NEW ISSUE OF OPTIONS

Griffin Mining Ld
15 February 2007



                               15th February 2007

               NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS


Griffin Mining Limited ('Griffin' or the 'Company') has agreed to grant further
options over 10,000,000 new ordinary shares to directors and key employees of
the Company (the 'Options'). Each Option will entitle the holder to subscribe
for new ordinary shares in the Company at an exercise price of 110 pence per new
ordinary share on or before 28th February 2010. The Options will vest with each
option holder in 3 separate and equal instalments amounting to 1.6% of the
enlarged share capital of the Company per annum as follows:


  I. The first third of each holder's options will vest on 31st December 2007;

 II. The second third of each holder's options will vest on 31st December 2008;  
     and

III. The last third of each holder's options will vest on 31st December 2009.

The Options will not vest if an employee or a director resigns or leaves the
Company for cause prior to the vesting event taking place.  All the Options will
vest immediately upon a takeover offer being made or a change in substantial
control of the Company taking place prior to the Options expiring.

Upon exercise of these and existing options granted, the resulting new ordinary
shares will represent approximately 7.41 per cent. of the Company's enlarged
issued share capital. Existing options currently vested represent approximately
2.75 per cent. of  the Company's enlarged share capital.


These Options have been allocated as follows:


                      
                              Number of Options to subscribe for one new ordinary share in the Company

                                              New Options now     Total number of      Total number of
                                                                      Options now       Options vested
                                                      Granted                held
Directors:
Mladen Ninkov (Chairman)                            6,000,000           8,000,000            2,000,000
Roger Goodwin (Finance Director)                    1,200,000           1,775,000              575,000
Dal Brynelsen  (Director)                             400,000             600,000              200,000
William Mulligan  (Director)                          400,000             600,000              200,000

Management:                        
Key personnel                                       2,000,000           4,500,000            2,500,000
Total                                              10,000,000          15,475,000            5,475,000



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




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