New Issue of Options

Griffin Mining Ld
16 March 2006



                             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]


                                16th March 2006


               NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS


Following the appointment of a new project manager for Griffin Mining Limited's
('Griffin' or the 'Company') operations in China, and in order to retain key
personnel in the current buoyant mining market, Griffin has today agreed to
grant further options over 5,475,000 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 the Company at an exercise price
of 65 pence per new ordinary share on or before 28th February 2009. The Options
will vest with each option holder in 3 separate and equal instalments as
follows:


I.      The first third of each holder's options will vest immediately;



II.     The second third of each holder's options will vest on 30th June 2006; 
        and



III.    The last third of each holder's options will vest on 31st December 
        2006.



The Options will not vest if an employee or a director resigns or leaves the
Company 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 7.5 per cent. of the Company's enlarged
issued share capital or on exercise of these options immediately vesting and
existing options currently vested the resulting new ordinary shares will
represent approximately 4.25 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      New Options     Total number of      Total number of
                                        now granted      now vesting         Options now          Options now
                                                                                    held              vesting

Directors:

Mladen Ninkov (Chairman)                  2,000,000          666,667           8,000,000            4,666,667
Roger Goodwin (Finance Director)            575,000          191,667           2,275,000            1,325,000
Dal Brynelsen  (Director)                   200,000           66,667             800,000              466,667
William Mulligan  (Director)                200,000           66,667             800,000              466,667
Management:
Jeff Sun (General Manager China)            150,000           50,000             400,000              216,667
Dominic Claridge (Project Manager)        1,000,000          333,333           1,000,000              333,333
Ruilin Ji  (Finance Manager China)          100,000           33,333             100,000               33,333
Rupert Crowe (Chief Geologist)            1,200,000          400,000           1,500,000              600,000
Jin Schengchang                              50,000           16,666              50,000               16,666
(Chief Financial Officer China)
Total                                     5,475,000        1,825,000          14,925,000            8,125,000



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]


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