Apr 07, 2008 07:00 ET
Playfair Mining Ltd.: Granite Lake Drill Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2008) - Playfair Mining (TSX VENTURE:PLY) is pleased to announce an update on the ongoing Granite Lake Newfoundland diamond drill program, where drill holes continue to expand and define an extensive area of multi-element mineralization.

Drill Testing to date, has identified a priority area of open-ended altered and mineralized rocks measuring approximately 1.3 by 1.3 kilometres. This important region is loosely centred on the north to south trending Meelpaeg Lake Fault Zone (MLFZ), which appears to be of considerable significance in controlling the location of the bedrock mineralization. The multi-element mineralization, typically associated with east-west trending, near vertical dipping sheeted quartz veins and stockworks, is dominated by molybdenum, with lesser amounts of tungsten, silver, bismuth, copper, leaGranited and zinc. The granitic host rocks are variably clay-epidote-silica altered, with local strong greisen alteration associated with particularly dense quartz veining.

To date, Playfair has drilled 43 drill holes (GL07 to GL50), totalling about 7,800 metres of drilling. All but 14 of these holes have been drilled on the west side of the MLFZ, testing the bulk tonnage molybdenum mineralization. Playfair has received all of the analytical results for the tungsten related holes (07 to 21) drilled on the east side of the MLFZ and is waiting for the results from the late 2007 and early 2008 bulk tonnage target sample analyses. Playfair anticipates additional results in the coming few weeks.

Assays received for samples collected from tungsten related holes GL07-07 to 21 show WO3 values ranging from weakly anomalous to 0.31% over narrow widths of typically less than 2.5 metres, although drill holes 14 and 17 intersected 22.0 metres grading 0.050% WO3 and 85.6 metres grading 0.024% WO3 respectively.

Don Moore, Chairman of Playfair, states, "Playfair's technical staff is gaining a critical understanding of the nature of mineralization at Granite Lake. From early drill results, it appears like Granite Lake will offer substantial potential upside as a bulk tonnage molybdenum target. Corporately, this compliments Playfair's four advanced stage tungsten deposits nicely. While the focus of Playfair is on tungsten, Granite Lake now offers good potential bonus exposure to a completely different metal."

The combination of drill core observations and analytical results indicate that there is a lateral zonation of mineralization and alteration changing in both an East and West direction from the MLFZ.

The lateral zonation has created two co-related styles of mineralization (a) high-grade tungsten mineralization associated with widely-spaced individual quartz veins, which can be up to a metre wide and (b) lower-grade molybdenum dominated mineralization associated with sheeted and stockwork narrow quartz veins over widths exceeding 100's of metres. Within relative proximity to the MLFZ, mineralization is dominated by molybdenite, bismuthinite, chalcopyrite and pyrite, hosted within strongly altered granites. With increasing distance from the MLFZ, alteration, density and regularity of quartz veins and metal concentrations all decrease; with the exception of tungsten, which increases, forming sporadic clusters of coarse grained wolframite.

Playfair will continue to drill test the Granite Lake bulk tonnage molybdenum mineralization until the end of April, after which the drill will be moved to Grey River Newfoundland for the highly anticipated resource expansion drill program. The final phase of the winter 2008 Granite Lake drill program will test the bulk tonnage potential over an extensive area covering about 2.0 by 1.0 kilometres, by widely spacing the remaining drill holes.

Granite Lake has the advantage of excellent logistics. The area is accessible by an all weather road and partial logging has provided ready access through a network of logging roads. A newly completed 40 MW hydroelectric facility is located on the southeast corner of the property. There are no aboriginal claims in the area and no major environmental concerns.

Mr. Michael Moore, P. Geo is the qualified person who has reviewed the technical information contained in this release on behalf of Playfair.

Core samples were collected under the supervision of Mr. James Harris, P.Geo. NQ diameter core was descriptively logged on site, aligned, marked for sampling and then split in half, longitudinally, using a diamond saw blade. One-half of the core is preserved on site in core boxes for verification and future reference. The samples comprising the other half of the core were bagged, sealed and delivered to Eastern Analytical Ltd. in Springdale Newfoundland where they were dried, crushed and pulped. Samples were crushed to approximately -10 mesh and split using a riffle splitter to approximately 300 grams. The sample split was pulverized using a ringmill to approximately 98% minus 150 mesh. The resulting pulp was then shipped to SGS Canada Inc of Toronto ON, an ISO 17025 accredited laboratory, where a 0.2 gm split was subjected to a four acid (near total digestion), then analyzed for 40-elements by ICP-AES & ICP-MS. All coarse rejects are currently stored at Eastern Analytical Ltd. facilities and sample pulps are currently stored at the SGS facilities.

ON BEHALF OF THE BOARD

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.