Re Joint Venture

Griffin Mining Ld
21 January 2004

    GRIFFIN ENTERS NEW JOINT VENTURE ON SURROUNDING GOLD EXPLORATION AREA AT
                                   CAIJIAYING


21st January 2004

•       New joint venture signed with Chinese partners for two potentially large 
        gold and silver prospects and further exploration areas in China.

•       Griffins' interest in the new joint venture will be 90% and on extremely
        favourable economic terms

Griffin Mining Limited (GFM) ('Griffin' or the 'Company') is extremely pleased
to announce that it has signed a new joint venture contract and articles of
association with its joint venture partners in China for the establishment of a
new joint venture, held 90% by Griffin and 10% by Griffins' Chinese partners, to
hold all further exploration areas in Hebei Province, China.  The first
exploration licence held by this joint venture will be over 55.7 square
kilometres surrounding the original exploration and mining licence areas at
Caijiaying.  This is particularly significant as the enlarged area contains 2
large, already identified by an independent expert, epithermal areas of
alteration containing known gold and silver occurrences ready to be drilled.

Mladen Ninkov, Chairman, commented as follows:

'The Company could not be more delighted by the signing of this new joint
venture which cements Griffin's position in the Caijiaying area and on extremely
favourable economic terms for our shareholders.  The Company is looking forward
to drilling the 2 large, well defined, epithermal areas in the new exploration
area.'


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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