Patricia Mining Corp.

Patricia Mining Corp.

January 15, 2008 09:59 ET

Patricia Mining Corp. Announces Exchange of $2,000,000 Debenture and Issuance of Share Purchase Options

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2008) -


Patricia Mining Corp. ("Patricia") (TSX VENTURE:PAT) announces the exchange of a $2,000,000 debenture which came due on June 1, 2007 into 4,382,404 units of the Company. Each unit will have the same terms and conditions as those offered under the recently competed rights offering. Each unit was priced at $0.52 and is comprised of one common share and one half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share at an exercise price of $0.75. The warrants expire one year after the date of closing.

Patricia is also announcing the grant of 1,000,000 options at an exercise price of $0.52 per share to management, directors and employees of the company. These stock options are part of the total compensation package of employees' management and the directors. The option grants will have a five year term and are subject to approval by the TSX Venture Exchange.

Patricia's main asset is a 45% interest in the operating Island Gold Mine located near Wawa, Ontario. As of May 15, 2007 the mine had an estimated 4.8 year mine life based on estimated Proven and Probable Reserves totalling 1,013,854 tonnes at a diluted grade of 8.55 g/t gold. The project has additional estimated total Measured and Indicated Resources of 454,705 tonnes grading 10.26 g/t gold.

National Instrument 43-101 - The reserve and resource calculation for the Island Gold property as of May 15, 2007 was performed by GENIVAR for Richmont Mines Inc. as operator of the project. Mr. Michel Garon, Eng., of GENIVAR, is the qualified person under the terms of NI43-101. The technical report has been filed on SEDAR.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs at the Island Gold Project, future profitability and production.

The securities referred to herein have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States or to a US person absent registration or an applicable exemption from registration.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Patricia Mining Corp.
    Christopher R Chadder C.A.
    President & CEO
    (416) 214-4900
    (416) 864-0620 (FAX)
    Patricia Mining Corp.
    Mr. Gus Garisto
    Investor Relations
    (416) 805-3106