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: [phone]

Charles Dampney - Charles Stanley                                         
Telephone: [phone]

Laurence Read - Golin/Harris Ludgate                                         
Telephone: [phone]

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