Holding(s) in Company

Griffin Mining Ld
01 March 2004



                              SUBSTANTIAL INTEREST



                        EXERCISE OF OUTSTANDING OPTIONS



1st MARCH 2004



Griffin Mining Limited ('Griffin' or the 'Company') has been notified that Great
Welland Corporation has exercised options over 6,000,000 new ordinary shares in
Griffin at an exercise price of 5 pence per share to raise £300,000 for the
Company.  These options were acquired by Great Welland Corporation on 27th
February 2004 from Frick Pty Ltd (a company associated with the Chairman of
Griffin, Mr Mladen Ninkov), such options having been originally granted on 26th
March 2001.



Following the issue of these new ordinary shares Great Welland Corporation will
have an interest in 6,000,000 ordinary shares in the Company, representing 3.4%
of the ordinary shares in the Company.



Mr William Mulligan a non-executive director of Griffin has exercised options
over 300,000 new ordinary shares in Griffin at an exercise price of 5 pence per
share. Following the issue of these new ordinary shares Mr William Mulligan will
have an interest in 300,001 ordinary shares representing 0.2% of the issued
share capital of Griffin.



Application has today been made for the new ordinary shares issued on the
exercise of the aforementioned options to be admitted to trading on AIM which is
expected to occur on Friday 5th March 2004. Following the issue of these new
ordinary shares there will be 176,527,731 Griffin ordinary shares in issue.





Further information



Mladen Ninkov - Chairman            Telephone: [phone]

Roger Goodwin - Finance Director

Griffin Mining Limited



Philip Davies                       Telephone: [phone]

Charles Stanley & Company Limited






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