Playfair Announces $1 Million Flow-Through Financing-Proceeds to Be Used for Drilling at Seal Lake
10 September 2010 - 2:30PM
Marketwired
Playfair Mining (TSX VENTURE: PLY) is pleased to announce a
non-brokered private placement equity financing for proceeds of up
to $1 million. The funds will be raised by the issuance of 10
million flow-through shares at 10 cents per share, subject to TSX
approval. A finder's fee may be paid. These funds will be used to
commence drilling of Playfair's 100% owned Seal Lake Kupferschiefer
district, a region of widespread strata-bound sediment-hosted
copper mineralization with at least two drill targets already
identified.
"Playfair's strategy is to build a robust land portfolio that
leverages the current strength in commodity prices and rising
demand for certain commodities, particularly in growing economies
such as China. The acquisition and planned exploration of Seal Lake
fits within this strategy," said Don Moore, Chairman of Playfair
Mining.
Playfair is nearing completion of its review and compilation of
the extensive historical technical data on its highly prospective
copper silver Kupferschiefer Seal Lake project. Previous work has
defined about 260 copper/silver occurrences in the Seal Lake basin,
an area of about 35 by 5 kilometers, comparable in size with other
well-known Kupferschiefer districts such as Hana Mining's Ghanzi in
Botswana which is reported to contain an inferred NI 43-101
compliant resource of 93.2 million tonnes at 1.50 per cent copper
and 18 grams per tonne silver, at a 0.75 per-cent copper
cut-off.
The main focus of Playfair's initial drilling will be the
Adeline Island and Ellis showings which occur at the same
stratigraphic horizon, but 6 kilometers apart. The showings were
last drilled in 1956 and the core is preserved in the Newfoundland
and Labrador Government core storage facility in Goose Bay,
Labrador. A recent review of this drill core by Playfair personnel
has confirmed that the mineralization and host rocks are
essentially identical visually, even though they are separated by 6
kilometers. The mineralized horizon is poorly explored in the
intervening 6 kilometers and rarely outcrops although its location
can be projected from previous detailed geological and geophysical
work.
Playfair has confirmed the viability of a fall and winter
drilling program and has experienced drilling contractors familiar
with Seal Lake, available to commence the drilling program.
Drill crews will be mobilized shortly after completion of the
current flow-through financing.
ON BEHALF OF THE BOARD
D. Neil Briggs, 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.
Contacts: Playfair Mining Ltd. D. Neil Briggs Director 604
687-7178 or Toll Free: 888-244-6644 604 687-7179 (FAX)
www.playfairmining.com
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