Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce the results of its 2005 regional exploration program of areas surrounding the Caijiaying Mine (the “mine”) in northern China.

Zone II (East)

A new zinc target was discovered at Zone II (East), 1,200 metres from Zone III where the mine is in operation, by an IP geophysical survey completed by Griffin in 2004. Drill testing of this target has resulted in a new discovery which yielded RC drill intersections of:

• 52 metres @ 5.45% zinc from 72 metres depth, including
• 12 metres @ 12.35% from 72 metres plus 4 metres @ 7.61% zinc from 92 metres

A second hole of a similar orientation yielded:

• 12 metres @ 5.82% zinc, including
• 8 metres @ 9.82% zinc and
• 8 metres @ 116 g/t silver.

Further work will be undertaken this year to ascertain the orientation of this mineralisation.

Zone II (Central)

The main part of Zone II, 200 metres to the west of Zone II (East) has also been confirmed as a precious metals prospect with significant gold and silver intersections of:

• 10 metres @ 2.21 g/t gold and
• 8 metres @ 228 g/t silver from 171 metres.

This suggests much more precious metal enhancement than was obvious from previous work.

The zinc intersections from this zone are mainly in 4 metre composites and are in line with the previous Chinese results including:

• 4 metres @ 9.23% zinc from 116 metres;
• 4 metres @ 8.16% zinc from 116 metres; and
• 8 metres @ 5.06% zinc from 120 metres including 4 metres at 8.96% zinc
• 4 metres @ 5.89% zinc from 132 metres

Significantly, it was not possible to test the 1 kilometre long area between Zone II and the mine at Zone III due to newly planted flora. A long lead time is required for forestry permitting and land clearance to drill in this area. This should be obtained by the spring, ready for further follow-up drilling in the summer.

F45 Fault

The primary target of the major F45 Fault zone, 1 to 1.3 kilometres south of the mine, has been confirmed with significant gold intercepts recorded in two holes 900 metres apart at about 150 metres depth. The two intersections recorded were:

• 4 metres @ 3.96 g/t gold; and
• 3 metres @ 4.24 g/t gold.

As both of the positive results are from a similar depth and quite far apart, they indicate the level of gold precipitation in this target is similar to the level where gold is currently being proved in the mine by the ongoing underground drilling program. Defining the level of gold precipitation is an important step in targeting epithermal gold deposits and was a major aim of the survey.

As gold results continue to emerge from the mine underground drilling program, the geometry and nature of the gold mineralisation is becoming clearer and this knowledge is expected to impact favorably on the ongoing gold exploration program in the region.

Conclusion

The conclusions from the summers drilling program are preliminary as it will take considerable further study to fully evaluate the large amount of data now to hand.

Mladen Ninkov, Griffin’s Chairman, commented on these developments as follows:

"Although it is unfortunate that the results from the reverse-circulation drilling programme, which was completed in October 2005, were substantially delayed due to the extraordinarily slow delivery of results from the assaying laboratory, it has been worth the wait. Caijiaying continues to fulfill expectations with the continuing discovery of further mineralisation which has every possibility of developing into economic ore capable of being processed through the existing plant at Caijiaying. This is another positive result for the shareholders of the Company."