Patricia Mining Corp.
TSX VENTURE : PAT

Patricia Mining Corp.

October 18, 2006 12:33 ET

Patricia Mining Corp. Announces the Completion of a $2,000,000 Flow Through Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2006) - Patricia Mining (TSX VENTURE:PAT) is pleased to announce the completion of a non-brokered private placement of $2,000,000 through the sale of 2,105,261 flow-through units at $0.95 per unit to the MineralFields Group. Each unit consists of one flow-through common share and one-half of one share purchase warrant. The securities are subject to four month resale restrictions. Each full warrant is exercisable into one non flow-through common share at $1.50 on or before October 16, 2007. The agent was paid a fee of $120,000 and received 126,315 broker warrants. The broker warrants are exercisable into non flow-through common shares at $1.50 for 12 months after closing.

Proceeds of this private placement will be used to meet short term cash calls at the Island Gold joint venture prior to the realization of cash flow from the project. The Company looks forward to the commencement of cash flow after the first gold pour at the Island Gold Project in late October.

Patricia Mining is pleased to announce the appointment of Mr. Christopher Chadder C.A., President and CEO of the Company to the board of directors.

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.

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. Christopher Chadder, C.A.
    President & CEO
    (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)
    or
    Patricia Mining Corp.
    Mr. Gus Garisto
    Investor Relations
    Cell: (416) 805-3106
    Email: info@patriciamining.com
    Website: www.patriciamining.com