Preliminary Results

Griffin Mining Ld
30 April 2008

                            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]



30th APRIL 2008

                              PRELIMINARY RESULTS

                              DIVIDEND DECLARATION



Griffin Mining Limited ('Griffin' or 'the Company') has today published its
preliminary results for the year ended 31 December 2007 and declared a dividend
of three cents per ordinary share.



Highlights:

  • Profit before tax of $26.8 million on a declining zinc price

  • Ore mined up 43% in 2007 to 430,891 tonnes compared to 301,168 tonnes in
    2006

  • Ore processed up 36% in 2007 to 409,193 tonnes compared to 301,101 tonnes
    in 2006

  • Precious metals circuit commissioned with production and sale of a second
    concentrate containing lead, silver and gold

  • Maiden resource for Zone II announced, located just 1.5 kilometres south
    of the existing mine at Zone III



Chairman's Statement:

I am delighted to report that the Company made a profit before tax of $26.8
million, a remarkable performance considering the zinc price fell 46% in 2007,
from $4,100 in January to $2,200 in December.  Yet Griffin was generally able to
reproduce its 2006 net profit level and, as such, the Company has been able to
maintain its dividend policy of declaring a $0.03 per share dividend for the
2007 financial year.

2007 witnessed exceptional progress in many areas of the Company's operations
and in its preparation for the future.  These include:

1.   Production of ore from Zone III at Caijiaying continued to increase.
Mill throughput has now increased over 150% since commissioning with operations
currently processing over 500,000 tonnes per annum and expected to reach 750,000
per annum following the installation of the new primary ball mill in late summer
2008.  The mining operations are also expanding to cater for this new production
schedule;

2.   Significant effort has been expended in designing, constructing and
installing the new infrastructure needed to deal with the planned increased
production schedules.  A new backfill plant has been completed to enable more
efficient extraction of ore, new floatation cells have been installed to handle
the increased volume of zinc and precious metals concentrates and a new crushing
circuit and ball mill will enable greater throughput to be generated by the
Caijiaying mill.  In addition, a new accommodation block and administrative
offices have been constructed to cater for the additional staff required as the
mine continues to expand;

3.   A new precious metals concentrate containing gold, silver and lead was
commissioned in December 2007.  This will become ever more important with the
increasing production of precious metals as the mine accesses higher grade
material and will allow lead to be separated from the zinc concentrate for the
production of a higher quality concentrate with a subsequently higher sale
price;

4.   The discovery of a new mineable orebody at Zone II has far reaching
consequences and added exceptional value for shareholders.  Firstly, it is only
1.5 kilometres from the Caijiaying processing facilities, allowing easy haulage
at minimum cost.  Secondly, it provides an alternate source of ore to ease the
scheduling of mining and haulage timetables at Zone III.  Thirdly, and most
importantly, it confirms the long held view that Zone II and III are, in effect,
one orebody.  That prospects opens up the possibility of an additional 1.5
kilometres of mineralization.  To prove this hypothesis, a new decline is being
driven off the Zone III access directly to the new Zone II orebody, with the
necessary underground drilling being undertaken off that drive.  This is an
exciting prospect for all involved; and

5.   The continued accumulation of cash by the Company such that Griffin now
has a cash balance exceeding $205 million with no debt.


It should be noted that the Company continues to expend an inordinate amount of
time on new acquisitions.  These need to be able to meet the financial,
political, structural, metallurgical and geological parameters required to
provide the shareholders with the returns they have come to expect and deserve.
Needless to say, such acquisitions are difficult to find and even more difficult
to consummate.  It is enough to add that the Company will continue to progress
the enormous potential still untapped at Caijiaying whilst continuing to
evaluate and undertake acquisitions which meet these set parameters.


Dividend

A dividend of US$0.03 per share will be paid to shareholders on 6th June 2007.
The ex dividend date being 7 May 2007 and the record date 9 May 2007.


Further information


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

Adrian Hadden                                     Telephone: [phone]
Collins Stewart Europe Limited



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





                              GRIFFIN MINING LIMITED 
                    SUMMARISED CONSOLIDATED INCOME STATEMENT
                       For the year ended 31 December 2007
                       (expressed in thousands US dollars)


                                                                                          2007             2006

                                                                                          $000             $000

Revenue                                                                                 37,989           42,802

Cost of sales                                                                          (7,768)          (8,516)


Gross Profit                                                                            30,221           34,286

Net operating expenses                                                                (10,078)          (6,142)


Profit from operations                                                                  20,143           28,144

Foreign exchange gains                                                                   1,012              789
Finance income                                                                           5,607              612


Profit before tax                                                                       26,762           29,545

Income tax expense                                                                           -             (75)


Profit after tax attributable to equity share owners for the financial                  26,762           29,470
year


Basic earnings per share (cents) from continuing operations                              12.08            16.02

Diluted earnings per share (cents) from continuing operations                            11.97            15.45






                             GRIFFIN MINING LIMITED
                     SUMMARISED CONSOLIDATED BALANCE SHEET
                             As at 31 December 2007
                      (expressed in thousands US dollars)


                                                                                           2007             2006
                                                                                           $000             $000
ASSETS
Non-current assets
Property, plant and equipment                                                            44,381           32,087
Intangible assets - Exploration interests                                                   751              842
                                                                                         45,132           32,929
Current assets
Inventories                                                                               4,639            1,104
Other current assets                                                                      4,155            1,064
Cash and cash equivalents                                                               199,949           34,081
                                                                                        208,743           36,249

Total assets                                                                            253,875           69,178

EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital                                                                             2,615            1,841
Share premium                                                                           196,637           39,166
Contributing surplus                                                                      3,690            3,690
Share based payments                                                                      4,426            2,553
Other reserves                                                                              579              297
Foreign exchange reserve                                                                  3,109              479
Profit and loss reserve                                                                  37,106           16,432
Total equity                                                                            248,162           64,458

Non-current liabilities
Long-term provisions                                                                          -              384

Current liabilities
Trade and other payables                                                                  5,047            4,336
Short term bank overdrafts                                                                  666                -

Total liabilities                                                                         5,713            4,720


Total equities and liabilities                                                          253,875           69,178

Number of shares in issue                                                           261,509,549      184,061,064

Attributable net asset value / total equity per share                                     $0.95            $0.35






                             GRIFFIN MINING LIMITED
             SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                      For the year ended 31 December 2007
                      (expressed in thousands US dollars)


                                Share     Share  Contributing      Share     Other    Foreign     Profit
                              Capital   Premium       surplus      based  reserves   Exchange   and loss     Total
                                                                payments              Reserve    Reserve
                                 $000      $000          $000       $000      $000       $000       $000      $000

At 31 December 2005             1,838    39,040         3,690        842         -        215   (12,740)    32,885
                                    

Exchange differences on
translating foreign
operations                          -         -             -          -         -        264          -       264      
                                      
Net income recognised              
directly to equity                  -         -             -          -         -        264          -       264
                                                                                 
Profit for the year                 -         -             -          -         -          -     29,470    29,470      
Total recognised income and
expenses in the year                -         -             -          -         -        264     29,470    29,734

Regulatory transfer for                                                
future investment                   -         -             -           -       297         -      (297)         -
                                                                               
Issue of share capital              3       126             -          -         -          -          -       129

Cost of share based                 
payments                            -         -             -      1,711         -          -          -     1,711

Movement in fair value of           
financial assets                    -         -             -          -         -          -        (1)       (1)

At 31 December 2006             1,841    39,166         3,690      2,553       297        479     16,432    64,458      
                                         
Exchange differences on
translating foreign
operations                          -         -             -          -        20      2,630          -     2,650
                                                                   
Net income recognised              
directly to equity                  -         -             -          -        20      2,630          -     2,650

Profit for the year                 -         -             -          -         -          -     26,762    26,762      
Total recognised income and
expenses in the year                -         -             -          -        20      2,630     26,762    29,412
 
Dividend paid                       -         -             -          -         -          -    (5,826)   (5,826)      
                                        
Regulatory transfer for             
future investment                   -         -             -          -       262          -      (262)         -
                                                                               
Exercise of options                 -     1,042             -    (1,042)         -          -          -         -

Issue of share capital            774   156,429             -          -         -          -          -   157,203

Cost of share based                 
payments                            -         -             -      2,915         -          -          -     2,915
                                

At 31 December 2007             2,615   196,637         3,690      4,426       579      3,109     37,106   248,162      
                                        








                             Griffin Mining Limited
                  SUMMARISED CONSOLIDATED CASH FLOW STATEMENT    
                      For the year ended 31 December 2007
                      (expressed in thousands US dollars)


                                                                                      2007               2006
                                                                                      $000               $000

Net cash flows from operating activities
Profit before taxation                                                              26,762             29,545
Foreign exchange (gains)                                                           (1,012)              (789)
Taxation paid                                                                            -               (75)
Finance income                                                                     (5,607)              (612)
Adjustment in respect of share based payments                                        2,915              1,711
Depreciation, depletion and amortisation                                             1,351                890
(Increase) / decrease in inventories                                               (3,535)                516
(Increase) in other current assets                                                 (3,091)              (117)
Increase in trade and other payables                                                   711                811

Net cash inflow from operating activities                                           18,494             31,880

Cash flows from investing activities

Interest received                                                                    5,607                612
Receipts on sale of investments                                                          -                 63
Payments to acquire intangible fixed assets - exploration                            (126)              (414)
interests
Payments to acquire plant and equipment - mineral interests                        (9,056)            (2,829)
Payments to acquire plant and equipment - plant and equipment                      (1,854)            (2,504)
Payments to acquire plant and equipment - other                                          -                (9)
Dividends paid                                                                     (5,826)                  -
Net cash (outflow) from investing activities                                      (11,255)            (5,081)

Cash flows from financing activities
Issue of ordinary share capital                                                    157,211                129
Expenses paid in connection with share issue                                           (7)                  -
                                                                                   157,204                129

Increase in cash and cash equivalents                                              164,443             26,928

Cash and cash equivalents at the beginning of the year                              34,081              6,663
Effects of exchange rates                                                              759                490
Cash and cash equivalents at the end of the year                                   199,283             34,081

Cash and cash equivalents comprise:
Bank deposits                                                                      199,949             34,081
Short term bank overdrafts                                                           (666)                  -
Total                                                                              199,283             34,081








Notes:



1.     This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the statutory
accounts of the Company.



2.     The summary accounts set out above do not constitute statutory accounts
as defined by Section 84 of the Bermuda Companies Act 1981 or Section 240 of the
UK Companies Act 1985.  The summarised consolidated balance sheet at 31 December
2007 and the summarised consolidated income statement, consolidated statement of
changes in equity and the summarised consolidated cash flow statement for the
year then ended have been extracted from the Group's 2007 statutory financial
statements upon which the auditors' opinion is unqualified. The results for the
year ended 31 December 2006 have been extracted from the statutory accounts for
that period, which contain an unqualified auditors' report.



3.     The annual report and accounts for 2007 together with the notice of the
Annual General Meeting to be held on 13 June 2008 are being sent by post to all
registered shareholders.  Additional copies of the annual report and accounts
are available from the Company's London office, 6th Floor, 60 St James's Street,
London, SW1A 1LE.



4.     The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year.   The calculation of diluted earnings per share
is based on the basic earnings per share on the assumed conversion of all
dilutive options and other dilutive potential ordinary shares.


Reconciliation of the earnings and weighted average number of shares used in the
calculations are set out below:


                                           2007                                            2006
                         Earnings          Weighted            Per       Earnings          Weighted           Per  
                                            Average          share                          Average         share
                                          number of         amount                        number of        amount
                                             shares        (cents)                           shares       (cents)
                             $000                                            $000
Basic earnings per share
Earnings 
attributable to
ordinary
shareholders               26,762       221,441,986          12.08         29,470       183,931,840         16.02

Dilutive effect of securities
Options                                   2,153,244                                       6,820,134
Diluted earnings 
per share
                           26,762       223,595,230          11.97         29,470       190,751,974         15.45




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