Mr. Neil Briggs reports

LARGE GOLD-BEARING SYSTEM DISCOVERED AT CLOONACOOL; DRILLING STARTED AT CABRAGH

Playfair Mining Ltd. has completed 947 metres of core drilling in nine holes at its Cloonacool prospect in the Ox Mountains, County Sligo, Republic of Ireland. This drilling, the first ever in the area, tested an area 200 metres by 200 metres to a maximum depth of 120 metres within a 1.5-kilometre cluster of gold-bearing float. This area is associated with a fault contact which, because it contains graphite, can be tracked geophysically for over four kilometres. This drilling represents the first part of Playfair's phase 1 drill program. Playfair's nine-hole program to date has tested this small but continuous 200-metre section to a maximum depth of 120 metres in one location across the large 4.5-kilometre-long AEM (airborne electromagnetic) conductor. The conductor is coincident with a mapped fault contact between the Lower Lismoran and Ummoon formations of the Dalradian. The location was selected to test recently discovered outcropping gold mineralization within a 1.5-kilometre-by-0.5-kilometre cluster of gold-bearing angular blocks. A map showing the above is available at the company's website.

The drilling discovered a thick (100-metre-to-150-metre) zone of silicified, bleached and altered Dalradian sediments -- the Cloonacool alteration zone (CAZ). This discovery has increased confidence that the gold-bearing float is derived from the CAZ, which is variably gold bearing, silicified, chloritized and contains graphitic sections at its northern margin. The hydrothermal alteration and mineralization are orogenic and, as such, are expected to continue to depth.

Gold values in excess of one gram per tonne were encountered in all nine drill holes. The outcropping Furze vein and surrounding alteration was encountered in all nine drill holes and shows good continuity, the highest value was 2.92 grams per tonne gold over 0.85 metre in drill hole 3382-001. Other gold values not associated with the Furze vein occur within the CAZ, the highest being 7.32 grams per tonne gold over 0.4 metre in drill hole 3382-004. Anomalous gold values (in excess of 50 parts per billion) are reported in 91, or 26.3 per cent, of the 346 samples assayed to date; only 54 samples, or 15.6 per cent, report no gold. In general, the gold shows an association with increased amounts of silica, sulphides and tellurium.

Don Moore, Playfair's chief executive officer, commented: "I am extremely encouraged by results to date; we have discovered a thick zone of hydrothermal alteration with elevated gold values in a part of Ireland where, until Playfair and Bowpark's work, gold was unknown. To date, Playfair has only tested a very small part of a very large structure. We have a 1.5-kilometre-long portion of the structure with a cluster of gold-bearing float as our first focus with a second focus on the balance of the 4.5-kilometre-long structure." He continued: "We are now drilling the first holes to test the Cabragh area 11 kilometres to the northeast, where more gold-bearing float has been found nearby geophysical anomalies. Ireland is a great place to explore, and the local people have been very supportive -- we expect to be exploring here for a long time."

Playfair Mining has entered into an option agreement to acquire up to a 100-per-cent interest in Bowpark Exploration (Ireland) Ltd. Bowpark is a private company registered in Ireland and holds, as its sole asset, three contiguous prospecting licences over the Ox Mountains in County Sligo, Ireland.

Exploration drilling was NQ size. The core was logged and mineralized intersections were marked for sampling and assaying. The marked intervals were cut in half with a diamond saw and one-half of the core was placed in sample bags and tagged with unique sample numbers. The remaining half is securely stored at Playfair's facility near Cloonacool. Bagged core samples were transported to ALS Minerals in Loughrea, Galway, an ISO-certified assaying/geochemistry facility. Gold analysis was undertaken by fire assay and ICP-AES (inductively coupled plasma atomic emission spectroscopy) (ALS method: Au ICP 21).

Richard Parker and Andy Bowden are carrying out and overseeing these approved exploration programs on behalf of Playfair and Bowpark. Both are qualified persons as defined by National Instrument 43-101 and they have reviewed and approved the contents of this news release.