|May 25, 2010|
Playfair Closes First Tranche
|Playfair Mining is pleased to announce it has closed the first tranche of its non-brokered private placement which was announced on April 16, 2010. The Company has issued 5,000,000 shares at a price of $0.10 per share for gross proceeds of $500,000. Finder's fees of $45,510 were paid in conjunction with this placement. All securities issued pursuant to this placement are subject to a hold period expiring on September 22, 2010. Playfair will use the proceeds to advance its 100% owned Seal Lake Cu-Ag Copper-Silver exploration project and for working capital purposes. |
Playfair has a core asset of two tungsten deposits with NI 43-101 compliant resources and is pleased to pass comment on the recent rise of the price of tungsten. Over the past 6 months, the price of APT (Ammonium Paratungstate, the most common form tungsten is sold as) has risen over 30%, from a low of $170 per MTU to a recent high of $235 per MTU. Martin Hayes of MinorMetals.com reports, "APT prices jumped to their highest levels since December 2008 in Europe this week, driven higher by the lack of concentrates in China, the dominant supplier." The full article can be viewed at:
Visit our website at www.playfairmining.com for more information.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
D. Neil Briggs
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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 may vary materially from those described herein.