Level of Exercise of Warrants

Griffin Mining Ld
24 January 2000



ISSUE OF GRIFFIN MINING LIMITED SHARES

On 10th November 1999 Griffin Mining Limited ('Griffin') announced the issue
of up to 2,099,377 warrants. Each warrant entitled the holder to subscribe for
one new ordinary share in Griffin at 9p per share on or before 13th January
2000. On 12th January 2000 this exercise date was extended to 21st January
2000. At close of business on 21st January 2000 a total of 1,277,754 warrants
had been exercised. In accordance with the warrant deed, the balance of
821,579 warrants have been exercised and the 821,579 ordinary shares resulting
from the exercise thereof have been placed by Charles Stanley & Company
Limited.

The warrantholders entitled to the 821,579 warrants exercised and placed on
their behalf will be sent the excess proceeds, being the net amount realised
after the cost of exercise and costs of sale thereof by cheque to their
registered address where such proceeds exceed £5. 

Following this placing and the exercise of warrants there are now 40,903,551
ordinary shares in Griffin in issue.

Further information

Craig Niven (Chairman) - United Kingdom                                      
Telephone: + 44 (0)207 321 2077

Charles Dampney - Charles Stanley                                        
Telephone: + 44 (0)1273 486244

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM) and traded on the
Canadian Dealing Network in Toronto (symbol GRFM). Corporate information and
share prices can be accessed via the Newstrack Service on Reuters (symbol
GFM.L) (page JPJA), Bloomberg (symbol GFM LN), ICV Topic (*1180).

The Company's news releases are available on the Company's web site:
www.griffinmining.com