• Profit before tax of US$13.0 million (30 June 2007 US$18.0 million)
• Turnover US$22.2 million (30 June 2007 US$26.4 million)
• Ore processed 237,435 tonnes (30 June 2007 202,840 tonnes)
• 11,748 tonnes zinc metal in concentrate produced (30 June 2007 10,983 tonnes)
• 806 ozs gold, 98,843 ozs silver and 550 tonnes lead produced (30 June 2007 none)
• Break fee of C$2.5m received on aborted Yukon Zinc acquisition
• Completion of buy back of 79,851,818 shares from Citadel
• Attributable net assets per share $0.75 (30 June 2007 $0.46)
• Increased cash balances with $84m held at 30 June 2008

Financial and Trading:

The results for the six months ended 30 June 2008 show pre-tax profits of US$13,047,000, compared to that achieved in the six months to 30 June 2007 of US$18,010,000. This has been achieved despite a 47% reduction in the average price received for zinc concentrate from that received in the six months to 30 June 2007, as a result of falling world market prices for zinc and increased smelter charges.

Turnover amounted to US$22,201,000 compared with US$26,404,000 in the six months to 30 June 2007. 15,789 tonnes of zinc metal in concentrate were sold, including that stockpiled at the end of 2007, compared with 10,893 tonnes in the six months to 30 June 2007. In addition with the precious metals circuit being commissioned, 354 ozs gold, 76,363 ozs silver and 483 tonnes lead were sold.

A backfill plant has been installed at Caijiaying enabling waste material to be returned to the mine to be used in filling voids, improving safety and mine support, enabling more ore to be extracted whilst reducing material sent to the tailings dams, minimising the need for additional tailings capacity. This has resulted in some increase in mining costs. The construction of a workshop and purchase of additional equipment has enabled haulage rates to be increased in line with processing rates. Mine production has been affected by delays in accessing and developing the lower levels of the mine where higher grade, particularly gold, mineralisation is expected and which are more amenable to bulk mining.

Whilst production quantities in the second half of 2008 are not expected to exceed those achieved in the first half of 2008, 2009 should see a rise in production towards 750,000 tonnes of ore per annum and an improvement in grades. Whilst the Company anticipates further short term falls in the price of zinc, the lower zinc prices are likely to lead to other mine closures and reduction in supply in the long term which should give rise to future increases in zinc prices. Griffin remains a low cost producer of zinc metal in concentrate and with increasing revenues from gold, silver and lead is able to continue in production at a time of low prices. With a substantial resource and expected long mine life Griffin is also well positioned to reap the benefit of future higher prices.

In accordance with the joint venture terms, the Company’s share of the profits from the Caijiaying mine reduced from 100% to 60% with effect from 25th July 2008.

In June the Company completed the buy back for cancellation of 79,851,818 shares at £0.765 ($1.52) per share (68,181,818 of which were issued at £1.10 ($2.23) per share in July 2007) from Citadel Equity Fund Ltd (“Citadel”), for a total sum payable of £61.1 million ($121.5m), realising a net gain to the Company being reflected in the Company’s share premium account. This transaction reduced the number of outstanding shares in the Company from 261,509,549 to 181,657,731.

Despite having invested $121.5m in buying back 30.5 per cent of the Company’s share capital during the period, Griffin held cash balances of $84m as at 30 June 2008. This places the Company in an enviably strong position to continue its strategy of identifying acquisition opportunities to broaden the resources and geographical profile of the Company.

The Company has benefited from the receipt of a C$2.5m break fee (identified as “other income” in the Company’s income statement) following the aborted acquisition of Yukon Zinc Corporation. Whilst it is a disappointment to all concerned that the Company’s offer to acquire Yukon Zinc Corporation did not succeed, with another party substantially outbidding Griffin’s offer, management continues to investigate and evaluate other potential acquisitions.

As in previous years the Board is not declaring an interim dividend, in line with the Company’s policy of determining annual dividends at the time of full year’s results.

Chairman’s Statement

“These results, for the first six months of 2008, represent an excellent result for shareholders considering the extraordinary fall in both base and precious metals prices during the first half of the year. The continuing unhedged metals policy of the Company inevitably means that Griffin will garner the benefits of a rising commodities market but will also suffer in a declining commodity prices environment. Fortunately, the relatively low cost production profile of Caijiaying ensures that the Company is in a much stronger position than many of our peers in the zinc mining industry and we expect to enjoy the future benfits of a rising mining market. In the interim, the Company continues to expand its operations and production at Caijiaying. I look forward to good news from both Caijiaying and the Company in the near future.”

Griffin Mining Limited Consolidated Income Statement
(expressed in thousands US dollars)

Griffin Mining Limited Consolidated Balance Sheet
(expressed in thousands US dollars)

Griffin Mining Limited Consolidated Statement of Changes in Equity
(expressed in thousands US dollars)

Griffin Mining Limited Consolidated Cash Flow Statement
(expressed in thousands US dollars)

Griffin Mining Limited Notes to the Interim Statement

1. This statement has been prepared using accounting policies and presentation consistent with those applied in the preparation of the accounts of the Group for the year ended 31 December 2007.

2. Copies of this interim report are being sent to all registered shareholders. Additional copies are available from the Company’s London office, 60 St James’s Street, London, SW1A 1LE.

3. The summary accounts set out above do not constitute statutory accounts as defined by Section 84 of the Bermuda Companies Act 1981 or Section 240 of the UK Companies Act 1985. The summarised consolidated balance sheet at 31 December 2007 and the summarised consolidated income statement, summarised consolidated statement of changes in equity and the summarised consolidated cash flow statement for the year then ended have been extracted from the Group’s 2007 statutory financial statements upon which the auditors’ opinion is unqualified.

4. A dividend of 3 cents per ordinary share in issue at 9 May 2008, was paid on 6 June 2008.

5. The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share on the assumed conversion of all dilutive options and other dilutive potential ordinary shares. Reconciliation of the earnings and weighted average number of shares used in the calculations are set out below:

6. The income tax expense comprises a provision for Chinese corporation tax calculated at a rate of 12.5% on the net profits of Hebei Hua Ao Mining Industry Company Limited.