RNS Number:4111P
Griffin Mining Ld
04 September 2003


                              GRIFFIN MINING LTD

              1 Berkeley Street, London, W1J 8DJ, United Kingdom
       Telephone: + 44 (0)20 7016 8821  Facsimile:  + 44 (0)20 7016 9124
                       E mail: griffin@griffinmining.com

                               4th SEPTEMBER 2003

                              EXERCISE OF WARRANTS

Griffin Mining Limited ("Griffin" or the "Company") has today issued and
allotted, subject to admission to AIM, 410,261 new ordinary shares to warrant
holders who have exercised their entitlement to subscribe for new ordinary
shares in Griffin under the terms of the warrants granted to shareholders on
31st July 2003.  Shareholders who received warrants at that time, and have not
yet exercised those warrants, have until 30 September 2003 to exercise their
entitlement to subscribe for new ordinary shares in Griffin.  Following the
allotment of these shares, the total number of Griffin ordinary shares in issue
will be 127,484,176. Application for admission of the 410,261 new ordinary
shares to AIM has been made, with dealings expected to commence on 10th
September 2003.

As announced at the time of the placing on 1st August 2003 , the monies raised
from the exercise of warrants and the placing will be used to fund further
exploration at the Company's Caijiaying project in China.  With the announcement
by the Company on 2nd September 2003, of the successful outcome to the
feasibility study for a zinc-gold mine at Caijiaying, exploration success during
the drilling programme should add significantly to the current gold and zinc
resource at Caijiaying and be extractable through the proposed processing
facilities to be constructed on site.

Commenting, Griffin's Chairman Mladen Ninkov said:

"We are very pleased that our individual and institutional shareholders continue
to support the Company and Caijiaying. In the event that all the warrants are
exercised and with the benefit of the monies raised from the recent placings,
Griffin will have funds of some US$7m at its disposal to start construction of
the mine and undertake further exploration at Caijiaying.  It is a wonderful
position for the Company to be in."


Further information

Mladen Ninkov - Chairman                           Telephone: +44(0)20 7016 8821
Roger Goodwin - Finance Director
Griffin Mining Limited

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

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
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