Patricia Mining Corp.
TSX VENTURE : PAT

Patricia Mining Corp.

April 05, 2006 09:36 ET

Patricia Mining Corp. Announces Acquisition of Vencan Gold Corporation's Edwards Gold Property, Wawa, Ontario

TORONTO, ONTARIO--(CCNMatthews - April 5, 2006) - Patricia Mining Corp. (Patricia)(TSX VENTURE:PAT) is pleased to announce that the Company has signed a letter of agreement to acquire a 75% interest in Vencan Gold Corporation's (Vencan's) Edwards gold property adjoining the Company's Island Gold Project and 100% of the 3% NSR on the past producing Edwards Mine currently owned by Strike Minerals Inc.

Vencan's Edwards property consists of 39 staked and 4 patented mining claims in Jacobson Township covering an area of approximately 1,720 acres. The claims are to the east and contiguous with Patricia's Island Gold Project.

Patricia will earn a 75% interest in the property from Vencan by making a cash payment of $30,000 on or before April 7th, 2006 and issuing 500,000 common shares on or before April 30th 2006. Patricia has the option to acquire Vencan's remaining 25% interest for the first 30 months after the agreement date by issuing 1,000,000 common shares and at any time after 30 months by issuing 1,500,000 common shares to Vencan. Vencan has retained a 2% NSR on the property which may be purchased for $1,500,000. Vencan's 25% interest will be carried for the first $1,000,000 in exploration expenditures or 2 years whichever occurs first. The share issuances are subject to approval by the TSX Venture Exchange.

We believe this strategic acquisition will further contribute to the substantial upside potential of Patricia's Island Gold Project. The Island Gold Project is a joint venture between Richmont Mines Inc. and Patricia and is currently in the final stages of development with production scheduled to commence in July 2006.

Further to the March 27th 2006 press release Patricia announces that Mr. Jean-Pierre Chauvin, P.Eng., has resigned from the board of directors effective immediately.

Address: 8 King Street East, Suite 1300, Toronto, Ontario, Canada, M5C 1B5

Symbol & Exchange: PAT - TSX Venture Exchange (TSX-V)

This release was prepared by management of the Company who takes full responsibility for its contents.

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 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.
    Mr. Chris Chadder, C.A.
    President
    (416) 214-4900
    (416) 864-0620 (FAX)
    or
    Patricia Mining Corp.
    Dr. Richard H. Sutcliffe, P. Geo.
    Chairman
    (416) 214-4900
    (416) 864-0620 (FAX)
    info@patriciamining.com
    www.patriciamining.com
    or
    Patricia Mining Corp.
    Mr. Gus Garisto
    Investor Relations
    cell: (416) 805-3106