Issue of Equity

Griffin Mining Ld
23 December 2005


                                23 DECEMBER 2005

                              EXERCISE OF WARRANTS


Griffin Mining Limited ('Griffin' or the 'Company') has been notified that C3
Consultants has exercised warrants over 500,000 new ordinary shares in Griffin
at an exercise price of 40 pence per share to raise £200,000 for the Company.
Theses warrants were granted to C3 Consultants in July 2004 in consideration for
Investor Relations services.

Application has today been made for the new ordinary shares issued on the
exercise of the aforementioned warrants to be admitted to trading on AIM, which
is expected to occur on 3 January 2006. Following the issue of these new
ordinary shares there will be 183,527,731 Griffin ordinary shares in issue.


Further information

Mladen Ninkov - Chairman                          Telephone: [phone]
Roger Goodwin - Finance Director
Griffin Mining Limited

Andrew Smith/Martin Eales                         Telephone:[phone]
Collins Stewart Limited

Hugo de Salis                                     Telephone: [phone]
St Brides Media & Finance Ltd


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