|July 04, 2007|
Playfair Mining closes second tranche of Private Placement with MineralFields
|Playfair Mining Ltd. (the "Company") (TSX-V: PLY) announces that, further to its news release of May 22, 2007, it has completed a second and final tranche closing of its institutional non-brokered private placement with the MineralFields Group of Toronto, Ontario. This portion of the private placement is comprised of the issuance of 2,083,332 flow-through common shares of the Company at $0.60 per share for gross proceeds of $1,250,000. This portion of the private placement proceeds will be used to advance the Company's Canadian tungsten properties including the Risby property in the Yukon. The Company has paid a cash commission of $60,000 and issued 200,000 warrants as a finder's fee to First Canadian Securities. Each warrant is exercisable at a price of $0.60 per share for a two year period.|
All securities issued with respect to this second tranche closing of the private placement are subject to a hold period expiring November 4, 2007.
"The Company is very pleased to becontinuing this relationship with the MineralFields Group", said Donald G. Moore, CEO. "This is an important milestone in the growth of Playfair Mining Ltd. and we look forward to working with the MineralFields Group as we develop our holdings in the Yukon and Newfoundland."
About MineralFields, Pathway and First Canadian Securities®
The MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about the MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of the MineralFields Group.
Visit our website at www.playfairmining.com for more information.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
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.