Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

June 12, 2008 17:08 ET

Playfair Expands Moly Hill Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2008) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce drill results for the Granite Lake Molybdenum Property in central Newfoundland. Playfair's drilling of the Moly Hill Zone has identified a large-scale bulk tonnage molybdenum enriched zone which warrants extensive additional drilling.

Drill testing of a limited portion of the Moly Hill Zone has outlined a priority area of altered and mineralized rocks measuring at least 600m long by 500m wide. The priority area is located on northeast corner of the 2.4 by 2.6 kilometre Moly Hill Zone and is open in all directions except to the north. Molybdenum commonly occurs from the top of drill holes, with many of the holes ending in mineralization.



Moly Hill Zone Select Molybdenum Highlight Drill Intervals
-------------------------------------------------
DDH From To Metres Mo% MoS2%
-------------------------------------------------
GL-23 56.0 114.5 58.5 0.049 0.082
incl. 56.0 87.5 31.5 0.074 0.123
-------------------------------------------------
GL-26 12.5 63.0 50.5 0.042 0.069
incl. 24.5 57.0 32.5 0.052 0.086
-------------------------------------------------
GL-27 37.5 71.5 34.0 0.050 0.083
incl. 40.5 56.3 15.8 0.087 0.145
-------------------------------------------------
GL-36 14.0 89.0 75.0 0.036 0.060
191.5 210.5 19.0 0.040 0.067
-------------------------------------------------
GL-38 7.0 89.6 82.6 0.034 0.057
incl. 24.5 51.5 27.0 0.052 0.086
-------------------------------------------------
GL-39 38.0 99.0 61.0 0.031 0.052
incl. 57.0 71.0 14.0 0.063 0.105
-------------------------------------------------
GL-43 48.5 159.5 111.0 0.039 0.064
incl. 48.5 81.7 33.2 0.049 0.082
-------------------------------------------------
GL-53 195.5 235.7 40.2 0.051 0.086
incl. 209.0 235.7 26.7 0.066 0.109
-------------------------------------------------
Results for hole GL07-23 were previously reported on January 16, 2008.
Please see the attached comprehensive results table for all results
received to date.


Don Moore, Chairman of Playfair, states, "The results reported today along with the previously released results from the Moly Hill Zone indicate that this is a very large target with the potential to become an enormous large-scale bulk tonnage molybdenum situation. The project has the rare benefit of electrical power, roads, minimum environmental impact and a willing and able Newfoundland workforce to draw on. We view this large bulk-tonnage molybdenum potential that is quietly developing as a bonus to the outstanding tungsten assets that are the company's focus."

The Moly Hill Zone is located within the centre of the Granite Lake Property. Its limits are defined by an extensive airborne magnetic low anomaly measuring about 2.4 by 2.6 kilometres. Currently, Playfair attributes this magnetic low signature due the destruction of magnetite resulting from pervasive and wide spread hydrothermal alteration of the host granitic rocks. Mineralization is typically associated with a network of (a) east-west trending, near vertical dipping and (b) near flat lying sheeted quartz veins and stockworks. Metal mineralization is dominated by molybdenum, with lesser amounts of silver, tungsten, bismuth, copper, lead and zinc. The granitic host rocks are variably clay-epidote-silica altered, with the local strong greisen alteration associated with particularly dense quartz veining.

The winter 2007-8 diamond drill program is now complete. Over the seven month campaign, Playfair drilled 47 holes (GL07 to GL54), which together total 8,700 metres of drilling, from which more than 5,400 core samples were collected and submitted for analyses. Sample analytical results have been received for all holes except GL49 and GL54 and also samples collected from historical drill holes which are stored in the Government of Newfoundland's core libraries. Most of the Playfair holes were drilled at dip of -50 degrees to the north, although holes 29 to 33 and 48 were drilled to the south and hole 22 was drilled to the northwest. Hole depths range from 80 to 254 metres, with an average depth of 181 metres. Holes 07 to 21 were drilled to test the high grade quartz vein hosted tungsten mineralization. These results are reported in earlier news releases.

Just to the west of the Moly Hill Zone is a second smaller airborne magnetic low anomaly (measuring about 0.7 by 2.0 kilometres), dubbed the Moly Hill West Zone. Little is known about this western anomaly except that a large north trending, generally barren, quartz vein passes though its centre. This quartz vein shares very similar characteristics to the veins found within the Meelpaeg Lake Fault Zone (MLFZ), which appears to be of considerable significance in controlling the location of the bedrock mineralization within the Moly Hill Zone.

Granite Lake has the advantage of excellent logistics. The area is accessible by an all weather road and partial logging has provided ready access through a network of logging roads. A newly completed 40 MW hydroelectric facility is located on the southeast corner of the property. There are no aboriginal claims in the area and no major environmental concerns.

Michael Moore P.Geo is the Qualified Person who has reviewed the technical information contained in this News Release on behalf of Playfair.

Core samples were collected under the supervision of Mr. James Harris, P.Geo. NQ diameter core was descriptively logged on site, aligned, marked for sampling and then split in half, longitudinally, using a diamond saw blade. One-half of the core is preserved on site in core boxes for verification and future reference. The samples comprising the other half of the core were bagged, sealed and delivered to Eastern Analytical Ltd. in Springdale Newfoundland where they were dried, crushed and pulped. Samples were crushed to approximately -10 mesh and split using a riffle splitter to approximately 300 grams. The sample split was pulverized using a ringmill to approximately 98% minus 150 mesh. The resulting pulp was then shipped to SGS Canada Inc of Toronto ON, an ISO 17025 accredited laboratory, where a 0.2 gm split was subjected to a four acid (near total digestion), then analyzed for 40-elements by ICP-AES & ICP-MS. All coarse rejects are currently stored at Eastern Analytical Ltd. facilities and sample pulps are currently stored at the SGS facilities.

Visit our website at www.playfairmining.com for more information and drill hole location maps.

ON BEHALF OF THE BOARD

D. Neil Briggs, President and Director



GRANITE LAKE MOLY HILL ZONE Diamond Drill Results

------------------------------------------------------
DDH From To Metres Mo% MoS2%
------------------------------------------------------
GL-07-20 36.5 62.5 26.0 0.018 0.031
including 36.5 41.7 5.2 0.038 0.064
------------------------------------------------------
GL-07-21 29.1 64.5 35.4 0.024 0.041
including 51.5 64.5 13.0 0.042 0.070
------------------------------------------------------
GL-07-22 56.0 176.0 120.0 0.018 0.030
including 65.0 75.5 10.5 0.039 0.064
------------------------------------------------------
GL-07-23 5.6 188.0 182.4 0.030 0.050
----------------------------------------
including 56.0 114.5 58.5 0.049 0.082
----------------------------------------
and 56.0 87.5 31.5 0.074 0.123
------------------------------------------------------
GL-07-24 4.6 254.0 249.4 0.018 0.029
including 131.0 254.0 123.0 0.023 0.039
and 177.5 220.0 42.5 0.036 0.060
------------------------------------------------------
GL-07-25 8.1 155.0 146.9 0.019 0.031
including 56.4 69.7 13.3 0.029 0.048
------------------------------------------------------
GL-07-26 12.5 176.0 163.5 0.023 0.038
including 12.5 112.3 99.8 0.029 0.049
and 12.5 63.0 50.5 0.042 0.069
----------------------------------------
and 24.5 57.0 32.5 0.052 0.086
------------------------------------------------------
GL-07-27 6.0 153.5 147.5 0.019 0.032
----------------------------------------
including 37.5 71.5 34.0 0.050 0.083
----------------------------------------
and 40.5 56.3 15.8 0.087 0.145
------------------------------------------------------
GL-07-28 2.1 137.0 134.9 0.012 0.019
including 4.6 42.1 37.5 0.022 0.037
------------------------------------------------------
GL-07-29 9.5 17.0 7.5 0.020 0.033
including 53.0 119.0 66.0 0.009 0.014
------------------------------------------------------
GL-07-30 6.5 159.7 153.2 0.011 0.018
including 8.0 17.5 9.5 0.028 0.047
------------------------------------------------------
GL-08-31 21.0 167.8 146.8 0.009 0.016
including 93.0 116.0 23.0 0.015 0.025
------------------------------------------------------
GL-08-32 6.5 159.5 153.0 0.014 0.023
including 78.5 107.0 28.5 0.020 0.034
------------------------------------------------------
GL-08-33 25.1 89.0 63.9 0.007 0.012
------------------------------------------------------
GL-08-34 11.5 164.0 152.5 0.021 0.034
including 27.5 67.5 40.0 0.030 0.050
and 53.0 67.5 14.5 0.039 0.064
and 53.0 83.0 30.0 0.034 0.056
------------------------------------------------------
GL-08-35 4.2 221.0 216.8 0.024 0.041
including 56.0 101.2 45.2 0.035 0.059
and 191.5 210.5 19.0 0.040 0.067
------------------------------------------------------
GL-08-36 9.5 221.0 211.5 0.027 0.046
including 14.0 89.0 75.0 0.036 0.060
----------------------------------------
and 14.0 47.0 33.0 0.049 0.082
----------------------------------------
and 186.5 218.0 31.5 0.055 0.092
------------------------------------------------------
GL-08-37 6.5 230.0 223.5 0.014 0.024
including 18.0 45.5 27.5 0.038 0.064
------------------------------------------------------
GL-08-38 7.0 221.0 214.0 0.018 0.030
including 7.0 89.6 82.6 0.034 0.057
----------------------------------------
and 24.5 51.5 27.0 0.052 0.086
------------------------------------------------------
GL-08-39 38.0 99.0 61.0 0.031 0.052
----------------------------------------
including 46.5 71.0 24.5 0.050 0.083
----------------------------------------
and 57.0 71.0 14.0 0.063 0.105
----------------------------------------
and 113.0 128.2 15.2 0.021 0.036
------------------------------------------------------
GL-08-40 4.5 248.0 243.5 0.021 0.035
including 46.4 71.5 25.1 0.044 0.073
and 109.6 138.0 28.4 0.037 0.061
------------------------------------------------------
GL-08-41 13.4 42.6 29.2 0.027 0.045
including 59.5 67.3 7.8 0.029 0.048
and 96.5 104.5 8.0 0.029 0.048
and 130.5 200.1 69.6 0.017 0.028
------------------------------------------------------
GL-08-42 8.0 206.5 198.5 0.017 0.028
including 29.0 101.0 72.0 0.019 0.031
and 185.0 200.8 15.8 0.040 0.067
------------------------------------------------------
GL-08-43 5.3 231.1 225.8 0.025 0.042
including 48.5 81.7 33.2 0.049 0.082
----------------------------------------
and 48.5 159.5 111.0 0.039 0.064
------------------------------------------------------
GL-08-44 6.1 224.0 217.9 0.015 0.025
including 36.5 114.5 78.0 0.027 0.045
and 80.0 114.5 34.5 0.039 0.065
----------------------------------------
and 80.0 93.5 13.5 0.075 0.125
------------------------------------------------------
GL-08-45 123.7 213.5 89.8 0.011 0.019
including 173.0 206.0 33.0 0.016 0.026
------------------------------------------------------
GL-08-46 few narrow (less than 2.0m) weak
anomalous Mo intervals
------------------------------------------------------
GL-08-47 114.5 144.5 30.0 0.007 0.011
------------------------------------------------------
GL-08-48 8.0 197.0 189.0 0.008 0.013
------------------------------------------------------
GL-08-49 results pending
------------------------------------------------------
GL-08-50 75.50 113.0 37.50 0.007 0.012
------------------------------------------------------
GL-08-51 4.5 187.2 182.7 0.019 0.031
including 155.0 187.2 32.2 0.037 0.061
------------------------------------------------------
GL-08-52 5.3 206.0 200.7 0.014 0.024
including 5.3 114.5 109.2 0.020 0.034
and 24.5 95.0 70.5 0.025 0.041
------------------------------------------------------
GL-08-53 5.6 236.7 231.1 0.022 0.036
including 114.5 146.0 31.5 0.039 0.065
----------------------------------------
and 195.5 235.7 40.2 0.051 0.086
----------------------------------------
and 209.0 235.7 26.7 0.066 0.109
------------------------------------------------------
GL-08-54 results pending
------------------------------------------------------


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
    President and Director
    (604) 687-7178 or Toll Free: 1-888-244-6644
    (604) 687-7179 (FAX)
    Website: www.playfairmining.com