Playfair Mining Ltd.
TSX VENTURE : PLY

Playfair Mining Ltd.

June 23, 2008 10:21 ET

Playfair Mining to Raise $3,000,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce that it will raise up to $3,000,000 through a non-brokered private placement. The company will issue up to 10,000,000 flow through common shares at a price of $0.30 per share. A finders fee may be payable in accordance with TSX policy.

Proceeds from the financing will be used for the extensive drill programs Playfair has currently underway at Grey River and Risby. The Risby project is a large scheelite-bearing skarn deposit with an NI 43-101 compliant inferred resource of 6,385,000 tonnes grading 0.46% tungsten trioxide (WO3) at a 0.2% cut off. The planned 7,000 meter drill program at Risby is aimed at significantly increasing the resource of contained tungsten.

The Grey River deposit is a high-grade, underground tungsten project with the potential to become one of the next tungsten producing mines outside of China. Current drilling is focused on the priority #10 Vein Zone, both below and on either side of the current 43-101 compliant inferred resource (852,000 tonnes grading 0.86% WO3 at a 0.2% cut off). The #10 Vein is a typical high-grade wolframite-quartz greisen vein deposit, with a roughly vertically oriented tungsten enriched quartz vein that varies from 0.9 to over 4.3 metres wide (averaging about 1.2 metres wide, based on underground mapping) that has been traced for over a strike length of greater than 1,600 metres long.

Donald Moore, Playfair's Chairman and CEO states, "We are excited and confident that the drill programs at Risby and Grey River will add considerably to our already sizeable NI 43-101 compliant resources. This is a big part of our strategy to move Playfair towards becoming one of the western world's next tungsten producers, and is a major step in establishing Risby as a world class tungsten deposit."

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 the early stage but highly-prospective Granite Lake Molybdenum exploration property. Playfair is very well positioned to benefit from the expanding global demand for tungsten having four high-grade deposits, all located within Canada.



NI 43-101 Compliant Resource Estimates

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

Historic Resource Estimates(i)

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

(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.


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


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

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