Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

September 10, 2010 08:30 ET

Playfair Announces $1 Million Flow-Through Financing-Proceeds to Be Used for Drilling at Seal Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2010) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce a non-brokered private placement equity financing for proceeds of up to $1 million. The funds will be raised by the issuance of 10 million flow-through shares at 10 cents per share, subject to TSX approval. A finder's fee may be paid. These funds will be used to commence drilling of Playfair's 100% owned Seal Lake Kupferschiefer district, a region of widespread strata-bound sediment-hosted copper mineralization with at least two drill targets already identified.

"Playfair's strategy is to build a robust land portfolio that leverages the current strength in commodity prices and rising demand for certain commodities, particularly in growing economies such as China. The acquisition and planned exploration of Seal Lake fits within this strategy," said Don Moore, Chairman of Playfair Mining.

Playfair is nearing completion of its review and compilation of the extensive historical technical data on its highly prospective copper silver Kupferschiefer Seal Lake project. Previous work has defined about 260 copper/silver occurrences in the Seal Lake basin, an area of about 35 by 5 kilometers, comparable in size with other well-known Kupferschiefer districts such as Hana Mining's Ghanzi in Botswana which is reported to contain an inferred NI 43-101 compliant resource of 93.2 million tonnes at 1.50 per cent copper and 18 grams per tonne silver, at a 0.75 per-cent copper cut-off.

The main focus of Playfair's initial drilling will be the Adeline Island and Ellis showings which occur at the same stratigraphic horizon, but 6 kilometers apart. The showings were last drilled in 1956 and the core is preserved in the Newfoundland and Labrador Government core storage facility in Goose Bay, Labrador. A recent review of this drill core by Playfair personnel has confirmed that the mineralization and host rocks are essentially identical visually, even though they are separated by 6 kilometers. The mineralized horizon is poorly explored in the intervening 6 kilometers and rarely outcrops although its location can be projected from previous detailed geological and geophysical work.

Playfair has confirmed the viability of a fall and winter drilling program and has experienced drilling contractors familiar with Seal Lake, available to commence the drilling program.

Drill crews will be mobilized shortly after completion of the current flow-through financing.

ON BEHALF OF THE BOARD

D. Neil Briggs, Director

No Stock Exchange has Approved or Disapproved the Information Contained Herein. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Playfair Mining Ltd.
    D. Neil Briggs
    Director
    604 687-7178 or Toll Free: 888-244-6644
    604 687-7179 (FAX)
    www.playfairmining.com