Tungsten Resources

Playfair is highly leveraged to the price of Tungsten. Playfair continues to believe that there is a strong case for an impending global Tungsten shortage, as is evidenced by the continued strong price appreciation of Tungsten, despite the current global economic uncertainties. The value of Tungsten continues to trade to all time new highs; now exceeding $400 per MTU; a greater than 70% increase over recent lows. With four high-grade Tungsten deposits Playfair remains well positioned to take advantage of the expected upcoming global Tungsten shortage. Playfair's tungsten properties contain more than an estimated 5.5 million MTUs of WO₃, in both combined 43-101 compliant and non-compliant resource categories. Importantly, these resources have ample room to be expanded.

NI 43-101 Compliant Resource Estimates

Property	Classification	Cut-off Grade %WO3	Tonnes	Grade WO3%	Pounds WO3	MTU's	Company
Risby	Inferred Resource	0.2	8,537,000	0.475	89,400,000	4,055,075	PEG 2009
Grey River	Inferred Resource	0.2	1,169,000	0.730	18,815,000	853,400	DGL 2011

Historic Resource Estimates*

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

*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.