Patrician Diamonds Inc.

Patrician Diamonds Inc.

August 22, 2007 15:05 ET

Patrician Diamonds Inc.: $300,000 Private Placement Closes

OTTAWA, ONTARIO--(Marketwire - Aug. 22, 2007) - Robin Dow, Chair and CEO of Patrician Diamonds Inc. ("PXC") (TSX VENTURE:PXC) announced today that it has received final approval of the TSX-Venture Exchange, and has closed its private placement. The Patrician placement consisted of 3,000,000 non-brokered units or flow-through units at a price of $0.10 per unit. Each unit is comprised of either one common share or one flow through common share, and one common share purchase warrant, exercisable at $0.15 into one common share or one flow through common share to 1 August 2009. The funds are to top up Patrician's cash position to over $1 million, prior to drilling the Sahtu claims in the Northwest Territories and for other projects.

The following insiders have participated in the issue.

Robin Dow, CEO, purchased 500,000 shares/$50,000.

Paul MacDonell, Director, purchased 100,000 shares/$10,000.

C. Stewart Wallis, Director, purchased 50,000 shares/$5,000.

Eric Craigie, President, purchased 100,000 shares/$10,000.

In Press Release #07-03 dated June 13, 2007 the release stated that the expiry date of the options granted was 15 June 2012. It should have read 1 June 2012.

"The statements in 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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