Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

February 17, 2011 08:30 ET

Playfair Mining Ltd.: Drilling Underway at Seal Lake Copper Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2011) - Drilling is underway at Playfair Mining Ltd.'s (TSX VENTURE:PLY) 100% owned copper-silver Seal Lake project located in central Labrador, Canada.

The extensive Seal Lake property covers a sediment hosted stratiform copper-silver system in the Central Mineral Belt of Labrador. Some 136 copper-silver occurrences, showings and prospects are known on Playfair's 16,825 ha property. The majority of the 16 showings and 9 prospects occur within a consistent and laterally extensive stratigraphic horizon - the basal gray shale of the Upper Adeline Island Formation. The overall stratigraphy and host rocks at Seal Lake are similar to the rocks hosting the world-famous White Pine copper-silver district in Michigan.

Playfair's 4,000m program is planned 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. Drilling in this area will test a 10km strike length with holes spaced 1km apart. The second target area is located near the east end of the property. Drilling in the second area will test a 5km strike length with holes spaced 1km apart.

Highlights of previous work on the property are 6.4m of 2.5% Copper at Adeline Island, 11.3m of 1.0% Copper and 30.4 gpt Silver (including 4.9m of 2.5% Copper and 93.0 gpt Silver) at Ellis, 6 km east of Adeline Island and 11.0m of 2.9% Copper and 45.9 gpt Silver at Whiskey Lake, about 30 km east of Adeline Island.

In addition to the Seal Lake copper-silver exploration opportunity, Playfair has four properties with substantial high-grade tungsten deposits. 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. Playfair continues to believe that there is a strong case for an impending global Tungsten shortage, as is evidenced by the continued strong rebound in the price of Tungsten.

Tungsten has recently traded to an all-time high of $365 per Metric Ton Unit (or $16.56 per pound), an increase of 50% over recent lows. Please see our website for an internet link for the spot Tungsten price.

Visit our website at www.playfairmining.com for more information and recently added Seal Lake related drill program photos and videos.

ON BEHALF OF THE BOARD

D. Neil Briggs, Director

Michael Moore, PGeo, is the qualified person who has reviewed the technical information contained in this news release on behalf of the company.

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 and forward-looking statements 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
    Director
    604 687-7178 or Toll Free: 888-244-6644
    604 687-7179 (FAX)