Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

March 24, 2006 08:55 ET

Playfair Awards Grey River Drill Contract

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 24, 2006) - Playfair Mining Ltd. (TSX VENTURE:PLY) is pleased to announce that it has awarded a drill contract to Petro Drilling Company Limited of Springdale, Newfoundland. The contract covers a minimum of 2,000 metres for the initial phase of Playfair's Grey River drill program, a component of the continuing program to establish NI-43-101 compliant resources at Grey River. Drilling will begin within the next two weeks to test portions of the Number 10 and Number 6 veins with 14 large diameter HQ diamond drillholes under the supervision of consulting geologist James Harris P.Geo, a Qualified Person under NI 43-101 guidelines.

The Grey River property was explored by American Smelting and Refining Company (ASARCO) from 1957 to 1970. ASARCO's work included a 1,920 metre long adit into and along the "Main Vein" (Number 10) and extensive underground drifting, raising, channel and bulk sampling.

Grey River is one of four tungsten properties owned 100% by Playfair that has calculated historical resources(i). Playfair intends within the next 12 months to advance, principally by drilling, at least two of these tungsten deposits to 43-101 compliant resources.

Additionally Playfair plans significant exploration on its underexplored Granite Lake project in Newfoundland where over 20 bedrock tungsten showings are known in association with an extremely large geochemical anomaly covering over 50 square kilometers. One of these showings is very high grade with 4.4% tungsten trioxide (WO3) over a 5.0 metre width reported from previous work.



--------------------------------------------------------------
Property Tonnes % WO3 MTUs Company
--------------------------------------------------------------
Grey River 473,000 0.97 458,500 ASARCO, 1970
Risby 2,700,000 0.81 2,187,000 HBED, 1982
Lened 737,000 1.14 840,200 Union Carbide, 1986
Clea 257,000 0.93 239,000 Placer Dome, 1980
--------------------------------------------------------------
Total 4,167,000 0.89 3,724,700
--------------------------------------------------------------


(i) Estimates of tungsten resources are historical in nature, predate and are noncompliant with NI 43-101. Playfair is not treating the historical estimates as current mineral resources or reserves. Playfair has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. However, Playfair believes that these historical estimates provide a conceptual indication of the potential of the occurrences and are relevant to ongoing exploration.

Mr. Michael Moore, P.Geo is the qualified person who has reviewed the technical information contained in this news release on behalf of Playfair.

ON BEHALF OF THE BOARD

D. Neil Briggs, President and Director

No stock exchange has approved or disapproved the information contained herein.

Contact Information

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