Patrician Diamonds Inc.

Patrician Diamonds Inc.

December 07, 2006 15:55 ET

Patrician Diamonds Inc.: $250,000 Unit Issue Bought by Firebird

OTTAWA, ONTARIO--(CCNMatthews - Dec. 7, 2006) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC) announces the Company, subject to TSX-Venture approval, has placed 2,500,000 Units ("Units") at $0.10 per Unit, for total proceeds of $250,000 with Firebird Global Master Fund, Ltd. ("Firebird"). Each Unit will be comprised of one common share and one common share warrant, exercisable at $0.15 to 15 December 2008. Firebird previously held 5,000,000 warrants, exercisable at $0.15, which expired on 6 December. Post issue, Firebird will continue to own 19.5% of Patrician on a fully diluted basis.

The funds will be used in part for the Sahtu drilling program in early 2007. Patrician plans to use a large drill rig to collect core samples from bedrock beneath the large magnetic anomalies on the property. Drilling will focus on testing at least six targets that lie along structural corridors east and southwest of the Hillside Kimberlite.

Management is quite encouraged in that the Hillside Kimberlite was discovered at an early stage of exploration on the Sahtu Property. Since kimberlites generally occur as multiple intrusions within a field and often only one or two bodies will be significantly diamondiferous, the other large magnetic anomalies in the vicinity of the Hillside Kimberlite are priorities for drill evaluation.

Patrician also plans to conduct an early summer field programme on its Borden Peninsula Property on Baffin Island. Work will focus on locating and sampling the bedrock source of kimberlite float that contained a 0.31 carat diamond and on evaluation of several priority magnetic targets that lie at the apparent heads of kimberlite indicator mineral dispersion trains. Previous work on the Property has included prospecting, till sampling and airborne magnetics. To date, kimberlites have been found in twelve locations, either as boulder rubble in till or as outcrop. Several of the kimberlites have proven to be diamond-bearing. The most promising result was from the K8 occurrence where the 0.31 carat diamond was recovered from a 73 kilogram sample of abundant kimberlite float along a small creek .

Patrician is an exploration stage junior mining company focused on identification, acquisition and evaluation of diamond- prospective mineral properties in Canada. Dr. J. M. Franklin, P. Geo, FRSC, is a director of the Company and is a Qualified Person as defined by National Instrument 43-101.

For maps and additional information about property location and technical details, please visit Patrician's web site at

"This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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