TIDMGFM

RNS Number : 1322S

Griffin Mining Ld

04 November 2013

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: griffin@griffinmining.com

Exercise of Options

4th November 2013.

Griffin Mining Ltd ("the Company") announces that the Company has been notified on 31st October 2013 of the exercise of options ("the Options") granted to the directors and management in October 2008 over 4,400,000 new ordinary shares in the Company at an exercise price of 20p per share to raise GBP880,000 for the Company.

The Company has been informed by persons exercising Options over 500,000 of these shares that they intended to sell those ordinary shares. In order to maintain an orderly market in the Company's shares, the Company has agreed to buy out the Options over these shares at the difference between the exercise price and the mid market value of the Company's shares at close of business on 31st October 2013 of 34.5p.

The Options have been exercised by, and the new Ordinary shares issued as follows:

 
                                  Number       Number        Number       Number 
                              of Options           of    of options    of shares 
                                    held      Options        bought     retained 
                                            Exercised           out 
 Non Directors                 3,000,000    3,000,000             -    3,000,000 
 Roger Goodwin (Director)        600,000      600,000       300,000      300,000 
 Dal Brynelsen (Director)        200,000      200,000             -      200,000 
 William Mulligan 
  (Director)                     200,000      200,000             -      200,000 
 Other management                400,000      400,000       200,000      200,000 
                            ------------  -----------  ------------  ----------- 
 Total                         4,400,000    4,400,000       500,000     3,900,00 
                            ============  ===========  ============  ===========

Mr Roger Goodwin is selling 300,000 Options in order to meet his UK tax liability immediately arising on the exercise and sale of the Options held by him.

Following the exercise and buy out of the Options there will be 179,111,830 Ordinary Shares in the Company in issue. There are no shares held in treasury. The directors' interests in the ordinary shares of the Company will be as follows:

 
                     Ordinary          Options 
                       shares    over ordinary 
                       Number          shares, 
                                   exercisable 
                                        at 45p 
                                        Number 
 Mladen Ninkov         33,001        6,000,000 
 Dal Brynelsen        200,001          400,000 
 Rupert Crowe               1                - 
 Roger Goodwin        877,830        1,200,000 
 William Mulligan     500,001          400,000

Application will be made to the London Stock Exchange for 3,900,000 new ordinary shares to be admitted to trading on AIM. These new ordinary shares will rank pari passu in all respects with the existing ordinary shares. It is expected that admission will become effective on 11 November 2013.

Further information

Griffin Mining Limited:

   Mladen Ninkov                    (Chairman)

Roger Goodwin (Finance Director & Company Secretary) Telephone: +44 (0)20 7629 7772

Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500

Dominic Morley

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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