Interim Results

Griffin Mining Ld
05 September 2005


                             Griffin Mining Limited

            60 St James's Street, London SW1A 1LE, United Kingdom
       Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773
                       E mail: [e-mail]

                              5th September  2005


               INTERIM STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2005


Griffin Mining Limited ('Griffin'or the 'Company') has today published its
interim results for the 6 months ended 30th June 2005.


Highlights:
     
•    Start of production at the Caijiaying zinc gold mine ('Caijiaying') in
     China

•    Initial production rate of 600 tonnes of ore per day achieved

•    First sales of zinc concentrate made to local Chinese smelters in July 2005

•    $13.8m incurred on construction of the mine and processing facilities at
     Caijiaying to 30th June 2005 compared with estimates of $15.7m

•    Commencement of extensive surface drill programme to assess known gold
     prospects

•    Gold intersections from underground resource definition drilling include
     8.8m @ 19.2 g/t and 6.2m @ 14.2g/t


Financial:

The interim financial results cover the period up to the commencement of
production at Caijiaying. No mining revenues were generated prior to 30th June
2005.

The Company recorded a loss for the 6 months ended 30th June 2005 of $684,000
compared with a profit of $138,000 in the same period in 2004. Exchange losses
of $272,000 (2004 gains $408,000) were recorded on foreign currency deposits,
caused by a strengthening of the US dollar, whilst interest income of $164,000
(2004 $283,000) was lower with funds being utilised to construct the Caijiaying
zinc gold mine and processing facilities.

Operating costs in the 6 months to 30th June 2005 increased marginally to
$576,000 (2004 $553,000) with increased activity at Caijiaying.

At 30th June 2005, $13.8m had been incurred on construction of the mine and
processing facilities at Caijiaying. With production starting at Caijiaying at
the end of June 2005, this compares favourably with pre production and working
capital estimates in the feasibility study of $15.7m.

Good progress has been made in bringing Caijiaying into production at an initial
production rate of 200,000 tonnes of ore per annum.


Chairman's statement

I am delighted to report on the Company's progress in the six months to 30 June
2005, a period which represents a turning point in Griffin's history.  It saw
the start of production at Caijiaying and, since the period end, the first sale
of zinc concentrate to local Chinese smelters.

The Company continues to strive to achieve consistency in achieving the planned
initial production rate of 600 tonnes of ore per day and the scheduled zinc
recovery rate. In addition the Company is actively pursuing means by which
production can be increased as further ore is delineated via underground
drilling.

The leases at Caijiaying contain highly prospective epithermal gold targets and
continued prospective base metals targets. As a result, the Company has
commenced a comprehensive regional exploration programme consisting of 18,000
metres of reverse circulation drilling due to be completed by the end of the
summer. At the same time, ongoing underground resource definition drilling has
produced significant gold intersections including one drill hole with 8.8m @
19.2 g/t and 6.2m @ 14.2 g/t.

In the search for growth in our region and in our area of expertise, the Company
continues to pursue and evaluate other world class mining projects.

In light of the above, your Board looks forward to an exciting future.


Further information

Mladen Ninkov - Chairman                   Telephone: [phone]
Roger Goodwin - Finance Director
Griffin Mining Limited

Andrew Smith/Martin Eales                  Telephone:[phone]
Collins Stewart Limited

Hugo de Salis                              Telephone: [phone]
St Brides Media & Finance Ltd


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 CONDENSED PROFIT AND LOSS ACCOUNT

                                 (expressed in thousands US dollars)

                                           6 months to       6 months to           Year to 
                                            30/06/2005        30/06/2004        31/12/2004
                                             Unaudited         Unaudited           Audited
                                                  $000              $000              $000
Turnover                                          -                 -                 -
Cost of sales                                     -                 -                 -

Gross profit                                      -                 -                 -

Net operating expenses                            (576)             (553)             (1,048)

Operating (Loss)                                  (576)             (553)             (1,048)

Foreign exchange (losses) / profits               (272)             408               939
Interest receivable and similar income            164               283               507

(Loss) / profit on ordinary activities before
taxation                                          (684)             138               398

Taxation on (loss) / profit on ordinary           -                 -                 -
activities

(Loss) / profit for the financial period          (684)             138               398

(Loss) / profit per share (cents)                 (0.4)             0.1               0.23


GRIFFIN MINING LIMITED
CONSOLIDATED CONDENSED BALANCE SHEET


                                      (expressed in thousands US dollars)

                                                   30/6/2005          30/6/2004           31/12/2004
                                                   Unaudited          Unaudited              Audited
                                                        $000               $000                 $000

Fixed Assets
Intangible assets - exploration interests             39                 37                 39
Tangible assets - mining properties                   14,411             8,735              11,770
Tangible assets - plant and equipment                 7,026              798                5,109
Tangible assets - other                               14                 15                 15

                                                      21,490             9,585              16,933

Current Assets
Stocks                                                39                 -                  -
Portfolio investments                                 35                 38                 27
Accounts receivable                                   343                42                 108
Prepaid expenses                                      178                169                168
Cash and deposits                                     7,489              19,908             12,985

                                                      8,084              20,157             13,288

Creditors: amounts falling due within one year        (505)              (720)              (885)

Net current assets                                    7,579              19,437             12,403

Total net assets                                      29,069             29,022             29,336

Capital and reserves
Share capital                                         1,783              1,768              1,773
Share premium                                         36,968             36,472             36,594
Contributing surplus                                  3,690              3,690              3,690
Investment revaluation reserve                        (838)              (836)              (846)
Foreign exchange reserve                              (118)              (80)               (143)
Profit & loss account                                 (12,416)           (11,992)           (11,732)

Shareholders' equity interests                        29,069             29,022             29,336

Attributable net assets per share (cents)             16                 16                 17

Number of shares in issue                             178,327,731        176,827,731             177,327,731



                                             GRIFFIN MINING LIMITED
                                   CONSOLIDATED CONDENSED CASH FLOW STATEMENT

                                        (expressed in thousands US dollars)

                                                          6 months to       6 months to            Year to 
                                                           30/06/2005        30/06/2004         31/12/2004
                                                            Unaudited         Unaudited            Audited
                                                                 $000              $000               $000

Net cash (outflow) / inflow from operating
activities                                                  (1,517)               373               611

Investing activities
Interest received                                               164               283               507
Payments to acquire intangible fixed assets                       -                 -             (557)
Payments to acquire tangible mining fixed assets            (4,525)           (3,067)          (10,020)
Payments to acquire other tangible fixed assets                 (2)              (15)              (17)
Net cash (outflow) from investing activities                (4,363)           (2,799)          (10,087)

Net cash (outflow) before financing                         (5,880)           (2,426)           (9,476)

Financing
Issue of ordinary share capital                                 384            16,255            16,391
Expenses paid in connection with share issue                      -             (752)             (761)
                                                                384            15,503            15,630

(Decrease) / Increase in cash and cash equivalents          (5,496)            13,077             6,154

Reconciliation of operating (loss) to net cash
(outflow) / inflow from operating activities
Operating loss                                                (576)             (553)           (1,048)
Depreciation                                                      2                 2                 5
(Increase) in stocks                                           (38)                 -                 -
(Increase) in debtors and prepayments                         (245)             (112)             (177)
(Decrease) / increase in creditors                            (380)               635               799
Other non-cash income, including exchange
differences                                                   (280)               401             1,032

                                                            (1,517)               373               611



GRIFFIN MINING LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                                      (expressed in thousands US dollars)

                                                 6 months to       6 months to           Year to
                                                  30/06/2005        30/06/2004        31/12/2004
                                                   Unaudited         Unaudited           Audited
                                                        $000              $000              $000

(Loss) / profit for the period                         (684)             138               398
Unrealised gains / (losses) on investments             8                 (25)              (35)
Currency translation differences in foreign currency
net investments                                        25                41                (22)

Total (losses) / gains recognised in the period        (651)             154               341


Losses and profits for the financial year are the same as those on an historical
cost basis.



GRIFFIN MINING LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENT

     
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, 60 St James's Street, London, SW1A 1LE.

3.   (Losses) / earnings per share have been calculated on the basis of the net 
     (loss) after taxation of $684,000 (2003 profit $138,000) and the weighted
     average number of shares in issue in the period ended 30 June 2005 of
     178,135,423 (2004 164,023,885). There is no dilutive effect of outstanding 
     share purchase options.

4.   The condensed 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 condensed balance sheet at 31 December
     2004 and the condensed profit and loss account, condensed cash flow 
     statement and condensed statement of total recognised gains and losses for 
     the year then ended have been extracted from the Group's 2004 statutory 
     financial statements upon which the auditors' opinion is unqualified.

5.  Reconciliation of shareholders' funds.
                                              6 months to         6 months to           Year to
                                               30/06/2005          30/06/2004        31/12/2004
                                                Unaudited           Unaudited           Audited
                                                     $000                $000              $000

Total (losses) / gains recognised in the period (651)             154                 341
Issue of Ordinary Shares in the period          384               15,503              15,630

Net (reduction in) additions to shareholders'
funds                                           (267)             15,657              15,971
Opening shareholders' funds                     29,336            13,365              13,365

Closing shareholders' funds                     29,069            29,022              29,336




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