
Portfolio investments                                             38                 28                   62
Accounts receivable                                               42                  2                   33
Prepaid expenses                                                 169                 30                   66
Cash and deposits                                             19,908              1,178                6,831

                                                              20,157              1,238                6,992
Current liabilities
Creditors and accrued expenses                                 (720)              (141)                 (86)

Net current assets                                            19,437              1,097                6,906

Total net assets                                              29,022              7,002               13,365

Capital and reserves
Share capital                                                  1,768              1,036                1,352
Share premium                                                 36,472             15,537               21,385
Contributing surplus                                           3,690              3,690                3,690
Investment revaluation reserve                                 (836)              (846)                (811)
Foreign exchange reserve                                        (80)               (58)                (121)
Profit & loss account                                       (11,992)           (12,357)             (12,130)

Shareholders' equity interests                                29,022              7,002               13,365

Attributable net assets per share (cents)                         16                  7                   10

Number of shares in issue                                176,827,731        103,557,248          135,227,731




                                             GRIFFIN MINING LIMITED

                                   CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
                                       (expressed in thousands US dollars)


                                                     6 months to    6 months to     Year to 31/
                                                      30/06/2004     30/06/2003         12/2003
                                                       Unaudited      Unaudited         Audited
                                                            $000           $000            $000

            Net cash inflow / (outflow) from
            operating activities                             373          (236)           (227)

            Investing activities

            Interest received                                283             19              90
            Payments to acquire intangible fixed               -          (341)           (760)
            assets
            Payments to acquire tangible mining          (3,067)            (1)           (173)
            fixed assets
            Payments to acquire other tangible fixed        (15)              -               -
            assets
            Net cash (outflow) from investing            (2,799)          (323)           (843)
            activities

            Net cash (outflow) before financing          (2,426)          (559)         (1,070)

            Financing
            Issue of ordinary share capital               16,255              -           6,452
            Expenses paid in connection with share         (752)              -           (288)
            issue
                                                          15,503              -           6,164

            Increase / (decrease) in cash and cash        13,077          (559)           5,094
            equivalents


            Reconciliation of operating (loss) to
            net cash inflow / (outflow) from
            operating activities
            Operating loss                                 (553)          (279)           (586)
            Depreciation                                       2              1               1
            (Increase) in debtors and prepayments          (112)            (9)            (76)
            (Decrease) / increase in creditors               635             54             (1)
            Other non-cash income, including
            exchange differences                             401            (3)             435
                                                             373          (236)           (227)



                               GRIFFIN MINING LIMITED
                STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                       (expressed in thousands US dollars)


                                                         6 months to       6 months to           Year to
                                                          30/06/2004        30/06/2003        31/12/2003
                                                           Unaudited         Unaudited           Audited
                                                                $000              $000              $000

Profit / (Loss) for the period                                   138             (247)              (20)
Unrealised (losses) / gains on investments                      (25)               (1)                33
Currency translation differences in foreign currency
net investments                                                   41              (71)             (133)

Total gains / (losses) recognised in the period                  154             (319)             (120)

Losses and profits for the financial year are the same as those on an historical
cost basis.





                             GRIFFIN MINING LIMITED
                  NOTES TO THE INTERIM FINANCIAL STATEMENT




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,
60 St James's Street, London, SW1A 1LE.



3.       Earnings / (losses) per share have been calculated on the basis of the
net profit / (loss) after taxation of $138,000 and the weighted average number
of shares in issue in the period ended 30 June 2004 of 164,023,885. There is no
dilutive effect of outstanding share purchase options.



4.       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 2003 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 2003 statutory financial statements
upon which the auditors' opinion is unqualified.



5.  Reconciliation of shareholders' funds.
                                                  6 months to     6 months to 30/           Year to
                                                   30/06/2004             06/2003        31/12/2003
                                                    Unaudited           Unaudited           Audited
                                                         $000                $000              $000
Total gains / (losses) recognised in the period           154               (319)             (120)
Issue of Ordinary Shares in the period                 15,503                   -             6,164
Net additions to / (reduction in) shareholders'
funds
                                                       15,657               (319)             6,044
Opening shareholders' funds                            13,365               7,321             7,321
Closing shareholders' funds                            29,022               7,002            13,365




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