Griffin Mining Regulatory News (GFM)

16 Mar 2006 08:16

Griffin Mining Ld16 March 2006 GRIFFIN MINING LIMITED 60 St James's Street, London SW1A 1LE, United Kingdom Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773 E mail: griffin@griffinmining.com 16th March 2006 NEW ISSUE OF OPTIONS TO KEY PERSONNEL & DIRECTORS Following the appointment of a new project manager for Griffin Mining Limited's("Griffin" or the "Company") operations in China, and in order to retain keypersonnel in the current buoyant mining market, Griffin has today agreed togrant further options over 5,475,000 new ordinary shares to key employees andthe directors of the Company (the "Options"). Each Option will entitle theholder to subscribe for new ordinary shares in the Company at an exercise priceof 65 pence per new ordinary share on or before 28th February 2009. The Optionswill vest with each option holder in 3 separate and equal instalments asfollows: I. The first third of each holder's options will vest immediately; II. The second third of each holder's options will vest on 30th June 2006; and III. The last third of each holder's options will vest on 31st December 2006. The Options will not vest if an employee or a director resigns or leaves theCompany prior to the vesting event taking place. All the Options will vestimmediately upon a takeover offer being made or a change in substantial controlof the Company taking place prior to the Options expiring. Upon exercise of these and existing options granted, the resulting new ordinaryshares will represent approximately 7.5 per cent. of the Company's enlargedissued share capital or on exercise of these options immediately vesting andexisting options currently vested the resulting new ordinary shares willrepresent approximately 4.25 per cent. of the Company's enlarged share capital. These Options have been allocated as follows: Number of Options to subscribe for one new ordinary share in the Company New Options New Options Total number of Total number of now granted now vesting Options now Options now held vesting Directors: Mladen Ninkov (Chairman) 2,000,000 666,667 8,000,000 4,666,667Roger Goodwin (Finance Director) 575,000 191,667 2,275,000 1,325,000Dal Brynelsen (Director) 200,000 66,667 800,000 466,667William Mulligan (Director) 200,000 66,667 800,000 466,667Management:Jeff Sun (General Manager China) 150,000 50,000 400,000 216,667Dominic Claridge (Project Manager) 1,000,000 333,333 1,000,000 333,333Ruilin Ji (Finance Manager China) 100,000 33,333 100,000 33,333Rupert Crowe (Chief Geologist) 1,200,000 400,000 1,500,000 600,000Jin Schengchang 50,000 16,666 50,000 16,666(Chief Financial Officer China)Total 5,475,000 1,825,000 14,925,000 8,125,000 Further information Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772Roger Goodwin - Finance DirectorGriffin Mining Limited Andrew Smith/Martin Eales Telephone: +44(0)20 7523 8350Collins Stewart Limited Hugo de Salis Telephone: +44(0) 20 7242 4477 Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). The Company's news releases are available on the Company's web site: www.griffinmining.com This information is provided by RNS The company news service from the London Stock Exchange