Playfair Mining Ltd.

Playfair Mining Ltd.

October 21, 2010 16:17 ET

Playfair Announces Increase in Financing to $2.5 Million and Closes on First Tranche

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - Due to strong interest in this financing, Playfair Mining (TSX VENTURE:PLY), in connection with its previously announced flow-through private placement, has increased the amount to be raised from $1 million to $2.5 million.

Playfair closed on a $700,000 first tranche of its non-brokered flow-through private placement which was announced on September 10, 2010. Finder's fees of $25,500 cash, 380,000 common shares and 8,000 broker warrants are payable on this first tranche. All securities issued pursuant to this first tranche are subject to a hold period expiring February 15, 2011.

Playfair will use the proceeds to commence drilling on its 100% owned Seal Lake project, a region of widespread strata-bound sediment-hosted copper-silver mineralization.

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D. Neil Briggs, Director

Forward-Looking Statements: This Playfair Mining Ltd. News Release may contain certain "forward-looking" statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Playfair Mining Ltd.
    D. Neil Briggs
    (604) 687-7178 or Toll Free: 1-888-244-6644
    (604) 687-7179 (FAX)