News Releases

Ox Mountain Project: Drilling Underway at Cloonacool

October 17, 2016

Playfair Mining is pleased to report that core drilling is in progress at its Cloonacool Prospect in the Ox Mountains, County Sligo, Ireland. The first phase of drilling of 2,500 metres is expected to be completed by yearend. Samples will be analysed at the ALS accredited laboratory in Loughrea, County Galway. The second phase of drilling will be results driven; Playfair has sufficient funds on hand for a similar amount of drilling in phase 2.

The drill program is initially focused on the gold-bearing quartz vein at Cloonacool. Results of two lines of chip samples over the outcropping quartz vein at Cloonacool showed 3.38 gpt gold over 1.20 metres comprising 5.58 gpt gold over 50 cm, and 1.80 gpt gold over 70cm. A later 50 cm (apparent width) chip sample across this vein taken by an independent geologist, Thomas Hawkins Ph.D, P.Geo returned values of 17.40 g/t gold and 8.20 g/t silver.

Drillholes are planned to trace the gold bearing quartz vein at Cloonacool 200 metres northwesterly towards a major East-West geological structure. Further holes will then test the highly prospective East-West structure, the interpreted source of a number of angular bocks and boulders ranging from 1.30 gpt gold to 17.2 gpt gold. The gold bearing blocks and boulders occur in a coherent area of 1,500 metres by 500 metres in the vicinity of the East-West structure, defined by regional geological mapping and recent Tellus airborne geophysical surveys.

At Cabragh initial prospecting found three samples, not in place, with significant gold values (3.09 g/t gold, 3.43 g/t gold and 2.45 g/t gold). Follow-up prospecting in the same area identified a 70 cm angular block of strongly micro-fractured white quartz with abundant galena on one side and minor pyrite and malachite. This block returned 23.9 g/t gold and is located approximately 350m ESE on strike of the previously located blocks. A sample of this block taken by an independent geologist, Thomas Hawkins Ph.D, P.Geo returned values of 33.5 g/t gold and 30.8 g/t silver.

Regional geophysical surveys have identified strong northwest-southeast structures near to the Cabragh gold occurrences. Playfair believes these structures are the likely source of the gold bearing blocks and drilling is planned to test this interpretation.

Playfair Mining has entered into an Option Agreement to acquire up to a 100% interest in Bowpark Exploration (Ireland) Ltd. Bowpark is a private company registered in Ireland and holds as its sole asset 3 contiguous prospecting licenses over the Ox Mountains in County Sligo, Ireland.

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. Thomas Hawkins Ph. D, P. Geo is a qualified person as defined by National Instrument 43-101 and he has approved the references to his sampling.

Visit our website www.playfairmining.com

“D. Neil Briggs”
D. Neil Briggs, Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This Playfair Mining Ltd News Release may contain certain “forward-looking” statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.