TIDMGFM

RNS Number : 7753D

Griffin Mining Ld

24 October 2022

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com

Third Quarter Production

Recommencement of Operations at the Caijiaying Mine

24(th) October 2022

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce its production results for the three months to the 30(th) September 2022. These results were achieved despite the enforced suspension in operations at the Caijiaying Mine from 23(rd) September 2022, as announced on 20(th) September 2022, due to the Plenary Session of the Communist Party Central Committee and the Chinese Communist Party's 20th Party Congress.

 
                                               3 months     3 months         3 months to 
                                              to 30(th)    to 30(th)    30(th) September 
                                              September    June 2022                2021 
                                                   2022 
 Ore mined                         Tonnes       267,304      338,790             306,966 
                                  --------  -----------  -----------  ------------------ 
 Ore processed                     Tonnes       309,465      329,390             291,737 
                                  --------  -----------  -----------  ------------------ 
 Zinc in concentrate Produced      Tonnes        11,591       13,189              11,607 
                                  --------  -----------  -----------  ------------------ 
 Gold in concentrate produced        Ozs          3,080        3,504               3,848 
                                  --------  -----------  -----------  ------------------ 
 Silver in concentrate produced      Ozs         85,612       79,246              68,549 
                                  --------  -----------  -----------  ------------------ 
 Lead in concentrate produced      Tonnes           373          345                 304 
                                  --------  -----------  -----------  ------------------ 
 Average zinc price received 
  per tonne                          US$          2,292        2,886               2,258 
                                  --------  -----------  -----------  ------------------ 
 Average gold price received 
  per oz                             US$          1,661        1,788               1,693 
                                  --------  -----------  -----------  ------------------ 
 Average silver price received 
  per oz                             US$           15.7         18.1                19.6 
                                  --------  -----------  -----------  ------------------ 
 Average lead price received 
  per tonne                          US$          2,097        2,323               2,304 
                                  --------  -----------  -----------  ------------------

Overview

Mining and processing were maintained at the equivalent annualised rate of over 1.3 million tonnes of ore per annum, all extracted from Zone III, up until the suspension in operations from 23(rd) September 2022

Recommencement of Operations at the Caijiaying Mine.

The relevant Chinese authorities have advised the Company that operations at the Caijiaying Mine may resume on the 26(th) October 2022. It is anticipated that operations will commence, as previously announced, on the 1(st) November 2022 once government restrictions have been fully eased and explosives received.

Chairman Mladen Ninkov commented , "Despite being suspended for a quarter of the month of September, the Caijiaying Mine continues to show its resilience and produce excellent results when extrapolated on an annualised basis. We all look forward to the re-start of operations and a clear run of production through the remainder of 2022 and 2023. Congratulations to all involved in achieving these results and the care and maintenance of the Caijiaying Mine during the closed period."

About Griffin Mining Limited

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.

Further information

Griffin Mining Limited

   Mladen Ninkov - Chairman                            Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

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

John Prior

Dougie McLeod

Berenberg Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay

               Tim Blythe                                                       Telephone: +44(0)20 7138 3205

Swiss Resource Capital AG

               J ochen Staiger                                                  Telephone: +41 (0)71 354 8501

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

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