Playfair Mining Closes Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/02/11 -- Playfair Mining Ltd. (TSX VENTURE: PLY) has closed its recently announced, non-brokered, $1.1-million financing through the issuance of 1,091,667 non-flow-through shares and 3,500,000 flow-through shares, all at $0.24 per share under the placement.
The Company paid aggregate finder's fees of $25,000, 350,000 common shares ('Finder's Fee Shares') and 350,000 broker warrants (the 'Broker Warrants') to the finders in consideration for assisting with the purchase and sale of the Shares. The Shares, Finder's Fee Shares and Broker Warrants issued pursuant to the private placement are subject to a hold period expiring June 26, 2011.
The financing proceeds will be used for working capital and exploration of Playfair's 100-per-cent-owned copper-silver Seal Lake project located in central Labrador, Canada.
Drilling at Seal Lake is progressing well with no interruptions, having successfully completed 8 holes in 1300 meters of the planned 4000 meter Phase One $1.4 million program.
In addition, Playfair Mining continues to see a strong rise in the asset value of its four wholly owned tungsten deposits, located in four locations across Canada. Playfair's 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 non-compliant NI 43-101 resource calculations.
Due to a growing disparity in global supply and demand, tungsten continues to break through new all-time highs, with the spot price recently hitting $370.00/MTU ($16.88/lb).
With substantial past work done on these four tungsten assets, Playfair views the properties as providing outstanding leverage to the price of tungsten with no current exploration expenditures required.
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
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.
Contacts:
Playfair Mining Ltd.
D. Neil Briggs
Director
604 687-7178 or Toll Free: 888-244-6644
604 687-7179 (FAX)
www.playfairmining.com