Playfair Releases Independent NI 43-101 Compliant Resource Estimate for Risby Tungsten Deposit, Yukon, Canada
8/9/2007
Contained Tungsten increased by 38% over Relevant Historic Estimate
VANCOUVER, BRITISH COLUMBIA, Aug 9, 2007 (CCNMatthews via COMTEX News Network) --
Playfair Mining Ltd. (TSX VENTURE:PLY) is pleased to announce that a NI 43-101 compliant Mineral Reource Estimate has been completed by Wardrop Engineering Inc. for Playfair's wholly-owned Risby Tungsten deposit, located near Ross River, Yukon.
The study reports 65.0 million pounds of Inferred Resource (6,385,000 tonnes at an average grade of 0.462% WO3 at a 0.20% WO3 cutoff), an increase of 38.0% over the relevant historic estimate(i) of 47.1 million pounds (2,651,975 tonnes at an average grade of 0.808% WO3 at a 0.40% WO3 cutoff) prepared by the Hudson Bay Exploration and Development Company Ltd. (HBED) in 1982.
Playfair Chairman Don Moore states, "We are delighted that the NI 43-101 Compliant Resource Estimate at Risby is 38% larger than the relevant historic numbers. This is another milestone day for the company and we are extremely pleased for all of the shareholders of Playfair who have been following our progress. When we contracted Wardrop to complete this independent resource estimate, we felt that a confirmation of the relevant historic numbers would be very positive event for the company as this is a very large tungsten deposit. Rather than confirming the historic numbers, today's news indicates a significant improvement over the historic numbers with this large 38% increase in size. We intend to take advantage of the excellent results we have now achieved at both Grey River and Risby to further advance towards our goal of becoming the world's next tungsten producer outside of China."
Wardrop estimated the resource according to CIM resource categories in compliance with NI 43-101 guidelines. Data from various sample types were used to create a three dimensional block model resource for the Upper and Lower Skarns at Risby. The data included historic surface sampling, and diamond drilling by HBED together with recent diamond drilling by Playfair.
Playfair President Neil Briggs comments, "Today's result of a 38% increase in contained tungsten over the relevant historic numbers means that this is a huge day for Playfair. The company has achieved some very important success at both Grey River and Risby in the last few months, and we believe that through additional drilling and development, we have excellent potential to significantly expand the size of both deposits."
The resource estimation was generated using an inverse distance squared interpolation method with grades capped at 2.5% WO3 (a total of 22 values higher than 2.5% WO3 were set back to 2.5% WO3). Individual block size was 10 metres by 10 metres by 2 metres a search ellipse of 180 metres parallel to the strike of the skarn by 100 metres down the dip of the skarn and 24 metres across the width of the skarn was used for grade interpolation. A specific gravity of 2.912 g/cc was used. Interpolation was carried out in three successive passes with a progressively larger search ellipsoid. Grades for the first pass were not capped while the remaining passes used a capped grade of 2.5% WO3.
A cut-off grade of 0.2% WO3 was chosen based on the open pit cut-off grades for Cantung in western Canada. The following table shows the resource tabulation using higher cut-off grades.
Inferred Resources--------------------------------------------------WO3% ContainedGrade Cut-Off Tonnes WO3% Grade WO3 pounds--------------------------------------------------greater than or equal to 0.4 3,345,000 0.61 44,900,000--------------------------------------------------greater than or equal to 0.3 4,906,500 0.53 56,900,000--------------------------------------------------greater than or equal to 0.2 6,385,000 0.46 65,000,000--------------------------------------------------
The resource estimate reported here was prepared by Pierre Desautels, P.Geo with peer review by Gilles Arseneau, Ph.D., P.Geo, both of Wardrop Engineering Inc, and both Qualified Persons as defined by NI 43-101.
Wardrop Engineering is a multidisciplinary consulting engineering firm and has completed projects in more than 40 countries throughout North America, South America, Europe, Africa and Asia. Wardrop was founded in 1955 and is in the business of providing engineering, environmental, information technology and business solutions around the world. Some of the notable high-profile projects that the company has worked on include the Canadian Space Station Team in the development of the Canadian Mobile Base System (MBS), the partial decommissioning of the Chernobyl nuclear reactor in Ukraine, the rebuilding of New York's subway line under the former World Trade Centre and Winnipeg's Provencher Bridge. The company currently has projects underway in Canada, the United States, Chile, Nigeria, Uganda, Ghana, Russia and Uzbekistan. Wardrop has international offices in most of the locations where it has projects and is involved in infrastructure, manufacturing, supply chain, mining, mineral processing, nuclear, oil, gas, power and pulp and paper. The company's North American Operations have achieved ISO 9001:2000 Certification and the company's mining division has experience in all facets of the mining life cycle from exploration through to development, production, closure and reclamation.
Playfair's Canadian Tungsten Deposits
Playfair owns four high-grade tungsten deposits, all in Canada. Two of the four high-grade deposits (Lened and Clea) have significant historical resource estimates that pre-date NI 43-101 but that have been delineated by well established mining companies. The Grey River and Risby deposits have NI 43-101 Compliant Resource Estimates. In addition, to these four deposits, Playfair has an early stage but highly-prospective exploration property (Granite Lake).
NI 43-101 Compliant Resource Estimates-------------------------------------------------- Cut-off Classi- Grade Grade PoundsProperty fication %WO3 Tonnes WO3% WO3 MTU's Company--------------------------------------------------Grey Inferred Wardrop River Resource 0.2 852,000 0.86 16,153,700 732,700 2007-------------------------------------------------- Inferred WardropRisby Resource 0.2 6,385,000 0.46 65,043,600 2,950,200 2007--------------------------------------------------Historic Resource Estimates(i)-------------------------------------------------- Cut-off Classi- Grade Grade PoundsProperty fication %WO3 Tonnes WO3% WO3 MTU's Company-------------------------------------------------- Union Historic CarbideLened Resource(i) 0.4 737,000 1.14 18,523,050 840,200 1986-------------------------------------------------- Historic PlacerClea Resource(i) 0.5 257,000 0.93 5,269,000 239,000 Dome 1980--------------------------------------------------(i)Estimates of tungsten resources are historical in nature, predate andare noncompliant with NI 43-101. Playfair is not treating the historicalestimates as current mineral resources or reserves. Playfair has notundertaken any independent investigation of the resource estimates nor hasit independently analyzed the results of the previous exploration work inorder to verify the resources, and therefore the historical estimatesshould not be relied upon. However, Playfair believes that thesehistorical estimates provide a conceptual indication of the potential ofthe occurrences and are relevant to ongoing exploration.
About Tungsten
Tungsten is an extremely hard, heavy, steel-grey to white metal that is remarkable for its robust physical properties and vast uses and cannot be substituted in many industrial applications. Tungsten has the highest melting point of all metallic elements. Tungsten is a strategic metal and emerging economies such as India and China are consuming increasing amounts of tungsten. The current price of tungsten is approximately US $12 per pound.
Until 2005, China was the world's largest exporter of tungsten concentrate but rapid industrialization within China, structural economic changes, and changes in economic policies towards industry have resulted in the restriction of tungsten exports from China. China is now the world's largest consumer of tungsten. Escalating Chinese consumption, in conjunction with the ongoing demand in the world's principal economies along with the supply issues noted above, has resulted in increases in the price of tungsten. Tungsten prices are quoted per Metric Ton Unit of contained tungsten trioxide (WO3). One MTU contains 10 kilograms of WO3 and is the standard weight measure of the tungsten trade. Ammonium Paratungstate ("APT") is an intermediate product in the production of tungsten metal for which prices are available. A price of US$260 per MTU equates to US $26 per Kilogram or US $12 per pound.
Due to these Chinese export restrictions and the strong global demand for tungsten, the management of Playfair feels that the company is very well positioned with four high-grade deposits, all located within Canada.
Michael Moore P.Geo is the Qualified Person who has reviewed the technical information contained in this News Release on behalf of Playfair. As required by NI 43-101 regulations, the resource estimate report will be filed in its entirely on SEDAR within 45 days.
ON BEHALF OF THE BOARD
D. Neil Briggs, President and Director
SOURCE: Playfair Mining Ltd.
Playfair Mining Ltd. D. Neil Briggs President and Director (604) 687-7178 or Toll Free: 1-888-244-6644 (604) 687-7179 (FAX) Website: www.playfairmining.com
Copyright (C) 2007 CCNMatthews. All rights reserved.
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