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.

Massive profits to be made this year...RF says : buy !.

Results include 2 months lost production,so with higher capacity usually leads to lower cost,s meaning as you say "greater profits".

Worth 120p.....

"Worth 120p......." yeah right, any basis for that or just plucking numbers out of thin air......

Explosive you have figures today for 4months output,we have greater capacity which helps explain some of the extra output.So you can add at least 50% to those figures,as the CEO states "significant increase"for 2011.
Goto kitco.com and you'll get prices for gold,silver,zinc and lead,thenyou can do the maths.

Niceonecyril has put it better than I could have.....

Just think your premium is a little ott, I'm bullish on GFM however a double dip recession come Q1 results would result in dollar strength and also a fall in metals demand (not including gold and silver). So you might be waiting a while for 120p, why get in now when speculation looms.

End 2009 USD
Total Equity + Liabilities $134,714,000
Shares In Issue then 181688497
Equity Per Share $0.74
Exchanged @ 1.6 0.46

Current Share Price 0.66
Exchanged @1.6 $1.06
Shares in Issue now 178991830
Total Equity + Liabilities $189,015,372

Lets see how near the mark 2010 figures are, seams to me alot of todays statement ($50m) has already been written into the sp.

The increasing production with no more delays ...electricity cuts and sorts will feed through to the sp.....it will....

A few of points worth remembering are
1 Mining deeper for better grades
2 We've bought back over 2m shares since jun
3 Better prices since the june 2010 interims.

Those results

Griffin Mining Limited ("Griffin" or "the Company") is pleased to publish its interim results for the six months ended 30th June 2010.



Financial and Trading:



The results for the six months ended 30 June 2010 show a pre-tax profit of US$8,658,000 compared to a loss in the six months to 30 June 2009 of US$1,354,000, when operations at Griffin's Caijiaying Zinc Gold Mine in Northern China were suspended for much of the period.



An operating profit of $11,201,000 was achieved in the first six months of 2010 compared to a loss of $4,696,000 in the first six months of 2009, when operations were suspended. 260,317 tonnes of ore were processed at Caijiaying in the six months to 30th June 2010, compared with 81,281 tonnes of ore in the first six months of 2009, to produce 15,101 tonnes of zinc metal in concentrate (2009 3,243 tonnes), 4,570 ounces gold (2009 617 ounces), 105,475 ounces silver (2009 20,003 ounces) and 441 tonnes of lead (2009 144 tonnes). Zinc and gold production in the first six months of 2010 was a record for any six month period at Caijiaying, with increased ore mined and processed and better grades.



Upgrade of the processing facilities to a minimum capacity of 750,000 tonnes of ore per annum is on schedule and virtually complete with commissioning of all the main items of equipment in August 2010. Subject to the temporary suspension of mining operations from 9th August 2010 following the tragic death of two employees of the mine contractor at Caijiaying, mining and haulage rates are being increased to meet the increase in processing capacity.



With the lower levels of the mine being accessed, costs have increased with increased development work ahead of planned increase in extraction rates. As extraction and process rates increase with the completion of the upgrade of the processing facilities, the cost per tonne of ore mined and processed and metal produced is expected to fall.



The results for the first six months of 2010 have been impacted by foreign exchange losses of $3,061,000 arising mainly on sterling bank deposits.



Griffin has a 39.2% equity interest in Spitfire Oil Ltd ("Spitfire"). Full provision has been made in the interim results for Griffin's share of Spitfire's losses of $127,000.



Griffin held cash balances of $67.1m as at 30 June 2010. 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.



In line with previous years and the Company's policy of determining annual dividends at the time of the Company's full year results, the Board of Griffin has not declared an interim dividend.





Chairman's Statement



"We have been delighted by the return to profitability following the global financial crisis in 2008 / 2009 and the continued firmness in metal prices. With the granting of the licence to mine below the 1300 level, new stopes are being developed to push mining rates to meet the increase in processing capacity on recently upgraded mill, crushing and tailings facilities and to access the increased gold available at these levels.



Unfortunately, the recent tragic fatalities at Caijiaying have caused a short term delay in increasing mine production. However, with the expectation that mining will be allowed to begin in the near future and the upgrade of the processing plant being completed, Griffin is poised to significantly increase production and revenues at Caijiaying in the near future.

Extraordinary developments continue to occur in China, including the development of major new cities through massive construction, new factories, power stations, wind farms, roads, railways and other associated infrastructure. This construction, continues to cause the very strong demand for concentrate from Caijiaying and is evidenced by the continuing recent falls in smelter charges by zinc smelters and metals traders.

NiceOneCyril - And valid points they are too, regarding power its worth reading

http://www.ndtv.com/article/world/china-plans-building-its-first-low-carbon-city-12987

in consideration with the kyoto agreement which China has signed upto.

.

A summing up by someone who attended the minesite presentation.


Didn't take notes but from memory

He brushed over the poor results of 2009 and 2010 as being down to recession and pit closure (the 2 deaths and power issues) as now behind them
2011 forecast revenue looked to be well up (2/3 times?) last years.
Loads of cash
Takeover enquiries (preliminary I guess). All rebuffed as the shares aren't where they want them to be yet. Thus the buybacks.
This week he was doing a roadshow with institutions.

An entertaining presentation all round. Added a few!

http://www.minesite.com/fileadmin/content/pdfs/Minesite_Presentations/Feb_2011/Griff.pdf

Well worth listening too.
http://www.youtube.com/user/sharecrazytv#p/u/18/ltrO891qGU4

I reckon that GFM are overdue a big rise....zinc holding up well, with big increase of capacity plus gold production due to rise as well.... and they have bought back loads of shares....

http://www.investegate.co.uk/Article.aspx?id=201102100700079480A

Worth re-reading the above again,higher output,hifger grafes,greater reserves,record commodity prices and the SP low.Been holding for sometime with a couple uf top ups sub 60p,trades now going through at 62p,so looking good?

Looks like a breakout.....perhaps...something we said ?....

Lets hope so,looks like a no brainer to me, 2 months since the last trading news and full year results due in the not too distant future?

don't expect too much from forthcoming results as mine was closed for several months in second half of 2010 due to enquiy into the death of two mining contractors.

Halifax, from the above RNS(post 76.),

Griffin Mining Limited ("Griffin" or the "Company") is pleased to report an increase in production at its Caijiaying zinc-gold mine in China in the year ended 31st December 2010 despite the suspension of operations for almost 4 months at Caijiaying from September to December 2010.



In summary:



389,496 tonnes of ore was processed, compared to 276,880 tonnes in 2009, a 40.6% increase;