Patricia Mining Corp.

Patricia Mining Corp.

January 09, 2007 14:07 ET

Patricia Mining Corp. Announces a Winter Exploration Program on its Edwards Gold Property

TORONTO, ONTARIO--(CCNMatthews - Jan. 9, 2007) - Patricia Mining Corp. (Patricia Mining) (TSX VENTURE:PAT) is pleased to announce a winter exploration program on the Company's Edwards gold property. The Edwards gold property is contiguous with and on strike with the Company's Island Gold Project and the former producing Edwards mine and consists of 39 staked and 4 patented mining claims in Jacobson Township covering an area of approximately 1,720 acres. The initial program will include a compilation of new and existing geological and geophysical data to generate drill targets followed by a diamond drill program as warranted.

Dr. Sarah Palmer will be leading this exploration program. Dr. Palmer has implemented and managed exploration programs for several junior resource companies and formerly worked for the Geological Survey of Canada.

Patricia Mining has also completed a flow-through private placement of 2,397,455 units at $0.83 for gross proceeds of $1,989,888.50. Each unit consists of one flow through common share and one non-flow through share purchase warrant. Each share purchase warrant is exercisable into one non flow-through common share at $1.20 in year one and $1.50 in year two. The warrants expire December 29, 2008. MineralFields Group (Mineral Fields) subscribed for 1,732,891 units for gross proceeds of $1,438,301. Limited Market Dealer Inc. was paid a cash finders fee of $86,298 and 103,973 non-flow through share purchase warrants on the same terms and conditions as the private placement unit warrants on the MineralFields segment of the financing. Insiders of the Company subscribed for 310,000 units for gross proceeds of $257,300.

The net proceeds of this Private placement will be used to fund an exploration program on Patricia Mining's Edwards gold property and fund the continued exploration and development at the Island Gold Project.

At the Company's Island gold Project, a fourth gold pour in excess of 1,300 ounces has now been completed.

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, 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. Information about the MineralFields Group is available at

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 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
    Cell: (416) 805-3106