December 15, 2009 16:55 ET

Ditem Announces First Closing for $570,000 With MineralFields

MONTREAL, QUEBEC--(Marketwire - Dec. 15, 2009) - Ditem Explorations (TSX VENTURE:DIT)(FRANKFURT:D8X) is pleased to announce that it has closed the first tranche of the $766,000 brokered flow-through private placement for an amount of $570,000 equal to 7,125,000 Units. The second tranche for the remaining $196,000 equal to 2,450,000 Units is expected to close this week on Friday the 18th of December.

The entire private placement (the Offering) consists of 9,575,000 Flow-Through Units ("Flow-Through Unit") at a price of $0.08 per Flow-Through Unit. Each Flow-Through Unit consists of one flow-through common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one common share of Ditem at a price of $0.135 per share for a period of twelve months from the date of closing.

All securities issued pursuant to the offering shall be subject to a hold period of four months from the date of closing. A commission equal to 9% (6.75% to Limited Market Dealer Inc. and 2.25% to Industrial Alliance) of the gross proceeds, as well as compensation options entitling the holders to subscribe for such number of units equal to 5% (2.5% to Limited Market Dealer Inc. and 2.5% to Industrial Alliance) of the number of shares issued under the offering, at a price of $0.08 per share, was paid by Ditem Explorations to the agents.

The gross proceeds from the private placement will be used by Ditem Explorations for admissible flow-through exploration expenses in the company's properties in Saskatchewan and Quebec.

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Calgary and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

Ditem Explorations is a uranium exploration and development Company with properties in the Athabasca Basin in Saskatchewan (Beartooth Island and Cree Lake) and the Otish Basin (Otish Uranium) in Quebec. The Company has also completed drilling programs on the Beartooth Island and Otish Uranium properties and, as soon as possible, plans to undertake drilling on its Cree Lake property. Other exploration programs are also being developed. Existing properties and general information may be viewed on the Company's website at www.ditem.com which will be updated shortly.

Neither the 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.

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