Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

January 14, 2011 14:11 ET

Playfair Arranges $1,080,000 in Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2011) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce it is arranging a non brokered private placement financing via the issuance of 4,500,000 common shares at a price of $0.24 per share for total proceeds of $1,080,000.

The financing proceeds will be used for working capital as the company embarks on an aggressive drilling program at its 100% owned copper-silver Seal Lake project located in central Labrador, Canada. The initial drill program at Seal Lake will consist of 4,000 metres of drilling to test the basin-wide continuity of copper-silver occurrences previously drilled in 1956 and 1972. The first target area is located near the west end of the property, where drilling will test a 10-kilometre strike length with holes spaced an estimated one kilometre apart. The second target area, a five-kilometre strike length, is located at the east end of the property will be similarly tested with one kilometre spaced holes.

In addition to the Seal Lake copper-silver project, Playfair Mining owns four high grade Tungsten deposits and remains well positioned to take advantage of the potential upcoming global Tungsten shortage. Playfair's four tungsten deposits have all had significant work completed on them. Two of the deposits (Risby and Grey River) have NI 43-101 compliant resource estimates while the other two deposits (Lened and Clea) have historical noncompliant NI43-101 resource calculations. With substantial past work done on these four tungsten assets, Playfair views the properties as providing outstanding leverage to the price of tungsten with no current exploration expenditures required.

Tungsten has recently traded to an all-time high of $340 per Metric Ton Unit, an increase of 50% over recent lows. Please see our website for an internet link for the spot tungsten price.

Visit our newly revamped website at www.playfairmining.com for more information.

ON BEHALF OF THE BOARD

"D. Neil Briggs"

D. Neil Briggs
Director

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
    Director
    604 687-7178 or Toll Free: 888-244-6644
    604 687-7179 (FAX)
    www.playfairmining.com