Patricia Mining Corp.

Patricia Mining Corp.

May 02, 2007 13:00 ET

Patricia Mining Corp. Receives Notice of Acceptance of Closure Plan for Lochalsh Mine at Island Gold Project, Ontario

TORONTO, ONTARIO--(CCNMatthews - May 2, 2007) - Patricia Mining Corp. (TSX VENTURE:PAT) (Patricia) and Richmont Mines Inc. (Richmont) are pleased to announce that they have received notice of acceptance of a certified Closure Plan for the Lochalsh Mine at the Island Gold Project from the Ontario Ministry of Northern Development and Mines (MNDM). The Closure Plan provides for the mining operations to proceed at the Island Gold Project, located 125 km southeast of Hemlo, Ontario.

Chris Chadder, CEO of Patricia Mining stated "We are very pleased to have received the acceptance of the Lochalsh Mine Closure Plan. The Closure Plan is a major regulatory requirement and this acceptance allows Patricia and Richmont to proceed with the mining at the Island Gold Project as soon as a 43-101 reserve estimate is completed and a final production decision can be made."

The Lochalsh Mine Closure Plan was prepared for Patricia and Richmont by N.A.R. Environmental Consultants Inc. In Ontario, an accepted, certified Closure Plan is required before starting advanced exploration or mine production. The Closure Plan is an environmental review of the project, describes measures to rehabilitate the site, and provides financial assurance for the rehabilitation. Pursuant to the Closure Plan, Patricia and Richmont have placed a bond for the rehabilitation of the Lochalsh Mine with the MNDM. The Kremzar mill and related infrastructure at Island Gold is covered by a separate closure plan that was previously completed by Patricia management and accepted by the MNDM.

Negotiations with EURO Resources S.A. (EURO) are continuing regarding the previously announced business combination of the two companies (see press release dated March 14, 2007). In a EURO press release, dated April 27, 2007, Mr. Dunnett, EURO's Directeur General, recently stated: "The process to settle arrangements with PAT has taken longer than expected, but we are encouraged by the recent announcement regarding the updated resource at the Island gold mine. We now await the technical report and related mine plan to enable us to move forward with this transaction."

Patricia Mining Corp. is a Canadian exploration and development company and is one of Canada's newest gold producers. Patricia's main asset is the Island Gold Project. The Island Gold Project is a joint venture between Patricia Mining Corp. (45%) and Richmont Mines Inc. (55%). More information on Patricia Mining Corp can be found on its website at:

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.

This release was prepared by management of the Company who takes full responsibility for its contents. 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.
    Richard H. Sutcliffe, Ph.D., P.Geo.
    (416) 214-4900
    Patricia Mining Corp.
    Christopher R Chadder C.A.
    President & CEO
    (416) 214-4900
    (416) 864-0620 (FAX)
    Patricia Mining Corp.
    Mr. Gus Garisto
    Investor Relations
    Cell: (416) 805-3106