Kolar Goldfields

Griffin Mining Ld
14 July 2003

                             GRIFFIN MINING LIMITED



               1 Berkeley Street, London, W1J 8DJ, United Kingdom
       Telephone: + 44 (0)20 7016 8821  Facsimile:  + 44 (0)20 7016 9124
                       E mail: [e-mail]


                                 14th July 2003

                              KOLAR GOLDFIELDS



Griffin Mining Limited ('Griffin' or the 'Company') is pleased to announce that
it has entered into a memorandum of understanding whereby Indian Minerals
Corporation plc ('IMC'), is intending to seek admission of its shares to trading
on the Alternative Investment Market of the London Stock Exchange ('AIM')
through an entitlement issue offered solely to Griffin shareholders. This will
be subject to inter alia: IMC shareholder approvals; the completion of a private
equity placement in IMC; pre admission clearance and approvals; and indications
of support for an institutional equity placing following admission to trading on
AIM.



IMC, through a wholly owned subsidiary, has been selected as the preferred
purchaser to finalise negotiations and secure the rights to acquire the company,
currently owned by the Government of India, which holds the extensive mining
leases over the Kolar gold fields in Southern India.



The Kolar gold fields are one of the world's largest gold fields.  Over the last
100 years, some 25 million ounces of gold have been produced at an average grade
of 15.9 grammes per tonne with early annual yields reaching over 40 grammes per
tonne.  Independent experts to IMC have estimated that a further 30 million
ounces of gold remain in the accessible near surface zone of this large system.
The resource estimates include some 37.5 million tonnes of tailings at an
average grade of 0.8 grammes per tonne.



Commenting on this development, Griffin's Chairman Mladen Ninkov said:



'The management of Griffin have been, and remain, committed to offering the most
exciting opportunities to its shareholders.  There can be but few better
opportunities in the mining world today than having the exclusive right to
participate in the world famous Kolar gold fields.  We are delighted to be able
to offer this opportunity to Griffin's shareholders and will be announcing
specific details in due course'





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


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