Interim Results

Griffin Mining Ld
17 September 2007



                            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]



                              17th September 2007



           INTERIM STATEMENT FOR THE SIX MONTHS ENDED 30th JUNE 2007



Griffin Mining Limited ('Griffin' or 'the Company') is pleased to publish its
interim results for the six months ended 30th June 2007.



Highlights:



• Profit before tax of US$18.0 million  (30 June 2006 US$9.0 million)

• Turnover US$26.4 million (30 June 2006 US$15.7 million)

• Ore processed 202,840 tonnes (30 June 2006 129,939 tonnes)





Financial and Trading:



Results for the six months ended 30th June 2007 show pre-tax profits of
US$18,010,000, double that achieved in the six months to 30th June 2006 of
US$9,006,000.



Turnover amounted to US$26,404,000 up from US$15,672,000 in the six months to
30th June 2006 with increased production and zinc concentrate prices.



Despite a reduction in grade following the decision in late 2006 to lower the
cut off grade to increase the resource base and enable more efficient extraction
of ore, 10,983 tonnes of zinc metal in concentrate were produced compared with
8,630 in the six months to 30th June 2006, with increased throughput and
improved recovery rates.  Ore throughput has steadily increased during 2007 from
31,081 tonnes in January to 37,107 in June and has continued to increase during
the upgrade of the processing facilities.  With increased throughput operating
costs per tonne of ore processed have fallen.



The upgrade of the processing plant is progressing with the expectation of the
commissioning of a precious metals circuit for the production of a gold/silver/
lead concentrate by the end of the year.  This will allow Griffin to extract
maximum value from any gold located within or below the current mined areas.
Diamond drilling in the mine area this year has recorded a number of high grade
gold intersections with good geological continuity.



With the benefit of the funds raised from the recent placing of shares with
Citadel Equity Fund Limited, Griffin is pursuing a number of potential
acquisitions and other mining opportunities in China. In view of this there is
no interim dividend, however, the Company anticipates paying a final dividend.






Chairman's Statement



'These results, for the first six months of 2007, represent an excellent result
for shareholders and continues to reflect the continuing growth in the Company's
operations at Caijiaying. I look forward to more good news from both Caijiaying
and the Company in the future.'





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

                         Consolidated Income Statement

                      (expressed in thousands US dollars)


                                                                   6 months to      6 months to          Year to
                                                                    30/06/2007       30/06/2006       31/12/2006
                                                                     Unaudited        Unaudited          Audited
                                                                          $000             $000             $000

Revenue                                                                 26,404           15,672           42,802

Cost of sales                                                          (5,020)          (4,416)          (8,516)


Gross Profit                                                            21,384           11,256           34,286

Net operating expenses                                                 (4,893)          (2,693)          (6,142)


Profit from operations                                                  16,491            8,563           28,144

Foreign exchange gains                                                     749              289              789
Finance income                                                             770              154              612


Profit before tax                                                       18,010            9,006           29,545

Income tax  expense                                                          -             (55)             (75)


Profit after tax attributable to equity share owners for the            18,010            8,951          29,470
financial period
                                                                                          

Basic earnings per share (cents)                                          9.34             4.87            16.02

Diluted earnings per share (cents)                                        9.24             4.71            15.45




                             Griffin Mining Limited

                           Consolidated Balance Sheet

                       (expressed in thousands US dollars)


                                                                    30/06/2007      30/06/2006      31/12/2006
                                                                     Unaudited       Unaudited         Audited
                                                                          $000            $000            $000

ASSETS
Non-current assets
Property, plant and equipment                                           36,189          27,952          32,087
Intangible assets - Exploration interests                                  706             803             842
                                                                        36,895          28,755          32,929
Current assets
Inventories                                                              1,427           1,501           1,104
Other current assets                                                     2,207           1,450           1,064
Available-for-sale financial assets                                          -              66               -
Cash and cash equivalents                                               48,397          14,024          34,081
                                                                        52,031          17,041          36,249

Total assets                                                            88,926          45,796          69,178

EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital                                                            1,933           1,839           1,841
Share premium                                                           45,557          39,057          39,166
Contributing surplus                                                     3,690           3,690           3,690
Share based payments                                                     2,977           1,398           2,553
Other reserves                                                             305               -             297
Foreign exchange reserve                                                 1,180             340             479
Profit and loss reserve                                                 28,615         (3,786)          16,432
Total equity                                                            84,257          42,538          64,458

Non-current liabilities
Long-term provisions                                                       394             375             384

Current liabilities
Trade and other payables                                                 4,275           2,883           4,336

Total liabilities                                                        4,669           3,258           4,720


Total equities and liabilities                                          88,926          45,796          69,178

Number of shares in issue                                          193,327,731     183,861,064     184,061,064

Attributable net asset value / total equity per share                    $0.46           $0.23           $0.35






                             Griffin Mining Limited

                  Consolidated Statement of Changes in Equity

                      (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             -         -              -          -         -        125          -      125
translating foreign
operations
Net income recognised               -         -              -          -         -        125          -      125
directly in equity
                                                                                  
Profit for the 6 months             -         -              -          -         -          -      8,951    8,951
Total recognised income and         -         -              -          -         -        125      8,951    9,076
expenses in the 6 months

Movement in fair value of           -         -              -          -         -          -          3        3
financial assets
Issue of share capital              1        17              -          -         -          -          -       18
Cost of share based                 -         -              -        556         -          -          -      556
payments

At 30 June 2006                 1,839    39,057          3,690      1,398         -        340    (3,786)   42,538

Exchange differences on             -         -              -          -         -        139          -      139
translating foreign
operations                                                                        
Net income recognised               -         -              -          -         -        139          -      139
directly in equity
                                                                                  
Profit for the 6 months             -         -              -          -         -          -     20,519   20,519
Total recognised income and         -         -              -          -         -        139     20,519   20,658
expenses in the year
                                                                                  

Transfer                            -         -              -          -       297          -      (297)        -
Issue of share capital              2       109              -          -         -          -          -      111
Cost of share based                                          -      1,155         -          -          -    1,155
payments
Movement in fair value of           -         -              -          -         -          -        (4)      (4)
financial assets
                                                                                  

At 31 December 2006             1,841    39,166          3,690      2,553       297        479     16,432   64,458

Exchange differences on             -         -              -          -         8        701          -      709
translating foreign
operations                                                                        
Net income recognised               -         -              -          -         8        701          -      709
directly in equity
                                                                                  
Retained Profit for the 6           -         -              -          -         -          -     18,010   18,010
months
                                                                                  
Total recognised income and         -         -              -          -         8        701     18,010   18,010
expenses in the 6 months
                                                                                  

Dividend paid                       -         -              -          -         -          -    (5,827)  (5,827)
Transfer                            -     1,042              -    (1,042)         -          -          -        -
Issue of share capital             92     5,349              -          -         -          -          -    5,441
Cost of share based                 -         -              -      1,466         -          -          -    1,466
payments

At 30 June 2007                 1,933    45,557          3,690      2,977       305      1,180     28,615   84,257

                             Griffin Mining Limited

                        Consolidated Cash Flow Statement

                       (expressed in thousands US dollars)


                                                                   6 months to      6 months to        Year to
                                                                    30/06/2007       30/06/2006     31/12/2006
                                                                     Unaudited        Unaudited        Audited
                                                                          $000             $000           $000
Net cash flows from operating activities
Profit before taxation                                                  18,010            9,006         29,545
Foreign exchange (gains)                                                 (749)            (289)          (789)
Taxation paid                                                                -             (55)           (75)
Finance income                                                           (770)            (154)          (612)
Adjustment in respect of share based payments                            1,466              556          1,711
Depreciation, depletion and amortisation                                   659            1,022            890
(Increase) / decrease in inventories                                     (324)              119            516
(Increase) in other current assets                                     (1,143)            (503)          (117)
(Decrease) / increase in trade and other payables                         (61)            (642)            811

Net cash inflow from operating activities                               17,088            9,060         31,880

Cash flows from investing activities

Interest received                                                          770              154            612
Receipts on sale of investments                                              -                -             63
Payments to acquire intangible fixed assets                                  -            (382)          (414)
Payments to acquire tangible fixed assets - mineral interests          (2,852)            (689)        (2,829)
Payments to acquire tangible fixed assets - plant and equipment          (642)          (1,065)        (2,504)
Payments to acquire tangible fixed assets - other                            -              (3)            (9)
Net cash (outflow) from investing activities                           (2,724)          (1,985)        (5,081)

Cash flows from financing activities
Issue of ordinary share capital                                          5,441               18            129
Dividend paid                                                          (5,827)                -              -
                                                                         (386)               18            129


Increase in cash and cash equivalents                                   13,978            7,093         26,928

Cash and cash equivalents at beginning of the period                    34,081            6,663          6,663
Effects of exchange rate changes                                           338              268            490
Cash and cash equivalents at end of the period                          48,397           14,024         34,081



Griffin Mining Limited

Notes to the Interim Statement



1.     This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the accounts of
the Company for the year ended 31 December 2006.



2.     Copies of this interim report are being sent to all registered
shareholders.  Additional copies are available from the Company's London office,
60 St James's Street, London, SW1A 1LE.



3.     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
2006 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 2006 statutory financial
statements upon which the auditors' opinion is unqualified.



4.     A dividend of 3 cents per ordinary share in issue at 9 May 2007 of
193,327,731, was paid on 6 June 2007.



5.     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 period. 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:

              
                             6 months to                     6 months to                        Year to
                              30/06/2007                      30/06/2006                     31/12/2006
                               Unaudited                       Unaudited                        Audited
                   Earnings     Weighted Per share              Weighted      Per Earnings     Weighted  Per share
                                            amount                          share                           amount
                       $000      average                         average   amount     $000      average    (cents)
                               number of   (cents)             number of  (cents)             number of
                                  shares           Earnings       shares                         shares
                                                       $000


Basic earnings per share
Earnings             18,010  192,764,563      9.34   8,951  183,829,204     4.87    29,470 183,931,840      16.02
attributable to
ordinary
shareholders



Dilutive effect 
of securities
Options                        2,212,230                       6,259,847                      6,820,134
Diluted earnings     18,010  194,976,793      9.24    8,951  190,089,051     4.71   29,470  190,751,974      15.45
per share

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