Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

September 05, 2007 08:00 ET

Playfair Mining Hires Project Manager for Grey River Tungsten Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2007) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce the hiring of Peter H. Atkinson as Project Manager for the company's wholly-owned Grey River, Newfoundland tungsten deposit.

Mr. Atkinson has a distinguished career in the mining industry and is an experienced and expert manager. Past positions within the industry held by Mr. Atkinson include Mine Superintendent, General Superintendent and General Manager of Operations responsible for Potash Company of America's operations in New Brunswick, Chief Engineer for Afton Mines and Manager of Mining Operations for Home Oil Company. Mr. Atkinson attended the Montana School of Mines, obtaining a Bachelor of Science in Mining Engineering. As part of Mr. Atkinson's compensation package, Playfair has granted him 400,000 options exercisable at a price of $0.75.

Neil Briggs, President of Playfair Mining, states, "It is our goal at Playfair Mining to become the world's next producer of tungsten outside of China. Today's announcement of the hiring of Peter Atkinson as Project Manager for our Grey River project is a significant step towards the completion of this goal. While Playfair continues to work on expanding the Risby deposit and exploring at Granite Lake, the time had come to secure the services of a full-time Project Manager for our Grey River deposit. This illustrates the advanced nature of the project and our belief in fast-tracking this deposit into production. To find somebody with Mr. Atkinson's extensive mining management experience to steer this project towards production is a real achievement."

Mr. Atkinson, in his role as Project Manager, will coordinate and oversee the advancement of the Grey River project and will work with the various engineering firms, company employees, and government bodies involved in the project as it progresses towards mining operations.

Playfair's Canadian Tungsten Deposits

Playfair owns four high-grade tungsten deposits, all in Canada. Two of the four high-grade deposits (Lened and Clea) have significant historical resource estimates that pre-date NI 43-101 but that have been delineated by well established mining companies. The Grey River and Risby deposits have NI 43-101 Compliant Resource Estimates. In addition, to these four deposits, Playfair has an early stage but highly-prospective exploration property at Granite Lake.



NI 43-101 Compliant Resource Estimates

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Cut-off
Grade Grade Pounds
Property Classification %WO3 Tonnes WO3% WO3 MTU's Company
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Grey Inferred 0.2 852,000 0.86 16,153,700 732,700 Wardrop
River Resource 2007
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Risby Inferred 0.2 6,385,000 0.46 65,043,600 2,950,200 Wardrop
Resource 2007
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Historic Resource Estimates(i)

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Cut-off
Grade Grade Pounds
Property Classification %WO3 Tonnes WO3% WO3 MTU's Company
---------------------------------------------------------------------------
Lened Historic 0.4 737,000 1.14 18,523,050 840,200 Union
Resource(i) Carbide
1986
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Clea Historic 0.5 257,000 0.93 5,269,000 239,000 Placer
Resource(i) Dome
1980
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(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.


About Tungsten

Tungsten is an extremely hard, heavy, steel-grey to white metal that is remarkable for its robust physical properties and vast uses. Tungsten cannot be substituted in many industrial applications. Tungsten has the highest melting point of all metallic elements. Tungsten is a strategic metal and emerging economies such as India and China are consuming increasing amounts of tungsten. The current price of tungsten is approximately US $12 per pound.

Until 2005, China was the world's largest exporter of tungsten concentrate. Rapid industrialization and structural economic changes within China have resulted in the restriction of tungsten exports from China. China is now the world's largest consumer of tungsten. Escalating Chinese consumption, in conjunction with the ongoing demand in the world's principal economies has resulted in a dramatic increase in the price of tungsten. Tungsten prices are quoted per Metric Ton Unit of contained tungsten trioxide (WO3). One MTU contains 10 kilograms of WO3 and is the standard weight measure of the tungsten trade. Ammonium Paratungstate ("APT") is an intermediate product in the production of tungsten metal for which prices are available. A price of US$260 per MTU equates to US $26 per Kilogram or US $12 per pound.

Playfair is very well positioned to benefit from the expanding global demand for tungsten having four high-grade deposits, all located within Canada.

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. 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