Mr Ninkov ... I have long thought you have built a super company, however as a small holder don't you think it time some attention was paid to the share price.

With $90 mil in the bank at this price surely you are in danger of being swallowed how about an increased dividend or at the very least a statement or two, by backs do not increase share prices. Market conditions are of course difficult but the present price is ridiculous.

Gold mine now open as promised.

One of my recent acquistions which seemed to have lost it's way,good mark up this am.

Tiddler to watch

Griffin Mining dropped p to 37p yesterday, but it could be worth keeping an eye on in the next few weeks. A mystery party is said to be doing the rounds in the Square Mile, approaching the AIM-listed groups larger shareholders to see if they would be interested in selling their holdings for a price of about 50p per share.

A cash rich debt free compamy in China,which has a mine,mainly Zinc but also Gold,Silver and Lead. Opened up at 42p.
cyril

why sell at 50p when this was well over a quid a year or so ago?

Agree but thats the news and has brought GFM back in vogue?
cyril

SP should start moving up on the back of record gold production and rising price of zinc.

Would be happied if the management were to make the market aware. I've been thinking of selling as i'm unhappy about the SPitfire situation,but will now hang on and see what comes of this news?
cyril

New production licence granted.
cyril

Nice One !!

sp has moved up steadily this week in anticipation of fresh JORC update next month, and news they are profitable once more.

12% today could it be the start of a re-rating,if so not bbefore time?
cyril

Licence approval to mine deeper has helped the SP

49p now lets hope we can break and hold 50p+
cyril

Ocean weekly Review - courtesy of Turkeyminder - posted on iii

"Below is direct lift from latest Ocean Equities weekly review

Griffin Mining - New Mining Licence Application Accepted and Caijiaying Returns to Profitability in September Quarter (Oct 27th)

News: Griffin Mining Limited (Griffin) has announced that a licence application to mine below the 1300 level at the Caijiaying mine in China has been accepted. The Company hopes to have it approved within the statutory 28 day period and has also announced that on receipt of the new mining licence, it will be publishing a new JORC resource statement.
Work will shortly commence to facilitate access to the lower levels of the mine in anticipation of the below-1300 level permit being received. Upgrade work to facilitate production increases in 2010 are also progressing with the installation of a second primary ball mill, new crushing circuit, tailings dam uplifts and the construction of a new tailings dam.

The Company also announced that following a successful restart in June and a positive quarter to September, the Caijiaying mine has returned to profitability. In these 3 months, the mine produced 6.8kt Zn, 1.35koz Au, 38koz Ag and 218t Pb.

Analysis: The approval of the deeper mining permit will be a significant event for the Company, as previous drilling has indicated higher grade zinc ore is at depth in addition to elevated gold values, which is particularly exciting for the future production profile.
We await the receipt of the mining licence with anticipation and assuming the new JORC resource statement will give us more information about the sub-1300 level resource, we will use it to re-evaluate our forecast production profile.

The Company has also given some production results and we have extrapolated these figures to try and determine the grade and tonnage profile that the mine has experienced over the September quarter, comparing this to our previous forecast.

Tonnes mined for the quarter of 114kt was 12% below our forecast, but zinc production of 6,783t was almost exactly the same as our forecast. We take this to imply that the head grade was higher than our forecast we estimate 6.25% Zn, and this is very encouraging for the rest of the year.

In contrast to the higher than expected zinc production, lead production of 218t was 29% below our expectation and silver production of 38,019oz was 16% below our forecast. However it should be noted that these metals contribute the least to the overall revenue (we estimate 3% and 4% respectively).

Probably the most surprising element of todays release was gold production of 1,351oz which was over 100% higher than our expectation and implies a head grade over the quarter of 1.44g/t Au against our forecast of 0.60g/t Au. This reflects Griffins previous comments about record gold production in July, and means that (we estimate) that gold has contributed ~9% of the total revenue for the quarter.

Using average LME prices and assuming that Griffin receives ~60% of LME (or precious metals market prices for gold and silver) for its metals, we estimate that attributable revenue for the quarter (after 60% ownership of the mine) was US$5.1m which is in line with our expectation. However, because of the higher than expected zinc grades (as we are assuming), we estimate that attributable operating profits were higher than expected at US$2.4m (we forecast US$2.0m). We have therefore adjusted our forecasts for 2009 and 2010 to account for: higher zinc and gold grades; slightly reduced tonnage for 2009 although we have kept 600kt ore processed for 2010; higher metals prices as dictated by the market.

These adjustments mean that we are now expecting attributable 2009 production of: 10.2kt Zn (previously 9.7kt); 350t Pb (previously 440t); 1,940oz Au (previously 910oz); and 60koz Au (previously 65koz), and 2010 attributable production of: 20.5kt Zn, 680t Pb, 4,130oz Au, and 122koz Ag.

We still lack visibility regarding Griffins smelter arrangements and so are currently limited to forecasting an operating profit which can be assumed as a mine-gate profit. We will seek further guidance from Griffins Management to be able to make these forecasts and consequently net profit and free cash flow forecasts in the near future.

Key Events: The receipt of the sub-1300 level mine permit expected in 28 days; Publication of the new JORC resource statement in parallel with mine permit; Initiation of mining"

Yes this mining permit has got the market excited,couple that with back in profit
and a JORC along with the permit. 28 days from the 27/10 is the 25th so just 2 weeks to go is my take,if so we could see some fireworks regarding the SP?
aimho
cyril

Nice northwards charge by the Griffin at the moment....

Taken from another board,excellent summary and a reason(already intended to top up) for me to more than double my holding's this am.

The last resource statement only 15% of Cajiaying was explored this was back in Jan 07

The Company has now completed approximately 52,700 m of underground diamond
drilling. The underground drilling used to re-estimate the resource covers less
than 15% of the entire resource area originally defined for the mining
feasibility study in 2002.

A new discovery in April 08

Drilling conducted during 2007 has defined a Total Mineral Resource estimate at
Zone II of 5.49 million tonnes of 3.2% zinc ('Zn'), 0.6% Lead ('Pb'), 0.3 grams
per tonne ('g/t') gold ('Au') and 24 g/t silver ('Ag'). This estimate was based
on ordinary Kriging and a cutoff of greater than or equal to 1% zinc. Gross*
contained metal in situ based upon these estimates for both indicated and
inferred resources include; 176,000 tonnes zinc; 53,000 ozs gold; 4.3 million
ozs silver; and 33,000 tonnes lead,

I expect the figures in the header will need updating in the next few weeks.

With nothing since these announcements a new resource statement is a long time coming.

Looks a no briner to me? IMHO
cyril

Yul Brynner ?....wasn't he an actor ?... rising zinc prices are also helping the sp.

Wasn't he king of Thailand (Siam)

Spot on !....further increases to come for the sp soon.

Further to the announcement made on 27th October 2009, Griffin Mining Ltd ("Griffin" or "the Company") has had its formal application for a new mining licence to mine below the 1300 level (number 100000222220090369) reviewed and the Ministry of Land and Resources has requested that a number of rectifications be made to the lodged application. The Company has begun work on these amendments and plans to re-lodge the application in the near future. This process has suspended the 28 working day period on day 11 and will resume at this point once the rectifications have been addressed.

So a delay to the application,frustrating but also positive in that these are reticfications which are being addressed,with news near future.They continue to produce adding to the not inconsiderable cash pile,so real worries imo.
cyril

Well the license is back on but they missed the Dec meeting,so next Date is just prior to the Chibese new year, which is 14th Feb.
cyril