Issue of Equity

Griffin Mining Ld
09 October 2003

                             GRIFFIN MINING LIMITED

                              EXERCISE OF WARRANTS



Griffin Mining Limited ('Griffin' or 'the Company') today announces that it has
raised a total of £828,458 (US$1.375m) from the exercise of the Warrants issued
as part of the placing arrangements announced on 1st August 2003.



A total of 5,905,772 Warrants have been exercised by Warrant holders raising
£709,000 (US$1,177,000) for Griffin. The balance of 998,044 unexercised Warrants
have been exercised with the resulting 998,044 ordinary shares placed with
Trellus Partners LP at 12 pence per share to raise a further £120,000
(US$198,000) for Griffin. Following this issue Trellus Partners will have an
interest in 22,156,895 ordinary shares representing 16.3% of the issued share
capital of the Company.



Subject to admission to trading on AIM, a further 5,495,511 new ordinary shares
have been allotted to warrant holders on the exercise of Warrants (in addition
to 410,261 already allotted and admitted to trading on AIM on 10th September
2003) and 998,044 new ordinary shares have been allotted to Trellus Partners LP.
Application for the admission of the 6,493,555 new ordinary shares to AIM will
be made, with dealings expected to commence on 15th October 2003.



C3 Consultants have exercised warrants granted to them in September 2002, in
respect of investor relation services over 750,000 new ordinary shares at an
exercise price of 5 pence per new ordinary share and over 500,000 new ordinary
shares at an exercise price of 10 pence per new ordinary share to raise a
further £87,500 (US$145,000) for Griffin. Subject to admission to trading on
AIM, 1,250,000 new ordinary shares have been allotted to C3 Consultants.
Application for the admission of the 1,250,000 new ordinary shares to AIM will
be made, with dealings expected to commence on 15th October 2003.



Following the aforementioned warrant exercises there will be 135,227,731
ordinary shares in Griffin in issue.



Mr Roger Goodwin (Finance Director) has exercised his full entitlement to shares
under the Warrant issue of 2,000 shares. Following the exercise of Warrants,
Roger Goodwin's interests in the share capital of the Company will be as
follows:


Name                        Warrants     Resultant total of        Percentage*
                            Exercised    Ordinary Shares

Roger Goodwin                 2,000            311,163               0.23%



* Based on 135,227,731 issued ordinary shares in issue





The funds raised together with existing resources has enabled Griffin to
commence construction of a zinc-gold mine at its Caijiaying project in China.
The Company is currently in the process of evaluating financing proposals to
complete construction. The funds recently raised will also be used by Griffin to
fund further exploration at Caijiaying and for general working capital purposes.



9 October 2003



Further information



Mladen Ninkov - Chairman              Telephone: [phone]


                                     
Roger Goodwin - Finance Director      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


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