Griffin Mining Limited (“Griffin” or the “Company”) announces that on 11 January 2007 it has been notified of the exercise of options granted to certain directors and management in March 2004 over 9,266,667 new ordinary shares in the Company at an exercise price of 30p per share (the “Options”) to raise £2,780,000 for the Company.

The Company has been further notified that on 11 January 2007 9,000,000 ordinary shares issued following the exercise of the Options have been placed with a major institutional investor at a price of £1.11 per share. The Options have been exercised by, and the new Ordinary shares issued have been transferred by, the following:

	Options exercised	Shares retained
Kimble International Inc	6,000,000	-
Roger Goodwin (Director)	1,700,000	266,667
Dal Brynelsen (Director)	600,000	-
William Mulligan (Director)	600,000	-
Other management	366,667	-
Total	9,266,667	266,667

The Company has been notified that Kimble International Inc acquired the options over 6,000,000 new ordinary shares in the Company on the 8th January 2007 from Frick Pty Ltd (a company associated with the Chairman of Griffin, Mr Mladen Ninkov).

Application has today been made for the new ordinary shares issued on the exercise of the aforementioned options to be admitted to trading on AIM which is expected to occur by the 18th January 2007. Following the issue of these new ordinary shares there will be 193,327,731 Griffin ordinary shares in issue.