Company Reports > Playfair Mining Ltd.


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 January 10, 2011   

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If a mining company wished to take advantage of recent strong price moves in several different metals, it would be difficult to find a more attractive combination than copper and silver on one hand and Tungsten and Rare Earth Elements (REE) on the other.

One company active in both combinations is Vancouver-based Playfair Mining Ltd (TSX-V; PLY) with a roster of such projects in Labrador and Newfoundland; Yukon Territories and Northwest Territories.

Playfair's primary focus for early 2011 is its Seal Lake copper-silver Project, located in central Labrador, about 150 Km NW of Happy Valley Goose Bay. The project covers an area of 16,285 hectares in which Playfair acquired a 100% interest via staking. Company geologists have identified sediment hosted Kuperschiefer-type mineralization which is known to host many world-class copper deposits and they believe the potential exists for sizeable bulk tonnage deposits suitable for either underground or open pit operations. The Seal Lake project has been academically compared (1975) to the 688 million tonne White Pine deposit in the State of Michigan.

Prior exploration work at Seal Lake costing over C$5 million which was conducted by various major mining companies during the period from the 1950's to the 1990's has provided Playfair's geologists with a substantial data base and has also allowed the company to identify numerous drill-ready targets. An initial Phase 1 drill program consisting of 4,000 meters to test basin-wide continuity of copper-silver occurrences is scheduled to commence in early 2011. Other portions of the Winter 2011 exploration plan include further data compilation as well as analysis of geochemistry and geophysics information.

Given the recent price moves to approximately US$29.00 per ounce silver and US$4.30 per pound copper (as of early January, 2011), Playfair believes the timing is right to move forward to develop Seal Lake as rapidly as possible.

Playfair's Tungsten properties include Grey River and Granite Lake (also involving molybdenum) in Newfoundland plus Risby and Clea in the Yukon as well as Lened in the Northwest Territories. Their REE project is the Red Wine - Letitia Complex in Labrador, which the company has optioned on a 50% work-in agreement to Rare Earth Metals. Playfair also has interests in the Gregory River copper-gold prospect in Newfoundland.

The 100% owned Risby tungsten project was worked on from 1968 to 1982 by the Caltor Syndicate and Hudson Bay Exploration and Development Co. Ltd. Together their exploration efforts included 48 diamond drill holes (7,057 meters), geological mapping, trenching, stream sediment sampling and ground geophysics (magnetometer and EM surveys). Recent work by Playfair includes drilling and a NI 43-101 compliant inferred calculation of 8,537,000 tonnes of 0.475% WO3 at a 0.2% cut-off (89,400,000 pounds).

The company recently announced the completion of flow-through private placements in the gross amount of C$2,539,000 which will be used to drill test the Seal Lake Property.

A full report will be completed following a property visit to the company's properties, presently scheduled to take place as soon as possible.

 Playfair Mining Ltd.

Suite 520 - 470 Granville Street
Vancouver, BC
Canada   V6C 1V5

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The Melman Report

244 - 2465 Apollo Dr.
Nanoose Bay, BC
V9P 9K2
T. 250.947.5505
F. 250.468.7027

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