• Thursday 24th May 2012

Excellent New Drilling Results Post New JORC Resource

Excellent New Drilling Results Post New JORC Resource

Griffin Mining Limited (“Griffin” or “the Company”) is delighted to announce continued excellent results from underground diamond drilling at its Caijiaying mine in northern China. The Company conducted a comprehensive program of diamond drilling comprising 190 underground drill holes for 30,244 metres. None of these assays were obtained in time to be included in the announced JORC Resource of the 22nd May 2012. The major results of the drilling program have been summarised in the attached Appendix.

Better gold assays included:

  • 37.4 metres @ 6.55 g/t gold & 4.33% zinc
  • 35.0 metres @ 5.23 g/t gold & 4.47% zinc
  • 28.5 metres @ 3.42 g/t gold & 1.92% zinc
  • 13.00 metres @ 7.31 g/t gold & 3.45% zinc
  • 11.0 metres @ 8.98 g/t gold & 12.63% zinc
  • 9.50 metres @ 7.53 g/t gold & 6.65% zinc
  • 8.45 metres @ 6.85 g/t gold & 7.89% zinc
  • 7.05 metres @ 7.81 g/t gold & 5.74% zinc
  • 7.05 metres @ 7.08 g/t gold & 6.26% zinc
  • 6.50 metres @ 5.38 g/t gold & 3.24% zinc
  • 6.05 metres @ 4.16 g/t gold & 7.81% zinc
  • 5.85 metres @ 6.38 g/t gold & 8.76% zinc
  • 5.60 metres @ 11.90 g/t gold & 9.66% zinc
  • 4.95 metres @ 8.98 g/t gold
  • 4.30 metres @ 9.57 g/t gold & 2.70% zinc
  • 4.05 metres @ 6.09 g/t gold & 11.48% zinc
  • 4.00 metres @ 20.13 g/t gold & 7.38% zinc

Better zinc assays included:

  • 25.40 metres @ 15.50% zinc
  • 30.00 metres @ 10.91% zinc
  • 26.40 metres @ 6.81% zinc
  • 26.20 metres @ 8.47% zinc & 3.74 g/t gold
  • 24.90 metres @ 7.50% zinc
  • 20.30 metres @ 7.54% zinc
  • 17.30 metres @ 9.22% zinc
  • 16.40 metres @ 11.04% zinc
  • 16.30 metres @ 13.32% zinc & 3.32 g/t gold
  • 14.55 metres @ 9.32% zinc & 2.16g/t gold
  • 11.00 metres @ 10.21% zinc

High-grade gold mineralization was identified in underground extensions of the Ju Long, Fu Long, Xiao Long and Qing Long ore bodies. In addition to the high-grade gold intersections, Griffin continues to intersect high-grade zinc zones within a wider envelope of medium-grade zinc-gold-lead-silver ore. Drilling will continue during 2012 to further delineate and evaluate the highly prospective corridor of mineralization.

The discovery of this new high-grade gold, zinc, lead and silver mineralization within the Caijiaying ore body can be expected to make a significant and increasing contribution to mine revenue

Chairman’s Statement

Chairman Mladen Ninkov commented, “Even after the production of an exceptional new JORC resource, further new drill results exemplify the ever increasing size of this world class, polymetallic, orebody. The enduring faith of the Company’s shareholders continues to be repaid in abundance. I could not be more delighted for our shareholders.”

APPENDIX

The following table contains all significant underground gold intersections;

Hole No. From (metres) To (metres) Interval (metres) Gold (g/t) Zinc (%) Lead (%) Silver (g/t)
UGCJY-1981 52.80 56.60 3.80 3.53 3.72 0.50 51
UGCJY-1982 46.15 52.00 5.85 6.38 8.76 0.19 37
UGCJY-1982 61.00 67.80 6.80 2.52 6.02 0.26 51
UGCJY-1982 72.15 76.70 4.55 3.52 4.63 0.10 26
UGCJY-1982 82.00 92.00 10.00 2.81 3.98 0.27 27
UGCJY-1983 100.25 102.35 2.10 6.41 13.61 0.23 86
UGCJY-1983 105.50 109.20 3.70 3.00 2.97 0.01 9
UGCJY-1983 194.25 200.30 6.05 4.16 7.81 0.02 7
UGCJY-1987 49.50 57.45 7.95 2.10 4.53 0.02 11
UGCJY-1988 41.70 49.65 7.95 2.41 1.01 0.01 19
UGCJY-1989 17.20 19.40 2.20 2.59 5.25 0.01 6
UGCJY-1990 78.50 83.80 5.30 2.67 6.33 0.02 7
UGCJY-1992 23.70 26.50 2.80 5.23 7.80 0.87 42
UGCJY-1992 131.90 134.00 2.10 31.67 7.97 0.05 72
UGCJY-1992 177.30 181.00 3.70 10.04 3.95 0.12 38
UGCJY-1993 23.10 25.30 2.20 2.96 11.29 0.31 35
UGCJY-1993 140.80 143.80 3.00 1.91 0.26 0.04 7
UGCJY-1994 18.00 20.90 2.90 1.71 9.03 0.16 35
UGCJY-1994 23.30 27.35 4.05 6.09 11.48 0.33 54
UGCJY-1994 51.15 55.40 4.25 2.34 2.32 0.03 34
UGCJY-1996 33.00 41.45 8.45 6.85 7.89 0.29 40
UGCJY-1997 63.25 70.75 7.50 3.63 7.27 0.17 52
UGCJY-1997 80.30 89.60 9.30 1.97 2.50 0.01 6
UGCJY-1997 106.10 110.75 4.65 1.98 4.17 0.05 20
UGCJY-2001 15.40 18.00 2.60 4.78 10.65 0.01 13
UGCJY-2001 31.00 38.80 7.80 2.60 1.52 0.01 6
UGCJY-2002 14.20 18.00 3.80 3.59 6.79 0.11 43
UGCJY-2003 13.40 16.20 2.80 1.66 0.73 0.01 7
UGCJY-2006 54.80 61.40 6.60 1.54 6.82 0.04 7
UGCJY-2006 91.80 94.15 2.35 1.66 7.31 0.01 6
UGCJY-2014 83.90 87.00 3.10 2.67 0.90 0.87 6
UGCJY-2014 128.40 132.00 3.60 2.33 2.45 0.49 36
UGCJY-2014 135.00 138.90 3.90 2.62 3.08 1.25 24
UGCJY-2015 88.60 90.60 2.00 7.66 6.54 0.07 25
UGCJY-2021 79.50 89.00 9.50 2.12 3.98 0.66 21
UGCJY-2021 98.20 103.90 5.70 1.75 2.23 0.01 9
UGCJY-2021 113.15 116.20 3.05 1.29 3.08 0.03 15
UGCJY-2022 177.50 180.00 2.50 20.59 4.27 0.03 41
UGCJY-2029 0.60 4.60 4.00 20.13 7.38 0.22 87
UGCJY-2032 8.20 11.20 3.00 2.13 7.31 1.32 49
UGCJY-2033 2.15 5.15 3.00 2.06 7.19 0.80 49
UGCJY-2033 15.00 18.20 3.20 1.22 12.34 0.55 62
UGCJY-2041 30.50 34.50 4.00 2.10 6.04 1.36 149
UGCJY-2052 34.50 44.00 9.50 7.53 6.65 0.02 13
UGCJY-2052 138.00 140.00 2.00 1.30 2.01 0.03 9
UGCJY-2056 58.90 65.95 7.05 7.81 5.74 0.06 45
UGCJY-2057 47.50 58.10 10.60 1.95 2.83 0.07 21
UGCJY-2057 65.00 102.40 37.40 6.55 4.33 0.11 49
UGCJY-2057 179.30 181.85 2.55 3.90 4.97 0.01 6
UGCJY-2075 17.70 22.05 4.35 3.34 4.54 0.05 37
UGCJY-2075 26.80 30.05 3.25 2.73 4.24 0.12 38
UGCJY-2077 17.60 20.05 2.45 32.23 10.46 0.05 35
UGCJY-2078 16.20 22.30 6.10 2.37 2.69 0.08 12
UGCJY-2079 42.60 45.35 2.75 10.77 5.06 0.03 37
UGCJY-2081 72.70 76.90 4.20 1.17 5.35 0.85 162
UGCJY-2082 128.00 131.30 3.30 0.96 0.96 0.00 3
UGCJY-2084 47.70 50.00 2.30 2.54 4.11 0.08 15
UGCJY-2084 68.25 73.85 5.60 11.90 9.66 0.04 33
UGCJY-2084 150.20 152.20 2.00 3.00 0.41 0.02 11
UGCJY-2085 46.20 52.70 6.50 5.38 3.24 0.12 20
UGCJY-2085 70.50 73.02 2.52 5.90 2.23 0.01 6
UGCJY-2085 146.00 159.00 13.00 7.31 3.45 0.01 6
UGCJY-2086 48.15 54.70 6.55 3.99 4.73 0.25 17
UGCJY-2086 68.50 71.65 3.15 17.79 9.40 0.08 41
UGCJY-2088 47.40 52.90 5.50 3.65 6.20 0.06 10
UGCJY-2088 166.80 169.25 2.45 28.35 4.05 0.01 16
UGCJY-2089 52.20 58.70 6.50 1.74 2.66 0.04 8
UGCJY-2089 133.15 140.00 6.85 2.88 2.68 0.20 21
UGCJY-2089 186.40 192.65 6.25 4.40 2.69 0.01 5
UGCJY-2090 58.00 61.00 3.00 9.20 5.94 0.25 23
UGCJY-2090 70.55 105.55 35.00 5.23 4.47 0.21 50
UGCJY-2090 170.65 175.00 4.35 5.80 3.66 0.07 30
UGCJY-2099 99.30 102.30 3.00 1.56 11.14 0.01 9
UGCJY-2101 53.70 55.70 2.00 2.36 0.29 0.03 7
UGCJY-2103A 54.55 56.55 2.00 9.56 5.44 0.08 13
UGCJY-2103A 97.00 101.95 4.95 8.98 0.13 0.14 79
UGCJY-2104 14.00 25.00 11.00 8.98 12.63 1.37 117
UGCJY-2107A 22.00 27.00 5.00 1.20 5.82 0.68 34
UGCJY-2110 90.30 94.30 4.00 2.47 1.76 0.08 12
UGCJY-2110 143.80 146.00 2.20 4.25 5.19 0.14 67
UGCJY-2111 195.40 199.00 3.60 2.70 1.81 0.01 5
UGCJY-2113 38.80 44.45 5.65 1.99 3.51 0.04 17
UGCJY-2113 54.50 61.55 7.05 7.08 6.26 0.07 47
UGCJY-2114 39.00 67.50 28.50 3.42 1.92 0.05 29
UGCJY-2114 71.50 74.50 3.00 2.62 1.20 0.01 5
UGCJY-2115A 97.90 108.80 10.90 2.69 4.05 0.02 14
UGCJY-2115A 121.85 132.20 10.35 1.56 1.80 0.01 4
UGCJY-2115A 147.40 152.10 4.70 2.39 2.48 0.02 31
UGCJY-2117 176.90 179.70 2.80 2.39 2.76 0.01 5
UGCJY-2118 44.90 47.00 2.10 26.26 12.54 0.41 36
UGCJY-2118 194.40 196.90 2.50 1.61 0.89 0.06 11
UGCJY-2120 110.35 112.85 2.50 5.69 12.55 0.05 14
UGCJY-2120 121.40 137.00 15.60 1.81 1.44 0.43 39
UGCJY-2120 140.80 145.10 4.30 9.57 2.70 0.09 28
UGCJY-2130 13.90 18.20 4.30 3.06 1.47 1.30 30
UGCJY-2138 40.90 43.20 2.30 5.53 5.21 0.15 79
UGCJY-2138 83.50 88.00 4.50 1.65 2.97 0.04 14
UGCJY-2143 39.30 45.60 6.30 1.60 5.34 0.42 52

1g/t gold cut-off with a maximum of 2m of internal dilution and a minimum length of 2m.

The following table contains all significant underground zinc intersections;

Hole No. From (metres) To (metres) Interval (metres) Zinc (%) Lead (%) Silver (g/t) Gold (g/t)
UGCJY-1982 72.15 83.30 11.15 4.36 0.14 20 1.70
UGCJY-1986 61.00 72.00 11.00 10.21 0.23 28 0.40
UGCJY-1994 12.80 27.35 14.55 9.32 0.27 36 2.16
UGCJY-1996 31.00 44.80 13.80 7.99 0.20 29 4.53
UGCJY-2006 54.80 65.30 10.50 7.63 0.15 11 1.15
UGCJY-2006 67.40 78.00 10.60 8.99 0.02 10 0.49
UGCJY-2021 75.30 86.75 11.45 4.07 0.55 19 1.56
UGCJY-2022 147.60 173.00 25.40 15.50 0.09 22 0.18
UGCJY-2022 178.85 196.10 17.25 6.40 0.07 40 2.95
UGCJY-2023 111.00 121.90 10.90 7.47 0.23 20 0.34
UGCJY-2040 25.00 37.00 12.0 6.11 0.98 75 0.08
UGCJY-2041 20.30 38.50 18.2 7.25 1.26 100 0.89
UGCJY-2044 62.90 79.20 16.3 13.32 0.30 59 3.21
UGCJY-2044 81.70 111.70 30.0 10.91 0.48 44 0.21
UGCJY-2045 127.20 139.80 12.6 7.03 0.21 23 0.64
UGCJY-2052 152.10 178.50 26.4 6.81 0.37 15 0.36
UGCJY-2053 143.30 153.30 10.0 5.46 0.10 11 0.64
UGCJY-2057 65.00 77.00 12.0 8.62 0.23 107 12.63
UGCJY-2058 54.95 66.50 11.6 5.93 0.58 91 0.69
UGCJY-2061 99.15 110.20 11.1 5.38 0.40 30 0.19
UGCJY-2076 45.80 58.00 12.2 6.10 0.01 6 0.38
UGCJY-2083 152.00 176.90 24.9 7.50 0.55 28 0.36
UGCJY-2090 70.55 84.50 14.0 6.18 0.23 78 7.91
UGCJY-2090 87.50 99.10 11.6 4.21 0.19 36 4.09
UGCJY-2091 96.50 113.80 17.3 9.22 0.32 38 0.27
UGCJY-2098 70.70 81.90 11.2 8.07 0.08 20 0.07
UGCJY-2099 86.15 106.45 20.3 7.54 0.04 13 0.41
UGCJY-2106 95.00 107.50 12.5 5.52 0.41 25 0.13
UGCJY-2109 131.70 147.30 15.6 14.70 0.28 56 0.14
UGCJY-2119 62.70 88.90 26.2 8.47 0.56 58 3.74
UGCJY-2131 55.15 71.50 16.4 11.04 0.40 40 0.28
UGCJY-2139 26.45 37.50 11.1 6.39 0.30 73 0.09
UGCJY-2143 34.95 45.60 10.7 6.90 0.52 69 1.17
UGCJY-2158 74.00 86.05 12.1 6.42 0.15 34
UGCJY-2160 47.00 57.50 10.5 6.32 0.05 11
UGCJY-2179 163.50 182.25 18.8 6.30 0.64 57

Using a 3% zinc cut-off with 2m of internal dilution and a minimum length of 10m.

Competent Person Statement

The data in this report that relates to exploration results for the Caijiaying Area, China, is based on information reviewed by Mr Nigel Wilson who is a Member of the Australian Institute of Geoscientists. Mr Wilson is a full time employee of CSA Global Limited. Mr Wilson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wilson consents to the inclusion in the report of the exploration results in the form and context in which they appear.