Patricia Mining Corp.
TSX VENTURE : PAT

Patricia Mining Corp.

December 31, 2007 14:24 ET

Patricia Mining Corp. Rights Offering Over-Subscribed and Raises CDN$1.85 Million

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2007) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Patricia Mining Corp. ("Patricia") (TSX VENTURE:PAT) is pleased to announce that it has completed the rights offering announced on November 20, 2007. The offering was oversubscribed and raised the maximum gross proceeds of CDN$1,858,867 through the issuance of 3,574,745 units at CDN$0.52 per unit. Each unit consists of one share and one half share purchase warrant. Each whole share purchase warrant will entitle the holder to acquire one common share at an exercise price of CDN$0.75. The warrants will expire December 28, 2008.

Patricia's main asset is a 45% interest in the operating Island Gold Mine located near Wawa, Ontario. An independent NI43-101 technical report by GENIVAR on the Island Gold Project was released on May 18, 2007. As of this date, the mine had an estimated 4.8 year mine life based on Proven and Probable Reserves totaling 1,013,854 tonnes at a diluted grade of 8.55 g/t gold. In addition, the technical report estimated Measured plus Indicated Resources to be 454,705 tonnes grading 10.26 g/t gold. The Island Gold Mine commenced commercial production on October 1, 2007.

Patricia now has a total of 39,322,193 shares outstanding.

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.

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.

This release was prepared by management of the Company who takes full responsibility for its contents. 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)
    or
    Patricia Mining Corp.
    Mr. Gus Garisto
    Investor Relations
    Cell: (416) 805-3106
    (416) 864-0620 (FAX)
    Email: info@patriciamining.com
    Website: www.patriciamining.com