Issue of Equity

Griffin Mining Ld
11 July 2007

                              GRIFFIN MINING LIMITED

             60 St James's Street, London SW1A 1LE, United Kingdom

       Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

                       E mail: [e-mail]



                                 11th July 2007



             GRIFFIN RAISES £75 MILION THROUGH PLACEMENT TO CITADEL



Griffin Mining Limited ('Griffin' or the 'Company') and entities affiliated with
Citadel Investment Group, L.L.C. ('Citadel') have agreed terms for a placement
of 68,181,818 million shares at £1.10 per share for total proceeds of £75
million.  This will take Citadel's shareholding in the Company to 77,181,818
shares representing 29.51% of the enlarged share capital of the Company.  Post
completion of the placement, the Company will have 261,509,549 ordinary shares
on issue. Admission of the shares to trading on AIM is expected by the end of
July following execution of a subscription agreement.



This will bring total cash balances in the Company to over $200 million with no
debt.  The proceeds of the placement will be used for acquisitions and
furthering the Company's stated corporate objectives.



Citadel has agreed for a 3 year period:



1.                  not to acquire additional shares in the Company in an amount
that exceeds 5% of the outstanding shares of the Company in any 6 month period;



2.                  to grant the Company a right of first offer on any disposal
by Citadel's shares and the right to match any offer by a third party for any
such shares.  In the event that Citadel offers any shares to the Company, the
Company will have three months to identify a buyer for such shares; and



3.                  that it will not make a takeover bid for the Company without
the support of the Chairman unless a third party first makes a takeover bid for
the Company.


The Company and Citadel also expect to cooperate as the Company seeks future
growth and expansion opportunities, including, with respect to potential
investments in China.



The parties have agreed that the Company should implement an appropriate
management incentive programme after the subscription.  In furtherance of this,
the Board has resolved to issue a further 23.75 million options over the
enlarged share capital of the Company, exercisable at the subscription price,
the terms of which will be finalised with the finalisation of the Subscription
Agreement between the Company and Citadel.



Chairman Mladen Ninkov commented, 'This is a milestone for the Company.  It
signifies the Company's status in the international investment community, it
recognises the Company's pre-eminent position in China and it provides the
financial means to undertake and complete almost any mining transaction the
Company can reasonably foresee.  We could not be more pleased.'





About Citadel Investment Group, L.L.C.



Citadel is one of the world's leading financial institutions focused on
alternative asset management strategies. The Citadel group of companies employ
over 1,000 professionals at headquarters in Chicago and across its offices
around the world, including New York, San Francisco, London, Hong Kong and
Tokyo.





Further information


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

Adrian Hadden / Christopher Rollason          Telephone: [phone]
Collins Stewart Europe 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