PLY Playfair Mining Ltd

Playfair Mining Ltd. (TSX VENTURE:PLY) is pleased to announce that it has
entered into an option agreement with Rare Earth Metals (TSX.V-RA) on its six
large claim REE blocks in central Labrador. The six Playfair claim blocks,
containing 313 claims covering a combined 7,825 hectares, are located in the
Letitia Lake - Red Wine region covering highly prospective ground which is
enriched in both rare metals and rare earth elements (REE).


Rare Earth Metals ('REM') can earn a 51% interest in Playfair's six claim blocks
by making an initial payment of $15,000 and 20,000 shares and guaranteeing a
minimum first year expenditures of $100,000. Thereafter, Rare Earth Metals will
make further annual contract anniversary payments of cash and shares totalling
$55,000 and 130,000 shares and also incur additional exploration expenditures
totalling $400,000 over three years in order to earn a 51% interest in the
claims. The parties will then form a joint venture to further explore and
develop mineral resources on the property. REM will operate the exploration
programs during the option period in consultation with Playfair.


This Playfair - Rare Earth Metals agreement accompanies a second and separate
option agreement between REM and Cornerstone Capital Resources Inc. (TSX.V-CGP),
which is similar in nature and scope. REM, via staking and the two option
agreements has consolidated a coherent land package in the Letitia Lake - Red
Wine River region totalling 584 claim units (146 sq. km). The Red Wine REE
District is located 120 km northeast of Churchill Falls, Labrador and is within
50 kilometres of an existing resource road originating at Churchill Falls. The
estimated centre of the Red Wine REE camp is only 10 kilometres southwest of the
western extent of Playfair's Seal Lake Copper-Silver exploration property.


During this upcoming summer-fall exploration season, Rare Earth Metals plans to
conduct airborne geophysics and follow-up sampling, with select diamond drilling
on priority showings and anomalies. This will be the first time since the 1960 s
that any detailed field work has been done in the area.


Don Moore, Playfair's Chairman stated, "Playfair is delighted to have Rare Earth
Metals as an exploration partner in the Red Wine REE exploration Camp.
Management is experienced and high quality and REM is a well funded exploration
company. We look forward to this summer s exploration results. With this option
agreement in place, Playfair can focus its near term exploration efforts on the
newly acquired Seal Lake copper silver opportunity with its attention grabbing
district scale."


The historic Letitia Lake - Red Wine exploration camp hosts numerous showings
containing rare metals (beryllium, zirconium, yttrium and niobium) and rare
earth elements (REE). This camp has many regional-scale lithological and
geochemical similarities to the Strange Lake REE-Zr-Y-Nb-Beryllium exploration
camp, located 260 kilometres to the northwest. Like Strange Lake the Red Wine
area is underlain by middle mesoproterozoic peralkaline rocks which are enriched
in rare earth elements and other uncommon metals.


China produces more than 90% of the world's REE and has recently taken steps to
hoard its own production creating well founded supply concerns for the world's
developed countries. Rare earth metals and elements are used in a variety of
critical ways, such as in the production of magnets/engines/batteries in hybrid
cars, consumable electronics, (Blackberries, iPods, flat screen televisions),
miscellaneous green energy technologies and military applications.


REE exploration fits well with Playfair's mandate of accumulating strategic
metal assets. The Red Wine REE property complements Playfair's long term bullish
view on tungsten, as the geopolitical and supply problems facing REE and
tungsten are similar. China's self serving stance on many speciality metals
continues to reflect that it requires the majority of its internal production
for its own national growth, effectively starving the rest of the world of these
critical metals. Their recent change in position on REE further solidifies
China's plans for such strategic assets.


Michael Moore, PGeo, is the qualified person who has reviewed the technical
information contained in this news release on behalf of the company.


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.

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