Result of Equity Issue

Griffin Mining Ld 22 March 2001 COMPLETION OF PLACING Griffin Mining Limited ('Griffin' or 'the Company') today announces that it has completed the placing of 41,751,922 new ordinary shares to raise $2.1 million before expenses. As part of the placing arrangements existing shareholders are to be issued with up to 20,201,776 warrants exercisable at 3.5 pence per share on or before 15th May 2001, which would, if fully subscribed, result in the Company receiving a further £707,000 ($1m). The warrant certificates are being sent to shareholders today. Following the placing there will be 82,755,473 ordinary shares in issue. The monies raised from the placing and on excise of the Warrants will be used by Griffin to complete the remaining matters required under the Chinese Mining Law of 1998 to convert Griffin's exploration licence over the Caijiaying zinc gold project into a mining licence. This will enable Griffin, subject to the necessary additional capital being available, to proceed with the construction of the mine and processing facilities at Caijiaying for the commissioning of the Caijiaying mine. An independent scoping study commissioned by the Company in 2000 indicates that for an initial capital cost of US$6.7 million an underground mine could be brought into production at Caijiaying to process primarily some 180,000 tonnes of ore per annum at 12.3% zinc, 0.7 grams per tonne gold and 48 grams per tonne silver over a minimum of 10 years. At this level of production, current metal prices, with no changes in the taxation regime in the PRC and assuming costs as estimated in the scoping study (before any depreciation charge), Caijiaying would be expected to generate after tax revenues, at the project level, of approximately US$5.5 to US$6 million per annum. Further information Roger Goodwin - President Telephone: +44(0)20 7663 9855 Charles Dampney - Charles Stanley Telephone: +44(0)20 7739 8200 Laurence Read - Golin/Harris Ludgate Telephone: +44(0)20 7324 8888 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