Exercise of Warrants

Griffin Mining Ld
16 December 1999



GRIFFIN MINING LIMITED


EXERCISE OF WARRANTS

Griffin Mining Limited ('Griffin') has today allotted subject to admission to
AIM 122,673 new ordinary shares to warrant holders who have exercised their
entitlement to subscribe for shares in Griffin under the terms of the warrant
deed dated 10th November 1999. As part of placing arrangements announced on
10th November 1999, shareholders at close of business on 9th November 1999
were issued with 2,099,377 warrants exercisable at 9 pence per share on or
before 13 January 2000. Following the allotment of these shares the total
number of Griffin ordinary shares in issue is 38,946,501. Application for
admission to AIM has been made.


Further information

Craig Niven (Chairman) - United Kingdom                                      
Telephone: + 44 (0)207 321 2077

Charles Dampney - Charles Stanley                                        
Telephone: + 44 (0)1273 486244

Griffin Mining Limited's shares are 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).

The Company's news releases are available on the Company's web site:
www.griffinmining.com