Interim Results

Griffin Mining Ld
19 September 2001


                              Griffin Mining Limited
         4th Floor, the Linen Hall, 162-168 Regent Street, London, W1R 5TE,
                                  United Kingdom
         Telephone: + 44 (0)20 7663 9855  Facsimile:  + 44 (0)20 7663 9856
                      E mail: [e-mail]

                             19th September 2001

                              INTERIM STATEMENT

               OF RESULTS FOR THE 6 MONTHS ENDED 30th JUNE 2001

Griffin Mining Limited ('Griffin') has today published its results for the 6
months ended 30th June 2001, a copy of which is attached.

Griffin recorded a loss for the six months to 30th June 2001 of $194,000,
compared with a loss of $244,000 in the 6 months ended 30th June 2000.
Operating costs were reduced to $202,000 compared with $299,000 in the 6
months to 30th June 2000. Shareholders' funds increased to $7,942,000 ($0.08
per share) from $5,566,000 at 31st December 2000 with the benefit of the
proceeds from a share placing in March and subsequent exercise of warrants
which raised $3 million net of expenses.

Mladen Ninkov, Chairman, commenting on the activities of Griffin said:

'Since completing the equity placing in March and subsequent exercise of
warrants to raise $3 million, Griffin has made steady progress in converting
its exploration licence over the Caijiaying zinc gold project to a mining
licence whilst keeping operating costs to a minimum. A number of reports
required as part of the application process for a mining licence at Caijiaying
have been or are currently being completed and examined by the relevant
authorities in China. These include an environmental impact study and a number
of geological and engineering studies in Mandarin. Griffin remains on target
to obtain a mining licence before the end of 2001.

Griffin is now in contact with a number of parties for project finance needed
to develop a mine at Caijiaying. In this regard Griffin has appointed
Endeavour Financial Corporation Inc to assist in raising debt finance for
Caijiaying.

In April 2001 Griffin earned a 4% interest in Ozmosa Limited ('Ozmosa') an on
line sports betting and casino operator in East and South East Asia which has
entered into agreements with Sportingbet.com (UK) plc for the joint
development of the Asian gaming market. Ozmosa is now trading satisfactorily
and the company is examining a flotation of its shares on AIM.'

Further information

Mladen Ninkov - Chairman                     Telephone: [phone]

Charles Dampney - Charles Stanley            Telephone: [phone]

Leesa Peters - Capital Integrated            Telephone:[phone]
               Marketing Communications
                          


   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



Griffin Mining Limited
Consolidated Profit and Loss Account
(Expressed in thousands US Dollars)

                                6 months to            6 months to     Year to
                                 30/06/2001              30/06/200  31/12/2000
                                  Unaudited               Unaudited    Audited
                                       $000                    $000       $000
Income
Gains on the disposal of                  -                     -            39
investments

Net operating expenses                (202)                 (299)         (629)
Other income                                                   22            22
Provisions in respect of                  -                     -          (55)
continuing operations
Profits on disposal of                    -                    67            58
discontinued operations


Operating (Loss)                      (202)                 (210)         (565)

Foreign exchange (losses)              (20)                  (61)          (85)
Interest receivable and                  28                    27            42
similar income


(Loss) on ordinary activities         (194)                 (244)         (608)
before taxation

Taxation on ordinary                      -                     -             -
activities

(Loss) for the financial              (194)                 (244)         (608)
period

(Loss) per share (cents)              (0.3)                 (0.6)         (1.5)



Griffin Mining Limited
Consolidated Balance Sheet
(Expressed in thousands US Dollars)

                                           30/6/2001    30/6/2000   31/12/2000
                                           Unaudited    Unaudited      Audited
                                                $000         $000         $000
Fixed Assets
Intangible assets                              4,761        4,405        4,542
Tangible assets                                    4            6            4

                                               4,765        4,411        4,546

Current Assets
Portfolio investments                             72          750          501
Accounts receivable                              262          273          261
Prepaid expenses                                  21           25           18
Cash and deposits                              2,915          846          370

                                               3,270        1,894        1,150

Creditors: Amounts falling due within
one year

Creditors and accrued expenses                  (93)        (215)        (131)

Net current assets                             3,177        1,679        1,019


Total net assets                               7,942        6,090        5,565

Capital and reserves
Share capital                                  1,033        4,100        4,100
Share premium                                 15,517       13,150       13,154
Contributing surplus                           3,690            -            -
Investment revaluation reserve                 (803)        (210)        (372)
Foreign exchange reserve                         176          163          160
Profit & loss (Deficit)                     (11,671)     (11,113)     (11,477)

Equity interests                               7,942        6,090        5,565

Attributable net assets per share                  8           15           14
(cents)

Number of shares in issue                103,257,248   41,003,551   41,003,551



Griffin Mining Limited
Consolidated Cash Flow
(Expressed in thousands US Dollars)

                6 months to                 6 months to               Year to
                 30/06/2001                  30/06/2000            31/12/2000
                  Unaudited                   Unaudited               Audited
                       $000                        $000                  $000

Net cash              (238)                       (674)                 (997)
(outflow)
from operating
activities

Investing activities

Payments to           (204)                       (341)                 (488)
acquire intangible
fixed assets
Payments to               2                           -                     -
acquire tangible
fixed assets
Receipts on               -                          88                    88
the disposal
of discontinued
operations

Net cash              (202)                       (253)                 (400)
(outflow)
from investing
activities

Net cash              (440)                       (927)               (1,397)
(outflow)
before financing

Financing
Issue of              3,100                         285                   285
ordinary
share
capital
Expenses              (115)                        (13)                  (19)
paid in
connection
with share
issue
                      2,985                         272                   266


Increase /            2,545                       (655)               (1,131)
(decrease)
in cash and
cash
equivalents



Reconciliation of operating (loss) to net cash (outflow) from operating
activities


  (Loss) on                (194)                    (244)                 (608)
  ordinary
  activities
  Depreciation                 2                        3                     5
  (Gains) on the               -                        -                  (39)
  sale of
  investments
  Receipts on the              -                        -                    71
  sale of
  investments
  Payments to                (2)                    (114)                 (114)
  acquire
  investments
  Provisions in                -                        -                    55
  respect of
  continuing
  operations
  Profits on the               -                     (67)                  (58)
  sale of
  discontinued
  operations
  (Increase) /               (4)                     (35)                  (16)
  decrease in
  debtors
  (Decrease) in             (37)                    (218)                 (303)
  creditors
  Other non-cash
  income,
  including                  (3)                        1                    10
  exchange
  differences


  Net cash                 (238)                    (674)                 (997)
  (outflow) from
  operating
  activities


Griffin Mining Limited
Statement of Total Recognised Gains & Losses
(Expressed in thousands US Dollars)

                                               6 months    6 months        Year 
                                                     to          to          to
                                             30/06/2001  30/06/2000  31/12/2000
                                              Unaudited   Unaudited     Audited
                                                   $000        $000        $000

  (Loss) for the period                           (194)       (244)       (608)
  Unrealised (losses) / gains on investments      (430)         554         392
  Currency translation differences in foreign
  currency net investments
                                                     16           5           3


  Total gains and (losses) recognised in the      (608)         315       (213)
  period


Notes:

1.     This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the statutory
accounts of the Company.

2.     Copies of this interim report are being sent to all registered
shareholders.  Additional copies are available from the Company's London
office, 4th Floor, the Linen Hall, 162-168 Regent Street, London W1R 5TE.

3.       Losses per share have been calculated on the basis of the net loss
after taxation of $194,000 and the weighted average number of shares in issue
in the period ended 30 June 2001 of 66,637,790. There is no dilutive effect of
outstanding share purchase options.

4.   Debtors at 30th June 2001 include $250,000 receivable from Aurex AB on
the sale of the Company's gold exploration and development interests in
Burkina Faso. This consideration is payable when cumulative gold production on
the licence areas reaches 5,000 ozs.

5.       The summary accounts set out above do not constitute statutory
accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section
240 of the UK Companies Act 1985.  The summarised balance sheet at 31 December
2000 and the summarised profit and loss account, summarised cash flow
statement and summarised statement of total recognised gains and losses for
the year then ended have been extracted from the Group's 2000 statutory
financial statements upon which the auditors' opinion is unqualified.



6.  Reconciliation of shareholders' funds.

                                           6 months         6 months       Year 
                                                 to               to         to
                                         30/06/2001       30/06/2000 31/12/2000
                                          Unaudited        Unaudited    Audited
                                               $000             $000       $000
Total gains and (losses)
recognised in the period                     (608)               315     (213)
Issue of Ordinary Shares in the              2,985               272       275
period

Net additions to shareholders'               2,377               587        62
funds
Opening shareholders' funds                  5,565             5,503     5,503

Closing shareholders' funds                  7,942             6,090     5,565