April 05, 2006 17:00 ET

Ditem Explorations Inc.: Closing $650,000 Private Placement

MONTREAL, QUEBEC--(CCNMatthews - April 5, 2006) - Ditem Explorations Inc. (TSX VENTURE:DIT) announces that it has closed a non-brokered private placement totaling $650,000 in gross proceeds, by the issuance of 5,777,776 Units at a price of $0.1125 per Unit. Each Unit is comprised of one common share of the Company and one full purchase warrant, entitling the holder to acquire one additional common share of the Company at a price of $0.15 for a period of two years.

A portion of the common shares comprising the Units (2,926,110) were issued as flow-through common shares, but all common shares issuable upon exercise of the Warrants shall be issued as non-flow through common shares. All securities issued pursuant to the offering are subject to a hold period of four months.

A finders fee equal to 6% of the gross proceeds is payable to an arms-length finder, and subject to regulatory approval, the Company shall pay this amount by issuing 346,667 Units (non-flow-through) having the same terms as the Units described above.

The proceeds from the private placement will be used by Ditem for exploration purposes, primarily on its Beartooth Island Prospect in the Athabasca Basic of Saskatchewan, property acquisition and for general working capital.

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

Contact Information