Patrician Diamonds Inc.

Patrician Diamonds Inc.

May 26, 2006 10:00 ET

Patrician Funds Drilling Program on Sahtu NWT Interpreted Ultramafic Targets, Lena West Kimberlite District

OTTAWA, ONTARIO--(CCNMatthews - May 26, 2006) - Patrician Diamonds Inc. ("Patrician")(TSX VENTURE:PXC) announced today, that subject to the approval of the TSX-Venture Exchange, Patrician plans to issue up to 4,000,000 non-brokered units at a price of $0.10 per unit. Each unit comprised of one flow through share and one common share purchase warrant, exercisable at $0.15 into one common share or one flow through common share to 1 June 2008. The funds are to be used for drilling Patrician's Sahtu claims in the Northwest Territories.

A recent detailed high resolution survey, carried out by McPhar Geosurveys Ltd. in March and April 2006 and consisted of approximately 6,500 line kilometres of high resolution magnetics at 50 metre line spacing, confirmed the results of the 2005 work, providing highly accurate definition for magnetic targets. The drill program is planned to test ten of the highest priority anomalies.

This recent magnetic survey was a follow-up to an airborne survey in 2005 that outlined a number of magnetic anomalies aligned along two subparallel north-south trending corridors within the eastern part of the Sahtu Property. The two corridors form parts of regional structures that extend for in excess of 80 kilometres. Regional mapping by the Geological Survey of Canada and local mapping of a few sparse outcrops by Patrician's consultants confirm that bedrock underlying the property comprises Paleozoic limestone and shale. The magnetic anomalies are interpreted to be ultramafic bodies that intruded the Paleozoic units along the two corridors that make up 30 kilometre sections of the regional structures. The magnetic data suggest that the anomalies are caused by bedrock features with significant depth extent. They 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.

Paul W. Pitman, P. Geo, is the qualified person for Patrician on its Sahtu project.

"This Press Release may contain forward looking statements that may 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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