Re Joint Venture

Griffin Mining Ld
20 January 2004

     GRIFFIN INCREASES STAKE IN NET CASH FLOWS OF CAIJIAYING ZINC-GOLD MINE

20th January 2004

Griffin Mining Limited (GFM) ('Griffin') is extremely pleased to announce that
it has negotiated successfully with its' Chinese joint venture partners to
obtain 100% of the net cash flows arising from the first 3 years of production
at the Caijiaying zinc gold mine for no additional consideration.  This is a
significant change from the previous terms of the joint venture whereby Griffin
was entitled to only 80% of the net cash flows of Caijiaying until capital
repayment.

Upon the expiration of the 3 year term, the net cash flows will revert back to
reflect the ownership structure of the joint venture of 60% Griffin and 40% to
the Chinese joint venture partners.

Mladen Ninkov, Chairman, commented as follows:

'Griffin is very appreciative to its' Chinese joint venture partners, and it
shows the depth of the joint venture relationship, that they have granted
Griffin a potentially extraordinarily large economic benefit, particularly in
light of the current rising zinc price, by allowing all of the net cash flows
from Caijiaying to revert to Griffin for the first 3 years of production.  That
will allow for simpler capital and interest repayment to Griffin's debt
providers and, once capital repayment has been concluded, for a potentially
large economic gain to accrue to Griffin.  The Board, management, and I am sure
shareholders, of Griffin, will be delighted by this news.'



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).


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