Griffin Mining Limited (“Griffin” or the “Company”) has agreed to grant further options over 10,000,000 new ordinary shares to directors and key employees of the Company (the "Options"). Each Option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 110 pence per new ordinary share on or before 28th February 2010. The Options will vest with each option holder in 3 separate and equal instalments amounting to 1.6% of the enlarged share capital of the Company per annum as follows:

1. The first third of each holder’s options will vest on 31st December 2007;
2. The second third of each holder’s options will vest on 31st December 2008; and
3. The last third of each holder’s options will vest on 31st December 2009.

The Options will not vest if an employee or a director resigns or leaves the Company for cause prior to the vesting event taking place. All the Options will vest immediately upon a takeover offer being made or a change in substantial control of the Company taking place prior to the Options expiring.

Upon exercise of these and existing options granted, the resulting new ordinary shares will represent approximately 7.41 per cent. of the Company's enlarged issued share capital. Existing options currently vested represent approximately 2.75 per cent. of the Company’s enlarged share capital.

These Options have been allocated as follows: