Issue of Options

Griffin Mining Ld
10 March 2004


10th March 2004



               NEW ISSUE OF OPTIONS TO KEY EMPLOYEES & DIRECTORS

Griffin Mining Limited ('Griffin' or the 'Company') announces that it has today
agreed to grant options over 15,000,000 new ordinary shares to key employees and
the directors of the Company (the 'Options').  Each Option will entitle the
holder to subscribe for new ordinary shares in Griffin at 27.5 pence per share
(being the offer price of Griffin ordinary shares at the close of business on 9
March 2004) on or before 28 February 2007.  The grant of the Options follows the
successful placing of 35 million shares at 25 pence per share, to raise £8.75
million, on 24 February 2004.  Upon exercise, the resulting new ordinary shares
will represent approximately 7.8 per cent of the Company's enlarged issued share
capital.

These options have been allocated as follows:

                                                                    New options           Total number of
                                                                                     options to subscribe
                                                                                     for one new ordinary
                                                                                           share now held
                                                                                          following grant
Directors:
Mladen Ninkov (Chairman)                                              9,500,000                 9,500,000
Roger Goodwin (Finance Director)                                      2,500,000                 2,500,000
Dal Brynelsen (Director)                                              1,000,000                 1,000,000
William Mulligan (Director)                                           1,000,000                 1,000,000

Management:
Jeff Sun (General Manager China)                                        300,000                   300,000
Rupert Crowe (Project Manager)                                          400,000                   400,000
Warren Woodhouse (Geologist)                                             50,000                    50,000

Total                                                                14,750,000                14,750,000


The remaining 250,000 are to be held and allocated on the appointment of
additional key staff.




Further information

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

Russell Cook                                     Telephone: [phone]
Charles Stanley & Co. Limited


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