GFM Griffin Mining Limited

RNS Number:6503B
Griffin Mining Ld
4 April 2001


EXERCISE OF WARRANTS

Griffin Mining Limited ("Griffin") has today allotted, subject to admission to
AIM, 342,958, new ordinary shares to warrant holders who have exercised their
entitlement to subscribe for shares in Griffin under the terms of the warrants
granted to shareholders on 9th March 2001. 

As announced on 22nd March 2001, Griffin has raised $2.1million, before
expenses, by way of an equity placing of new ordinary shares with
institutional and other clients of Griffin's nominated broker, Charles Stanley
& Company Limited. As part of the placing arrangements existing shareholders
were issued with up to 20,201,776 warrants exercisable at 3.5 pence per share
on or before 15th May 2001. 

Following the allotment of these shares the total number of Griffin ordinary
shares in issue is 83,098,431. Application for the admission of the 342,958
new ordinary shares to AIM has been made, with dealings expected to commence
on 10th April 2001.

The monies raised from the placing and on excise of the Warrants will be used
by Griffin to complete the remaining matters required under the Chinese Mining
Law of 1998 to convert Griffin's exploration licence over the Caijiaying zinc
gold project into a mining licence. This will enable Griffin, subject to the
necessary additional capital being available, to proceed with the construction
of the mine and processing facilities at Caijiaying for the commissioning of
the Caijiaying mine.

Roger Goodwin and Gordon Montgomery, the UK based directors of the Company,
have acquired 10,000 and 22,055 new ordinary shares in Griffin Mining Limited
respectively by way of the exercise of warrants. Following this exercise Roger
Goodwin is interested in 30,000 ordinary shares in the Company and Gordon
Montgomery 66,165 ordinary shares in the Company.
 


Further information

Roger Goodwin - President                                                
Telephone: +44(0)20 7663 9855

Charles Dampney - Charles Stanley                                         
Telephone: +44(0)20 7739 8200

Laurence Read - Golin/Harris Ludgate                                         
Telephone: +44(0)20 7324 8888

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

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