GFM Griffin Mining Limited

RNS Number:5908V
Griffin Mining Ld
19 February 2004

19th FEBRUARY 2004


              TOTAL FUNDING OF CAIJIAYING ZINC-GOLD MINE COMPLETED

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce that
it has received strong institutional support to complete an equity financing to
fund the completion of the underground mine facilities and the above ground
processing and other facilities at the Company's Caijiaying zinc-gold project in
China.  The financing will enable mine construction at Caijiaying to be
completed with a view to the commissioning of the Caijiaying zinc-gold mine in
early 2005.

The Company has placed 35,000,000 new ordinary shares ("New Ordinary Shares") at
25 pence per share with institutionalinvestors to raise #8.75 million (US$16.2
million) before placing fees and expenses (the "Placing").  The New Ordinary
Shares have been placed through Ocean Equities Limited and represent 20.6 per
cent of the Company's issued ordinary share capital as enlarged by the Placing.
Application for the admission of the new ordinary shares to trading on AIM has
been made with dealings expected to commence on Tuesday 24th February 2004.
Following the issue of the New Ordinary shares there will be 170,227,731
ordinary shares in the capital of Griffin in issue.

Commenting on the placing, Griffin's Chairman Mladen Ninkov said:

"I am sure that everyone associated with the Company, whether director,
employee, advisor, contractor or shareholder, will be delighted by today's
announcement.  It is a vindication of the Company's faith and long tenure in
China and at Caijiaying.  The Company now looks forward to completing
construction and commissioning production at Caijiaying and, simultaneously,
moving forward with the other exciting prospects at Caijiaying"

Further information

Mladen Ninkov - Chairman                          Telephone:  +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited

Guy Wilkes          Telephone:  +44(0)20 7332 2045
Ocean Equities Limted

Philip Davies                                     Telephone:  +44(0)20 7953 2000
Charles Stanley & Company Limited



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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