At the annual general meeting held today of the shareholders of Griffin Mining Limited (“Griffin” or the “Company”), all resolutions were passed.

At the meeting the Chairman, Mr. Mladen Ninkov, gave a report on the progress of construction of the underground mine and processing facilities at Caijiaying. The Chairman reported that, Griffin was extremely pleased with the progress being made at Caijiaying and the Company expected the plant to be commissioned on time and on budget in the spring of 2005.

More specifically the Chairman reported that:

• the decline constructed in 2000 had been dewatered, enlarged and refurbished according to plan;
• all major contracts for the construction of the production decline and processing facilities have been signed;
• all basic design work has been completed;
• work has commenced on the main portal and the production decline
• the processing plant site has been prepared for building construction to begin;
• 318 metres of underground drive has been completed;
• the northern ventilation shaft has been sunk to a depth of 76 metres;
• all major items of processing equipment have been ordered for delivery on schedule;
• key staff have been engaged, including a mine manager and a metallurgist; and
• surface rights have been obtained.

Griffin has continued to undertake further exploration work both within the zone III area and on the area between mine site at zone III and zone II area of mineralisation, some 1.5 kilometers to the south. Those results will be available in due course.