Share Buy-back Agreement

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

Share Buy-back Agreement

1st February 2011

Griffin Mining Limited ("Griffin" or the "Company") announces that it has entered into an irrevocable and non-discretionary arrangement with Panmure Gordon to repurchase on its behalf and within certain pre-set parameters, ordinary shares in the Company during the period commencing 1 February 2011 and ending on the date on which it publishes its final results for the year ended 31 December 2010. This arrangement is in accordance with the Company's general authority to repurchase shares.

Griffin Mining Limited +44 (0) 20 7629 7772

Mladen Ninkov, Chairman

Roger Goodwin, Finance Director

Panmure Gordon (UK) Limited +44 (0) 20 7459 3600

Dominic Morley

Hannah Woodley

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