RNS No 1110t
GRIFFIN MINING LIMITED
2nd November 1998

                                                                              
   Loan and equity investment agreements signed with International Finance    
                                 Corporation                                  


Griffin Mining Limited ("Griffin") today announces that it has signed two
agreements with the International Finance Corporation ("IFC") for the
development of a mine on the Guiro gold deposit in Burkina Faso. Under the
First Agreement, IFC will invest USD 500,000 for an 18% equity interest in
Societe des Mines de Faso ("Fasomine"). Griffin currently has a 51% equity
interest in Fasomine, which holds the mining permits over the Guiro deposit.
Under the Second Agreement, IFC has agreed to advance USD 1,000,000 to
Fasomine as a seven year, senior secured loan. 

The USD 1,500,000 finance from IFC will be used to bring the Guiro deposit
into production at an initial rate of 8,500 ounces of gold per annum. The
existing resource at Guiro of 338,000 tonnes grading 11.3 grams per tonne or
123,000 ounces, will support a mine life of 10 years. The final report
received from Phelps Dodge summarising its 1997/8 exploration work in
Griffin's licence area suggests that excellent potential exists for
identifying further feedstock in the area of the existing mill.

Further information:

Craig Niven (Chairman) - Griffin Mining Limited                               
Tel: + 44 (0)171 321 2077
       
Stephen Goschalk - English Trust Company Limited                          
Tel: + 44 (0)171 608 0888

Charles Dampney - Burrough Johnstone Limited                                
Tel: + 44 (0)1273 486244

Fred Combes - Investor Relations                           
Tel: + 1 604 488 0077

Griffin Mining Limited was registered in Bermuda in 1988 and its shares and
warrants are listed on the Luxembourg Stock Exchange, 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) QST/Quotron (NTRACK). The share price is also published daily in the
Financial Times and London Evening Standard. The Company's news releases are
available through Canadian Corporate News' Internet Home Page:
htp://www.cdn-news.com and on the Company's own web site www.griffinmining.com
which also contains background information on the Company and its projects. 


END

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