Patrician Diamonds Inc.

Patrician Diamonds Inc.

October 18, 2007 10:22 ET

Patrician Diamonds Inc.: Agreements on Sahtu Project Prepares Way for Drilling at Doctor Lake

OTTAWA, ONTARIO--(Marketwire - Oct. 18, 2007) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC) is pleased to announce that it has concluded access and benefits agreements with the Deline Land Corporation and the Tulita District Land Corporation. The Agreements are the result of an extensive consultative process carried out between community members, the leadership of the Land Corporations and Patrician's management. The Agreements provide the framework for a strong working relationship with the Dene and Metis of Tulita and Deline.

With completion of the Access and Benefits Agreements, the company will be moving forward with the permitting process to obtain a land use permit for a core drilling program that is anticipated to begin early in 2008. When the permit is in place, the company will use a drill rig to collect core samples from bedrock beneath the very large magnetic anomalies on the property. Drilling will focus on testing at least six targets that lie along structural corridors east and southwest of the Hillside Kimberlite.

To date, work on the Sahtu Project has comprised airborne magnetic surveys and auger drilling. The airborne surveys delineated two sub-parallel north-south trending corridors that form parts of regional structures extending far in excess of 80 kilometres. Within the Doctor Lake property, magnetic anomalies are aligned along these corridors. The anomalies are circular, oval and elongate in shape and range in area from about five hectares to over 20 hectares. Several have widths in excess of 500 metres. The Hillside Kimberlite was found in 2006 when auger drilling of a 500 metre wide circular magnetic anomaly recovered weathered kimberlite beneath two metres of till. Other targets in this area were located beneath thicker till cover and were beyond the depth capacity of the auger drill. These targets will be priorities for testing during the 2008 drill program.

Doctor Lake is located east of the Mackenzie River about 60 kilometres north of Norman Wells. It is south of ground that is actively being explored by Sanatana Diamonds and Diamondex Resources. Since the acquisition by Diamondex of their Lena West property in 2003, the region around Doctor Lake has been the focus of intense exploration for diamonds. To date, the Hillside Kimberlite is the only proven occurrence of potentially diamond-bearing bedrock in this part of the Northwest Territories. The Hillside discovery confirms that the other large magnetic anomalies on the Doctor Lake property are highly prospective for diamonds.

On other projects, the Company has recently completed stream sediment sampling programs and is conducting detailed structural studies. Information on this work will be released when all results are available.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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