Playfair Mining Closes Private Placement

Playfair Mining Ltd. (TSX VENTURE:PLY) has closed its recently announced, non-brokered, $1.1-million financing through the issuance of 1,091,667 non-flow-through shares and 3,500,000 flow-through shares, all at $0.24 per share under the placement.

The Company paid aggregate finder's fees of $25,000, 350,000 common shares ("Finder's Fee Shares") and 350,000 broker warrants (the "Broker Warrants") to the finders in consideration for assisting with the purchase and sale of the Shares. The Shares, Finder's Fee Shares and Broker Warrants issued pursuant to the private placement are subject to a hold period expiring June 26, 2011.

The financing proceeds will be used for working capital and exploration of Playfair's 100-per-cent-owned copper-silver Seal Lake project located in central Labrador, Canada.

Drilling at Seal Lake is progressing well with no interruptions, having successfully completed 8 holes in 1300 meters of the planned 4000 meter Phase One $1.4 million program.

In addition, Playfair Mining continues to see a strong rise in the asset value of its four wholly owned tungsten deposits, located in four locations across Canada. Playfair's tungsten deposits have all had significant work completed on them. Two of the deposits (Risby and Grey River) have NI 43-101-compliant resource estimates while the other two deposits (Lened and Clea) have historical non-compliant NI 43-101 resource calculations.

Due to a growing disparity in global supply and demand, tungsten continues to break through new all-time highs, with the spot price recently hitting $370.00/MTU ($16.88/lb).

With substantial past work done on these four tungsten assets, Playfair views the properties as providing outstanding leverage to the price of tungsten with no current exploration expenditures required.