December 12, 2006 11:42 ET

Ditem Announces Closing of $ 1,200,000 Private Placement with Sprott Asset Management

MONTREAL, QUEBEC--(CCNMatthews - Dec. 12, 2006) - Ditem Explorations (TSX VENTURE:DIT) is pleased to announce that it has closed the private placement financing as disclosed on December 11, 2006, resulting in gross proceeds of $1,200,000. Sprott Asset Management was the sole subscriber to the financing.

Accordingly, the Company has issued an aggregate of 2,666,666 million Units. Each Unit is comprised of one common share issued at a price of $0.45 per share and one half warrant. Each full warrant will entitle the holder to purchase one common share of the Company at $0.60 for a period of 24 months.

All the securities issued pursuant to the offering shall be subject to a hold period of four months expiring on April 13th, 2007.

The proceeds from the private placement will be used by Ditem for exploration primarily on the Otish Mountain Property in Quebec, the Beartooth Island Project in the Athabasca Basin of Saskatchewan and the Cree Lake Property also in the Athabasca Basin of Saskatchewan, as well as for general working capital.

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

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