Griffin Mining Limited

Declaration of Voting Results & Voting Rights Announcements • Feb 9, 2015

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RNS Number : 3517E

Griffin Mining Ld

09 February 2015

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: [email protected]

New share Option Scheme

9th February 2015.

Options granted by Griffin Mining Limited ("the Company") in March 2011 exercisable into 10,000,000 new ordinary shares in the Company at an exercise price of 45 pence expire on 28th February 2015 ("the 45p options").  As the expiry date for the 45p options approaches, the Board has resolved to adopt a new share option scheme over a total of 20,000,000 new ordinary shares in the Company in order to retain and incentivise the Company's directors and management.

Each new option will entitle the holder to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per new ordinary share on or before 31st December 2020. The new options will vest with each option holder in installments triggered by the following events:

i.    One third of each holder's options will vest immediately upon being granted;

ii.    A further third of each holder's options will vest on 31st December 2016; and

iii.   A further third of each holder's options will vest on the granting of a new mining licence over Zone II at the Caijiaying mine.

The new 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 new options will vest immediately upon a takeover offer being made; or a substantial change in the business of the Company or its subsidiaries; or the sale of a substantial asset of the Company or by its subsidiaries; or a change in substantial control of the Company taking place prior to the options expiring.

Further information:

Griffin Mining Limited:

Mladen Ninkov    (Chairman)

Roger Goodwin    (Finance Director)                                                Telephone: +44 (0)20 7629 7772

Panmure Gordon (UK) Limited:                                                                          Telephone: +44 (0)20 7886 2500

Dominic Morley

Tom Salvesen

Cantor Fitzgerald Europe Limited                                                                      Telephone: +44 (0)20 7894 7000

Jeremy Stephenson

Stewart Dickson

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

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